XML 51 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Income Taxes
3 Months Ended
Mar. 31, 2015
Income Taxes [Abstract]  
Income Taxes
12.  Income Taxes

The difference in the Company's effective tax rates for the three months ended March 31, 2015 and 2014 was primarily due to changes in the Company's financial results under generally accepted accounting principles and the reversal of the majority of the Company's valuation allowance, which occurred during the three months ended September 30, 2014. The Company recorded an aggregate deferred federal, state and local tax benefit of $79.2 million as a result of the operating loss for the three months ended March 31, 2015. The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. The Company's valuation allowance as of March 31, 2015 and December 31, 2014 is $9.2 million.

The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three months ended March 31, 2015 which are included in income tax expense (benefit) for the period.  Tax returns for years 2011 through 2013 are subject to future examination by tax authorities.  In addition, the net operating losses from prior years are subject to adjustment under examination.