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,
	2018			2017
	(In thousands)
Income from continuing operations:
Income before income taxes	$	52,867		$	55,005
Income tax expense	23,425			16,516
Net income from continuing operations	$	29,442		$	38,489
Effective tax rate, continuing operations	44.3		%	30.0		%

Income from discontinued operations:
Income before income taxes	$	2,388		$	4,606
Income tax expense	692			1,911
Net income from discontinued operations	$	1,696		$	2,695
Effective tax rate, discontinued operations	29.0		%	41.5		%

Less: Income attributable to noncontrolling interests:
Income before income taxes	$	2,018		$	2,116
Income tax expense	—			—
Net income attributable to noncontrolling interests	$	2,018		$	2,116
Effective tax rate, noncontrolling interests	—		%	—		%

Income attributable to the Company
Income before income taxes	$	53,237		$	57,495
Income tax expense	24,117			18,427
Net income attributable to the Company	$	29,120		$	39,068
Effective tax rate attributable to the Company	45.3		%	32.0		%

The effective tax rate for continuing operations for the six months ended June 30, 2018 of 44.3%, with related tax expense of $23.4 million, was calculated based on a projected 2018 annual effective tax rate. The effective tax rate was more than the statutory rate of 21% due primarily to the sale of Anchor and state and local income taxes. These items were partially offset by earnings from tax-exempt investments and income tax credits. The Company recorded tax expense of $12.7 million on the sale of Anchor in April 2018, which was primarily due to a book to tax basis difference associated with nondeductible goodwill.

The effective tax rate for continuing operations for the six months ended June 30, 2017 of 30.0%, with related tax expense of $16.5 million, was calculated based on a projected 2017 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, 2018 is more than the effective tax rate for the same period in 2017 due primarily to the sale of Anchor. This item is partially offset by the reduction in the federal corporate tax rate from 35% to 21% as a result of the Tax Cuts and Jobs Act (the “Tax Act”) that was enacted on December 22, 2017.