XML 57 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes
3 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The provision for income taxes for the three months ended June 30, 2015 and 2014 was approximately $2,924 and $2,655, respectively. The effective tax rates were 31.5% and 34.0% for the three months ended June 30, 2015 and 2014, respectively. The effective rate for the three months ended June 30, 2015 decreased as compared to the same prior year period primarily due to a favorable impact of the qualifying production activity deduction in the current period.
The deferred tax assets and liabilities have been shown net in the accompanying consolidated balance sheets based on the long-term or short-term nature of the items that give rise to the deferred amount. We expect to receive the full benefit of the deferred tax assets recorded with the exception of a specific state tax credit for which we have recorded a valuation allowance.
Uncertain tax positions
As of June 30, 2015, we had recorded a liability of $3,840 for unrecognized tax benefits related to various federal, state and local income tax matters. If recognized, this amount would reduce our effective tax rate. The tax liability for the three months ended June 30, 2015 decreased from the same prior year period by $3,081 due to changes in reserves for state and local income tax benefit related to prior year tax positions.
We are no longer subject to U.S. federal income tax examinations for tax years before 2012. With few exceptions, we are no longer subject to state income tax examinations for tax years before 2011. We do not anticipate that total unrecognized tax benefits will significantly change due to the settlement of audits or the expiration of statute of limitations within the next twelve months.