INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

INCOME TAXES [Abstract]

Income Tax Expense (Benefit)

The provision for income taxes consists of the following:

	Year ended December 31,
	2018		2017			2016
Current taxes:
Federal	$	4,612,874	$	5,513,691		$	8,571,034
State		40,958		(26,580	)		98,881
Total current taxes		4,653,832		5,487,111			8,669,915
Deferred taxes:
Federal		86,634		1,548,247			(2,647,363	)
State		3,542		2,169			(19,787	)
Total deferred taxes		90,176		1,550,416			(2,667,150	)
Total provision for income taxes	$	4,744,008	$	7,037,527		$	6,002,765

Effective Income Tax Rate Reconciliation

The effective income tax rate of the Company differs from the federal statutory tax rate due to the following items:

	Year ended December 31,
	2018			2017			2016
Statutory rate		21.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		0.13	%		(0.08	)%		0.26	%
Stock-based compensation		(1.64	)%		(3.33	)%		(0.50	)%
Deferred rate change		0.01	%		6.21	%		-
Miscellaneous other, net		(0.37	)%		0.52	%		(0.21	)%
Effective tax rate		19.13	%		38.32	%		34.55	%

Deferred Tax Asset

The components of deferred income tax assets and liabilities are as follows:

	December 31,
	2018		2017
Deferred revenue	$	-	$	1,344,232
Stock option based compensation		239,492		322,524
Other		74,276		72,950
Net deferred tax asset	$	313,768	$	1,739,706