Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

3.        Income Taxes

The Company’s provision for income taxes for the three months ended March 31, 2022 and 2021 is based on the estimated annual effective tax rate, plus discrete items. The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended
	March 31,
	2022			2021
Income (loss) before income tax provision (benefit)	$	(11,122)		$	4,311
Income tax provision (benefit)		(2,149)			1,650
Effective tax rate		19.3	%		38.3	%

The difference between the Company’s effective tax rate for the three months ended March 31, 2022 and 2021 and the US statutory rate of 21% primarily relates to nondeductible expenses, federal income tax credits, state income taxes (net of federal benefit), adjustments to valuation allowances, and certain discrete items.