Income Taxes

3 Months Ended

Mar. 31, 2012

Income Tax Expense (Benefit) [Abstract]

Income Taxes

Income Taxes

The following table presents the income tax expense from continuing operations and the effective tax rate:

	Three Months Ended
	March 31,
	2012			2011
	(Dollars in thousands)
Income tax expense from continuing operations	$	21,292		$	16,875
Effective tax rate	24		%	29		%

The effective tax rate for the three months ended March 31, 2012 is lower than the statutory federal rate of 35% primarily due to tax benefits from foreign income taxed at lower rates and the release of a $2.7 million valuation allowance which related to investments with differing book and tax bases, partially offset by state income taxes and non-deductible stock based compensation. The effective tax rate for the three months ended March 31, 2011 is lower than the statutory federal rate of 35% primarily due to tax benefits from foreign income taxed at lower rates, partially offset by state taxes and non-deductible stock based compensation.