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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
(5) INCOME TAXES The Company’s effective tax rates for the three and six months ended June 30, 2013 were 34.4% and 29.6%, respectively, compared to the effective tax rates of 68.2% and 58.6% for the three and six months ended June 30, 2012, respectively. Income tax expense for the three months ended June 30, 2013 was $4.6 million compared to a benefit $2.9 million for the same period in 2012. Income tax expense for the six months ended June 30, 2013 was $6.9 million compared to a benefit of $6.7 million for the same period in 2012. The tax provision for the three and six months ended June 30, 2013 was computed using the estimated effective tax rates applicable to each of the domestic and international taxable jurisdictions for the full year. The tax provision for the three and six month periods ended June 30, 2012 was calculated utilizing our actual effective tax rate because the Company believed that the actual year-to-date effective tax rate was the best estimate of the annual tax rate in accordance with ASC 740-270. The estimated effective tax rate, for the three and six months ended June 30, 2013, is subject to management’s ongoing review and revision, if necessary. We expect our ongoing effective annual tax rate in 2013 to be approximately 30 percent. The Company’s effective tax rates for the three and six months ended June 30, 2013 are lower than the statutory federal rate of 35% due to federal and state income tax credits, its earnings in lower tax rate foreign jurisdictions and its planned permanent reinvestment of undistributed earnings from its foreign subsidiaries. As such, the Company did not provide for deferred income taxes on accumulated undistributed earnings of its foreign subsidiaries. |