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Income Taxes | 9 Months Ended
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Sep. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes |
(7) | Income Taxes
Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 32.4% for the three months ended September 30, 2017 compared to 34.7% for the three months ended September 30, 2016. Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 33.6% for the nine months ended September 30, 2017 compared to 33.8% for the nine months ended September 30, 2016. The decrease in the tax rate for the quarter ended September 30, 2017 in comparison to the quarter ended September 30, 2016, is primarily due to an immaterial 2016 return to provision adjustment made in the third quarter of 2017, as opposed to an immaterial 2015 return to provision adjustment made in the first quarter of 2016. The tax rate was consistent for both the nine months ended September 30, 2017 and 2016. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income available in carryback years, and tax planning strategies in making this assessment. With the exception of certain capital losses generated during 2013 and 2014, it is management’s opinion that the Company will more likely than not realize the benefits of these temporary differences as of September 30, 2017 and, therefore, only established a valuation reserve against the Company’s capital loss carry forward. Management arrived at this conclusion based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible. As indicated above, the Company generated approximately $219,000 of capital losses during 2013 and 2014 as a result of disposing of certain limited partnership interests. The capital losses will expire between 2018 and 2019, and it is management’s opinion that the Company will not more likely than not generate the capital gain income necessary to utilize the capital loss carry forwards before the capital losses expire. As such, the Company has established an $83,000 valuation reserve against its capital loss carry forward deferred tax asset.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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