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Income Taxes
6 Months Ended
Jun. 30, 2013
Income Taxes

NOTE 8. Income Taxes

 

Our effective tax rate for the three and six months ended June 30, 2013 was 30.2% and 31.0%, respectively. Our effective tax rate for the three and six months ended June 30, 2012 was 31.3% and 31.4%, respectively. The decrease in tax rate was due to the amount of tax-advantaged income relative to total income for the three and six months ended June 30, 2013, as compared to the tax-advantaged income relative to total income for the three and six months ended June 30, 2012 as well as a reduction in state income tax expense. The estimated annual effective rates for the reporting periods ended June 30, 2013 and June 30, 2012 were impacted by the level of permanent differences, including tax-advantaged income, resulting in an effective rate below statutory rates for the interim reporting periods.