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INCOME TAXES
6 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES


The Company's effective tax rate for the six month period ended September 30, 2017 was a tax expense of 6.7% compared to a deferred tax benefit of 46.3% for the six month period ended September 30, 2016. The change in effective tax rate was primarily due to changes in permanent differences and discrete items compared to the prior year comparative period. For state tax purposes, the Company is in an overall net deferred tax asset position before the consideration of the valuation allowance at September 30, 2017. In certain separate state jurisdictions, a small net deferred tax liability exists before consideration of the valuation allowance. After the consideration of the reversing patterns of these liabilities on a separate jurisdiction basis, it is expected that a portion of these liabilities will reverse within the period of time available for existing deferred tax assets including net operating loss carryforward. The Company recorded a small valuation allowance against the U.S. state net deferred tax assets as of September 30, 2017.

The effective tax rate for the six month period ended September 30, 2017 was lower than the statutory tax rate due to the implementation of the valuation allowance related to the net U.S. Federal and state deferred tax assets, which are primarily net operating losses. The Company had no unrecognized tax benefits as of September 30, 2017. The Company did not incur any income tax related interest expense or penalties related to uncertain tax positions during any of the three and six month periods ended September 30, 2017 and September 30, 2016.