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Income Taxes (Tables)
9 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Differences Between Statutory Income Tax Rate and Effective Income Tax Rate

The significant differences between the statutory income tax rate and effective income tax rate for the three and nine months ended December 31, 2017 and 2016 were as follows:

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

 

 

2017

 

 

 

2016

 

 

 

2017

 

 

 

2016

 

 

Statutory income tax rate

 

 

31.5

 

%

 

35.0

 

%

 

31.5

 

%

 

35.0

 

%

Increase resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefits from stock-based awards

 

 

(7.0

)

 

 

 

 

 

(21.9

)

 

 

 

 

Credits

 

 

(2.1

)

 

 

(1.2

)

 

 

(2.1

)

 

 

(1.2

)

 

State taxes, net

 

 

3.7

 

 

 

3.3

 

 

 

3.7

 

 

 

3.3

 

 

Permanent differences

 

 

1.7

 

 

 

2.7

 

 

 

1.7

 

 

 

2.7

 

 

Effect of the Tax Reform Act on net deferred tax assets

 

 

42.1

 

 

 

 

 

 

19.6

 

 

 

 

 

Other

 

 

0.7

 

 

 

0.4

 

 

 

0.2

 

 

 

0.2

 

 

Effective tax rate

 

 

70.6

 

%

 

40.2

 

%

 

32.7

 

%

 

40.0

 

%