Quarterly report pursuant to Section 13 or 15(d)

Income taxes Income taxes

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Income taxes Income taxes
3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income taxes
Income taxes:

The Company recognized an income tax benefit of $65,951 and $610,495 for the three months ended March 31, 2016 and 2015, respectively. The Company’s effective tax rate was 10.48% for the three months ended March 31, 2016 compared to 33.83% for the three months ended March 31, 2015.
The net decrease in the effective tax rate, exclusive of the discrete tax expense, for the three months ended March 31, 2016, compared to the same period in 2015, was primarily due to the change in valuation allowance on deferred tax assets as of March 31, 2015. The valuation allowance was released on June 30, 2015.