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INCOME TAXES

6 Months Ended

Jun. 30, 2012

9.	INCOME TAXES

The Company recognized income tax expense of $13.2 million in the first six months of 2013 compared to $0.8 million for the same period in the prior year. The effective tax rate for the first six months of 2013 was 40.0%, which differs from the U.S. Federal statutory rate of 35% primarily due to the impact of state and local taxes. During the fourth quarter of 2012, the Company released $59.9 million of valuation allowance against its net deferred tax assets. Therefore, income tax expense for the first six months of 2012 reflected the utilization of valuation allowance for federal, state and local income taxes resulting in an effective tax rate less than the U.S. Federal statutory rate of 35%.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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