7.Income Taxes

Our income tax provision for the periods presented and the respective effective income tax rates for such periods are as follows (in millions, except for income tax rates):


	For the Three Months ended						For the Six Months ended
	June 30,						June 30,
	2015			2014			2015			2014
Income tax provision	$	5.2		$	10.2		$	15.1		$	21.5

Effective income tax rate		15.5	%		18.1	%		15.4	%		18.2	%

Our provision for income taxes for each of the three-month and six-month periods ended June 30, 2015 and 2014 was calculated based on the estimated annual effective income tax rate for the full 2015 and 2014 fiscal years. The actual effective income tax rate for the full 2015 fiscal year may be materially different as a result of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned.

We operated under a special income tax concession in Singapore which began January 1, 2008. Our current five year special income tax concession was effective January 1, 2013. The special income tax concession is conditional upon our meeting of certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and the impact of this income tax concession decreased foreign income taxes by $0.4 million and $1.9 million for the three months ended June 30, 2015 and 2014, respectively, and by $2.7 million and $3.8 million for the six months ended June 30, 2015 and 2014, respectively. The impact of the income tax concession on basic earnings per common share was $0.01 and $0.03 for the three months ended June 30, 2015 and 2014, respectively, and $0.04 and $0.05 for the six months ended June 30, 2015 and 2014, respectively. On a diluted earnings per common share basis, the impact was $0.01 and $0.03 for the three months ended June 30, 2015 and 2014, respectively, and $0.04 and $0.05 for the six months ended June 30, 2015 and 2014, respectively.