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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes | [6] Income Taxes For the years ended December 31, 2011, 2010, and 2009, the income (loss) before taxes, consists of the following (in thousands):
|  | U.S. |  |  | Foreign |  |  |  |
|  | Operations |  |  | Operations |  |  | Total |
2011 |  | $ | 133,501 |  |  | $ | 3,546 |  |  | $ | 137,047 |
2010 |  | $ | 159,474 |  |  | $ | (6 | ) |  | $ | 159,468 |
2009 |  | $ | 196,088 |  |  | $ | 9,052 |  |  | $ | 205,140 |
The provision for income taxes consists of the following (in thousands):
|  | Federal |  |  | State |  |  | Foreign |  |  | Total |
2011 |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 30,848 |  |  | $ | 6,303 |  |  | $ | 1,325 |  |  | $ | 38,476 |
Deferred |  |  | 16,351 |  |  |  | (3,718 | ) |  |  | (210 | ) |  |  | 12,423 |
|  | $ | 47,199 |  |  | $ | 2,585 |  |  | $ | 1,115 |  |  | $ | 50,899 |
2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 49,873 |  |  | $ | 9,528 |  |  | $ | 175 |  |  | $ | 59,576 |
Deferred |  |  | (2,464 | ) |  |  | (983 | ) |  |  | (161 | ) |  |  | (3,608 | )
|  | $ | 47,409 |  |  | $ | 8,545 |  |  | $ | 14 |  |  | $ | 55,968 |
2009 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 65,822 |  |  | $ | 9,737 |  |  | $ | 3,061 |  |  | $ | 78,620 |
Deferred |  |  | (11,139 | ) |  |  | 506 |  |  |  | 92 |  |  |  | (10,541 | )
|  | $ | 54,683 |  |  | $ | 10,243 |  |  | $ | 3,153 |  |  | $ | 68,079 |
The table below reconciles the difference between the statutory federal income tax rate and the effective rate provided for income (loss) before income taxes in the Consolidated Statements of Operations.
|  | 2011 |  |  | 2010 |  |  | 2009 |
Statutory federal income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal tax benefit |  |  | 1.8 |  |  |  | 3.2 |  |  |  | 3.2 |
Officer's compensation |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.3 |
Other |  |  | 0.1 |  |  |  | (3.4 | ) |  |  | (5.3 | )
Effective tax rate |  |  | 37.1 | % |  |  | 35.1 | % |  |  | 33.2 | %
The following is a summary of the significant components of the deferred tax assets and liabilities as of December 31, 2011 and 2010 (in thousands):
|  | 2011 |  |  | 2010 |
Deferred Tax Assets |  |  |  |  |  |
Timing of expense recognition |  | $ | 39,830 |  |  | $ | 44,781 |
Net operating losses |  |  | 5,440 |  |  |  | - |
Other, net |  |  | 1,219 |  |  |  | - |
Deferred tax assets |  |  | 46,489 |  |  |  | 44,781 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Intangible assets, due primarily to purchase accounting |  |  | (73,020 | ) |  |  | (52,454 | )
Fixed assets, due primarily to purchase accounting |  |  | (66,406 | ) |  |  | (61,445 | )
Construction contract accounting |  |  | (4,910 | ) |  |  | (7,333 | )
Joint ventures - construction |  |  | (4,276 | ) |  |  | 1,384 |
Other |  |  | 38 |  |  |  | (278 | )
Deferred tax liabilities |  |  | (148,574 | ) |  |  | (120,126 | )
Net deferred tax liability |  | $ | (102,085 | ) |  | $ | (75,345 | )
The net deferred tax liability as of December 31, 2011 and 2010 is classified in the Consolidated Balance Sheets based on when the future benefit (expense) is expected to be realized as follows (in thousands):
|  | 2011 |  |  | 2010 |
Current deferred tax asset |  | $ | - |  |  | $ | 3,737 |
Current deferred tax liability |  |  | (4,164 | ) |  |  |  |
Long-term deferred tax liability |  |  | (97,921 | ) |  |  | (79,082 | )
|  | $ | (102,085 | ) |  | $ | (75,345 | )
In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. As of December 31, 2011, unremitted earnings of foreign subsidiaries, which have been or are intended to be permanently invested, aggregated approximately $15.3 million. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. The Company identified and reviewed potential tax uncertainties and determined that the exposure to those uncertainties did not have a material impact on the Company's results of operations or financial condition as of December 31, 2011 and 2010.

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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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