Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items that are recorded in the period in which they occur. Our tax rate is affected by discrete items that may occur in any given year but may not be consistent from year to year.
Our effective tax rate for continuing operations was 24.8% and 17.4% for the three and six months ended June 30, 2024 respectively, and 24.0% and 24.3% for the three and six months ended June 30, 2023 respectively. The effective tax rate was higher for the three months ended June 30, 2024 compared to the same period of the prior year primarily due to lower book income and higher disallowed executive compensation in 2024. The effective tax rate was lower for the six months ended June 30, 2024 compared to the same period of the prior year primarily due to lower book income in 2024 and higher excess stock compensation deduction recognized for tax purposes in connection with current year stock vesting.