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Income Taxes
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6 Months Ended |
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Jun. 30, 2012
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| Income Taxes [Abstract] | |
| INCOME TAXES |
(6) INCOME TAXES The Company’s effective tax rates for the three and six months ended June 30, 2012 were 68.2% and 58.6%, respectively, compared to the effective tax rates of 41.0% and 51.9% for the three and six months ended June 30, 2011, respectively. Income tax benefit for the three months ended June 30, 2012 was $2.9 million compared to $20.8 million for the same period in 2011. Income tax benefit for the six months ended June 30, 2012 was $6.7 million compared to $19.3 million for the same period in 2011. Estimating a reliable annual effective tax rate for the Company for the year has become increasingly difficult due to the uncertainty in forecasting taxable income or loss for the remainder of the year for each of our domestic and international operations. Such forecasts may vary significantly from quarter to quarter and even small changes in forecasts or actual results for either the Company’s domestic or international operations can result in significant changes in the Company’s estimated annual effective tax rate. Since forecasting an annual effective tax rate under these circumstances would not provide a meaningful estimate, the Company believes that the actual year-to-date effective tax rate is the best estimate of the annual tax rate in accordance with ASC 740-270. The Company’s income tax benefit has been calculated utilizing our actual effective tax rate for the three-month and six-month periods ended June 30, 2012. |