Income Taxes

The total income tax expense of $3,712 and $2,829 for the three months ended September 30, 2016 and 2015, respectively, is reflected as a component of income (loss) from continuing operations. For the three months ended September 30, 2016, the Company’s effective tax rate (“ETR”) on income from continuing operations was equal to 32.1% which is lower than the federal and state statutory income tax rates, primarily due to non-controlling interests at certain subsidiaries, the release of valuation allowances on net operating losses at certain subsidiaries, offset by the impact of certain gains and losses treated discretely for the period.

The total income tax expense of $5,298 and $962 for the nine months ended September 30, 2016 and 2015, respectively, is reflected as a component of income (loss) from continuing operations. For the nine months ended September 30, 2016, the Company’s ETR on income from continuing operations was equal to 19.2%, which does not bear a customary relationship to statutory income tax rates. The ETR for the nine months ended September 30, 2016 is lower than the federal and state statutory income tax rates primarily due to $4,044 of discrete tax benefits for the period, primarily related to the tax restructuring that resulted in a consolidated corporate tax group effective January 1, 2016. See Note—(1) Organization, in the accompanying consolidated financial statements.