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Income Taxes
 6 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
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 June 30, 2012 and 2011 was 31.5% and 39.8%, and for the six months was 34% and 42% in each period, respectively.
In the current year, the rate differed from the Company’s statutory rate of 35% primarily due to the losses incurred in the current year, offset by state income taxes, and the non-deductibility of certain permanent tax items, such as incentive stock compensation expense.
 
Current
 
Deferred
 
Total
Three months ended June 30, 2012
 
 
 
 
 
U.S. Federal
$
256

 
$
(2,614
)
 
$
(2,358
)
State and local
14

 
(153
)
 
(139
)
 
$
270

 
$
(2,767
)
 
$
(2,497
)
Three months ended June 30, 2011:
 

 
 

 
 

U.S. Federal
$
(3,997
)
 
$
1,924

 
$
(2,073
)
State and local
(115
)
 
64

 
(51
)
 
$
(4,112
)
 
$
1,988

 
$
(2,124
)


 
Current
 
Deferred
 
Total
Six months ended June 30, 2012
 
 
 
 
 
U.S. Federal
$
(3,184
)
 
$
(2,452
)
 
$
(5,636
)
State and local
(7
)
 
(414
)
 
(421
)
 
$
(3,191
)
 
$
(2,866
)
 
$
(6,057
)
Six months ended June 30, 2011
 

 
 

 
 

U.S. Federal
$
(3,714
)
 
$
2,538

 
$
(1,176
)
State and local
(94
)
 
55

 
(39
)
 
$
(3,808
)
 
$
2,593

 
$
(1,215
)


The Company believes it will be able to utilize its net operating loss carryforwards in the future and therefore has not recorded a valuation allowance.

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 June 30, 2013.