Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

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


(In Thousands)	2012			2011			2010
Current Income Tax Expense:
Federal	$	116,234		$	—		$	—
State		10,819			9,797			8,932

		127,053			9,797			8,932
Deferred Income Tax (Benefit) Expense:
Federal		(23,035	)		62,015			64,679
State		(206	)		(2,202	)		(1,201	)

		(23,241	)		59,813			63,478

	$	103,812		$	69,610		$	72,410

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


(In Thousands)	2012			2011
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment	$	279,926		$	329,497
Other, Net		34,014			29,607

Total Deferred Tax Liabilities		313,940			359,104
Deferred Tax Assets:
Accrued Liabilities		25,365			33,826
Advance Payments		15,834			16,432
Federal Net Operating Loss		—			10,936
Other, Net		9,677			11,760

Total Deferred Tax Assets		50,876			72,954
Less Valuation Allowance		(657	)		(812	)

Net Deferred Tax Liabilities	$	263,721		$	286,962

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


	2012			2011			2010
Statutory Rate		35.0	%		35.0	%		35.0	%
Increases in United States Federal Taxes
Resulting From:
State Income Taxes, Net of Federal Income Tax Benefit		2.5			2.7			2.7
Other, Net		0.0			0.3			0.3

Effective Tax Rate		37.5	%		38.0	%		38.0	%

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


(In Thousands)	2012			2011			2010
Balance at January 1,	$	1,412		$	1,315		$	1,342
Additions based on tax positions related to the current year		178			178			149
Additions for tax positions of prior years		83			22			18
Prior year reductions		(315	)		(13	)		(26	)
Statute expirations		(83	)		(90	)		(63	)
Settlements		(17	)		—			(105	)

Balance at December 31,	$	1,258		$	1,412		$	1,315