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Income Taxes | 6 Months Ended
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Jun. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three and six months ended June 30, 2017, the Company recorded income tax expense of $3.6 million and $9.0 million, respectively, compared to income tax expense of $0.1 million and $0.2 million for the three and six months ended June 30, 2016, respectively. The income tax expense recorded for the three and six months ended June 30, 2017 was comprised of estimated federal income tax expense of $3.5 million and $8.7 million, respectively, and estimated state income tax expense of $0.1 million and $0.3 million, respectively. The income tax expense recorded for the three and six months ended June 30, 2016 related to estimated state income tax expense. For the three and six months ended June 30, 2017 and 2016, the Company's income tax expense and effective tax rates based on forecasted pretax income were:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands, except for rate) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Income tax expense |  | $ | 3,642 |  |  | $ | 99 |  |  | $ | 9,028 |  |  | $ | 152 |
Effective tax rate |  | 36 | % |  | 1 | % |  | 37 | % |  | 1 | %
The effective tax rate for the three and six months ended June 30, 2017 was different from the federal statutory rate primarily due to state income tax expense, net of federal benefit. The effective tax rate for the three and six months ended June 30, 2016 was different from the statutory rate primarily due to the utilization of federal operating losses and the Company's full valuation allowances against federal and state net operating losses and federal tax credits, offset by estimated state income tax expense. The Company assesses the valuation allowance recorded against deferred tax assets at each reporting date. The determination of whether a valuation allowance for deferred tax assets is appropriate requires the evaluation of positive and negative evidence that can be objectively verified. Consideration must be given to all sources of taxable income available to realize the deferred tax asset, including, as applicable, the future reversal of existing temporary differences, future taxable income forecasts exclusive of the reversal of temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. In estimating income taxes, the Company assesses the relative merits and risks of the appropriate income tax treatment of transactions taking into account statutory, judicial, and regulatory guidance.

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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