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Income Taxes
6 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

11.

Income Taxes

The Company’s effective tax rate (ETR) from continuing operations was 40.9% and 27.6% for the three months and six months ended March 31, 2020, respectively, and 23.6% and 23.7% for the three months and six months ended March 31, 2019, respectively. The Company's ETR during the three months and six months ended March 31, 2020 was different from the federal statutory rate of 21% as a result of the vesting and exercise of stock compensation, state taxes, and changes in valuation allowance against state net operating losses, as well as differences between the book and tax deductions associated with meals, entertainment, employer provided parking, and compensation of officers.

 

The Company's ETR during the six months ended March 31, 2019 was different than the statutory rate as a result of state taxes, the vesting and exercises of stock compensation, differences in the GAAP and tax deductibility of meals and parking benefits, and changes in the valuation allowance against state net operating losses.

 

As of September 30, 2019, the Company had aggregate federal and state net operating loss carryovers of approximately $478.2 million and $228.0 million, respectively, which expire in fiscal years 2027-2037 and 2020-2039, respectively.  Approximately $2.7 million of state net operating loss carryforwards are expected to expire in the current fiscal year.