Income Taxes

6 Months Ended

Jun. 30, 2013

Income Taxes [Abstract]

Income Tax Disclosure [Text Block]

5. INCOME TAXES:

The Company's overall effective tax rate on pre-tax income was different than the statutory rate of 35% due primarily to valuation allowances, state income taxes and other permanent differences.

As a result of the ceiling test and other impairments recorded during the year ended December 31, 2012, the Company's previously recorded net deferred tax liability fully reversed into a net deferred tax asset. The Company has recorded a full valuation allowance against its net deferred tax asset balance of $401.8 million as of June 30, 2013. This valuation allowance may be reversed in future periods against future taxable income.