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Income Taxes
6 Months Ended
Jun. 30, 2012
Income Taxes [Abstract]  
Income Taxes

Note 4. Income Taxes

     For the three and six months ended June 30, 2012, income tax expense attributable to continuing operations was $26,898 and $50,868, respectively, representing an effective tax rate of 39% and 38%, respectively. The effective tax rate differs from the federal statutory rate of 35% due primarily to state income tax expense of $1,710 and $3,064, and tax expense of $866 and $1,630 related to uncertain tax positions, including accrued interest, for the three and six months ended June 30, 2012, respectively, partially offset by a tax benefit of $1,800 resulting from a decrease in the valuation allowance with regard to certain local income tax credit carry forwards, for the six months ended June 30, 2012.

     For the three and six months ended June 30, 2011, income tax expense attributable to continuing operations was $19,812 and $42,948, respectively, representing an effective tax rate of 42% and 43%, respectively. The effective tax rate differs from the federal statutory rate of 35% due primarily to state income tax expense of $2,487 and $5,290, tax expense of $546 and $2,069 related to uncertain tax positions, including accrued interest, and tax expense of $107 and $492 resulting from an increase in the valuation allowance with regard to certain local income tax credit carry forwards, for the three and six months ended June 30, 2011, respectively.

     At June 30, 2012, the Company had federal net operating loss carry forwards ("NOLs") of approximately $6,000 expiring in 2031 and 2032, alternative minimum tax credit carry forwards of $5,000 with no expiration and foreign tax credit carry forwards of approximately $15,900, expiring on various dates from 2014 through 2022. The NOLs and the alternative minimum tax credit carry forwards relate to excess tax benefits that have not yet been realized (as determined on a 'with-and-without' approach), including 'windfall' deductions on share-based compensation awards and amortization of certain tax deductible goodwill. Upon realization as a reduction in tax liability, excess tax benefits are recorded as an increase to paid-in capital with regard to share-based compensation awards and as a decrease in goodwill with regard to certain tax deductible goodwill. For the six months ended June 30, 2012, an increase to paid-in capital of $1,492 was recorded for excess tax benefits realized from share-based compensation awards. For the six months ended June 30, 2012, the utilization of NOLs reduced current deferred income tax assets by $50,000.

     Under the Company's Tax Disaffiliation Agreement with Cablevision, Cablevision is liable for all income taxes of the Company for periods prior to the Distribution except for New York City Unincorporated Business Tax. The City of New York is currently auditing the Company's Unincorporated Business Tax Returns for the years 2006 through 2008.