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

 

10 — Income Taxes

 

We recorded provisions for income taxes of $823,831 and $304,168 for the three months ended March 31, 2015 and 2014, respectively. Our effective tax rate was 35.6% and 36.8% for the three months ended March 31, 2015 and 2014, respectively. Our effective tax rates for the three months ended March 31, 2015 and 2014 differed from the U.S. Federal statutory rate primarily due to higher U.S. state tax expense, partially offset by the domestic production activities deduction. For the three months ended March 31, 2015, the U.S. state tax expense increased the effective tax rate by approximately 4.1% and the domestic production activities deduction decreased the effective tax rate by approximately 2.7%.  For the three months ended March 31, 2014, the U.S. state tax expense increased the effective tax rate by approximately 4.8% and the domestic production activities deduction decreased the effective tax rate by approximately 3.7%.

 

As of March 31, 2015 and December 31, 2014, we have not identified or accrued for any uncertain tax positions. We are currently unaware of any uncertain tax positions that could result in significant payments, accruals or other material deviations in this estimate over the next 12 months.

 

We file tax returns in the United States Federal jurisdiction and many state jurisdictions. Our returns are not currently under examination by the Internal Revenue Service or other taxing authorities. The Company is subject to income tax examinations for our United States Federal and State income taxes for 2009 and subsequent years.