Income Taxes (Notes)

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company recorded an income tax benefit of $31.4 million and $26.9 million for the three and nine months ended September 30, 2017, respectively, as a result of pre-tax losses related to the $114.4 million non-cash goodwill impairment charge for the asset management reporting unit, generating a $44.2 million deferred income tax asset. See Note 11 for additional information related to the goodwill impairment charge.

The tax benefit related to stock-based compensation awards vesting at values greater than the grant price was $0.3 million and $9.1 million for the three and nine months ended September 30, 2017, respectively. See Note 2 regarding the tax impact from the adoption of ASU 2016-09.

The Company's effective tax rate, excluding noncontrolling interests, for the nine months ended September 30, 2017 was 62.9 percent, compared to 36.8 percent for the nine months ended September 30, 2016. The effective tax rate was higher for the nine months ended September 30, 2017, due to the impact of the $9.1 million tax benefit related to stock-based compensation awards vesting at values greater than the grant price during a period of pre-tax losses.