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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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| Income Taxes |
9. Income Taxes Income tax expense of $12.4 million and $27.3 million was recorded during the three and six months ended June 30, 2013, respectively. Our effective tax rate for the three and six months ended June 30, 2013 was 35.7% and 35.8%, respectively, and differed from the federal statutory rate of 35.0% primarily as a result of state income taxes. Income tax expense of $34.2 million and $36.1 million was recorded during the three and six months ended June 30, 2012, respectively. Our effective tax rate for the three and six months ended June 30, 2012 was 38.9% for both periods, 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 function of loss carrybacks to prior years. Income taxes receivables as of June 30, 2013 are comprised of $44.7 million of refunds related to tax loss carrybacks to 2010 and 2011, which are partially offset by $5.1 million of accrued taxes payable related to 2013 alternative minimum tax. As of June 30, 2013 and December 31, 2012, we did not have any unrecognized tax benefit recorded. As of June 30, 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. |