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Taxes

6 Months Ended

Jun. 30, 2013

Note 19. Taxes

For the six months ended June 30, 2013 and 2012, we recognized a provision for income taxes of $14 million and less than $1 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our projected annual effective rate at June 30, 2013 and 2012.

Reconciliation of Statutory Tax Rate to Effective Tax Rate


	June 30,
	2013		2012
Federal statutory rate		34.0 %		34.0 %
State statutory rate, net of Federal tax effect		7.2 %		7.2 %
Differences in taxable (loss) income from GAAP income		(20.5) %		(17.4) %
Dividends paid deduction		(10.7) %		(22.6) %

Effective Tax Rate		10.0 %		1.2 %

We assessed our tax positions for all open tax years (Federal — years 2009 to 2012, State — years 2008 to 2012) and, at June 30, 2013 and December 31, 2012, concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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