Note 5—Income taxes:

Summarized below are (i) the differences between the provision for income taxes and the amounts that would be expected using the U. S. federal statutory income tax rate of 35%, and (ii) the components of the comprehensive provision for income taxes.


	Years ended December 31,
	2009			2010			2011
		(restated	)		(restated	)
	(In thousands)
Expected tax provision (benefit), at statutory rate	$	(4,432	)	$	7,231		$	17,868
U.S. state income taxes, net		1,184			1,372			3,298
Other, net		5			42			(328	)

Provision (benefit) for income taxes	$	(3,243	)	$	8,645		$	20,838

Provision for income taxes:
Currently payable (refundable):
U.S. federal	$	(4,246	)	$	1,984		$	8,800
U.S. state		26			108			1,562

Net currently payable (refundable)		(4,220	)		2,092			10,362
Deferred income taxes, net		977			6,553			10,476

Provision (benefit) for income taxes	$	(3,243	)	$	8,645		$	20,838

Comprehensive provision for income taxes allocable to:
Net income (loss)	$	(3,243	)	$	8,645		$	20,838
Other comprehensive income (loss):
Pension plans		18,505			25,771			(49,721	)
OPEB plans		(3,793	)		(3,980	)		(5,890	)
Additional paid-in capital:
Retirement of treasury stock		—			—			456
Transactions with stockholders		—			—			106

	$	11,469		$	30,436		$	(34,211	)

The components of the net deferred tax asset/(liability) are summarized below.


	December 31,
	2010						2011
	Assets			Liabilities			Assets			Liabilities
	(restated)
	(In thousands)
Tax effect of temporary differences relating to:
Inventories	$	—		$	(2,365	)	$	4,587		$	—
Property and equipment		—			(14,710	)		—			(18,612	)
Pension asset		—			(59,661	)		—			(28,197	)
Accrued pension cost		—			—			8,430
Accrued OPEB cost		18,013			—			20,445			—
Accrued employee benefits		4,292			—			5,604			—
Accrued insurance		1,293			—			1,389			—
Other accrued liabilities		828			—			555			—
Other deductible differences		1,586			—			210			—


Gross deferred tax assets / (liabilities)		26,012			(76,736	)		41,220			(46,809	)
Reclassification, principally netting by tax jurisdiction		(17,906	)		17,906			(29,026	)		29,026


Net deferred tax asset / (liability)		8,106			(58,830	)		12,194			(17,783	)
Less current deferred tax asset		(8,106	)		—			(12,194	)		—


Noncurrent deferred tax liability	$	—		$	(58,830	)		—		$	(17,783	)

Our provision for income taxes during 2011 includes a $1.0 million non-cash charge for state deferred income taxes. The non-cash charge is related to an increase in our effective state income tax rate primarily as a result of an increase in the tax rate of the State of Illinois.

We file income tax returns in various U.S. federal, state and local jurisdictions. Our income tax returns prior to 2008 are generally considered closed to examination by applicable tax authorities.

As discussed in Note 1, at the end of 2011, KSW changed their method for productive inventory costing from LIFO to FIFO and EWP changed their method for productive inventory costing from LIFO to an average cost method. As a result of the accounting change, our provision for income taxes for the year ended December 31, 2009 decreased $5.5 million resulting in a benefit for income taxes, our provision for income taxes for the years ended December 31, 2010 and 2011 increased by $2.2 million and $1.4 million, respectively, and our current deferred tax asset balance as of December 31, 2010 and 2011 decreased by $9.4 million and $10.8 million, respectively.