Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Income Taxes | |
| Income Taxes |
Note 7 – Income Taxes Income taxes for the three and six months ended June 30, 2023 are recorded at the Company’s estimated annual effective income tax rate, subject to adjustments for discrete events, should they occur. The Company recorded income tax expense of $0.1 million and $1.0 million for the six months ended June 30, 2023 and 2022, respectively. The Company’s effective income tax rate including discrete events was 5.1% for the six months ended June 30, 2023 compared to 11.6% for the six months ended June 30, 2022. The Company’s projected annual effective tax rate differs from the statutory U.S. tax rate of 21% primarily due to the following: (i) tax credits for FICA taxes on certain employees’ tips (ii) taxes owed in foreign jurisdictions with tax rates that differ from the U.S. statutory rate; (iii) taxes owed in state and local jurisdictions; and (iv) the tax effect of non-deductible compensation. Income tax provision recorded for the six months ended June 30, 2023 and 2022 included the discrete period tax benefits resulting from the vesting of restricted stock units. The Company is subject to U.S. federal, state, local and various foreign income taxes for the jurisdictions in which it operates. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. In the normal course of business, the Company is subject to examination by the federal, state, local and foreign taxing authorities. There are no ongoing federal, state, local, or foreign tax examinations as of June 30, 2023. |