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INCOME TAXES

9 Months Ended

Sep. 30, 2014

9.	INCOME TAXES

The Company recognized income tax expense of $27.9 million in the first nine months of 2014 compared to $24.0 million for the same period in the prior year. The effective tax rate for the first nine months of 2014 was 40.0%, which differs from the U.S. Federal statutory rate of 35% primarily due to the impact of state and local taxes, the revaluation of the Company’s net deferred tax assets due to a reduction in its state and local statutory income tax rates and the benefit of the U.S. Internal Revenue Code domestic manufacturing deduction. The effective tax rate for the first nine months of 2013 was 39.9%, which differs from the U.S. Federal statutory rate of 35% primarily due to the impact of state and local taxes.

- 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.

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