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Income Taxes
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3 Months Ended |
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Mar. 31, 2015
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
The Company files a consolidated federal income tax return and certain combined state and local income tax returns together with its subsidiaries. Income tax benefit was $1,720 for the three months ended March 31, 2015 and income tax expense was $593 for the three months ended March 31, 2014.
Income tax expense for the three months ended March 31, 2014 includes the tax effect of goodwill, which is amortized for the income tax purposes, of $294. The remainder of the tax provision principally represents federal alternative minimum tax and state and local income taxes. Income tax benefit for the three months ended March 31, 2015 of $1,720 consists of deferred tax benefit of $2,204 and current state and local tax expense of $484.
The effective tax rate differs from the statutory income tax rate for the 2014 period, primarily due to a tax provision related to amortization of goodwill for tax purposes and utilization of net operating loss carryforwards for
which valuation allowances had previously been provided. The effective tax rate differs from the statutory income tax rate for the 2015 period primarily due to state and local income taxes in jurisdictions where separate company tax returns are filed.
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