Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Taxes

Note 7 Income Taxes

The provision for income taxes as a percentage of earnings before income taxes for the third quarter of 2011 was 14.8% compared to 32.4% in the third quarter of 2010. The provision for income taxes as a percentage of earnings before income taxes for the nine-month period ended September 30, 2011 was 29.2% compared to 35.8% in the same period in 2010. The third quarter of 2011 results included recognition of previously unrecognized tax benefits for certain deductions that were taken on prior tax returns. These benefits total $1.5 million and were recognized in earnings in the third quarter due to the realization that such benefits became more likely than not upon the conclusion of an IRS audit of the Company’s 2009 federal income tax return. Without these benefits, the provision for income taxes as a percentage of earnings before income taxes would have been 33.1% and 35.0% for the three- and nine-month periods ended September 30, 2011.