INCOME TAXES

On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”), was enacted, which, among numerous provisions reduced the federal statutory corporate tax rate from 35% to 21%. Based on the provisions of the Tax Reform, the Company remeasured its deferred tax assets and liabilities and adjusted its estimated annual federal income tax rate to incorporate the lower corporate tax rate into the tax provision.

During the three months ended September 30, 2018, the Company realized an income tax provision reduction of approximately $0.2 million as a result of the Tax Reform federal statutory corporate tax rate change. The effective tax rate for the periods ended September 30, 2018 and 2017 were 27.0% and 37.5%, respectively.