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Income Taxes | 6 Months Ended
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Jun. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | 18. Income Taxes – Income tax expense increased by $447 to end at an expense of $1,681 for the three months ended June 30, 2017, as compared to $1,234 for the comparable period in 2016. The effective tax rate for the quarter was 26.8%, as compared to 26.5% in the same period of the prior year. Income tax expense was $3,061 for the six months ended June 30, 2017, as compared to $2,294 for the six months ended June 30, 2016. The effective tax rate for the six months ended June 30, 2017 and 2016 was 27.5% and 26.2%, 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. During the first quarter of 2017, the Company adopted ASU 2016-09, “Improvement to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payments, including treatment of excess tax benefits and forfeitures, as well as consideration of minimum statutory tax withholding requirements. Under the new standard, all excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in the income statement as discrete items in the reporting period in which they occur. For the six months year to date, a discrete tax benefit of $280 was recognized as part of the income tax expense. The Company has effectively settled its examination with the Internal Revenue Service (“IRS”) for the tax years ended December 31, 2013 and 2014. As a result, the Company increased deferred tax assets and income taxes payable at December 31, 2016 by $12,598. The Company’s 2015 federal income tax return is still 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.

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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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