Income Taxes (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2013 and 2012 is as follows (in thousands):

	Nine months ended September 30, 2013
	Corporation			Partnership			Eliminations			Consolidated
Income before provision for income tax	$	25,480		$	40,223		$	(8,779	)	$	56,924
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	8,918			—			—			8,918
Permanent items	25			—			—			25
State income taxes net of federal benefit	511			154			—			665
Provision on income from Class A units (1)	2,976			—			—			2,976
Provision for income tax	$	12,430		$	154		$	—		$	12,584

	Nine months ended September 30, 2012
	Corporation			Partnership			Eliminations			Consolidated
Income before provision for income tax	$	74,679		$	151,752		$	2,209		$	228,640
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	26,138			—			—			26,138
Permanent items	21			—			—			21
State income taxes net of federal benefit	3,418			734			—			4,152
Provision on income from Class A units (1)	11,287			—			—			11,287
Provision for income tax	$	40,864		$	734		$	—		$	41,598

(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.