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Income Taxes | 9 Months Ended
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Sep. 30, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 9.Income Taxes For the quarter ending September 30, 2018, the provision for income taxes increased to $7.2 million from $2.2 million in 2017, while the effective tax rate increased to 21.7% in 2018 from 16.0% in 2017. The provision for income taxes increased primarily due to higher pre-tax income in 2018. While the enactment of the U.S. Tax Cuts and Jobs Act (the “Act”) on December 22, 2017 decreased the U.S. federal corporate rate from 35% to 21%, the effective tax rate for the third quarter of 2018 was higher than in the third quarter of 2017. The primary reason for the higher 2018 rate is due to a tax benefit realized in the third quarter of 2017 related to domestic production activities deductions for the years 2013, 2016 and 2017. For the nine months ending September 30, 2018, the provision for income taxes increased to $16.4 million from $10.1 million in 2017, while the effective tax rate decreased to 23.3% from 29.8%. The provision for income taxes increased primarily due to higher pre-tax income in 2018. The effective tax rate for nine months ending September 30, 2018 was lower primarily due to the enactment of the Act. We expect our effective tax rate for 2018 will range from 23.0% to 24.0%. Due to the complexities involved in accounting for the enactment of the Act, the SEC Staff Accounting Bulletin No. 118 (“SAB No. 118”) allows for a one-year period, from the date of enactment, to complete the related income tax accounting for the Act and allows for the use of provisional amounts until that accounting is complete. The Company recorded provisional amounts in earnings for the year ended December 31, 2017 as certain deferred tax assets and liabilities were remeasured based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing aspects of the Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts until the federal income tax return for 2017 is filed in the fourth quarter of this year.

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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 + Details
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