Income Taxes

3 Months Ended

Mar. 31, 2013

Income Taxes

Note 13 - Income Taxes

Income tax expense was as follows:

	Three Months Ended March 31,
	2013			2012
Current income tax expense	$	15,709		$	20,052
Deferred income tax benefit		(2,118	)		(2,539	)
Income tax expense, as reported	$	13,591		$	17,513
Effective tax rate		19.8	%		22.3	%

Net deferred tax liabilities totaled $97.2 million at March 31, 2013 and $112.1 million at December 31, 2012. No valuation allowance was recorded against deferred tax assets at March 31, 2013 as management believes 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. Interest and/or penalties related to income taxes are reported as a component of income tax expense. Such amounts were not significant during 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 2009.