Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.22.1
Income Taxes
3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded income tax expense of $3.7 million for the three months ended March 31, 2022 compared to income tax benefit of $2.6 million for the three months ended March 31, 2021. The Company’s effective tax rates were 33% and 17% for the three months ended March 31, 2022 and 2021, respectively.

The effective tax rates for the three months ended March 31, 2022 and 2021 differed from the statutory rate of 21% primarily due to the mix of earnings between the United States and Puerto Rico as well as changes in the valuation allowance.