Note 12 - Income Taxes |
6 Months Ended |
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Dec. 31, 2021 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
Note 12. Income Taxes:
The Company’s effective income tax rate for the second quarter of fiscal 2022 and 2021 was 16.4% and 18.1% of consolidated earnings before income taxes, and 8.2% and 16.9% for the first six months of fiscal 2022 and 2021, respectively. The change in the company’s tax rate for the quarter and six months ended December 31, 2021 compared to the quarter and six months ended December 31, 2020 was driven by discrete tax items.
The Company recognized total net benefits related to discrete tax items of $7.6 million and $25.3 million during the quarter and six months ended December 31, 2021, respectively, compared to $3.7 million and $7.8 million during the quarter and six months ended December 31, 2020, respectively. Share-based compensation excess tax benefit contributed $6.1 million and $24.4 million in the quarter and six months ended December 31, 2021, respectively, compared to $4.8 million and $8.0 million in the quarter and six months, ended December 31, 2020, respectively. The Company recognized total other immaterial net discrete tax benefit of $1.5 million and $0.9 million in the quarter and six months ended December 31, 2021, respectively, compared to $1.1 million and $0.2 million of other immaterial net discrete tax expense in the quarter and six months ended December 31, 2020, respectively. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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