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Income Taxes
6 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The Company recorded a tax provision of $1,047 and a tax benefit of $442 on income from continuing operations before income taxes of $3,933 and loss from continuing operations before income taxes of $1,229 for the three months ended December 31, 2014 and 2013, respectively. The Company recorded a tax provision of $1,047 and a tax benefit of $1,761 on income from continuing operations before income taxes of $4,650 and loss from continuing operations before income taxes of $4,852 for the six months ended December 31, 2014 and 2013, respectively. Income tax for the three and six months ended December 31, 2014 differed from the federal statutory rate primarily due to the impact of federal research and development credits, Section 199 manufacturing deduction, stock compensation and state taxes. Income tax benefit for the three and six months ended December 31, 2013 differed from the federal statutory rate primarily due to the impact of federal research and development tax credits, Section 199 manufacturing deduction, stock compensation and state taxes.
On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted, which retroactively reinstated and extended the federal research and development credits from January 1, 2014 through December 31, 2014. Based on the extension, the Company estimates that there was an additional $894 credit earned in calendar year 2014, of which $487 relating to fiscal year 2014 was recognized as a discrete benefit in the three months ended December 31, 2014.
The Company’s unrecognized tax positions increased by $123 during the three and six months ended December 31, 2014. The increase relates to reserves on the additional research and development credits for fiscal year 2014.
The Company estimates that unrecognized tax benefits of up to $1,022 could be realized within the next 12 months as a result of resolutions of tax positions and the expiration of applicable statutes of limitations. The Company is currently under audit by the Internal Revenue Service for fiscal year 2013. There have been no significant changes to the status of this examination during the six months ended December 31, 2014.