Income Taxes (Tables)

6 Months Ended

Jun. 30, 2013

Income Taxes

Schedule of income tax rate reconciliation

A reconciliation of the provision for income tax and the amount computed by applying the federal statutory rate to income before provision for income tax for the six months ended June 30, 2013 and 2012 is as follows (in thousands):

	Six months ended June 30, 2013
	Corporation			Partnership			Eliminations			Consolidated
Income before provision for income tax	$	52,839		$	40,023		$	(5,655	)	$	87,207
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	18,494			—			—			18,494
Permanent items	29			—			—			29
State income taxes net of federal benefit	1,321			161			—			1,482
Provision on income from Class A units (1)	2,835			—			—			2,835
Provision for income tax	$	22,679		$	161		$	—		$	22,840

	Six months ended June 30, 2012
	Corporation			Partnership			Eliminations			Consolidated
Income before provision for income tax	$	94,600		$	154,519		$	2,206		$	251,325
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	33,110			—			—			33,110
Permanent items	16			—			—			16
State income taxes net of federal benefit	4,259			765			—			5,024
Provision on income from Class A units (1)	10,868			—			—			10,868
Provision for income tax	$	48,253		$	765		$	—		$	49,018

(1) The Corporation and the General Partner of the Partnership own Class A units of the Partnership that were received in the merger of the Corporation and the Partnership completed in February 2008. The Class A units share, on a pro-rata basis, in the income or loss of the Partnership, except for items attributable to the Partnership’s ownership of or sale of shares of the Corporation’s common stock. The provision for income tax on income from Class A units includes intra period allocations to continued operations and excludes allocations to equity.