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Income Taxes
6 Months Ended
Sep. 30, 2015
Income Taxes [Abstract]  
Income Taxes
10. Income Taxes

The Company recorded an income tax benefit for the three months ended September 30, 2015 of $898,000, or an effective tax rate of 39.2%, and income tax expense for the three months ended September 30, 2014 of $1,418,000, or an effective tax rate of 49.0%. The Company recorded income tax expenses for the six months ended September 30, 2015 and 2014, of $370,000, or an effective tax rate of 41.7%, and $4,132,000, or an effective tax rate of 43.2%, respectively. The income tax rates for all periods were higher than the federal statutory rate primarily due to (i) state income taxes, which were partially offset by the benefit of lower statutory tax rates in foreign taxing jurisdiction, (ii) non-deductible executive compensation under Internal Revenue Code Section 162(m), and (iii) the non-deductible expense in connection with the fair value adjustment on the warrants. The Company’s income tax rate for the three months ended September 30, 2014 includes the required adjustments to reflect the appropriate six-month rate. In addition, the income tax rates for the three and six months ended September 30, 2014 were impacted by the payments made under voluntary disclosure agreements with certain states.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions with varying statutes of limitations. At September 30, 2015, the Company continues to be under examination in the U.S. by the Internal Revenue Service for fiscal years 2011, 2012, and 2013 and by the State of California for fiscal year 2013. The Company is not under examination in any another jurisdiction. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.