Company: MCFT
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015130
Chunk: 30

Company: MasterCraft Boat Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 30
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100.0 million on the Revolving Credit Facility.

10.INCOME TAXESThe Company’s consolidated interim effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The differences between the Company’s effective tax rate and the statutory federal tax rate of 21.0% for the first half of fiscal 2025 primarily relate to changes in uncertain tax positions and inclusion of the state tax rate in the overall effective rate, partially offset by benefits of federal and state credits. During the three months ended December 29, 2024 and December 31, 2023, the Company’s effective tax rate was 39.2% and 23.3%, respectively, and for the six months ended December 29, 2024 and December 31, 2023, the Company’s effective tax rate was 24.5% and 23.0%, respectively. The Company’s effective tax rates for the three and six months ended December 29, 2024 are higher compared to the effective tax rate for the same prior year periods, primarily due to changes in uncertain tax positions, partially offset by an increased benefit of federal and state credits.

11.SHARE-BASED COMPENSATIONThe following table presents the components of share-based compensation expense by award type. 

        Three Months Ended

        Six Months Ended

        December 29,

        December 31,

        December 29,

        December 31,

        2024

        2023

        2024

        2023

        Restricted stock awards
         
        $
        844

        $
        598

        $
        1,274

        $
        990

        Performance stock units

        —

        (535
        )

        —

        (17
        )

        Share-based compensation expense
         
        $
        844

        $
        63

        $
        1,274

        $
        973

14

 Restricted Stock AwardsDuring the six months ended December 29, 2024, the Company granted 248,642 restricted stock awards (“RSAs”) to the Company’s non-executive directors, officers and certain other key employees. Generally, the shares of restricted stock granted during the six months ended December 29, 2024, vest pro-rata over two or three years for officers and certain other key employees and over one year for non-executive directors. The Company determined the fair value