INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2017

Differentiation between Federal Statutory Tax Rate and Overall 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						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		1.1	%		0.4	%		1.9	%		0.5	%
City taxes		0.2	%		0.1	%		0.1	%		0.1	%
Foreign effective tax rates different from US statutory rate		(9.6	)%		(11.3	)%		(10.6	)%		(12.3	)%
Prior Year related state tax payment								0.9	%
Valuation Reserve Adjustment		—			—			(2.9	%)		(2.2	)%
Effective Income Tax Rate		26.7	%		24.2	%		24.4	%		21.1	%

Minimum Alternate Tax (MAT)

Expiration Years of Minimum Alternate Tax Credit

The MAT credit as of June 30, 2017 of $37.99 million (net of valuation allowance of $2.47 million) must be utilized before March 31 of the following financial years and will expire as follows:

Year of Expiry Of MAT Credit	Amount in USD (in millions)
2022-2023		0.20
2023-2024		0.27
2024-2025		1.00
2025-2026		1.85
2026-2027		0.82
2027-2028		6.16
2028-2029		7.29
2029-2030		8.00
2030-2031		10.30
2031-2032		3.29
2032-2033		1.28
Total		40.46
Less: valuation allowance		(2.47	)
Total (net of valuation allowance)		37.99