Income taxes (Tables)

6 Months Ended

Jun. 30, 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	Six months ended
	June 30, 2012			June 30, 2011
Federal rate		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit		2.4			3.0
Credit for low-income housing investments		(2.3	)		(1.6	)
Tax-exempt income		(3.3	)		(3.7	)
Foreign operations		(5.3	)		(3.5	)
Other – net		(3.0	)		(1.2	)
Effective tax rate		23.5	%		28.0	%