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Income Taxes
3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES
For the three months ended March 31, 2016, the Company's income tax expense was $612,000 compared to an income tax expense of $862,000 for the three months ended March 31, 2015. These represent effective income tax rates of approximately 34% and 35% for the three months ended March 31, 2016 and, 2015, respectively. The effective tax rate for the first three months of 2016 is based on forecasted annual pre-tax income for 2016. As of March 31, 2016, we had income taxes payable of $499,000.
The Company classifies interest and penalties incurred on tax payments as income tax expense. During the three months ended March 31, 2016, the Company made $1,350,000 of income tax payments for the 2015 tax year.