Income Tax Provision

3 Months Ended

Mar. 31, 2012

Income Tax Provision [Abstract]

Income Tax Provision

NOTE 11 — INCOME TAX PROVISION

During the three months ended March 31, 2012, the provision for income taxes decreased to $1.8 million from $3.2 million compared to the same period in 2011. The effective income tax rate for the three months ended March 31, 2012 and 2011 was approximately 40.6% and 48.3%, respectively. The change in the provision for income taxes and the effective income tax rate is primarily a result of the decrease in the consolidated pre-tax book income and the taxes computed based on a lower ratio of year-to-date foreign losses as compared to the overall consolidated pre-tax book income for which no benefit could be taken and partially offset by discrete items impacting the quarter ended March 31, 2012. Discrete items included an increase in the income tax provision related to the establishment of a valuation allowance against certain Luxembourg deferred tax assets.