Income Taxes

9 Months Ended

Sep. 30, 2012

Income Taxes

Income Taxes

Note 7 — Income Taxes

The income tax provisions for the quarter and nine months ended September 30, 2012 were $18.0 million and $58.5 million, respectively.  The effective tax rate for both periods was just under 32%.  The income tax provisions for the quarter and nine months ended September 30, 2011 were $12.0 million and $33.5 million, respectively, and the effective tax rates were 27.4% and 26.1%, respectively.  The effective tax rate for the 2011 third 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.