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Income Taxes
9 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The provision for income taxes for the three months ended December 31, 2015 and 2014 was approximately $1,141 and $1,452, respectively. The effective tax rates were 13.5% and 17.9% for the three months ended December 31, 2015 and 2014, respectively, and both periods reflect approximately three quarters of a full fiscal year impact of the research and development tax credit due to the timing of the expiration and retroactive reinstatement of the credit. The effective rate for the three months ended December 31, 2015 decreased as compared to the prior year period primarily due to a favorable impact of the qualifying production activity deduction in the three months ended December 31, 2015.
The provision for income taxes for the nine months ended December 31, 2015 and 2014 was approximately $8,233 and $6,659, respectively. The effective tax rates were 27.3% and 28.6% for the nine months ended December 31, 2015 and 2014, respectively. The effective rate for the nine months ended December 31, 2015 decreased as compared to the prior year period primarily due to a favorable impact of the qualifying production activity deduction in the nine months ended December 31, 2015.
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 December 31, 2015, we had recorded a liability of $3,836 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 nine months ended December 31, 2015 increased from the prior year period by $3,059 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.