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INCOME TAXES
3 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The Company's effective tax rate was an expense of 39.9% for the three month period ended June 30, 2012 compared to a tax expense of 13.8% for the three months ended June 30, 2011. The tax rate for the three months ended June 30, 2011 was lower due to the tax benefit associated with the reduction of the valuation allowance related to the net U.S. Federal deferred tax assets, including net operating losses. The valuation allowance was reversed as of March 31, 2012, accordingly for the three month period ended June 30, 2012 this reduction was not available.

The effective tax rate for the three month period ended June 30, 2012 was higher than the statutory tax rate due to unfavorable permanent book to tax differences, partially offset by foreign earnings being subject to a lower statutory tax rate.

The Company had no unrecognized tax benefits as of June 30, 2012. The Company did not incur any income tax related interest expense or penalties related to uncertain tax positions during each of the three month periods ended June 30, 2012 and June 30, 2011.