Income taxes (Tables)

3 Months Ended

Mar. 31, 2012

Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate

The statutory federal income tax rate is reconciled to our effective income tax rate below:

Effective tax rate	Quarter ended
	March 31, 2012			March 31, 2011
Federal rate		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit		3.1			3.5
Credit for low-income housinginvestments		(1.8	)		(1.7	)
Tax-exempt income		(2.1	)		(2.9	)
Foreign operations		(4.4	)		(4.0	)
Other – net		(1.1	)		(0.6	)
Effective tax rate		28.7	%		29.3	%