INCOME TAXES

3 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

Income Taxes

NOTE 16 - INCOME TAXES

The following table sets forth the Company's income tax provision for the periods indicated (dollar amounts in thousands):

	March 31,
	2012			2011
Income before income taxes	$	13,566		$	6,350
Income tax provision		5,074			540
Net income	$	8,492		$	5,810
Income tax provision as a percentage of income before income taxes		37.4	%		8.5	%

The Company's provision for income taxes for the quarter ended March 31, 2012 was equal to 37.4% of income before income taxes. This figure equals the blended effective income tax rate expected for the year 2012. This tax provision rate factors in various domestic deductions and the impact of foreign operations on the Company's overall tax rate. The Company's income tax provision rate was 8.5% in the quarter ended March 31, 2011, equaling the Company's effective state income tax rate. For the quarter ended March 31, 2011, the Company's Federal tax provision on current period earnings was offset by net operating losses that had previously been subject to a valuation allowance. The Company's remaining valuation allowances against deferred tax assets were reversed in their entirety in the quarter ended September 30, 2011.

As of December 31, 2011, the Company had not identified any uncertain tax positions that required establishment of a reserve. The Company identified no material change in the quarter ended March 31, 2012 that would require it to establish a reserve for uncertain tax positions.