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Income Taxes
6 Months Ended
Jun. 30, 2014
Income Taxes [Abstract]  
Income Taxes

NOTE 7: INCOME TAXES

The effective tax rate for the six months ended June 30, 2014, and June 30, 2013 was 35.5% and 34.0%, respectively. We determined our interim tax provision by developing an estimate of the annual effective tax rate and applying such rate to interim pre-tax results. The estimated rate includes projections of tax expense on the expected increase in our valuation allowance for deferred tax assets. The estimated effective tax rate differed from the U.S. statutory rate primarily due to the expected increase in the valuation allowance, which reduced the overall tax benefit recorded for the period ended June 30, 2014. The estimated tax effects of the gain on the O-P put exercise was treated as a discrete item in the second quarter.

As of June 30, 2014 and December 31, 2013, the Company carried a full valuation allowance against its deferred tax assets because management determined that it was not more likely than not that it would realize the benefits of such deferred tax assets. The Company maintains a deferred tax liability related to indefinite lived intangibles.

The accounting standard regarding accounting for uncertainty in income taxes requires uncertain tax positions to be classified as non-current income tax liabilities, unless expected to be paid within one year. As of June 30, 2014 and December 31, 2013, the Company has no liability for unrecognized tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense. For the six months ended June 30, 2014 and 2013, there was no interest expense relating to unrecognized tax benefits.