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Income Taxes
9 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The Company recorded a tax provision of $1,469 and a tax benefit of $809 on income from continuing operations before income taxes of $6,163 and loss from continuing operations before income taxes of $1,079 for the three months ended March 31, 2015 and 2014, respectively. The Company recorded a tax provision of $2,516 and a tax benefit of $2,570 on income from continuing operations before income taxes of $10,813 and a loss from continuing operations before income taxes of $5,931 for the nine months ended March 31, 2015 and 2014, respectively. Income tax provision for the three and nine months ended March 31, 2015 differed from the federal statutory rate primarily due to the impact of federal research and development tax credits, domestic manufacturing deduction, stock compensation, state taxes and the realization of previously unrecognized tax benefits. Income tax benefit for the three and nine months ended March 31, 2014 differed from the federal statutory rate primarily due to the impact of federal research and development tax credits, domestic manufacturing deduction, stock compensation and state taxes.
On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted, which retroactively reinstated and extended the federal research and development tax credits from January 1, 2014 through December 31, 2014. Based on the extension, the Company estimates that there was an additional $894 credit earned in calendar year 2014, of which $487 relating to fiscal year 2014 was recognized as a discrete benefit in the three months ended December 31, 2014.
The Company’s unrecognized tax positions decreased by $1,022 and $899 during the three and nine months ended March 31, 2015, respectively. The decrease during the three months ended March 31, 2015 relates to the realization of previously unrecognized tax benefits of $1,022. The decrease of $899 during the nine months ended March 31, 2015 was a result of the realization of previously unrecognized tax benefits of $1,022, partially offset by an increase relating to additional research and development tax credits for fiscal year 2014.
The Company is currently under audit by the Internal Revenue Service for fiscal year 2013. There have been no significant changes to the status of this examination during the nine months ended March 31, 2015.