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Income Taxes
9 Months Ended
Sep. 30, 2012
Income Taxes  
Income Taxes

9. Income Taxes

 

Federal income tax expense for the nine months ended September 30, 2012 and 2011 has been computed using estimated effective tax rates.  These rates are revised, if necessary, at the end of each successive interim period to reflect the current estimates of the annual effective tax rates.

 

The Company believes that the positions taken on its income tax returns for open tax years will be sustained upon examination by the Internal Revenue Service (“IRS”).  Therefore, the Company has not recorded a liability under ASC 740, Income Taxes.

 

During the nine months ended September 30, 2012, there were no material changes to the amount of the Company's unrecognized tax benefits or to any assumptions regarding the amount of its ASC 740 liability.

 

As of September 30, 2012 and December 31, 2011, the Company was no longer subject to examination of its U.S. federal tax returns for years prior to 2009. The Company is not currently under examination by the IRS.