Income Taxes

6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Income Taxes

10. Income Taxes

The following table provides a reconciliation of the federal income tax rate to the Company’s effective income tax rate for the second quarters and six months ended June 30, 2012 and 2011.

	Quarter Ended June 30						Six Months Ended June 30
	2012			2011			2012			2011
Federal income tax rate		35%			35%			35%			35%
Tax credits, net of equity adjustment		(1	)		-			-			-
Permanent differences		(1	)		(1	)		(1	)		(1	)
Other		2			-			-			-
Effective income tax rate		35%			34%			34%			34%

The Company did not have any uncertain tax positions at June 30, 2012.

At June 30, 2012, the Company had a $2.3 million current tax liability and a $75.7 million deferred tax liability, compared to a $0.3 million current tax recoverable and a $68.8 million deferred tax liability at December 31, 2011.