8.	INCOME TAXES

The Company recognized income tax expense of $53.8 million in the first nine months of 2016 compared to $42.4 million for the same period in the prior year. The effective tax rate for the first nine months of 2016 and 2015 were 35.8% and 37.4%, respectively. These effective tax rates differ from the U.S. Federal statutory rate of 35% primarily due to the impact of state and local taxes and the benefit of the U.S. Internal Revenue Code domestic manufacturing deduction. The effective tax rate for the nine month period ending September 30, 2016 includes a tax benefit from the repurchase of the Notes (see Note 3) as well as research & development tax credits.