Note 11. Income Taxes

9 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Note 11. Income Taxes

In determining the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate based on expected annual income, statutory tax rates, and available tax planning opportunities in the various jurisdictions in which the Company operates. Unusual or infrequently occurring items are separately recognized during the quarter in which they occur.

Income tax for the third quarter of 2016 was a benefit of $44,129 compared to a benefit of $248 for the third quarter of 2015.  Income tax expense for the first nine months of 2016 was $5,011 compared to $4,739 for the first nine months of 2015. The variance in income taxes between the third quarters of 2016 and 2015 is primarily attributable to taxes on income and losses from investment partnerships.

As of September 30, 2016 and December 31, 2015, we had approximately $366 and $413, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.