Income Taxes

9 Months Ended

Sep. 30, 2012

Income Taxes

10. Income Taxes

The provision for income taxes for continuing operations for the three and nine months ended September 30, 2012 reflects effective tax rates of approximately 36.1% and 36.8%, respectively.

Prior to April 1, 2011, the Company and its limited liability company subsidiaries were taxed as flow-through entities and as such, the results of operations of the Company related to the flow-through entities were included in the income tax returns of its members. On April 1, 2011, the Company and its wholly-owned LLC subsidiaries elected to be taxed as a corporation for federal and state income tax purposes, and, therefore, income taxes became the obligation of the Company subsequent to April 1, 2011.