|9 Months Ended|
Sep. 30, 2016
|INCOME TAXES [Abstract]|
15. INCOME TAXES
We file an income tax return in the U.S. federal jurisdiction and a margin tax return in Texas. Tax returns for the years 2011 through 2015 remain open for examination in various tax jurisdictions in which we operate. As of September 30, 2016, and December 31, 2015, we recognized no material adjustments in connection with uncertain tax positions. The effective tax rate varies from the federal statutory rate of 35% primarily as a result of state tax expense and stock based compensation offset by the manufacturing deduction. The income tax expense in the current quarter includes adjustments to previous estimates of permanent differences indicated above. During 2015 we made estimated tax payments based on the tax law in effect prior to the reinstatement of bonus depreciation in December 2015. On October 4, 2016, we received a refund of approximately $1.9 million in connection with these overpayments.
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