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Income Taxes
3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

18. Income Taxes – Income tax expense was $1,380 for the three months ended March 31, 2017, as compared to $1,060 for the three months ended March 31, 2016. The effective tax rate for the three months ended March 31, 2017 and 2016 was 28.5% and 25.9%, respectively. The effective tax rate is based on the projected income for the full year and is subject to ongoing review and adjustment by management.

 

The Company currently is undergoing an examination by the Internal Revenue Service (“IRS”) for the tax years ended December 31, 2013 and 2014. While the audit is ongoing, the Company has agreed to a proposed adjustment.  As a result, the Company increased deferred tax assets and income taxes payable at December 31, 2016 by $12,598.  Furthermore, the Federal tax return for the 2015 tax year is subject to IRS examination.  The Company’s state income tax returns are subject to examination for the 2012 through 2015 tax years.  On April 3, 2017, the Company paid the IRS $11,580.