Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes

Schedule of provision for income taxes

	2011		2010		2009
	(in thousands)
Currently payable:
Federal	$	95,224		87,350		48,249
State		9,651		7,381		4,312
		104,875		94,731		52,561
Deferred taxes		2,394		(5,206)		4,090
Provision for income taxes	$	107,269		89,525		56,651

Schedule of reconciliation of statutory federal income tax rate with effective income tax rate

	2011		2010		2009
Statutory federal income tax rate		35.0%		35.0%		35.0%
State income taxes, net of federal tax benefits		2.5		2.1		1.9
State tax incentives		(0.2)		(0.2)		(0.7)
Sale of ACF		-		-		(6.0)
Valuation allowance on losses capital in nature		(0.1)		(1.1)		4.1
Other items		0.7		0.5		0.6
Effective income tax rate		37.9%		36.3%		34.9%

Schedule of deferred tax liabilities and deferred tax assets

	2011		2010
	(in thousands)
Deferred tax liabilities:
Deferred sales commissions	$	(7,861)		(7,880)
Property and equipment		(13,240)		(10,489)
Benefit plans		(9,617)		(5,651)
Identifiable intangible assets		(8,523)		(8,449)
Unrealized gains on investment securities		-		(2,002)
Purchase of fund assets		(6,631)		(5,793)
Prepaid expenses		(2,596)		(1,600)
Other		-		(22)
Total gross deferred liabilities		(48,468)		(41,886)
Deferred tax assets:
Acquisition lease liability		1,135		1,308
Additional pension and postretirement liability		26,403		13,171
Accrued expenses		13,438		12,120
Unrealized losses on investment securities		2,329		1,375
Capital loss carryforwards		3,022		3,631
Nonvested stock		19,051		14,974
Unused state tax credits		1,123		1,131
State net operating loss carryforwards		6,055		5,464
Other		4,012		2,838
Total gross deferred assets		76,568		56,012
Valuation allowance		(11,374)		(8,233)
Net deferred tax asset	$	16,726		5,893

Summary of the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest

	2011		2010		2009
	(in thousands)
Balance at January 1	$	4,759		4,857		3,332
Increases during the year:
Gross increases - tax positions in prior period		1,684		189		1,071
Gross increases - current-period tax positions		1,844		981		636
Decreases during the year:
Gross decreases - tax positions in prior period		(183)		(490)		(7)
Decreases due to settlements with taxing authorities		-		(629)		(1)
Decreases due to lapse of statute of limitations		(637)		(149)		(174)
Balance at December 31	$	7,467		4,759		4,857