Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Following is a summary of the Company’s income tax expense for the years ended December 31:


(In Thousands)	2011			2010			2009
Current Income Tax Expense:
Federal	$	—		$	—		$	40,697
State		9,797			8,932			7,832

		9,797			8,932			48,529
Deferred Income Tax Expense (Benefit):
Federal		62,015			64,679			15,169
State		(2,202	)		(1,201	)		(137	)

		59,813			63,478			15,032

	$	69,610		$	72,410		$	63,561

Significant components of the Company’s deferred income tax liabilities and assets at December 31 are as follows:


(In Thousands)	2011			2010
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment	$	329,497		$	248,775
Other, Net		29,607			24,777

Total Deferred Tax Liabilities		359,104			273,552
Deferred Tax Assets:
Accrued Liabilities		33,826			15,859
Advance Payments		16,432			15,231
Federal Net Operating Loss		10,936			6,423
Other, Net		11,760			9,386

Total Deferred Tax Assets		72,954			46,899
Less Valuation Allowance		(812	)		(860	)

Net Deferred Tax Liabilities	$	286,962		$	227,513

The Company’s effective tax rate differs from the statutory United States Federal income tax rate for the years ended December 31 as follows:


	2011			2010			2009
Statutory Rate		35.0	%		35.0	%		35.0	%
Increases (Decreases) in United States Federal Taxes
Resulting From:
State Income Taxes, Net of Federal Income Tax Benefit		2.7			2.7			2.8
Other, Net		0.3			0.3			(1.8	)

Effective Tax Rate		38.0	%		38.0	%		36.0	%

The following table summarizes the activity related to the Company’s uncertain tax positions:


(In Thousands)	2011			2010			2009
Balance at January 1,	$	1,315		$	1,342		$	3,110
Additions based on tax positions related to the current year		178			149			172
Additions for tax positions of prior years		22			18			523
Prior year reductions		(13	)		(26	)		(46	)
Statute expirations		(90	)		(63	)		(2,231	)
Settlements		—			(105	)		(186	)

Balance at December 31,	$	1,412		$	1,315		$	1,342