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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Taxes |
Income Taxes |
Note 21—Income Taxes The components of the income tax provision from continuing operations are as shown in the following table:
|  | 2011 |  | 2010 |  | 2009 |
Current provision (benefit) |  |  |  |  |  |  |
Federal |  | $ | 24,791 |  | $ | 18,491 |  | $ | 12,967 |
State |  | 5,697 |  | 4,663 |  | 3,105 |
Foreign |  | 621 |  | 1,081 |  | 1,230 |
|  | $ | 31,109 |  | $ | 24,235 |  | $ | 17,302 |
Deferred provision (benefit) |  |  |  |  |  |  |
Federal |  | 6,488 |  | (1,951 | ) | 516 |
State |  | 849 |  | (189 | ) | 84 |
Foreign |  | (122 | ) | (36 | ) | (46 | )
|  | 7,215 |  | (2,176 | ) | 554 |
Change in valuation allowance |  | (150 | ) | — |  | 494 |
Total |  | $ | 38,174 |  | $ | 22,059 |  | $ | 18,350 |
A reconciliation of income tax expense from continuing operations to the amount of income tax expense that would result by applying the U.S. federal statutory income tax rate to pre-tax income from continuing operations is as follows:
|  | 2011 |  | 2010 |  | 2009 |
U.S. federal statutory income tax rate |  | 35.00 | % | 35.00 | % | 35.00 | %
State taxes, net of federal income tax impact |  | 4.33 | % | 4.52 | % | 4.34 | %
Foreign tax credit |  | (0.52 | )% | (1.88 | )% | (2.59 | )%
Canadian income tax |  | 0.52 | % | 1.88 | % | 2.59 | %
Domestic production activities deduction |  | (2.79 | )% | (3.30 | )% | (1.67 | )%
Other items |  | 2.92 | % | 3.40 | % | 0.47 | %
Effective tax rate from continuing operations |  | 39.46 | % | 39.62 | % | 38.14 | %
Deferred income taxes are recognized for temporary differences between the financial reporting basis of the assets and liabilities and their respective tax basis and operating losses, capital losses and tax credit carry-forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. During 2009, the Company recognized a capital loss related to the sale of its equity interest in ARB Avenal. A valuation allowance of $344 has been provided against the Company’s deferred tax for its capital loss carryforward as the Company believes that it is more likely than not that this capital loss will not be realized. The Company’s determination that it will not fully realize this deferred tax asset is based upon the Company’s future unlikelihood of generating sufficient capital gains. No valuation allowance has been provided to the Company’s remaining deferred tax assets as the Company believes it is more likely than not that these deferred tax assets will be realized. The tax effect of temporary differences that give rise to deferred income taxes for the year ended December 31, 2011 and 2010 are as follows:
|  | 2011 |  | 2010 |
Deferred tax assets: |  |  |  |  |
Accrued workers compensation |  | $ | 4,023 |  | $ | 2,515 |
Insurance reserves |  | 2,657 |  | 2,245 |
Other accrued liabilities |  | 6,604 |  | 6,400 |
State income taxes |  | 1,605 |  | 493 |
Capital loss carryforward |  | 344 |  | 494 |
Foreign tax credit |  | 644 |  | 390 |
Valuation allowance |  | (344 | ) | (494 | )
Total deferred tax assets |  | 15,533 |  | 12,043 |
Deferred tax liabilities |  |  |  |  |
Depreciation and amortization |  | (24,659 | ) | (14,592 | )
Prepaid expenses and other |  | (1,294 | ) | (418 | )
Total deferred tax liabilities |  | (25,953 | ) | (15,010 | )
Total |  | $ | (10,420 | ) | $ | (2,967 | )
The Company recognizes accrued interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. As of December 31, 2011 and 2010, there are no material unrecognized tax benefits and the Company does not anticipate that there will be a material change in the balance of the unrecognized tax benefits within the next 12 months. The Internal Revenue Service (“IRS”) is presently conducting an examination of our federal income tax returns for 2008 and 2009. The tax years 2008 through 2010 remain open to examination by the IRS. The statute of limitations of state and foreign jurisdictions vary generally between 3 to 5 years. Accordingly, the tax years 2006 through 2010 generally remain open to examination by the other major taxing jurisdictions in which the Company operates.

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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