Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 405

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 405
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     70

   The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate:

       2024    2023    2022  
 U.S. federal statutory rate in effect   21.0%  21.0%  21.0%
 State and local taxes, net of federal benefit   4.3%  4.4%  4.5%
 Foreign   0.1%  1.7%  0.1%
 Meals and entertainment   1.5%  0.7%  0.2%
 Tax credits   (0.8)%  (0.4)%  (0.1)%
 All other, net   0.5%  0.3%  0.7%
 Effective income tax rate   26.6%  27.7%  26.4%

   Income taxes paid in 2024, 2023 and 2022 totaled $10.0 million, $13.6 million and $33.4 million, respectively. Some subsidiaries of the Company’s consolidated group file state tax returns on a separate company basis and have state net operating loss carryforwards expiring over the next 15 to 20 years. A valuation allowance is recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized. The valuation allowances recorded as of  December 31, 2024 and 2023 were related to certain state net operating losses and totaled $0.4 million and $0.5 million, respectively.

    15.  Shares Outstanding and Earnings Per Share: 

   Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below:

       For the years ended December 31,  
 (in thousands, except per share data)   2024    2023    2022  
             
 Weighted average basic shares outstanding   11,677   11,573   11,551 
 Assumed exercise of stock options and issuance of stock awards   -   5   8 
 Weighted average diluted shares outstanding   11,677   11,578   11,559 
             
 Net income  $22,980  $44,529  $