Note 3 - Income Tax

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

3. INCOME TAX

Our effective tax rate for the

three

months ended

March 31, 2019

was

26%,

compared to

27%

for the same period in

2018.

Our effective tax rate differs from the federal statutory rate primarily due to state income tax expense and timing of our deferred tax position, particularly in fixed assets. During the

first

quarter of

2019

and

2018,

we recorded an estimate of

$2,216

and

$6,540,

respectively, for the global intangible low-taxed income tax (“GILTI”) for our estimated foreign earnings. This tax has been included as part of our current provision as a period cost, and we have

not

recognized any deferred GILTI provision as we do

not

expect that basis differences would be significant.

Deferred income taxes previously presented as noncurrent assets in the amount of

$248,228

as of

December 31, 2018

have been reclassified to offset long-term deferred income tax liabilities as these balances relate to the same tax jurisdiction.