Income Taxes

3 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

12.INCOME TAXES

Income taxes may differ from the amount computed by applying the federal corporate tax rate of 35% to pre-tax income because of the net results of permanent differences between book and taxable income and because of the inclusion of state and local income taxes, net of the federal tax benefit.

The following table sets forth the combined federal and state effective income tax rates:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Combined federal and state effective income tax rates	26.8	%	28.8	%	23.9	%	29.9	%

During the first half of2012, and throughout 2011,the Company purchased tax-advantaged investments,contributing to a decrease in the effective tax rate. In addition, the effective income tax rate was also reduced by favorable book-to-tax differences relative to a lower level of income for 2012. These investments, along with lower pre-tax net income, were the primary drivers of the decreases in the effective income tax rate for the third quarter and first nine months of 2012compared to the same periods for 2011.