Income Taxes

6 Months Ended

Jun. 30, 2012

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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Current	$	(443	)	$	343		$	(2,837	)	$	656
Deferred		209			(892	)		3,709			(1,237	)
Total	$	(234	)	$	(549	)	$	872		$	(581	)

Income tax (benefit) expense for the periods ended June 30, 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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Expected income tax expense	$	596		$	1,191		$	2,468		$	3,866
Foreign earned income not subject to U.S. taxation		(830	)		(1,812	)		(1,685	)		(4,539	)
Tax-exempt interest		(3	)		(3	)		(6	)		(6	)
State taxes and other		3			75			95			98
Total	$	(234	)	$	(549	)	$	872		$	(581	)