12.	Income Taxes

The Company recorded an income tax expense of $1,980,000, or an effective tax rate of 24.2%, and $1,181,000, or an effective tax rate of 25.2%, for the three months ended September 30, 2019 and 2018, respectively. The Company recorded an income tax expense of $250,000, or an effective tax rate of 86.8%, and an income tax benefit of $266,000, or an effective tax rate of 11.8%, for the six months ended September 30, 2019 and 2018, respectively. The effective tax rates for the six months ended September 30, 2019, were impacted by valuation allowances recorded in connection with the Company’s July 2017 and January 2019 acquisitions. The effective tax rate is based on current projections and any changes in future periods could result in an effective tax rate that is materially different from the current estimate.

The Company remains subject to examination for the fiscal years beginning with March 31, 2016. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.