XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The benefit (provision) for income taxes for the three months ended March 31, 2018 and 2017 reflects current taxes, deferred taxes, and withholding taxes. The effective tax rates for the three months ended March 31, 2018 and 2017 were 0% and 2%, respectively. The valuation allowance against net deferred tax assets as of March 31, 2018 was $35,337, an increase of $3,012 from $32,325 as of December 31, 2017.

The Company adopted the provisions of ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718),” effective January 1, 2017. Deferred tax assets of $6,219 were recorded for previously unrecognized excess tax benefits as of December 31, 2016, which were offset by $6,219 of valuation allowance. Excess tax benefits of $525 and $179 were recognized in the provision for income taxes for the three months ended March 31, 2018 and 2017, respectively, which were offset by $525 and $179 of valuation allowance, respectively.

The U.S. enacted tax reform legislation on December 22, 2017 commonly known as the Tax Cuts and Jobs Act, (“the Act”), resulting in significant modifications to existing U.S. tax law. The provisions of the Act effective in 2018 have been recorded as applicable as of March 31, 2018.