INCOME TAXES (Note)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2017			2016			2017			2016
	(in thousands, except percentages)
Income tax benefit (expense)	$	104		$	(3,572	)	$	1,183		$	(8,370	)
Effective tax rate	(1.3		)%	28.4		%	(8.1		)%	34.5		%

For the three and six months ended June 30, 2017, the effective tax rate varied from the federal statutory rate of 35% primarily due to a tax benefit of $3.8 million and $7.6 million, respectively, recognized for excess tax benefits due to employee exercises of stock options and vesting of restricted stock in accordance with ASU 2016-09. See Note 2 —Significant Accounting Policies —Recent Accounting Pronouncements for additional information.

For the three and six months ended June 30, 2016, the effective tax rate varied from the federal statutory rate of 35% primarily due to the benefit derived from the federal research tax credit, partially offset by state taxes. The federal research tax credit benefit is the result of a study completed during the quarter for the open tax years 2011 through 2015, plus an estimate of the benefit from research activities.

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2017			2016			2017			2016
	(in thousands)
Income tax expense - excluding excess tax benefit on stock compensation	$	(3,736	)	$	(3,572	)	$	(6,420	)	$	(8,370	)
Excess tax benefit on stock compensation	3,840			—			7,603			—
Income tax benefit (expense)	$	104		$	(3,572	)	$	1,183		$	(8,370	)