Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Schedule of provision for income taxes

	2012		2011		2010
	(in thousands)
Currently payable:
Federal	$	104,922		93,677		85,394
State		9,335		9,033		6,730
		114,257		102,710		92,124
Deferred taxes		(5,782)		2,004		(5,191)
Provision for income taxes	$	108,475		104,714		86,933

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

	2012		2011		2010
Statutory federal income tax rate		35.0%		35.0%		35.0%
State income taxes, net of federal tax benefits		2.2		2.4		1.9
State tax incentives		(0.2)		(0.2)		(0.2)
Valuation allowance on losses capital in nature		(0.8)		(0.2)		(1.1)
Other items		(0.2)		0.8		0.6
Effective income tax rate		36.0%		37.8%		36.2%

Schedule of deferred tax liabilities and deferred tax assets

	2012		2011
	(in thousands)
Deferred tax liabilities:
Deferred sales commissions	$	(7,405)		(7,861)
Property and equipment		(8,010)		(13,017)
Benefit plans		(9,723)		(9,617)
Identifiable intangible assets		(8,583)		(8,523)
Unrealized gains on investment securities		(1,084)		-
Purchase of fund assets		(7,458)		(6,631)
Prepaid expenses		(2,138)		(2,430)
Total gross deferred liabilities		(44,401)		(48,079)
Deferred tax assets:
Acquisition lease liability		953		1,108
Additional pension and postretirement liability		28,935		26,403
Accrued expenses		12,705		13,285
Unrealized losses on investment securities		843		2,318
Unrealized losses on investment in partnerships		789		196
Capital loss carryforwards		169		3,022
Excess tax basis on investment in subsidiary		17,921		-
Nonvested stock		21,070		19,051
Unused state tax credits		972		1,123
State net operating loss carryforwards		6,284		5,893
Other		4,230		3,817
Total gross deferred assets		94,871		76,216
Valuation allowance		(24,695)		(11,191)
Net deferred tax asset	$	25,775		16,946

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

	2012		2011		2010
	(in thousands)
Balance at January 1	$	7,467		4,759		4,857
Increases during the year:
Gross increases - tax positions in prior period		275		1,684		189
Gross increases - current-period tax positions		2,215		1,844		981
Decreases during the year:
Gross decreases - tax positions in prior period		(429)		(183)		(490)
Decreases due to settlements with taxing authorities		-		-		(629)
Decreases due to lapse of statute of limitations		(1,206)		(637)		(149)
Balance at December 31	$	8,322		7,467		4,759