XML 50 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 6 Months Ended
Jun. 30, 2012
Income Taxes [Abstract]  
Income Taxes Note 10: Income Taxes

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

 

                                 
   

Six Months Ended

June 30,

     Three Months Ended
June 30,		  
  2012     2011     2012     2011  
    (In Thousands)  

Current:

                                

Federal

   $ 17,441     $ 21,914     $ 12,051     $ 12,766  

State

     3,273       5,669       2,198       3,123  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Current

     20,714       27,583       14,249       15,889  
   

 

 

    

 

 

    

 

 

    

 

 

  

Deferred:

                                

Federal

     2,220       1,378       1,049       1,414  

State

     319       188       153       189  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Deferred

     2,539       1,566       1,202       1,603  
   

 

 

    

 

 

    

 

 

    

 

 

  

Provisions for income taxes

   $ 23,253     $ 29,149     $ 15,451     $ 17,492  
   

 

 

    

 

 

    

 

 

    

 

 

  

For the six and three months ended June 30, 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 six and three months ended June 30, 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 six months ended June 30, 2012 and 2011 was $23.3 million (36% of pre-tax income) and $29.1 million (37% of pre-tax income), respectively.

We had approximately $1.0 million and $0.7 million accrued for uncertain tax liabilities at June 30, 2012 and December 31, 2011, respectively, which are 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.