INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2014

Differentiation between Federal Statutory Tax Rate and Effective Tax Rate

The following table accounts for the differences between the federal statutory tax rate of 35% and the Company’s overall effective tax rate:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		0.1	%		(0.2	)%		0.2	%		0.0	%
City taxes		0.1	%		—			0.1	%		—
Foreign effective tax rates different from US statutory rate		(15.9	)%		(9.6	%)		(13.3	)%		(10.5	%)
Tax reserve		—			—			(0.8	)%		—
Valuation Allowance		2.1	%		—			1.0	%		—
Effective Income Tax Rate		21.4	%		25.2	%		22.2	%		24.5	%

Minimum Alternate Tax (MAT)

Expiration Years of Minimum Alternate Tax Credit

The MAT credit as of June 30, 2014 of $23.77 million shall be utilized before March 31 of the following financial years and shall expire as follows:

Year of Expiry Of MAT Credit	Amount in USD (in millions)
2017-18		0.22
2018-19		0.30
2019-20		1.08
2020-21		4.77
2021-22		0.88
2022-23		6.60
2023-24		7.45
2024-25		2.47
Total		23.77