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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2013
Income Taxes [Abstract]  
United States federal and state income tax expense from operations

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 differed from United States Federal income tax rate

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