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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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| Income Taxes |
12. Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The largest item affecting deferred taxes is the difference between book and tax amortization of goodwill and other intangibles amortization. The Company estimates that the annual effective tax rate for 2013 will be approximately 38%. The Company’s effective tax rate was 36.2% and 34.6% for the three months ended June 30, 2013 and 2012, respectively. The Company’s effective tax rate for the six months ended June 30, 2013 and 2012 was 32.6% and 37.1%, respectively. The effective tax rate for the three months ended June 30, 2013 was higher than the corresponding period in 2012 due to the Company having a larger state tax provision due to the Trynex acquisition, which occurred during the second quarter of 2013. The effective rate for the six months ended June 30, 2013 was lower than the corresponding period in 2012 due to the Company recognizing less income.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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