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INCOME TAXES

6 Months Ended

Mar. 31, 2015

10.

INCOME TAXES

Income tax expense on continuing operations for the periods presented differs from the “expected” federal income tax expense computed by applying the U.S. federal statutory rate of 34% to earnings before income taxes for the three and six months ended March 31, as a result of the following:

	For the Three Months				For the Six Months
	Ended March 31,				Ended March 31,
	2015		2014		2015		2014
Computed expected tax expense	$	(1,487)	$	1,894	$	251	$	3,145
State income taxes		74		69		148		105
Permanent differences		(148)		(41)		182		(5)
Income tax expense	$	(1,265)	$	1,922	$	581	$	3,245

Included in the Company’s deferred tax liabilities at March 31, 2015 is approximately $17.2 million representing the tax effect of indefinite lived intangible assets from club acquisitions which are not deductible for tax purposes. These deferred tax liabilities will remain in the Company’s balance sheet until the related clubs are sold.

- 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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