Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
13. 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 expenses of $347,000 and $13,000 for continuing operations for the three months ended June 30, 2022 and 2021, respectively, and income tax benefits of $ and $ for continuing operations for the six months ended June 30, 2022 and 2021, respectively. The Company’s effective tax rates were approximately (38.1%) and 0.4% for the three months ended June 30, 2022 and June 30, 2021, respectively, and 11.5% and 0.2% for the six months ended June 30, 2022 and June 30, 2021, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2022 were impacted by non-deductible expenses and state taxes. The Company’s effective tax rates for the three and six months ended June 30, 2021 were 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. The tax expense and negative effective tax rate for the three months ended June 30, 2022 were primarily driven by the change in forecasted income for the year which resulted in a reduction in the estimated annual effective tax rate and a reduction in the year to date tax benefit for the six months ended June 30, 2022.
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