Income Taxes

The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company:



	Six months ended June 30,
	2016			2015
	(In thousands)
Income from continuing operations:
Income before income taxes	$	48,093		$	51,817
Income tax expense	15,064			16,572
Net income from continuing operations	$	33,029		$	35,245
Effective tax rate, continuing operations	31.3		%	32.0		%

Income from discontinued operations:
Income before income taxes	$	5,658		$	6,227
Income tax expense	2,348			2,587
Net income from discontinued operations	$	3,310		$	3,640
Effective tax rate, discontinued operations	41.5		%	41.5		%

Less: Income attributable to noncontrolling interests:
Income before income taxes	$	1,900		$	2,492
Income tax expense	—			—
Net income attributable to noncontrolling interests	$	1,900		$	2,492
Effective tax rate, noncontrolling interests	—		%	—		%

Income attributable to the Company
Income before income taxes	$	51,851		$	55,552
Income tax expense	17,412			19,159
Net income attributable to the Company	$	34,439		$	36,393
Effective tax rate attributable to the Company	33.6		%	34.5		%

The effective tax rate for continuing operations for the six months ended June 30, 2016 of 31.3%, with related tax expense of $15.1 million, was calculated based on a projected 2016 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes.

The effective tax rate for continuing operations for the six months ended June 30, 2015 of 32.0%, with related tax expense of $16.6 million, was calculated based on a projected 2015 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes.

The effective tax rate for continuing operations for the six months ended June 30, 2016 is lower than the effective tax rate for the same period in 2015 due primarily to a projected increase in earnings from tax-exempt investments in 2016 as compared to 2015.