Income Taxes

3 Months Ended

Mar. 31, 2020

5. Income Taxes

The Company’s effective tax rate for the three month period ended March 31, 2020 was (32.1)%. The Company’s effective tax rate for the period varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes, the reversal of valuation allowances on federal and state deferred tax assets, and the impact of

non-deductible

expenses, which impacts were partially offset by a $0.9 million discrete tax benefit from a refund of AMT credits available under the provisions of the CARES Act that occurred during the period.

The Company’s effective tax rate for the three month period ended March 31, 2019 was (7.1)%. The Company’s effective tax rate for the period varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes, the impact of

non-deductible

expenses, and the creation of valuation allowances on state and federal deferred tax assets that occurred during the period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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