INCOME TAXES	3 Months Ended
Mar. 31, 2014
INCOME TAXES
INCOME TAXES	14. INCOME TAXES Our effective income tax rate for the three month period ended March 31, 2014 was 42.1 percent, compared to a negative 39.5 percent for the three month period ended March 31, 2013. The effective income tax rates were determined using the estimated annual effective tax rate after considering discrete items for each respective period. The effective income tax rate for the three month period ended March 31, 2014 was higher than the United States statutory federal income tax rate primarily due to the favorable impact of changes in uncertain tax positions ($3.6 million for the three months ended March 31, 2014). The change in uncertain tax positions was recorded as a discrete item and increased the tax benefit recorded on the loss in earnings before tax for the three months ended March 31, 2014. The negative effective tax rate for the three month period ended March 31, 2013 was primarily due to income tax expense on the gain attributable to the acquisition of the remaining 50 percent interest in PHH that we did not previously own and the impact of state income taxes, both resulting from the Merger. These items were recorded as discrete tax items for the three months ended March 31, 2013.

INCOME TAXES

3 Months Ended

Mar. 31, 2014

14. INCOME TAXES

Our effective income tax rate for the three month period ended March 31, 2014 was 42.1 percent, compared to a negative 39.5 percent for the three month period ended March 31, 2013. The effective income tax rates were determined using the estimated annual effective tax rate after considering discrete items for each respective period. The effective income tax rate for the three month period ended March 31, 2014 was higher than the United States statutory federal income tax rate primarily due to the favorable impact of changes in uncertain tax positions ($3.6 million for the three months ended March 31, 2014). The change in uncertain tax positions was recorded as a discrete item and increased the tax benefit recorded on the loss in earnings before tax for the three months ended March 31, 2014. The negative effective tax rate for the three month period ended March 31, 2013 was primarily due to income tax expense on the gain attributable to the acquisition of the remaining 50 percent interest in PHH that we did not previously own and the impact of state income taxes, both resulting from the Merger. These items were recorded as discrete tax items for the three months ended March 31, 2013.