Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
| 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 expenses of $254,000 and $179,000 for continuing operations for the three months ended September 30, 2023 and 2022, respectively, and income tax expense of $482,000 and income tax benefit of $147,000 for the nine months ended September 30, 2023 and 2022, respectively. The Company’s effective tax rates were approximately 50.8% and 17.8% for the three months ended September 30, 2023 and 2022, respectively, and 51.8% and 8.0% for the nine months ended September 30, 2023 and 2022, respectively. The Company’s effective tax rates for the three and nine months ended September 30, 2023 were impacted by non-deductible expenses and state taxes. |
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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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