Income Taxes	6 Months Ended
Jun. 30, 2015
Income Taxes
Income Taxes	Note 6—Income Taxes The effective income tax rate on continuing operations for the six months ended June 30, 2015 was 32.0%. The year-to-date provision for income taxes includes taxes on earnings at an anticipated rate of approximately 33% and year-to-date discrete tax benefits of $1.2 million. As of December 31, 2014 the Company had a deferred tax asset for state net operating loss (“NOL”) carryforwards and credits of $12.3 million (expiring 2015 — 2034). As of December 31, 2014, the Company believed that it was likely that certain of the state tax attributes would expire unused and therefore maintained a valuation allowance of $8.8 million against the deferred tax assets for these state tax attributes. As of each reporting date, the Company considers new evidence, both positive and negative, that could impact the future realization of deferred tax assets. The acquisition of the Finishing Brands business on April 1, 2015, had a significant effect on expectations of future taxable income in certain state tax jurisdictions. After evaluating the change in facts, the Company has concluded that certain tax attributes will now more likely than not be used prior to expiration. As such, a discrete tax benefit of $2.0 million was recorded in the second quarter of 2015 to reduce the Company’s valuation allowance on its deferred tax asset for state NOL carryforwards and credits. The effective tax rate on continuing operations for the six months ended June 30, 2014 was 33.7% and included a year to date discrete tax expense of $1.1 million.

Income Taxes

6 Months Ended

Jun. 30, 2015

Note 6—Income Taxes

The effective income tax rate on continuing operations for the six months ended June 30, 2015 was 32.0%. The year-to-date provision for income taxes includes taxes on earnings at an anticipated rate of approximately 33% and year-to-date discrete tax benefits of $1.2 million.

As of December 31, 2014 the Company had a deferred tax asset for state net operating loss (“NOL”) carryforwards and credits of $12.3 million (expiring 2015 — 2034). As of December 31, 2014, the Company believed that it was likely that certain of the state tax attributes would expire unused and therefore maintained a valuation allowance of $8.8 million against the deferred tax assets for these state tax attributes. As of each reporting date, the Company considers new evidence, both positive and negative, that could impact the future realization of deferred tax assets. The acquisition of the Finishing Brands business on April 1, 2015, had a significant effect on expectations of future taxable income in certain state tax jurisdictions. After evaluating the change in facts, the Company has concluded that certain tax attributes will now more likely than not be used prior to expiration. As such, a discrete tax benefit of $2.0 million was recorded in the second quarter of 2015 to reduce the Company’s valuation allowance on its deferred tax asset for state NOL carryforwards and credits.

The effective tax rate on continuing operations for the six months ended June 30, 2014 was 33.7% and included a year to date discrete tax expense of $1.1 million.