XML 67 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Income Taxes
3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Income Taxes
During the three months ended March 31, 2015, the Company recorded a tax provision of $6.1 million which reflects income tax expense related to the period’s pre-tax earnings. The effective tax rate for the three months ended March 31, 2015 was 39.0%. During the three months ended March 31, 2014, the Company recorded a tax benefit of $0.1 million which reflects income tax expense related to the period’s pre-tax earnings as well as a $5.3 million benefit from the reversal of a portion of our state deferred tax asset valuation allowance. The effective tax rate for the three months ended March 31, 2014 was (1.2)% which was not meaningful due to the effects of the deferred tax asset valuation allowance and federal and state tax net operating losses (“NOLs”), and there was no correlation between the effective tax rate and the amount of pre-tax income for the period.
At March 31, 2015, the Company had federal NOL carryforwards of approximately $45.7 million and federal credit carryforwards of $7.2 million. Our federal NOL carryforwards may be carried forward up to 18 years to offset future taxable income with the federal carryforward benefits beginning to expire in 2028. The Company had $11.4 million of state NOL carryforwards at March 31, 2015. Our state NOLs may be carried forward from one to 18 years, depending on the tax jurisdiction, with $5.0 million expiring between 2015 and 2027 and $6.4 million expiring between 2028 and 2032, absent sufficient state taxable income.