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Income Taxes
 3 Months Ended
Mar. 31, 2012
Income Taxes [Abstract]  
Income Taxes Income Taxes

Note 10: Income Taxes Provisions for income taxes are as follows:

 

 

                 
    Three Months Ended
March 31,		  
    2012     2011  
    (In Thousands)  

Current:

                

Federal

   $ 5,390     $ 9,148  

State

     1,075       2,546  
   

 

 

    

 

 

  

Total Current

   $ 6,465     $ 11,694  
   

 

 

    

 

 

  

Deferred:

                

Federal

   $ 1,171     $ (36 ) 

State

     166       (1 ) 
   

 

 

    

 

 

  

Total Deferred

     1,337       (37 ) 
   

 

 

    

 

 

  

Provisions for income taxes

   $ 7,802     $ 11,657  
   

 

 

    

 

 

  

 

For the three months ended March 31, 2012 and 2011, the current provision for federal income taxes shown above includes regular federal income tax after the consideration of permanent and temporary differences between income for GAAP and tax purposes. For the three months ended March 31, 2012 and 2011, the current provision for state income taxes shown above includes regular state income tax and provisions for uncertain state income tax positions.

At December 31, 2011, we have remaining state tax net operating loss (“NOL”) carryforwards of approximately $8.0 million that begin expiring in 2013.

Our annual estimated effective tax rate for 2012 includes the impact of permanent tax differences, such as the domestic manufacturer’s deduction, the advanced energy credit and other permanent items.

The tax provision for the three months ended March 31, 2012 and 2011 was $7.8 million (35% of pre-tax income) and $11.7 million (36% of pre-tax income), respectively.

We had approximately $0.7 million accrued for uncertain tax liabilities at March 31, 2012 and December 31, 2011, which is included in current and noncurrent accrued and other liabilities.

LSB and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the 2008-2010 years remain open for all purposes of examination by the U.S. Internal Revenue Service (“IRS”) and other major tax jurisdictions. Currently, we are under examination by the IRS and certain state tax authorities for the tax years 2007-2010.