12. Income Taxes

Income tax expense was $25.7 million and $50.8 million for the three months ended March 31, 2015 and 2014, respectively. The income tax provision consists of United States and Ghanaian income and Texas margin taxes.

The components of income (loss) before income taxes were as follows:

	Three Months Ended March 31,
	2015			2014
	(In thousands)
Bermuda	$	(13,662	)	$	(5,315	)
United States	4,667			3,286
Foreign—other	(44,215		)	127,781
Income (loss) before income taxes	$	(53,210	)	$	125,752

Our effective tax rate for the three months ended March 31, 2015 and 2014 is (48%) and 40%, respectively. The effective tax rate for the United States is approximately 44% and 45% for the three months ended March 31, 2015 and 2014, respectively. The effective tax rate in the United States is impacted by the effect of tax shortfalls related to equity-based compensation. The effective tax rate for Ghana is approximately 35% for the three months ended March 31, 2015 and 2014. Our other foreign jurisdictions have a 0% effective tax rate because they reside in countries with a 0% statutory rate, or we have experienced losses in those countries and have a full valuation allowance reserved against the corresponding net deferred tax assets.

A subsidiary of the Company files a U.S. federal income tax return and a Texas margin tax return. In addition to the United States, the Company files income tax returns in the countries in which the Company operates. The Company is open to U.S. federal income tax examinations for tax years 2012 through 2014 and to Texas margin tax examinations for the tax years 2010 through 2014. In addition, the Company is open to income tax examinations for years 2011 through 2014 in its significant other foreign jurisdictions.

As of March 31, 2015, the Company had no material uncertain tax positions. The Company’s policy is to recognize potential interest and penalties related to income tax matters in income tax expense, but has had no need to accrue any to date.