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Income Taxes
3 Months Ended
Mar. 31, 2016
Income Taxes

18. Income Taxes – Income tax expense was $1,060 for the three months ended March 31, 2016, as compared to an income tax benefit of $292 for the three months ended March 31, 2015. The effective tax rate was 25.9% (which was a tax expense) in 2016 and 87.2% (which was a tax benefit) in 2015.

The effective tax rate for the three months ended March 31, 2016 is based on the projected income for the full year and is subject to ongoing review and adjustment by management.

The Company has been notified by the IRS of its intent to examine the Company’s federal income tax returns for the years ended December 31, 2012 through December 31, 2014. Currently the results of the audit are not determinable since the audit is still in its initial phase.