8.	INCOME TAXES

The Company recognized income tax expense of $8.4 million in the first three months of 2017 compared to $16.2 million for the same period in the prior year. The effective tax rate for the first three months of 2017 and 2016 were 29.5% and 37.0%, 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 offset by the benefit of the U.S. Internal Revenue Code domestic manufacturing deduction and, in 2017, the recognition of excess tax benefits on stock-based compensation.