Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Income Taxes [Abstract] | |
| Income Taxes |
9. Income Taxes Income tax expense of $28.8 million and $68.8 million was recorded during the three and nine months ended September 30, 2011, respectively. Our effective tax rate for the three and nine months ended September 30, 2011 was 35.3% and 35.2%, respectively, which approximated the federal and state statutory rates. Income tax expense of $0.7 million and $7.8 million was recorded during the three and nine months ended September 30, 2010, respectively. Our effective tax rate for the three and nine months ended September 30, 2010 was 2.4% and 7.4%, respectively, 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 as of September 30, 2011 and December 31, 2010 was $ 3.3 million and $3.6 million, respectively. We recognize interest and penalties related to unrecognized tax benefits in income tax expense and these amounts were immaterial for the nine months ended September 30, 2011 and 2010. The tax years from 2008 through 2010 remain open to examination by the applicable tax jurisdictions. |