INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2015

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,
	2015			2014			2015			2014
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		0.7	%		0.1	%		0.5	%		0.2	%
City taxes		—			0.1	%		—			0.1	%
Foreign effective tax rates different from US statutory rate		(12.1	)%		(15.9	)%		(12.4	)%		(13.3	)%
Tax reserve		—			—			0.1	%		(0.8	)%
Valuation Allowance		—			2.1	%		0.6	%		1.0	%
Effective Income Tax Rate		23.6	%		21.4	%		23.8	%		22.2	%

Minimum Alternate Tax (MAT)

Expiration Years of Minimum Alternate Tax Credit

Year of Expiry Of MAT Credit	Amount in USD (in millions)
2017-18		0.20
2018-19		0.28
2019-20		1.01
2020-21		1.69
2021-22		2.15
2022-23		6.22
2023-24		7.36
2024-25		7.76
2025-26		1.45
Total		28.12
Less: valuation allowance		(1.64	)
Total (net of valuation allowance)		26.48