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Income Taxes
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 – Income Taxes

The Company’s effective tax rate was 4.5% and (2.5)% for the nine months ended September 30, 2019 and 2018, respectively.

Income tax benefit of $1.8 million for the nine months ended September 30, 2019 was primarily due to the change in valuation allowance against the Company’s deferred tax assets during the first nine months of 2019. Income tax benefit was $0.1 million for the nine months ended September 30, 2018 was primarily due to excess tax benefits from stock options exercised during the third quarter of 2018.

Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. The Company continues to evaluate its deferred tax asset valuation allowance on a quarterly basis.

As of September 30, 2019, the Company’s 2017 tax year is under audit by the IRS.