The Company accounts for TRS income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The analysis utilized by the Company in determining the deferred tax valuation allowance involves considerable management judgment and assumptions. The deferred tax valuation allowance was $10.9 million and $10.7 million as of June 30, 2019 and December 31, 2018, respectively.

For the three months ended June 30, 2019 and 2018, the Company recorded $0.8 million of income tax expense and $2.2 million of income tax benefit, respectively.

For the six months ended June 30, 2019 and 2018, the Company recorded $0.3 million and $2.8 million of income tax benefit, respectively. The income tax expense for the three and six months ended June 30, 2019 and 2018 is comprised of federal and state income taxes.