Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes We generally calculate income taxes in interim periods by applying an estimated annual effective income tax rate to income or loss before income taxes and by calculating the tax effect of discrete items recognized during such periods. Our estimated annual effective income tax rate is based on our estimated full year income or loss and the related income taxes for each jurisdiction in which we operate. This rate can be affected by estimates of full year pre-tax income or loss and permanent differences. The effective income tax rate for the three months ended March 31, 2024 and 2023 was 444.4% and 191.5%, respectively. The primary differences between our effective income tax rates and the federal statutory tax rate for the three months ended March 31, 2024 and 2023 were due to the effects of non-deductible officers’ stock-based compensation expense, state income taxes, benefits from research and development tax credits, and effects from our equity awards. The effective income tax rate for the three months ended March 31, 2023 was further impacted by the valuation allowance on our net deferred tax assets.
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