Note 12 - Income Taxes

Income tax expense was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Current income tax expense	$	13,273		$	16,637		$	26,065		$	30,024
Deferred income tax expense (benefit)		384			(1,013	)		245			(1,406	)

Income tax expense as reported	$	13,657		$	15,624		$	26,310		$	28,618

Effective tax rate		19.7	%		22.8	%		19.6	%		22.1	%

Net deferred tax liabilities totaled $91.5 million at June 30, 2011 and $65.2 million at December 31, 2010. No valuation allowance was recorded against deferred tax assets at June 30, 2011 as management believes that it is more likely than not that all of the deferred tax assets will be realized because they were supported by recoverable taxes paid in prior years. There were no unrecognized tax benefits during any of the reported periods.

The Corporation files income tax returns in the U.S. federal jurisdiction. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2007.