Income Taxes |
3 Months Ended |
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Aug. 31, 2015 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
INCOME TAXES
Income tax expense is recognized based on management’s best estimate of the annual effective income tax rate expected for the full fiscal year applied to income before income tax expense of the interim period. The Company’s effective tax rate for the three months ended August 31, 2015 and 2014 was (16.5)% and 29.5%, respectively. The Company recorded income tax expense despite having a loss before income taxes due to unrealized capital losses for which no tax benefit could be recognized, resulting in the negative effective tax rate for the three months ended August 31, 2015.
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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