Income Taxes (Policies)

3 Months Ended

Jun. 30, 2012

Income Taxes:

Income Taxes

4.  The Company’s effective tax rates were approximately 32.8% and 32.7% for the second quarter of 2012 and 2011, respectively, and 32.6% and 32.9% for the six months ended June 30, 2012 and 2011, respectively.  Rates were lower than the U.S. federal statutory rate primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199.

The Company’s federal income tax returns for the 2009, 2010 and 2011 tax years are subject to examination by the Internal Revenue Service (“IRS”).   While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.  No statutes have been extended on any of the Company’s federal income tax filings.  The statute of limitations on the Company’s 2009, 2010 and 2011 federal income tax returns will expire on September 15, 2013, 2014 and 2015, respectively.

The Company’s state income tax returns for the 2009 through 2011 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2015.  The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.