Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Total income tax expense (benefit) for the years ended December 31 was comprised of the following:

	2011 Restated			2010 Restated			2009 Restated
Continuing operations	$	20,786		$	20,302		$	5,363
Discontinued operations		(597	)		(735	)		175
		20,189			19,567			5,538

Income from continuing operations before income taxes and income (loss) from affiliates and joint ventures

Income from continuing operations before income taxes and income (loss) from affiliates and joint ventures was comprised of the following:

	2011 Restated		2010 Restated		2009 Restated
Income from continuing operations before income taxes and income (loss) from affiliates and joint ventures:
Domestic	$	53,803	$	43,590	$	16,272
Foreign		21,446		17,079		20,763
		75,249		60,669		37,035

Components of the provision for income taxes

The components of the provision for income taxes attributable to income from continuing operations before income taxes and income (loss) from affiliates and joint ventures for the years ended December 31 consisted of:

	2011 Restated			2010 Restated		2009 Restated
Provision (benefit) for income taxes:
Federal:
Current	$	5,167		$	7,406	$	(1,683	)
Deferred		6,420			2,077		3,710
State:
Current		2,958			2,420		428
Deferred		376			35		257
Foreign:
Current		7,974			7,343		4,179
Deferred		(2,109	)		1,021		(1,528	)
		20,786			20,302		5,363

Significant portions of the deferred tax assets and liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31 were as follows:

	2011 Restated			2010 Restated
Deferred tax assets attributable to:
Accounts receivable	$	1,107		$	1,345
Inventories		1,701			2,513
Employee benefit plans		25,638			19,070
Accrued liabilities		534			763
Employee incentive plans		1,305			-
Tax credit carryforwards		7,208			3,029
Available-for-sale securities		2,759			-
Other		734			6,265
Total deferred tax assets		40,986			32,985
Deferred tax liabilities attributable to:
Plant and equipment		(17,593	)		(10,910	)
Land and mineral reserves		(13,492	)		(16,774	)
Joint ventures		(1,797	)		(1,541	)
Available-for-sale securities		-			(1,035	)
Intangible assets		(1,692	)		(694	)
Other		(550	)		-
Total deferred tax liabilities		(35,124	)		(30,954	)

Valuation allowances		(6,750	)		(3,932	)

Net deferred tax asset (liability)		(888	)		(1,901	)

Effective income tax rate reconciliation

The following analysis reconciles the U.S. statutory federal income tax rate to the effective tax rates related to income from continuing operations before income taxes and equity income (loss) of affiliates and joint ventures:

	2011 Restated						2010 Restated						2009 Restated
	Amount			Percent of Pretax Income			Amount			Percent of Pretax Income			Amount			Percent of Pretax Income
Provision for income taxes at
U.S. statutory rates	$	26,337			35.0	%	$	21,234			35.0	%	$	12,962			35.0	%
Increase (decrease) in taxes resulting from:
Percentage depletion		(4,900	)		-6.5	%		(3,870	)		-6.4	%		(3,257	)		-8.8	%
State taxes, net of federal benefit		2,185			2.9	%		1,546			2.6	%		754			2.0	%
Foreign tax rates		(1,045	)		-1.4	%		(924	)		-1.5	%		(4,356	)		-11.7	%
Change in reserve for tax uncertainties		(710	)		-0.9	%		64			0.1	%		(2,741	)		-7.4	%
Audit settlement		(118	)		-0.1	%		-			0.0	%		2,083			5.6	%
Discrete items related to foreign tax filings		(210	)		-0.3	%		178			0.3	%		-			0.0	%
Foreign tax credits		(2,359	)		-3.1	%		(2,178	)		-3.6	%		(879	)		-2.4	%
Changes to valuation allowance		(216	)		-0.3	%		3,354			5.6	%		28			0.1	%
Tax from foreign disregarded entities		262			0.3	%		1,358			2.2	%		142			0.4	%
Other		1,560			2.0	%		(460	)		-0.8	%		627			1.7	%
		20,786			27.6	%		20,302			33.5	%		5,363			14.5	%

The following table summarizes the activity related to our unrecognized tax benefits:

	2011 Restated			2010 Restated		2009 Restated
Balance at beginning of the year	$	810		$	705	$	5,146
Increases related to prior year tax positions		-			105		120
Increases related to current year tax positions		-			-		319
Decreases related to the expiration of statue of limitation / settlement of audits		(810	)		-		(4,880	)
Balance at the end of the year		-			810		705

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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