Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes

Income Taxes

Note 9 — Income Taxes

The income tax provisions for the quarter and nine months ended September 30, 2011 were $12.0 million and $33.5 million, respectively, resulting in an effective tax rate of 27.4% and 26.1%, respectively.  The effective tax rate for the quarter reflects the reduction of our estimated tax rate for the year from 31.8% to 31% and the release of $1.0 million of reserves primarily for uncertain tax positions.  The effective tax rate for the nine months of 2011 also reflects the release of $5.5 million of reserves primarily for uncertain tax positions as a result of an audit settlement during the second quarter.  Excluding these benefits, the effective tax rate would have been 31% for the nine-month period.  The effective tax rate for the quarter and nine months ended September 30, 2010 was 30.4% and 25.9%, respectively.  The lower effective rate in the nine months of 2010 reflects $3.5 million of New Clean Energy Manufacturing Tax Credits awarded to us in January 2010 for qualifying capital investments incurred at our Colorado facility in 2009.  Excluding this credit, our effective tax rate would have been 30.7%.