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INCOME TAXES
9 Months Ended
Sep. 29, 2012
INCOME TAXES [Abstract]  
INCOME TAXES

 

NOTE 6 - INCOME TAXES

 

The Company's 2012 and 2011 effective tax rates differ from the statutory federal tax rate due principally to state income taxes partially offset by tax benefits related to the American Jobs Creation Act of 2004. The effective income tax rates for the three and nine months ended September 29, 2012 and October 1, 2011 are 37.0% and 37.0%, respectively.

 

Income tax payments in the three and nine months ended September 29, 2012 totaled $9.5 million and $23.6 million, respectively. Income tax payments in the three and nine months ended October 1, 2011 totaled $4.7 million and $11.7 million, respectively.

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2008.

 

The Company does not believe it has included any "uncertain tax positions" in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.