Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

For the three and six months ended June 30, 2021, the effective tax rate was 24.8% and 23.7%, respectively, which differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation. The effective tax rate decreased during the six months ended June 30, 2021 compared to the same period in 2020, primarily due to quarterly discrete tax items related to the completion of the Title Transaction and excess tax benefit from stock-based compensation.

For the three and six months ended June 30, 2020, the effective tax rate was 33.0% and 24.2%, respectively, which differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation.