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Income Taxes
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3 Months Ended |
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Mar. 31, 2013
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| Income Taxes |
9. Income Taxes Income tax expense of $14.9 million and $2.0 million was recorded during the three months ended March 31, 2013 and 2012, respectively. Our effective tax rate for the three months ended March 31, 2013 was 35.9% and differed from the federal statutory rate of 35.0% primarily as a result of state income taxes. Our effective tax rate for the three months ended March 31, 2012 was 38.1%, and differed from the federal statutory rate primarily as a result of the recapture of deductions for qualified domestic production activities under Section 199 of the IRC as a result of loss carrybacks to prior years. Income taxes receivables as of March 31, 2013 is comprised of $4.9 million of refunds related to 2012 estimated payments; $42.9 million of refunds related to tax loss carrybacks to 2010 and 2011; and partially offset by $2.2 million of accrued taxes payable related to 2013 alternative minimum tax. As of March 31, 2013 and December 31, 2012, we did not have any unrecognized tax benefit recorded. As of March 31, 2013 and December 31, 2012, we had a valuation allowance related to state net operating losses. The realization of these assets depends on recognition of sufficient future taxable income in specific tax jurisdictions in which those temporary differences or net operating losses are deductible. The tax years from 2009 through 2012 remain open to examination by the tax jurisdictions to which we are subject. |
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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