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Income Taxes
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6 Months Ended |
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Jun. 30, 2011
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| Income Taxes | |
| Income Taxes |
9. Income Taxes Income tax expense of $29.8 million and $40.0 million was recorded during the three and six months ended June 30, 2011, respectively. Our effective tax rate for the three and six months ended June 30, 2011 was 35.1% and 35.2%, respectively, which approximated the federal and state statutory rates. Income tax expense of $3.1 million and $7.1 million was recorded during the three and six months ended June 30, 2010, respectively. Our effective tax rate for the three and six months ended June 30, 2010 was 9.9% and 9.2% and primarily reflects a reduction in our valuation allowance that was recorded in prior years. Exclusive of interest, the amount of unrecognized tax benefit recorded in other liabilities was $ 3.6 million as of June 30, 2011 and December 31, 2010. We recognize interest and penalties related to unrecognized tax benefits in income tax expense and these amounts were immaterial for the six months ended June 30, 2011 and 2010. The tax years from 2007 through 2010 remain open to examination by the applicable tax jurisdictions. |