Income Taxes |
9 Months Ended |
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Sep. 30, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
The Company’s income tax expense was $9.9 million and $8.2 million for the three months ended September 30, 2017 and 2016, respectively. The effective income tax rate was 39.9 percent and 38.6 percent for the three months ended September 30, 2017 and 2016, respectively. The Company’s income tax expense was $27.6 million and $23.3 million for the nine months ended September 30, 2017 and 2016, respectively. The effective income tax rate was 39.0 percent and 35.6 percent for the nine months ended September 30, 2017 and 2016, 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 as of September 30, 2017 and December 31, 2016, a valuation allowance of $1.0 million was appropriate against certain state net operating losses.
The Company is subject to examination by various federal and state tax authorities for the years ended December 31, 2008 through 2016. As of September 30, 2017, the Company was subject to audit or examination by Internal Revenue Service for the 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 these audits or examinations.
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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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