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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

3. Income Taxes

The Company’s provision for income taxes for the three months ended March 31, 2021 is based on the estimated annual effective tax rate for the year, plus discrete items, while the provision for income taxes for the three months ended March 31, 2020 is based on the actual effective tax rate for the year to date. The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31,
	2021			2020
Income (loss) before income tax provision (benefit)	$	4,311		$	(11,089)
Income tax provision (benefit)		1,650			(1,857)
Effective tax rate		38.3	%		16.7	%

The difference between the Company’s effective tax rate for the three months ended March 31, 2021 and 2020 and the US statutory rate of 21% primarily relates to nondeductible expenses, federal income tax credits, state income taxes (net of federal benefit), and a net increase in valuation allowances.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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