INCOME TAXES (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		0.8	%		0.5	%		0.4	%		0.2	%
City taxes		0.1	%		—			0.1	%		—
Foreign effective tax rates different from US statutory rate		(15.3	)%		(12.1	)%		(14.0	)%		(11.1	)%
Tax reserve		0	%		(1.4	)%		(0.5	)%		(0.5	)%
Valuation Allowance		1.0	%		—			1.0	%		—
Effective Income Tax Rate		21.6	%		22.0	%		22.0	%		23.6	%

Minimum Alternate Tax (MAT)

Expiration Years of Minimum Alternate Tax Credit

 The MAT credit as of September 30, 2014 of $24.43 million (net of valuation allowance of $0.85) 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		0.21
2018-19		0.29
2019-20		1.05
2020-21		4.02
2021-22		0.86
2022-23		6.44
2023-24		7.27
2024-25		5.14
Total		25.28
Less: valuation allowance		(0.85	)
Total (net of valuation allowance)		24.43