Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income taxes for the three months ended March 31, 2025 was a benefit of $2.8 million. Income taxes for the three months ended March 31, 2024 was a benefit of $0.03 million. The effective tax rate for the three months ended March 31, 2025 was a benefit of 28.4% compared to 4.3% for the three months ended March 31, 2024. The difference between the statutory tax rate and the effective tax rate for the three months ended March 31, 2025 is primarily related to state income taxes net of federal income tax benefits and estimated deduction limitations for executive compensation under Section 162(m), partially offset by tax credits for energy-efficient homes. The difference between the statutory tax rate and the effective tax rate for the three months ended March 31, 2024 is primarily related to excess tax benefits on share-based compensation and tax credits for energy-efficient homes, partially offset by state income taxes net of federal income tax benefits and estimated deduction limitations for executive compensation under Section 162(m).
The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets.