Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Taxes

Note 4 — Income Taxes

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011			2010
Current	$	848	$	179	$	1,504		$	2,171
Deferred		321		456		(916	)		(431	)
Change in valuation allowance		—		—		—			(254	)
Total	$	1,169	$	635	$	588		$	1,486

Income tax (benefit) expense for the periods ended September 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						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Expected income tax expense	$	2,368		$	2,665		$	6,235		$	7,262
Foreign earned income not subject to U.S. taxation		(1,224	)		(2,069	)		(5,763	)		(5,624	)
Change in valuation allowance		—			—			—			(254	)
Tax-exempt interest		(4	)		(3	)		(10	)		(24	)
State taxes and other		29			42			126			126
Total	$	1,169		$	635		$	588		$	1,486