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Income Taxes
9 Months Ended
Sep. 30, 2012
Income Taxes [Abstract]  
Income Taxes

10. Income Taxes 

  

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions.  The Internal Revenue Service (“IRS”) has completed examinations of the Company’s U.S. income tax returns or the statute has passed on years through 2007. As of September 30, 2012, the IRS has proposed no significant adjustments to any of the Company’s tax positions.   

  

Under the provisions of the ASC Subtopic 740-10-25, Income Taxes - Recognition, the Company had no unrecognized tax benefits as of September 30, 2012. 

 

The Company’s effective tax rate was 31.0% and 38.1%  for the respective three and nine months ended September 30, 2012 compared to 39.5%  and 41.2%  for the respective three and nine months ended September 30, 2011. The decrease in the effective rate is primarily due to a research and development tax credit taken on the Company’s 2011 income tax return filed during the third quarter 2012.  The difference between the Company’s federal statutory rate of 35% and effective tax rate relates primarily to state income taxes, net of the federal benefit, offset by the impact of the research and development tax credit.  As of September 30, 2012, the Company’s net current deferred tax asset was $0.8 million and its net non-current deferred tax asset was $0.7 million.  Generally, deferred tax assets are related to stock compensation, accruals, and net operating losses of acquired companies.  Net current deferred tax assets are recorded in “Other current assets” and net non-current deferred tax assets are recorded in “Other non-current assets” on the Condensed Consolidated Balance Sheets as of September 30, 2012.