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Income Taxes
9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The Company’s effective tax rate for the three and nine months ended September 30, 2017 was 31.5% and 41.2%, respectively. For the three months ended September 30, 2017, the effective tax rate was lower than the combined federal statutory rate and the statutory rates for the states in which the Company conducts business due to the portion of OMP’s earnings allocated to the non-controlling public limited partners, which are not subject to tax for the Company, and the permanent differences related to amounts expensed for book purposes versus the amounts deductible for income tax purposes related to equity-based compensation vesting at prices lower than the grant date values. For the nine months ended September 30, 2017, the effective tax rate was higher than the combined federal statutory rate and the statutory rates for the states in which the Company conducts business due to the permanent differences related to amounts expensed for book purposes versus the amounts deductible for income tax purposes related to equity-based compensation vesting at prices higher than the grant date values and non-deductible compensation, offset by the portion of OMP’s earnings allocated to the non-controlling public limited partners, which are not subject to tax for the Company.
The Company’s effective tax rate for the three and nine months ended September 30, 2016 was 33.0% and 34.0%, respectively. For the three and nine months ended September 30, 2016, the effective tax rates were lower than the combined federal statutory rate and the statutory rates for the states in which the Company conducts business due to the impact of permanent differences on pre-tax loss for these periods. The permanent differences for these periods were primarily between amounts expensed for book purposes versus the amounts deductible for income tax purposes related to equity-based compensation vesting at prices lower than the grant date values during the three and nine months ended September 30, 2016.