Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
9 Months Ended
Sep. 30, 2021
INCOME TAXES  
INCOME TAXES

7. INCOME TAXES

The Company’s effective income tax rates for the three- and nine-months ended September 30, 2021 were 2.0% and 5.4%, respectively, compared to effective income tax rates of (1.2)% and 0.1% for the corresponding prior-year periods. The Company’s tax rates differ from the statutory rate of 21.0% primarily due to the effects of valuation allowances against net deferred tax assets, as well as certain permanent item differences between tax and financial reporting purposes.