Income Taxes

6 Months Ended

Jun. 30, 2013

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,
	2013			2012			2013			2012
Current	$	5,989		$	(443	)	$	6,782		$	(2,837	)
Deferred		(89	)		209			(205	)		3,709
Total	$	5,900		$	(234	)	$	6,577		$	872

Income tax (benefit) expense for the periods ended June 30, 2013 and 2012 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,
	2013			2012			2013			2012
Expected income tax expense	$	13,845		$	596		$	15,972		$	2,468
Foreign earned income not subject to U.S. taxation		(7,932	)		(830	)		(9,478	)		(1,685	)
Tax-exempt interest		(4	)		(3	)		(7	)		(6	)
State taxes and other		(9	)		3			90			95
Total	$	5,900		$	(234	)	$	6,577		$	872