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Income Taxes
9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
The Company had an effective tax rate of 12.1% and 24.9% for the three and nine months ended September 30, 2015, respectively. The Company had an effective tax rate of 35.8% and 36.4% for the three and nine months ended September 30, 2014, respectively. At September 30, 2015, the Company’s deferred tax assets exceeded its deferred tax liabilities; as a result, the Company recorded a valuation allowance of $66.6 million against most of the deferred tax assets. The valuation allowances will continue to be recognized until the realization of future deferred tax benefits are more likely than not to become utilized.
The total income tax benefit for the three and nine months ended September 30, 2015 differed from amounts computed by applying the U.S. federal statutory tax rate to loss before income taxes primarily due to the recording of the valuation allowance against the net deferred tax assets which resulted from the full-cost ceiling impairment recorded in the third quarter of 2015. The total income tax provision for the three and nine months ended September 30, 2014 differed from amounts computed by applying the U.S. federal statutory tax rate to income before income taxes primarily due to state tax expenses and nondeductible expenses.
The total income tax benefit of $33.3 million and $149.0 million for the three and nine months ended September 30, 2015 included $33.3 million and $140.3 million, respectively, of deferred income tax benefit resulting from full-cost ceiling impairments recorded in each period.