INCOME TAXES

3 Months Ended

Sep. 30, 2019

INCOME TAXES:

A summary of income tax benefit and corresponding effective tax rates is as follows:



	For the Three Months Ended September 30,
	2019			2018
	(Dollars in thousands)
Income tax benefit	$	2,856		$	714
Effective tax rate	16.8		%	60.7		%

The recorded tax provision and effective tax rate for the three months ended September 30, 2019 were different than what would normally be expected primarily due to the impact of the deferred tax valuation allowance and global intangible low-taxed income (“GILTI”). The Company includes GILTI as a current period expense when incurred. The recorded tax provision and effective tax rate for the three months ended September 30, 2018 were different than what would normally be expected primarily due to the impact of Tax Cuts and Jobs Act (“Tax Act”), state conformity of the new federal provisions and the deferred tax valuation allowance.

The Company is no longer subject to IRS examinations for years before 2013. Furthermore, with limited exceptions, the Company is no longer subject to state and international income tax examinations by tax authorities for years before 2012.