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Income Taxes

9 Months Ended

Nov. 30, 2014

14. Income Taxes

For the nine months ended November 30, 2014 and 2013, we recognized a provision for income taxes of $1.0 million and $16.0 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our projected annual effective rate at November 30, 2014 and 2013.


	November 30,
	2014			2013
Federal statutory rate		35.0	%		35.0	%
State statutory rate, net of Federal tax effect		(1.5	)		3.5
Differences in taxable (loss) income from GAAP income		2.1			(1.5	)
Impairment of goodwill		(37.6	)		—

Effective Tax Rate		(2.0	)%		37.0	%

- 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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