XML 44 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
INCOME TAXES
6 Months Ended
Jun. 30, 2015
INCOME TAXES  
INCOME TAXES

 

 

NOTE 10 — INCOME TAXES

 

In accordance with ASC 740-270-50-1, Accounting for Interim Reporting, the provision for income taxes was recorded at June 30, 2015 and 2014 based on the current estimate of the effective annual rate.  The effective tax rate for the second quarter of 2015 was 22.7% versus 20.9% for the same period 2014.  For the first six months of 2015 and 2014, the effective tax rate was 20.9% and 19.4% respectively. The increase was due to the increase in pre-tax income in the second quarter and first six months of 2015.