v3.24.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income before income taxes and income tax expense are as follows (dollar amounts in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Income (loss) before income taxes:
   Domestic$36,996 $40,189 $50,653 $12,416 
   Foreign(412)(2,335)(429)(1,036)
Total income before income taxes$36,584 $37,854 $50,224 $11,380 
Income tax expense$17,698 $12,091 $22,359 $5,153 
Effective tax rate48 %32 %45 %45 %
The Company’s income tax expense represents the estimated annual effective tax rate applied to the year-to-date domestic operating results adjusted for certain discrete tax items.
The Company’s effective tax rate for the three and six months ended June 30, 2024 include costs related to non-deductible stock-based compensation, primarily related to expired stock options, and non-deductible executive compensation, partially offset by tax credits. The Company’s effective tax rate for the three and six months ended June 30, 2023 includes costs related to non-deductible stock-based compensation, a valuation allowance recorded against non-U.S. results and non-deductible executive compensation.
As of June 30, 2024 and December 31, 2023, the Company has an income tax payable balance of $1.0 million that is included in other liabilities within the condensed consolidated balance sheets.