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Income Taxes
6 Months Ended
Jun. 30, 2013
Income Tax Disclosure [Abstract]  
Income Taxes

15. Income Taxes

In the second quarter of 2013, the Company reported income before taxes of $5.1 million and recorded an income tax provision of $3.1 million. The Company’s effective income tax rate for the second quarter of 2013 was 61.7%, which reflects an adjusted full-year expected annualized tax rate of approximately 64 percent, up from the first quarter 2013 adjusted full-year expected annualized tax rate of approximately 58 percent. The increase in the anticipated full-year annualized tax rate from the first quarter is primarily due to a change in the projection and mix of income earned worldwide. The annualized effective tax rate is higher than the statutory rate due to the Company incurring losses in certain jurisdictions that are not benefitted for tax purposes.

For the first six months of 2013, the Company reported income before taxes of $5.1 million and recorded an income tax provision of $4.4 million. The decrease in the tax rate from the first quarter was due to the impact of valuation allowances.

In the second quarter of 2012, the Company reported income before taxes of $5.5 million and recorded an income tax provision of $3.6 million. The Company’s effective income tax rate for the second quarter of 2012 was 66.3%.

For the first six months of 2012, the Company reported income before taxes of $10.0 million and recorded an income tax provision of $7.5 million. The Company’s effective income tax rate for the six months ended June 30, 2012 was 74.6%.