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Income Taxes
3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 — Income Taxes

 

The income tax provision for the quarter ended March 31, 2017 was $8.6 million, including a nonrecurring discrete benefit of $9.1 million from the release of a valuation allowance in a foreign jurisdiction. The effective tax rate, excluding this benefit, for the first quarter was 24.4% as compared to 29.0% in 2016, as both periods benefitted from deductions associated with share based compensation payments, as activity is typically higher in the first quarter.  Excluding these discrete benefits, the Company’s first quarter effective tax rate was 30%, in line with our full year expectations.