Income Taxes

6 Months Ended

Jun. 30, 2012

Income Tax Expense (Benefit) [Abstract]

Income Taxes

Income Taxes

The following table presents the income tax expense from continuing operations and the effective tax rate:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(Dollars in thousands)
Income tax (expense) benefit from continuing operations	$	(23,831	)	$	15,967		$	(45,123	)	$	(908	)
Effective tax rate	26		%	68		%	25		%	3		%

The effective tax rate for the three and six months ended June 30, 2012 is lower than the statutory federal rate of 35% primarily due to tax benefits from foreign income taxed at lower rates and the release of $0.4 million and $3.1 million of valuation allowances, respectively, which related to investments with differing book and tax bases, partially offset by state income taxes and non-deductible stock based compensation. The effective tax rate for the three and six months ended June 30, 2011 differed from the statutory federal rate of 35% primarily due to tax benefits from foreign income taxed at lower rates, partially offset by state income taxes and non-deductible stock based compensation. In the three months ended June 30, 2011, the Company also recognized a discrete income tax benefit of $39.7 million relating to the contingent interest paid to the holders of the Company's Convertible Debentures.