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INCOME TAXES | 9 Months Ended
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Sep. 30, 2019
INCOME TAXES |
INCOME TAXES | (6) INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, primarily related to excess tax benefits on stock option exercises. For the three and nine months ended September 30, 2019 discrete items adjusted were $0.2 million and $0.6 million, respectively. At September 30, 2019 the Company is currently estimating an annual effective tax rate of approximately 27%. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to various factors. The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Company’s effective income tax rate was 27% for the nine months ended September 30, 2019. Discrete items recognized during the three months ended September 30, 2019 and 2018, resulted in a tax benefit of approximately $0.2 million and $16,000, respectively. Discrete items recognized during the nine months ended September 30, 2019 and 2018, resulted in a tax benefit of approximately $0.6 million and $0.3 million, respectively. The Company recorded income tax expense of $0.5 million and $1.7 million for the three and nine months ended September 30, 2019, respectively, and income tax expense of $0.2 million and $0.4 million for the three and nine months ended September 30, 2018. Taxes of $2.2 million and $0.2 million were paid during the nine months ended September 30 2019 and 2018, respectively.

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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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