7. INCOME TAXES

The effective income tax rates for the second quarters and six months ended June 30, 2018 and 2017 were as follows:

Quarter Ended						Six Months Ended
June 30,						June 30,
2018			2017			2018			2017
	27	%		43	%		29	%		25	%

The effective income tax rate for the quarter and six months ended June 30, 2018 reflects the impact of the U.S. Tax Cut and Jobs Act (the “Tax Reform Act”) that was passed into legislation in December 2017. The Tax Reform Act reduces the U.S. maximum rate of income taxation from 35% to 21% applicable to taxable years beginning after December 31, 2017. As a result, for the full-year 2018 we are currently estimating an effective income tax rate of approximately 29%.

The lower effective income tax rate for the six months ended June 30, 2017 reflects an approximately $5 million net benefit resulting from Comcast Corporation’s (“Comcast”) exercise of 1.4 million vested stock warrants in January 2017, as the stock warrants appreciated in value since their vesting, resulting in an income tax benefit to us when exercised.