Taxes

For the three months ended March 31, 2016 and 2015, we recognized a provision for income taxes of $28 thousand and a benefit for income taxes of $5 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at March 31, 2016 and 2015.

Table 21.1 – Reconciliation of Statutory Tax Rate to Effective Tax Rate



	March 31, 2016		March 31, 2015
Federal statutory rate	34.0	%	34.0	%
State statutory rate, net of Federal tax effect	7.2	%	7.2	%
Differences in taxable (loss) income from GAAP income	(74.0	)%	(44.7	)%
Change in valuation allowance	92.0	%	11.9	%
Dividends paid deduction	(59.0	)%	(64.4	)%
Effective Tax Rate	0.2	%	(56.0	)%

We assessed our tax positions for all open tax years (i.e., Federal, 2012 to 2016, and State, 2011- 2016) and, at March 31, 2016 and December 31, 2015, concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits.