Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Income Tax Expense (Benefit) [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

	Fiscal Year Ended June 30,
	2012			2011			2010
	(in thousands)
Current:
Federal	$	37,736		$	34,782		$	27,749
State	1,376			248			1,104
Foreign	3,703			5,008			2,922
Total current	42,815			40,038			31,775
Deferred:
Federal	(830		)	(168		)	(4,410		)
State	(44		)	(9		)	(323		)
Foreign	(5,018		)	(1,498		)	(113		)
Total deferred	(5,892		)	(1,675		)	(4,846		)
Provision for income taxes	$	36,923		$	38,363		$	26,929

Reconciliation of U.S.Federal Income Tax Expense

A reconciliation of the U.S. Federal income tax expense at a statutory rate of 35% to actual income tax expense, excluding any other taxes related to extraordinary gain is as follows:

	Fiscal Year Ended June 30,
	2012			2011			2010
	(in thousands)
U.S. Federal income tax at statutory rate	$	38,924		$	39,160		$	26,509
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit	1,026			625			935
Tax credits	(1,122		)	(312		)	(633		)
Valuation allowance	24			(195		)	(128		)
Effect of foreign operations, net	(2,309		)	(2,054		)	(1,342		)
Stock compensation	86			239			580
Other	294			900			1,008
Provision for income taxes	$	36,923		$	38,363		$	26,929

Deferred Tax Assets and Liabilities

he tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	June 30,
	2012			2011
	(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable	$	6,456		$	2,857
Inventories	7,336			11,310
Nondeductible accrued expenses	512			2,204
Net operating loss carryforwards	2,931			452
Tax credits	583			241
Deferred compensation	4,331			4,822
Stock compensation	5,631			2,868
Timing of depreciation and other deductions for building and equipment	98			—
Total deferred tax assets	27,878			24,754
Valuation allowance	(541		)	(517		)
Total deferred tax assets	27,337			24,237
Deferred tax liabilities derived from:
Timing of amortization deduction from intangible assets	(5,840		)	(2,717		)
Timing of depreciation and other deductions for building and equipment	—			(238		)
Total deferred tax liabilities	(5,840		)	(2,955		)
Net deferred tax assets	$	21,497		$	21,282

Components of Pretax Earnings

The components of pretax earnings are as follows:

	Fiscal Year Ended June 30,
	2012		2011		2010
	(in thousands)
Domestic	$	103,711	$	96,436	$	65,566
Foreign	7,500		15,450		10,175
Worldwide pretax earnings	$	111,211	$	111,886	$	75,741

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2012			2011			2010
	(in thousands)
Beginning Balance	$	1,181		$	1,279		$	1,359
Additions based on tax positions related to the current year	163			173			133
Additions for tax positions of prior years	—			—			—
Reduction for tax positions of prior years	(87		)	(271		)	(213		)
Settlements	—			—			—
Ending Balance	$	1,257		$	1,181		$	1,279