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 quarters ended March 31, 2019 and 2018, the effective tax rates were 22.6% and 31.7%, respectively.

During the nine months ended March 31, 2019 and 2018, the effective tax rates were 21.5% and 30.5%, respectively.