Income Taxes

9 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

Income Taxes

13. Income Taxes

The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur.

Income tax expense for the three months ended March 31, 2012 was $18.8 million, or 36.3 percent of pre-tax income, as compared with $3.1 million, or 9.7 percent of pre-tax income, for the three months ended March 31, 2011. For the nine months ended March 31, 2012, income tax expense was $46.0 million, or 36.3 percent of pre-tax income, as compared with income tax expense of $8.4 million, or 15.5 percent of pre-tax income, for the nine months ended March 31, 2011. Income tax expense for the current year periods were negatively impacted by a provision for a state tax exposure and non-deductible expenses related to the Latrobe Acquisition. The prior year periods included $4.8 million of tax benefits associated with changes in previous tax positions.