Income Taxes |
3 Months Ended | ||
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Mar. 31, 2022 | |||
| Income Tax Disclosure [Abstract] | |||
| Income Taxes |
The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes.
The Company had income tax benefit of approximately $673,000 for continuing operations for the three months ended March 31, 2022 as compared to income tax benefit of approximately $17,000 for continuing operations for the three months ended March 31, 2021. The Company’s effective tax rate was approximately 35.0% and 1.6% for the three months ended March 31, 2022 and the corresponding period of 2021, respectively. The Company’s tax rate for the three months ended March 31, 2022 was impacted by non-deductible expenses and state taxes. The Company’s tax rate for the three months ended March 31, 2021 was impacted by non-deductible expenses, state taxes, and by the Company’s full valuation on its net deferred tax assets which was subsequently released partially in the third quarter of 2021. |
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- References No definition available.
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- Definition 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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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