Income Taxes

3 Months Ended

Dec. 31, 2011

Income Taxes

Income Taxes

Note 15 – Effective Tax Rate

Income tax expense for the quarters ended December 31 is as follows:

	2011			2010
Current	($	237,432	)	$	42,367
Deferred		616,031			268,990
Total	$	378,599		$	311,357

Actual income tax expense differs from the expected tax expense (computed by applying the

federal corporate tax rate of 34% and state tax rate of 7.1% to income before income tax

expense) as follows:

	2011			2010
Expected federal tax expense	$	268,397		$	280,080
State tax expense (net of federal)		56,048			58,487
Net operating loss carryforwards		67,961			—
Other, net		(13,807	)		(27,210	)
Actual tax expense	$	378,599		$	311,357

The effective tax rate for the period ending December 31, 2011 was 48% instead of the expected rate of 41.1% due to reconciliation of a prior period tax liability. The effective tax rate for the period ending December 31, 2010 was 37.8% instead of the expected 41.1% primarily because of bonus depreciation.