Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

Income Taxes

Note 4 — Income Taxes

United States federal and state income tax (benefit) expense from operations consists of the following components (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Current	$	343		$	1,459		$	656		$	1,992
Deferred		(892	)		(509	)		(1,237	)		(887	)
Change in valuation allowance		—			—			—			(254	)
Total	$	(549	)	$	950		$	(581	)	$	851

Income tax (benefit) expense for the periods ended June 30, 2011 and 2010 differed from the amount computed by applying the United States Federal income tax rate of 34% to earnings before Federal income taxes as a result of the following (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Expected income tax expense	$	1,191		$	2,419		$	3,866		$	4,597
Foreign earned income not subject to U.S. taxation		(1,812	)		(1,564	)		(4,539	)		(3,555	)
Change in valuation allowance		—			—			—			(254	)
Tax-exempt interest		(3	)		(3	)		(6	)		(21	)
State taxes and other		75			98			98			84
Total	$	(549	)	$	950		$	(581	)	$	851