Express 2015 Annual Report Download - page 49
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Table of Contents
Future amortization expense is expected to approximate the following (in thousands):
2016 $ 49
2017 49
2018 49
2019 49
2020 49
Thereafter 8
Total $ 253
The provision for income taxes consists of the following:
Current:
U.S. federal $ 72,222
$ 29,884
$ 64,071
U.S. state and local 12,425
6,491
12,815
Foreign 224
565
548
Total 84,871
36,940
77,434
Deferred:
U.S. federal (8,715)
6,884
757
U.S. state and local (1,983)
(558)
(1,541)
Foreign (2)
(35)
(23)
Total (10,700)
6,291
(807)
Provision for income taxes $ 74,171
$ 43,231
$ 76,627
The following table provides a reconciliation between the statutory federal income tax rate and the effective tax rate:
Federal income tax rate 35.0%
35.0 %
35.0%
State income taxes, net of federal income tax effect 3.6%
4.1 %
3.8%
Other items, net 0.3%
(0.3)%
0.9%
Effective tax rate 38.9%
38.8 %
39.7%
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