INCOME TAXES (Note)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended   March 31,
	2016			2015
	(in thousands, except percentages)
Income tax expense	$	(4,798	)	$	(307	)
Effective tax rate	41.0		%	5.4		%

For the three months ended March 31, 2016, the effective tax rate varied from the federal statutory rate of 35% primarily due to state taxes.

For the three months ended March 31, 2015, the effective tax rate varied from the federal statutory rate of 35% primarily due to the existence of a valuation allowance that was previously provided to offset the Company's net deferred tax asset, state taxes and the federal Alternative Minimum Tax. During the fourth quarter of 2015, the Company released the majority of the valuation allowance.