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Income Taxes
3 Months Ended
Mar. 31, 2013
Income Taxes [Abstract]  
Income Taxes

NOTE 12: INCOME TAXES

Generally, for interim tax reporting, one overall estimated annual effective tax rate is computed for tax jurisdictions not subject to valuation allowance and applied to the year to date ordinary income or loss. The effective tax rate for the three months ended March 31, 2013, and 2012 was 35.0% and 31.1%, respectively. The adjusted tax rates for the three months ended March 31, 2013 and March 31, 2012, differed from the U.S. state statutory rates primarily due to certain income of the Company not being subject to state tax as well as certain expenses that are not tax deductible.

The accounting standard regarding accounting for uncertainty in income taxes requires uncertain tax positions to be classified as non-current income tax liabilities, unless expected to be paid within one year. As of March 31, 2013 and December 31, 2012, the Company has no liability for unrecognized tax benefits.

As of March 31, 2013 and December 31, 2012, the Company maintained a valuation allowance on certain state net operating loss (principally New Jersey) carryforward deferred tax assets because management determined that it was not more likely than not that it would realize the benefits of such state deferred tax assets.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense. For the three months ended March 31, 2013 and 2012, there was no interest expense relating to unrecognized tax benefits.

The Company and its subsidiaries file a U.S. federal consolidated income tax return. The U.S. federal statute of limitations remains open for the years 2009 and thereafter.