Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
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 and consists of the following:
 
 
 
Three months ended
 
(in thousands)
 
March 31, 2018
 
March 31, 2017
 
Deferred income tax benefit
 
 
 
 
 
 
 
U.S. Federal
 
 
(759)
 
 
(887)
 
State and local
 
 
(284)
 
 
(196)
 
Total deferred income tax benefit
 
 
(1,043)
 
 
(1,083)
 
Income tax benefit
 
$
(1,043)
 
$
(1,083)
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:
 
 
 
Three months ended
 
 
 
March 31, 2018
 
 
March 31, 2017
 
Federal statutory income tax rate
 
 
21.0
%
 
 
34.0
%
State income taxes, net of federal tax effect
 
 
5.5
%
 
 
4.6
%
Nondeductible/nontaxable items
 
 
4.5
%
 
 
4.1
%
Tax credits
 
 
(0.9)
%
 
 
-
 
Effective tax rate
 
 
30.1
%
 
 
42.7
%