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Income Taxes | 9 Months Ended
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Sep. 30, 2020
Income Taxes |
Income Taxes | 8. Income taxes On March 18, 2020, the Families First Coronavirus Response Act ("FFCR Act"), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax provisions, such as deferring payroll payments, establishing a credit for the retention of certain employees, relaxing limitations on the deductibility of interest, and updating the definition of qualified improvement property. This legislation currently has no material impact to the Company’s financial statements. An income tax expense of $1.1 million was recorded for the three months ended September 30, 2020 compared to income tax expense of $1.5 million for the three months ended September 30, 2019. The effective tax rate was approximately 628% for the three months ended September 30, 2020 compared to 30.5% for the three months ended September 30, 2019. An income tax benefit of $2.0 million was recorded for the nine months ended September 30, 2020 compared to income tax expense of $3.9 million for the nine months ended September 30, 2019. The effective tax rate was approximately 32.1% for the nine months ended September 30, 2020 compared to 29.0% for the nine months ended September 30, 2019. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period. The current quarter and year to date tax rate was impacted by the broadcast license impairment charge which was a discrete item and contributed approximately $400 thousand of tax benefit for the three months ended September 30, 2020 and $1.5 million of tax benefit for the nine month period ended September 30, 2020.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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