Taxes

For the six months ended June 30, 2016 and 2015, we recognized a provision for income taxes of $0.4 million and a benefit from income taxes of $3 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at June 30, 2016 and 2015.

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



	June 30, 2016		June 30, 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	(32.8	)%	(15.6	)%
Change in valuation allowance	25.5	%	1.6	%
Dividends paid deduction	(33.2	)%	(34.6	)%
Effective Tax Rate	0.7	%	(7.4	)%

We assessed our tax positions for all open tax years (i.e., Federal, 2012 to 2016, and State, 2011- 2016) and, at June 30, 2016 and December 31, 2015, concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits.