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Income Taxes

6 Months Ended

Jul. 01, 2014

The following table presents the Company's provision for income taxes for the second quarters of 2013 and 2014 and the first two quarters ended July 1, 2014 and July 2, 2013 (dollars in thousands):



	Fiscal Quarter Ended						Two Fiscal Quarters Ended
	July 1, 2014			July 2, 2013			July 1, 2014			July 2, 2013
Provision (benefit) for income taxes	$	2,378		$	(145	)	$	3,389		$	450
Effective tax rate	40.3		%	188.3		%	40.6		%	31.2		%

The 2014 estimated annual effective tax rate is expected to be 41.2% compared to 41.7% for 2013. The effective tax rate for both the second quarter of 2014 and the first two quarters of 2014 includes the change to a 35% federal income tax rate compared to a 34% rate in 2013. The effective tax rate for the first two quarters of 2013 includes the discrete adjustment for certain transaction costs related to the IPO.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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