TAXES

6 Months Ended

Jun. 30, 2022

TAXES

TAXES

NOTE 7. TAXES

For the six months ended June 30, 2022 and 2021, the Company’s effective tax rate was 17.8% and 18.2%, respectively. The effective tax rate for the six months ended June 30, 2022 and 2021 was impacted by excess tax benefit on stock option exercises.

As of June 30, 2022, the $28.3 million “Income taxes receivable” in the Company’s consolidated balance sheet includes $26.9 million expected federal and state tax refunds for 2020 and 2021 tax years.

Deferred tax assets were evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies.

No uncertain tax positions were recorded as of June 30, 2022 and 2021. No change in uncertain tax positions is anticipated over the next twelve months.