Income Taxes	3 Months Ended
Dec. 31, 2016
Income Taxes
Income Taxes	3. Income Taxes The income tax benefit for the three months ended December 31, 2016 was $371,000 as compared to an income tax benefit of $54,000 for the three month ended December 31, 2015. The effective tax rate for the three months ended December 31, 2016 was 23.7%. The effective tax rate for the three months ended December 31, 2016 differs from the statutory rate primarily due to a change in the valuation allowance in the current period. The effective tax rate for the three months ended December 31, 2015 was 20%. The effective tax rate for the three months ended December 31, 2015 differs from the statutory rate due to a limitation in the amount of tax benefit that may be realized. In the period ended June 30, 2015, a valuation allowance was recorded on the majority of the Company’s federal and state deferred tax assets, net of liabilities, due to the uncertainty on the Company’s ability to generate sufficient future taxable income to realize such deferred tax assets. The remaining amount of deferred tax assets recognized were attributable to tax planning strategies. The Company will continue to maintain the balance of the valuation allowance until an appropriate level of profitability is sustained to warrant a conclusion that it is no longer more likely than not that a portion of these net deferred tax assets will not be realized in future periods.

Income Taxes

3 Months Ended

Dec. 31, 2016

3. Income Taxes

The income tax benefit for the three months ended December 31, 2016 was $371,000 as compared to an income tax benefit of $54,000 for the three month ended December 31, 2015.

The effective tax rate for the three months ended December 31, 2016 was 23.7%. The effective tax rate for the three months ended December 31, 2016 differs from the statutory rate primarily due to a change in the valuation allowance in the current period.

The effective tax rate for the three months ended December 31, 2015 was 20%. The effective tax rate for the three months ended December 31, 2015 differs from the statutory rate due to a limitation in the amount of tax benefit that may be realized.

In the period ended June 30, 2015, a valuation allowance was recorded on the majority of the Company’s federal and state deferred tax assets, net of liabilities, due to the uncertainty on the Company’s ability to generate sufficient future taxable income to realize such deferred tax assets. The remaining amount of deferred tax assets recognized were attributable to tax planning strategies. The Company will continue to maintain the balance of the valuation allowance until an appropriate level of profitability is sustained to warrant a conclusion that it is no longer more likely than not that a portion of these net deferred tax assets will not be realized in future periods.