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Income Taxes
3 Months Ended
Mar. 31, 2015
Income Taxes  
Income Taxes

 

Note 12.Income Taxes

 

Our normalized tax rate for 2015 is expected to be approximately 38%.  During the three months ended March 31, 2015 and 2014, there were no significant changes to our income tax valuation allowances.

 

Under the provisions of FASB ASC Subtopic 740-10 “Income Taxes”, the benefits of tax losses and credits are recognized as deferred tax assets, subject to appropriate valuation allowances. At March 31, 2015, we had federal and state net operating loss carryovers of $129.2 million and $233.5 million, respectively.  At March 31, 2015, we also had federal and state tax credit carryovers of $12.9 million and $10.8 million, respectively.  These loss and credit carryovers may be used to reduce future federal and state income tax liabilities. If not utilized, the carryover amounts will expire from 2015 through 2037.