NOTE Federal and State Income Taxes

3 Months Ended

Mar. 31, 2012

NOTE Federal and State Income Taxes [Abstract]

Income Tax Disclosure [Text Block]

NOTE 8 – FEDERAL AND STATE INCOME TAXES

The components of income tax expense (benefit) for the three months ended March 31, 2012 and 2011 were as follows:

	Three Months Ended March 31,
	2012			2011
	(dollars in thousands)
Current	$	(26	)	$	(5	)
Deferred	—			(1,047		)
Total tax expense (benefit)	$	(26	)	$	(1,052	)
Discontinued operations	(107		)	166
Total tax benefit	$	(133	)	$	(886	)
Effective tax rate	48.7		%	31.0		%

The Company makes its interim tax allocation by applying estimated fiscal year effective tax rates to estimated fiscal year ordinary income together with unusual or infrequently occurring activity for the year-to-date period.