Note 8 - Taxes on Income |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
NOTE 8 – TAXES ON INCOME
Our effective income tax rate was 10.6% and 21.7% for the three months ended June 30, 2023 and 2022, respectively, compared to a tax expense of 13.4% and a tax benefit of 42.1% for the six months ended June 30, 2023 and 2022, respectively.
The effective tax rates of 10.6% and 21.7% for the three months ended June 30, 2023 and 2022, respectively, differ from the U.S. statutory tax rate of 21.0% primarily due to non-deductible executive compensation offset by the benefit of research credits.
Our effective income tax rate was a tax expense of 13.4% in the first six months of 2023, compared to a tax benefit of 42.1% in the first six months of 2022 primarily because of a discrete tax benefit in 2022 related to the difference in stock compensation expense recognized for book purposes and tax purposes upon vesting. |