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Income Taxes
3 Months Ended
Mar. 31, 2014
Income Taxes  
Income Taxes

8.  Income Taxes

 

Income tax expense for the three months ended March 31, 2014 and 2013 was $2.4 million and $1.0 million, respectively. The effective tax rate for the three months ended March 31, 2014 and 2013 was 35.7% and 38.5%, respectively. The Company records tax expense or benefit for unusual or infrequent items discretely in the period in which they occur.  Our tax rate is subject to change based on changes in the mix of assets leased to domestic and foreign lessees, the proportions of revenue generated within and outside of California, the amount of executive compensation exceeding $1.0 million as defined in IRS code 162(m) and numerous other factors, including changes in tax law.