Income Taxes	3 Months Ended
Aug. 31, 2013
Income Taxes	NOTE J – Income Taxes Income tax expense for the three months ended August 31, 2013 and August 31, 2012 reflected estimated annual effective income tax rates of 28.9% and 32.6%, respectively. The annual effective income tax rates exclude any impact from the inclusion of net earnings attributable to noncontrolling interests in our consolidated statements of earnings. Net earnings attributable to noncontrolling interest is primarily a result of our Spartan and TWB consolidated joint ventures. The earnings attributable to the noncontrolling interest in Spartan and TWB’s U.S. operations do not generate tax expense to Worthington since the investors in Spartan and TWB’s U.S. operations are taxed directly based on the earnings attributable to them. For financial reporting purposes, as a result of consolidating TWB beginning in the first quarter of fiscal 2014 (see “NOTE M – Acquisitions”), 100% of the tax expense of TWB’s foreign operations is included in the Company’s reported income tax expense, and is therefore included in the estimated annual effective income tax rate. 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 effective income tax rate for fiscal 2014 could be materially different from the forecasted rate as of August 31, 2013.

Income Taxes

3 Months Ended

Aug. 31, 2013

NOTE J – Income Taxes

Income tax expense for the three months ended August 31, 2013 and August 31, 2012 reflected estimated annual effective income tax rates of 28.9% and 32.6%, respectively. The annual effective income tax rates exclude any impact from the inclusion of net earnings attributable to noncontrolling interests in our consolidated statements of earnings. Net earnings attributable to noncontrolling interest is primarily a result of our Spartan and TWB consolidated joint ventures. The earnings attributable to the noncontrolling interest in Spartan and TWB’s U.S. operations do not generate tax expense to Worthington since the investors in Spartan and TWB’s U.S. operations are taxed directly based on the earnings attributable to them. For financial reporting purposes, as a result of consolidating TWB beginning in the first quarter of fiscal 2014 (see “NOTE M – Acquisitions”), 100% of the tax expense of TWB’s foreign operations is included in the Company’s reported income tax expense, and is therefore included in the estimated annual effective income tax rate. 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 effective income tax rate for fiscal 2014 could be materially different from the forecasted rate as of August 31, 2013.