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Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The U.S. federal statutory tax rate was 21% for the three months ended March 31, 2019 and 2018. The Company’s effective tax rate for the three months ended March 31, 2019 was 27.8% of pretax income compared to the effective tax rate for the three months ended March 31, 2018 of 28.9%.

The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three months ended March 31, 2019 was primarily due to state income taxes offset by the impact of the Company’s noncontrolling interest.

The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three months ended March 31, 2018 was primarily due to state income taxes and the inability to utilize losses experienced in certain Canadian operations.

The Company had unrecognized tax benefits of approximately $0.4 million as of March 31, 2019 and December 31, 2018, which were included in other liabilities in the accompanying consolidated balance sheets.

The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was not significant for the three months ended March 31, 2019 and 2018.

The Company is subject to taxation in various jurisdictions. The Company is currently under examination by U. S. federal authorities for its 2016 tax returns and its 2017 tax return is subject to examination by U. S. federal authorities. The Company’s tax returns are subject to examination by various state authorities for the years 2014 through 2017.

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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