form S-1 Table of Coultas Interest Expense Interest expense decreased $6.8 million, or 32.7%, to $13.9 million for the year ended December 31, 2014, compared to $20.6 million for the year ended December 31. 2013. This decrease was due to a lower effective interest rate year-over-year, which was 4.03% for the year ended December 31, 2014 as compared to 5.27% for the year ended December 31. 2013. which primarily reflects the repricing of our term loan facility in December of 2013. Interest Income Interest income increased $48,000, or 38.4%. to $173,000 for the year ended December 31, 2014, compared to $125,000 for the year ended December 31, 2013. This increase was driven by higher year-over-year average cash on hand. Provision for Income Taxes Provision for income taxis increased $19.4 million. or 44.1%, to $63.4 million for the year ended December 31. 2014. compared to $44.0 million for the year ended December 31, 2013. Our effective tax rate was 38.3% for the year ended December 31. 2014 as compared to 36.0% for the year ended December 31, 2013. The increase in the effective rate is primarily attributed to prior year state refunds for the 2010, 2011, and 2012 tax years which benefited the tax provision in 2013 but did not recur in 2014. Na Income As a result of the factors above. net income increased $23.7 million, or 30.3%, to $101.9 million for the year ended December 31, 2014, compared to $78.2 million for the year ended December 31, 2013. Year Ended December 31, 2013 Compared With Year Ended December 31, 2012 Net Saks Net sales increased $196.5 million, or 37.6%, to $719.5 million for the year ended December 31, 2013, compared to $5210 million for the year ended December 31, 2012. Volume growth accounted for 30 percentage points of the increase in net sales, favorable product mix contributed 6 percentage points and an increase in net prices contributed I percentage point. Strong performance by each of our major product lines accounted for