Quarterly report [Sections 13 or 15(d)]

Note 14 - Income Taxes

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Note 14 - Income Taxes
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

14.          Income Taxes:

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The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions it takes and expects to take on its tax returns, and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter.

 

During the three months ended June 30, 2025 and 2024, the Company recorded a provision for income taxes of $1.8 million and $1.0 million, respectively. The effective tax rate for the three months ended June 30, 2025 and 2024 was 22.9% and 22.8%, respectively. During the six months ended June 30, 2025 and 2024, the Company recorded a provision for income taxes of $2.3 million and $1.9 million, respectively. The effective tax rate for the six months ended June 30, 2025 and 2024 was 19.5% and 23.6%, respectively. The change in effective tax rate for the three and six months ended June 30, 2025 compared to the same period in the prior year was primarily impacted by a discrete item for the recognition of excess tax benefits related to share-based compensation in income tax expense. The recognition of excess tax benefit related to share-based compensation in income tax expense resulted in a net tax benefit of $0.2 million and $0.7 million, respectively, which reduced our effective tax rate by 2.6% and 5.9% during the three and six months ended June 30, 2025.