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Income Taxes
6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes:

Accounting Standards Codification 740 (“ASC 740”) requires companies to apply their estimated annual effective tax rate on a year-to-date basis in each interim period. Under ASC 740, companies should not apply the estimated annual effective tax rate to interim financial results if the estimated annual effective tax rate is not reliably predictable. In this situation, the interim tax rate should be based on the actual year-to-date results. For the three and six month periods ended June 30, 2016, reliable projections of the Company’s annual effective tax rate were difficult to determine, producing significant variations in the customary relationship between income tax expense and pre-tax book income. As such, the Company recorded income taxes for the period based on actual year-to-date results. In the three and six month periods ended June 30, 2015, the Company applied an estimated annual effective tax rate to the interim period pre-tax (loss) / income to calculate the income tax (benefit) / provision.

For the three and six month periods ended June 30, 2016, the effective income tax rates were 57.4% and 32.6% respectively. The Company recorded a tax provision / (benefit) for the three and six month periods ended June 30, 2016 of $2,356 and $(2,950) respectively. The effective income tax rate differed from the federal statutory tax rate in the three and six month periods ended June 30, 2016 due in part to a tax benefit recorded in the current period from the reconciliation of a prior year’s tax return to the amount reported for tax provision purposes. The effective income tax rate differed from the federal statutory rate in the three and six month periods ended June 30, 2016 due in part to a valuation reserve recorded to offset the deferred tax assets of a foreign subsidiary. The remaining differences between the federal statutory rate and the effective tax rate in the three and six month periods ended June 30, 2016 were primarily due to state and foreign income taxes.

The effective income tax rates were 395.0% and 15.7% for the three and six month periods ended June 30, 2015, respectively. The Company recorded a tax provision / (benefit) for the three and six month periods ended June 30, 2015 of $6,083 and $(2,686) respectively. The effective income tax rate differed from the federal statutory rate in the three and six month periods ended June 30, 2015 primarily due to a change in the projected financial statement earnings for the year which decreased the estimated annual effective tax rate used to compute the interim period income tax provision / (benefit) in accordance with the accounting guidance established for computing income taxes in interim periods. The effective income tax rate also differed from the federal statutory rate in the three and six month periods ended June 30, 2015 due in part to a valuation reserve recorded to offset the deferred tax assets of a foreign subsidiary. The remaining differences between the federal statutory rate and the effective tax rate in the three and six month periods ended June 30, 2015 were primarily due to state and foreign income taxes.