Income Taxes |
6 Months Ended |
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Jun. 30, 2017 | |
| Income Taxes | |
| Income Taxes |
11.Income Tax:
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company has identified its federal consolidated tax return and its state tax return in New Jersey and its Canadian tax return as major tax jurisdictions. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that it has appropriate support for the income tax positions it takes and expects to take on its tax returns, and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter.
The effective tax rate for the six and three months ended June 30, 2017 was 31.7% and 31.2%, respectively, compared to 33.7% for the same periods last year.
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