Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.10.0.1
Income Taxes
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 12 – Income Taxes
 
The Company is taxed as a C corporation.
 
For interim periods, the provision for income taxes (including federal, state, local and foreign taxes) is calculated based on the estimated annual effective tax rate, adjusted for certain discrete items for the full fiscal year. Cumulative adjustments to the Company's estimate are recorded in the interim period in which a change in the estimated annual effective rate is determined. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. The provision (benefit) for income taxes consist of the following:
 
 
 
Three months ended

September 30,
 
 
Nine months ended

September 30,
 
(in thousands)
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Current tax provision (benefit)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. federal
 
$
16
 
 
$
-
 
 
$
16
 
 
$
-
 
State and local
 
 
79
 
 
 
(3
)
 
 
79
 
 
 
(3
)
Total current tax provision (benefit)
 
 
95
 
 
 
(3
)
 
 
95
 
 
 
(3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income tax provision (benefit)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. federal
 
$
(286
)
 
$
222
 
 
$
(832
)
 
$
(332
)
State and local
 
 
6
 
 
 
109
 
 
 
(199
)
 
 
(17
)
Total deferred income tax provision (benefit)
 
 
(280
)
 
 
331
 
 
 
(1,031
)
 
 
(349
)
Income tax provision (benefit)
 
$
(185
)
 
$
328
 
 
$
(936
)
 
$
(352
)
 
No valuation allowance was required as of September 30, 2018 or December 31, 2017.
 
The Company performed an analysis of its tax positions and determined that no material uncertain tax positions exist. Accordingly, there was no liability for uncertain tax positions as of September 30, 2018 or December 31, 2017. Based on the provisions of ASC Topic 740 - Income Taxes, the Company had no material unrecognized tax benefits as of September 30, 2018 and December 31, 2017.
 
The effective tax benefit rate for the nine months ended September 30, 2018 and 2017 was 16.7% and 38.0%, respectively.