INCOME TAXES (Block)

3 Months Ended

Mar. 31, 2012

Income Tax Disclosure Abstract

Income Tax Disclosure Text Block

8.       INCOME TAXES

Tax Rate For The Three Months Ended March 31, 2012

The effective income tax rate was56.0% for the three months ended March 31, 2012, which includes an adjustment for expenses that are not deductible for tax purposes, and the recognition of an additional tax benefit related to discrete items arising during the period. 

Tax Rate For The Three Months Ended March 31, 2011

The effective income tax rate was 21.6% for the three months ended March 31, 2011, which reflectsan increasein the deferred tax asset valuation allowance for the reasons as described below under Valuation Allowance For Deferred Tax Assets(after excluding net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill). The increase in the valuation allowance was offset by certain discrete items of tax.

Deferred Tax Assets And Liabilities

       As of March 31, 2012and December 31, 2011, net deferred tax liabilities were$7.5 million and$8.3 million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company's assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income.