5. INCOME TAXES

The effective income tax rates for the second quarters and six months ended June 30, 2017 and 2016 were as follows:

Quarter Ended						Six Months Ended
June 30,						June 30,
2017			2016			2017			2016
	43	%		37	%		25	%		36	%

The lower rate for the six months ended June 30, 2017 reflects an approximately $5 million net benefit received in the first quarter of 2017 resulting from Comcast’s exercise of 1.4 million vested stock warrants in January 2017, discussed below in Note 8. The stock warrants appreciated in value since their vesting, which resulted in an income tax benefit to us when exercised. Additionally, as discussed in Note 2, we adopted ASU 2016-09, Compensation – Stock Compensation (Topic 718) in the first quarter of 2017. This ASU requires a change in the recognition of excess tax benefits and tax deficiencies, related to share-based payment transactions, which were recorded in equity, and now are recorded discrete to the quarter incurred as a component of income tax expense in the income statement. Under the guidance of this ASU, we recognized an income tax benefit of approximately zero and approximately $1 million, respectively, for the second quarter and six months ended June 30, 2017. It is expected to provide an approximately $2 million benefit for the full year. For the full-year 2017 we are currently estimating an effective income tax rate of approximately 32%.