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INCOME TAXES
6 Months Ended
Jun. 30, 2011
INCOME TAXES [Abstract]  
INCOME TAXES
13.   INCOME TAXES

During the three months ended June 30, 2011, the Company's consolidated effective tax rate was 41.7%, slightly above its expected 41% normalized rate.   During the six months ended June 30, 2011, the Company's consolidated effective tax rate was 41.1%, approximating its expected 41% normalized rate.

During the three months ended June 30, 2010, the Company's consolidated effective tax rate, which was expected to approximate 37%, was 41.3%.  During the three months ended June 30, 2010, the Company recognized gains totaling $569,000 on both the sale of mutual funds and the transfer of mutual funds into trading.  From a tax perspective, since: (i) these events triggered the reversal of deferred tax assets previously recognized when the Company
 
 
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recorded OTTI charges in March 2009; and (ii) the deferred tax assets on the OTTI were established at a statutory rate approximating 45% (significantly in excess of the second quarter 2010 consolidated 37% tax rate), their reversal created an effective tax rate in excess of the 37% customary level during the June 2010 quarter.