Income Taxes	6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. The cumulative loss incurred by the Company over the three-year period ended June 30, 2019 constitutes a significant piece of objective negative evidence. Such objective negative evidence limits the ability to consider other subjective evidence, such as our projections for future profitability and growth. Based on this evaluation, as of June 30, 2019 an additional valuation allowance of $11.8 million was recorded to reduce net deferred tax assets as their realization did not meet the more-likely-than-not criterion. The amount of deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for future profitability and growth. The Company’s effective tax rate from continuing operations was an expense of 787% and 50% in the three month periods ended June 30, 2019 and 2018, respectively and expense of 463% and benefit of 75% in the six month periods ended June 30, 2019, respectively. The valuation allowance recorded in the periods ended June 30, 2019 was the primary component of tax expense. The year-to-date tax rate for both 2019 and 2018 was also impacted by the vesting of restricted stock, which provided an income tax deduction in excess of the compensation deduction for GAAP purposes. As of June 30, 2019, the Company had a $19.1 million valuation allowance to reserve net state and federal deferred tax assets.

Income Taxes

6 Months Ended

Jun. 30, 2019

8. INCOME TAXES

The Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. The cumulative loss incurred by the Company over the three-year period ended June 30, 2019 constitutes a significant piece of objective negative evidence. Such objective negative evidence limits the ability to consider other subjective evidence, such as our projections for future profitability and growth. Based on this evaluation, as of June 30, 2019 an additional valuation allowance of $11.8 million was recorded to reduce net deferred tax assets as their realization did not meet the more-likely-than-not criterion. The amount of deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for future profitability and growth.

The Company’s effective tax rate from continuing operations was an expense of 787% and 50% in the three month periods ended June 30, 2019 and 2018, respectively and expense of 463% and benefit of 75% in the six month periods ended June 30, 2019, respectively. The valuation allowance recorded in the periods ended June 30, 2019 was the primary component of tax expense. The year-to-date tax rate for both 2019 and 2018 was also impacted by the vesting of restricted stock, which provided an income tax deduction in excess of the compensation deduction for GAAP purposes.

As of June 30, 2019, the Company had a $19.1 million valuation allowance to reserve net state and federal deferred tax assets.