Income Taxes

The following table provides details of income taxes:



	Three Months Ended
	March 31,
	2015			2014
Income (loss) before income taxes	$	3,097		$	(1,041	)
Provision (benefit) for income taxes	$	1,249		$	(317	)
Effective tax rate	40.3		%	30.5		%

The income tax provision for the three months ended March 31, 2015 was computed based on the Company’s annual forecast of profit by jurisdiction and forecasted effective tax rate for the year. The changes in the Company’s effective tax rate for the three months ended March 31, 2015 compared to the same period for the prior year are primarily due an increase in foreign tax expense in excess of foreign tax credits generated in 2015.

The Company currently has a partial valuation allowance recorded against certain deferred tax assets. Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, both positive and negative, including prudent and feasible tax planning strategies in assessing the need for a valuation allowance. As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against certain deferred tax assets. The Company continues to monitor available evidence and may reverse some or all of the remaining valuation allowance in future periods, if appropriate. The Company has a valuation allowance of $2,445 as of March 31, 2015 and December 31, 2014.