Income taxes Income taxes |
6 Months Ended |
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Jun. 30, 2015 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes |
Income taxes:
In June 2015, the Company made the decision to release the valuation allowance amounting to $7.7 million against its deferred tax assets net of deferred tax liabilities. Recent profitable quarters and projected future pretax income are sources of positive evidence that led the Company to conclude that it is more likely than not that it will realize its net deferred tax assets.
The Company recognized an income tax benefit of $5.9 million for the three months ended June 30, 2015, compared to income tax expense of $115,490 for the three months ended June 30, 2014. The Company’s effective tax rate, exclusive of the discrete tax benefit was 9.5% for the three months ended June 30, 2015 compared to 3.2% for the three months ended June 30, 2014.
The Company recognized income tax benefit of $6.5 million for the six months ended June 30, 2015, compared to income tax expense of $350,682 for the six months ended June 30, 2014. The Company’s effective tax rate, exclusive of the discrete tax benefit, was approximately (43.8)% for the six months ended June 30, 2015, compared to 9.4% for the six months ended June 30, 2014. The net decrease in the effective tax rate, exclusive of the discrete tax benefit, for the three and six months ended June 30, 2015, compared to the same periods in 2014, was primarily due to the release of the valuation allowance on deferred tax assets amounting to $1.5 million
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