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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2011

Income Taxes

Income Tax Expense (Benefit)

			00000000				00000000				00000000
		Fiscal Year Ended June 30,
		2011				2010				2009
		(in thousands)
Current:
Federal		$	34,782			$	27,749			$	20,444
State			248				1,104				(314	)
Foreign			5,008				2,922				5,626
Total current			40,038				31,775				25,756
Deferred:
Federal			(168	)			(4,410	)			2,253
State			(9	)			(323	)			191
Foreign			(1,498	)			(113	)			(234	)
Total deferred			(1,675	)			(4,846	)			2,210
Provision for income taxes		$	38,363			$	26,929			$	27,966

Reconciliation of U.S.Federal Income Tax Expense

			00000000				00000000				00000000
		Fiscal Year Ended June 30,
		2011				2010				2009
		(in thousands)
U.S. Federal income tax at statutory rate		$	39,160			$	26,509			$	26,479
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit			625				935				(81	)
Tax credits			(312	)			(633	)			(175	)
Valuation allowance			(195	)			(128	)			21
Effect of foreign operations, net			(2,054	)			(1,342	)			(162	)
Stock compensation			239				580				548
Other			900				1,008				1,336
Provision for income taxes		$	38,363			$	26,929			$	27,966

Deferred Tax Assets and Liabilities

			00000000				00000000
		June 30,
		2011				2010
		(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable		$	2,857			$	4,164
Inventories			11,310				7,891
Nondeductible accrued expenses			2,204				974
Net operating loss carryforwards			452				290
Tax credits			241				643
Deferred compensation			4,822				3,132
Stock compensation			2,868				4,857
Total deferred tax assets			24,754				21,951
Valuation allowance			(517	)			(712	)
Total deferred tax assets			24,237				21,239
Deferred tax liabilities derived from:
Timing of amortization deduction from intangible assets			(2,717	)			(2,317	)
Timing of depreciation and other deductions for building and equipment			(238	)			(459	)
Total deferred tax liabilities			(2,955	)			(2,776	)
Net deferred tax assets		$	21,282			$	18,463

Components of Pretax Earnings

			0000000000				0000000000				0000000000
		Fiscal Year Ended June 30,
		2011				2010				2009
		(in thousands)
Domestic		$	96,436			$	65,566			$	59,957
Foreign			15,450				10,175				15,697
Worldwide pretax earnings		$	111,886			$	75,741			$	75,654

Reconciliation of Unrecognized Tax Benefits

			0000000000				0000000000				0000000000
		2011				2010				2009
		(in thousands)
Beginning Balance		$	2,257			$	2,309			$	1,976
Additions based on tax positions related to the current year			252				-				173
Additions for tax positions of prior years			155				307				182
Reduction for tax positions of prior years			(559	)			(359	)			(22	)
Settlements			-				-				-
Ending Balance		$	2,105			$	2,257			$	2,309

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Number
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 21
-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.

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