Income Taxes

6 Months Ended

Nov. 30, 2011

Income Taxes [Abstract]

Income Taxes

NOTE K – Income Taxes

Income tax expense for the first six months of fiscal 2012 and fiscal 2011 reflects estimated annual effective income tax rates of 32.9% and 32.7%, respectively. These rates are applicable only to net earnings attributable to controlling interests, as reflected in our consolidated statements of earnings. Net earnings attributable to noncontrolling interests is primarily a result of our Spartan consolidated joint venture. The earnings attributable to the noncontrolling interest in Spartan do not generate tax expense to Worthington since the investors in Spartan are taxed directly based on the earnings attributable to them. Management is required to estimate the annual effective income tax rate based upon its forecast of annual pre-tax income for domestic and foreign operations. Our actual fiscal 2012 effective income tax rate could be materially different from the forecasted rate as of November 30, 2011.