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INCOME TAXES

3 Months Ended

Mar. 31, 2015



	Three Months Ended March 31,
	2015			2014
	(in thousands, except percentages)
Income tax (expense) benefit	$	(307	)	$	1
Effective tax rate	5.4		%	—		%

Tax expense for the three months ended March 31, 2015 is primarily comprised of the federal Alternative Minimum Tax and state taxes.

For the three months ended March 31, 2015 and 2014, the effective tax rates varied from the statutory rate primarily due to the existence of a valuation allowance that has been provided to offset the Company's net deferred tax asset and state taxes.

Valuation Allowance

There has been no change to the Company's valuation allowance assessment for the three months ended March 31, 2015.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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