Note 7 - Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

(7) Income Taxes

Income tax expense from continuing operations for the three and nine months ended September 30, 2019 was $2,692 and $14,096, respectively, compared to an income tax benefit of $15,406 and $872 for the three and nine months ended September 30, 2018, respectively. The effective tax rate for the three and nine months ended September 30, 2019 was 24.4% and 29.0%, respectively.  The 2018 tax benefit was primarily due to New Jersey tax reform enacted during the third quarter of 2018 that resulted in a release of valuation allowance against certain state net operating losses and state net deferred tax assets.  The tax rate for the three and nine months ended September 30, 2019 would have been 24.7% and 25.9%, respectively, excluding the impact of certain effects of share-based compensation, acquisition expenses, loss on investment in equity securities and a change in estimate related to federal tax reform.