Note 12. Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Note 12. 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 first quarter of 2017 was a benefit of $9,776 compared to an expense of $29,578 for the first quarter of 2016.   The variance in income taxes between the first quarters of 2017 and 2016 is primarily attributable to taxes on income and losses from investment partnerships.

As of March 31, 2017 and December 31, 2016, we had approximately $396 of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.