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Income Taxes
9 Months Ended
Sep. 30, 2013
Notes  
Income Taxes

4.  The Company’s effective tax rates were 33.0% and 31.2% for the third quarter of 2013 and 2012, respectively, and 32.5% and 32.1% for the nine months ended September 30, 2013 and 2012, respectively.  Rates were lower than the U.S. federal statutory rate primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199.

 

The Company’s federal income tax returns for the 2010, 2011 and 2012 tax years are subject to examination by the Internal Revenue Service (“IRS”).   While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.  No statutes have been extended on any of the Company’s federal income tax filings.  The statute of limitations on the Company’s 2010, 2011 and 2012 federal income tax returns will expire on September 15, 2014, 2015 and 2016, respectively.

 

The Company’s state income tax returns for the 2010 through 2012 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2016.  The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.