Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Tax Disclosure

Income Taxes

The Company’s effective tax rate is based on expected income, statutory tax rates and tax planning opportunities available to it.  For interim financial reporting, the Company estimates its annual tax rate based on projected taxable income (or loss) for the full year and records a quarterly tax provision in accordance with the anticipated annual rate.  The effective rate for the three months ended September 30, 2011 and 2010 was 31.7% and 37.8%, in each period, respectively. For the nine month period ended September 30, 2011 and 2010, the effective tax rate was 34.2% and 37.1%, respectively. This differed from the Company’s statutory rate of 35% primarily due to state income taxes, and the non-deductibility of certain permanent tax items, such as incentive stock compensation expense.

	Current			Deferred		Total
Three months ended September 30, 2011:
U.S. Federal	$	(4,927	)	$	2,106	$	(2,821	)
State and local	(160		)	91		(69		)
	$	(5,087	)	$	2,197	$	(2,890	)
Three months ended September 30, 2010:
U.S. Federal	$	3,752		$	328	$	4,080
State and local	158			67		225
	$	3,910		$	395	$	4,305

	Current			Deferred		Total
Nine months ended September 30, 2011
U.S. Federal	$	(8,638	)	$	4,643	$	(3,995	)
State and local	(256		)	147		(109		)
	$	(8,894	)	$	4,790	$	(4,104	)
Nine months ended September 30, 2010
U.S. Federal	$	10,570		$	253	$	10,823
State and local	223			79		302
	$	10,793		$	332	$	11,125

The Company does not believe that its tax positions will significantly change due to any settlement and/or expiration of statutes of limitations prior to September 30, 2012.