Company: EME
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000105634-25-000029
Chunk: 89

Company: EMCOR Group, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 89
---
 other financing commitments, approximate their fair values due primarily to their short-term maturities and low risk of counterparty default.  The carrying value of the debt associated with our 2023 Credit Agreement approximates its fair value due to the variable rate on such debt.

18

Table of ContentsEMCOR Group, Inc. and SubsidiariesNotes to Consolidated Financial Statements (Unaudited)

NOTE 9 - Income Taxes

The following table presents our income tax provision and our income tax rate for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):  For the three months endedMarch 31, 20252024Income tax provision$83,520 $70,567 Income tax rate25.8 %26.4 %The difference between the U.S. statutory tax rate of 21% and our effective income tax rate for both the three months ended March 31, 2025 and 2024 was primarily a result of state and local income taxes and other permanent book-to-tax differences. The increase in our income tax provision for the three months ended March 31, 2025, when compared to the three months ended March 31, 2024, was predominantly due to greater income before income taxes. The decrease in our effective income tax rate for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was attributable to the impact of favorable discrete tax items during the first quarter of 2025 and a slight decrease in the state and local effective tax rate due to changes in the mix of earnings.As of March 31, 2025 and December 31, 2024, we had no unrecognized income tax benefits.We file a consolidated federal income tax return including all of our U.S. subsidiaries with the Internal Revenue Service. We additionally file income tax returns with various state, local, and foreign tax agencies. Our income tax returns are subject to audit by various taxing authorities and are currently under examination for the years 2020 through 2023.

NOTE 10 - Common Stock        

As of March 31, 2025 and December 31, 2024, there were 45,330,671 and 45,810,125 shares of our common stock outstanding, respectively.During the three months ended March 31, 2025 and 2024, we issued 52,275 and 68,073 shares of