Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Components of Provision for Income Taxes and Income before Provision for Income Taxes
The benefit for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before benefit for income taxes and consisted of the following (dollars in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Amount Rate Amount Rate Amount Rate Amount Rate
Income tax benefit at the federal statutory rate $ (1,334) 21.0  % $ (2,363) 21.0  % $ (5,150) 21.0  % $ (6,031) 21.0  %
State income tax benefit, net of federal benefit (159) 2.5  % (358) 3.2  % (664) 2.7  % (782) 2.7  %
Shortfall tax (benefit) expense, net related to stock-based compensation (41) 0.6  % 23  (0.2) % 535  (2.2) % 796  (2.8) %
Change in valuation allowance 123  (1.9) % (3) 0.0  % (194) 0.8  % 241  (0.8) %
Permanent and other items(1)
444  (7.0) % 691  (6.2) % 1,860  (7.6) % 861  (3.0) %
$ (967) 15.2  % $ (2,010) 17.8  % $ (3,613) 14.7  % $ (4,915) 17.1  %
(1)Permanent items relate principally to compensation charges, qualified transportation fringe benefits, meals and entertainment, and other items principally related to the effect of providing taxes in the interim financial statements based on the estimated full year effective tax rate.