XML 35 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income Taxes
3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

During the first quarter of 2016, the Company determined it was more likely than not that the federal and state net operating losses it expects to generate in 2016 will not be realized based on projections of future taxable income. Accordingly, the estimated annual effective rate for the year ended December 31, 2016 includes the impact of recording a valuation allowance against these attributes. During the three months ended March 31, 2016, the Company realized a net tax benefit of $1.1 million, which included a valuation allowance of $96.1 million for federal net operating losses and tax credits and $4.5 million for the state net operating losses.

During the first three months of 2015, the Company increased its valuation allowance for the portion of the federal and state net operating losses it expected to generate in 2015. The Company increased its valuation allowance by $45.3 million for the federal net operating losses and $2.6 million for the state net operating losses.