NOTE 8.  Income Taxes

The effective tax rate for the three and six months ended June 30, 2019 and 2018 differs from the United States federal statutory rate primarily as a result of state and local income taxes, excess tax benefits on share-based compensation and certain non-deductible expenses. For the three months ended June 30, 2019 and 2018, the provision for income taxes was $4.5 million and $6.3 million, or 23.7% and 25.3%, of pre-tax income respectively. For the six months ended June 30, 2019 and 2018, the provision for income taxes was $9.3 million and $9.9 million, or 24.3% and 25.3% of pre-tax income, respectively. The 23.7% effective tax rate for the three months ended June 30, 2019 was lower than the 25.3% effective tax rate for the same period in 2018 due mainly to higher excess tax benefits on share-based compensation. No valuation allowance was recorded for deferred tax assets in the periods ended June 30, 2019 and 2018.