|9 Months Ended|
Sep. 30, 2018
|Income Tax Disclosure [Abstract]|
The Company had a tax benefit of $2.3 million and a tax expense of $11.1 million, for the three and nine months ended September 30, 2018, respectively. These amounts are comprised of federal and state income tax for the activity in the period at the statutory rates. The current tax payable differs from the year-to-date tax expense due to carry over attributes, including utilization of its remaining net operating losses of approximately $12.7 million. The computed effective tax rate for the nine months ended September 30, 2018, of approximately 28.00% reflects the recently enacted tax reform which reduced the federal tax rate to 21%. In addition, the Company no longer has a valuation allowance against its domestic net deferred tax assets as it was released during 2017.
During the three and nine months ended September 30, 2018, the Company made income tax payments to applicable federal and state agencies of $5.0 million and $10.7 million, respectively.
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://fasb.org/us-gaap/role/ref/legacyRef