Income Taxes |
9 Months Ended |
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Sep. 30, 2016 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
The Company’s income tax expense was $8.2 million and $10.6 million for the three months ended September 30, 2016 and 2015, respectively. The effective income tax rate was 38.6 percent and 43.1 percent for the three months ended September 30, 2016 and 2015, respectively. The Company’s income tax expense was $23.3 million and $27.7 million for the nine months ended September 30, 2016 and 2015, respectively. The effective income tax rates were 35.6 percent and 41.6 percent for the nine months ended September 30, 2016 and 2015, respectively. Income tax expense for the nine months ended September 30, 2016 includes a $1.8 million tax benefit recorded as a result of finalization of the Company's 2014 amended income tax returns. Management concluded that no valuation allowance is required for the deferred tax assets as of September 30, 2016.
The Company is subject to examination by various federal and state tax authorities for the years ended December 31, 2008 through 2015. As of September 30, 2016, the Company was subjected to audit or examination by Internal Revenue Service for the 2013 and 2014 tax year and California Franchise Tax Board for the 2008 and 2009 tax years. Management does not anticipate any material changes in our financial statements as a result of the audits.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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