Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Taxes

Note 8 – Income Taxes

Income tax position differs from the amount computed by applying the federal statutory rate to pre-tax income or loss as demonstrated in the table below:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Income tax from continuing operations:
Tax expense at statutory rate of 34%	$	(119,961	)	$	(267,278	)	$	2,396,889		$	1,834,457
State income tax, net of federal tax expense		(12,089	)		1,780			241,543			(12,215	)
Amortization of deferred investment tax credits		(5,266	)		(5,266	)		(15,798	)		(15,797	)
Adjustment to tax return filed		(319,784	)		(506,232	)		(319,784	)		(506,232	)
Other		(25,253	)		35,590			(17,794	)		11,231
Total income tax (benefit) expense	$	(482,353	)	$	(741,406	)	$	2,285,056		$	1,311,444

The Company recognizes interest accrued related to unrecognized tax positions in interest expense and penalties in operating expense. No interest and penalties related to unrecognized tax positions were accrued at September 30, 2011 and December 31, 2010.

The tax years after 2005 remain open to examination by the major taxing jurisdictions in which the Company operates, although no material changes to unrecognized tax positions are expected within the next twelve months.