Income Taxes

The components of income tax expense/ (benefit) for continuing operations, discontinued operations, noncontrolling interests and the Company are as follows:



	Three months ended March 31,
	2012			2011
	(In thousands)
Income/ (loss) from continuing operations:
Income/ (loss) before income taxes	$	12,595		$	(1,244	)
Income tax expense/ (benefit)	3,851			(179		)
Net income/ (loss) from continuing operations	$	8,744		$	(1,065	)
Effective tax rate, continuing operations	30.6		%	14.4		%

Income/ (loss) from discontinued operations:
Income/ (loss) before income taxes	$	2,752		$	2,966
Income tax expense/ (benefit)	1,198			1,303
Net income/ (loss) from discontinued operations	$	1,554		$	1,663
Effective tax rate, discontinued operations	43.5		%	43.9		%

Income/ (loss) attributable to noncontrolling interests:
Income/ (loss) before income taxes	$	793		$	747
Income tax expense/ (benefit)	—			—
Net income attributable to noncontrolling interests	$	793		$	747
Effective tax rate, noncontrolling interests	—		%	—		%

Income/ (loss) attributable to the Company
Income/ (loss) before income taxes	$	14,554		$	975
Income tax expense/ (benefit)	5,049			1,124
Net income/ (loss) attributable to the Company	$	9,505		$	(149	)
Effective tax rate attributable to the Company	34.7		%	115.3		%

The effective tax rate for continuing operations for the three months ended March 31, 2012 of 30.6%, with related tax expense of $3.9 million, was calculated based on a projected 2012 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These savings were partially offset by state and local income taxes.

The effective tax rate for continuing operations for the three months ended March 31, 2011 of 14.4%, with related tax benefit of $0.2 million, was calculated based on a projected 2011 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes.

The effective tax rate for the three months ended March 31, 2012 is greater than the effective tax rate for the same period in 2011 due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests having a smaller impact on the effective tax rate, due primarily to the higher level of income before taxes in 2012 as compared to the loss before taxes in 2011.

Due to the adoption of plans in the first three months of 2012 to dispose of DTC, the results of operations related to DTC are included in "discontinued operations" in the table above. Contingent consideration related to the 2009 divestiture of certain affiliates, primarily related to the revenue sharing agreement with Westfield Capital Management Company, LLC, is also reflected under "discontinued operations" in the table above. The profits and losses attributable to owners other than the Company are reflected under "noncontrolling interests" in the table above.