Income Taxes

3 Months Ended

Mar. 31, 2012

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 March  31,
	2012			2011
Current	$	(2,394	)	$	313
Deferred		3,500			(345	)
Total	$	1,106		$	(32	)

Income tax expense for the periods ended March 31, 2012 and 2011, 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 March 31,
	2012			2011
Expected income tax expense	$	1,872		$	2,675
Foreign earned income not subject to U.S. taxation		(855	)		(2,727	)
Change in valuation allowance		—			—
Tax-exempt interest		(3	)		(3	)
State taxes and other		92			23
Total	$	1,106		$	(32	)