Income taxes Income taxes |
3 Months Ended |
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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.
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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