Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2018			2017		2018			2017
Current Federal expense	$	—		$	16,000	$	—		$	35,000
Current state and local tax expense		18,000			16,000		35,000			188,000
Deferred Federal tax (benefit) expense (A)		(94,000	)		103,000		(128,000	)		(370,000	)
Deferred state and local tax (benefit) expense		(45,000	)		6,000		(72,000	)		(134,000	)

Income tax (benefit) expense (B)	$	(121,000	)	$	141,000	$	(165,000	)	$	(281,000	)

(A)

Includes an alternative minimum tax (“AMT”) deferred (benefit) of $(16,000) and $(35,000) in the three and six months ended June 30, 2017, respectively.

(B)

The income tax (benefit) in the six months ended June 30, 2017 and the lower income tax expense in the three months ended June 30, 2017 resulted from the recognition of a windfall tax benefit on stock options exercised in the six months ended June 30, 2017.