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Income Taxes
9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
For the three months ended September 30, 2016, the Company recognized income tax expense of $5.1 million on earnings before income taxes of $12.8 million compared to income tax expense of $3.5 million on earnings before income taxes of $8.0 million for the three months ended September 30, 2015. For the nine months ended September 30, 2016, the Company recognized income tax expense of $10.9 million on earnings before income taxes of $26.6 million compared to income tax expense of $4.5 million on earnings before income taxes of $21.3 million for the nine months ended September 30, 2015. The effective tax rate was approximately 41.0% for the nine months ended September 30, 2016 compared to approximately 21.0% for the nine months ended September 30, 2015. The effective tax rate for the nine months ended September 30, 2015 was significantly lower than for the nine months ended September 30, 2016 primarily due to a discrete benefit for the reversal of a valuation allowance for historical net operating losses attributable to New York, New York (City of New York). The valuation allowance was reversed in the second quarter of 2015 due to the City of New York law changes enacted April 1, 2015, which resulted in the Company determining that the future benefit of net operating loss carryforwards was more likely than not to be recognized.

As of September 30, 2016, the Company has not identified any uncertain tax positions that would have a material impact on the Company’s financial position. The Company recognizes potential interest and penalties related to uncertain tax positions, if any, in income tax expense.
 
The tax years that remain subject to examination for the Company’s major tax jurisdictions at September 30, 2016 are shown below:
 
2013 – 2015         United States — federal income tax
2007 – 2015         United States — state and local income tax
2012 – 2015         Canada and Puerto Rico