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Income Taxes | 9 Months Ended
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Sep. 30, 2019
Income Taxes [Abstract] |
Income Taxes | 7.INCOME TAXES ﻿ Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the nine months ended September 30, 2019, the Company recognized an income tax expense of $3.2 million on pre-tax income of $6.3 million, representing an effective income tax rate of 50.7% compared to an income tax expense of $1.8 million on pre-tax income of $5.0 million, representing an effective income tax rate of 35.7% for the same period in 2018. ﻿ A number of items caused the effective income tax rate for the nine months ended September 30, 2019 to exceed the US federal statutory income tax rate of 21% including a 26% statutory tax rate in Canada where the Company earns a significant portion of its income, nondeductible stock compensation expense in the United States, certain nondeductible business expenses in Poland and the other items discussed below. The increase in the effective tax rate compared to the same period in 2018 is primarily the result of the valuation allowance recorded in the second quarter of 2019, which is described below. This was partially offset by the enactment of a reduction to the Alberta, Canada income tax rate, resulting in an income tax benefit of $0.3 million for the nine months ended September 30, 2019. During 2018, CRM received an intercompany dividend, which increased the income tax expense by $0.3 million for the nine months ended September 30, 2018. ﻿ During the second quarter of 2019, the Company recorded a valuation allowance on its net deferred tax assets related to CCB, resulting in $0.5 million of tax expense. Based on the analysis of future realization of the CCB deferred tax assets, the Company concluded that it is more likely than not that the benefit from certain deferred tax assets will not be realized and therefore recorded a valuation allowance. ﻿ ﻿

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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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