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

10. Income Taxes

The Company’s effective tax rate for the three and nine months ended September 30, 2012 was 38.5% and 37.6%, respectively, and was 37.0% and 37.2% for the three and nine months ended September 30, 2011, respectively. These rates were consistent with the statutory tax rate applicable to the U.S. and the blended state rate for the states in which the Company conducts business. As of September 30, 2012, the Company did not have any uncertain tax positions requiring adjustments to its tax liability.

The Company had deferred tax assets for its federal and state tax loss carryforwards at September 30, 2012 recorded in noncurrent deferred taxes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2012, management determined that a valuation allowance was not required for the tax loss carryforwards as they are expected to be fully utilized before expiration.