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INCOME TAXES
6 Months Ended
Aug. 17, 2013
INCOME TAXES  
INCOME TAXES

12.  INCOME TAXES

 

The effective income tax rate was 35.5% and 34.5% for the second quarters of 2013 and 2012, respectively.  The effective income tax rate was 35.5% and 34.5% for the first two quarters of 2013 and 2012, respectively.  The effective income tax rate of 35.5% for the second quarter and first two quarters of 2013 differed from the federal statutory rate primarily due to the effect of state income taxes, partially offset by the effect of federal credits and the domestic manufacturing deduction.  The effective income tax rate of 34.5% for the second quarter and the first two quarters of 2012 differed from the federal statutory rate primarily due to the favorable resolution of certain tax issues, the effect of federal credits and the domestic manufacturing deduction, partially offset by the effect of state income taxes.

 

Subsequent to the end of the second quarter of 2013, final and proposed tax regulations relating to the treatment of tangible assets were released by the Internal Revenue Service.  These new regulations apply to tax years beginning on or after January 1, 2014.  The Company is reviewing the potential effect of the regulations.