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Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes
Note 7 Income Taxes
The Company files a consolidated Federal income tax return. It is the policy of the Company to allocate the consolidated tax provision to subsidiaries as if each subsidiary’s tax liability or benefit were determined on a separate company basis. As part of the consolidated group, subsidiaries transfer to the Company their current Federal tax liability or assets.
                         
    As of December 31,  
    2011     2010     2009  
Current city income tax provision
  $ 658,106     $ 514,076     $ 266,711  
Current state income tax provision
    271,776       147,642       44,000  
Current federal income tax provision
    8,921,527       6,966,872       4,358,283  
Deferred federal income tax provision (benefit)
    (1,209,928 )     (352,509 )     1,468,051  
 
                 
Provision for income taxes
  $ 8,641,481     $ 7,276,081     $ 6,137,045  
 
                 
A reconciliation of income tax expense at the statutory federal rate to the Company’s income tax expense is as follows:
                         
    2011     2010     2009  
Income tax computed at statutory rate
  $ 8,048,057     $ 6,887,483     $ 5,990,509  
City and state income taxes, net of federal benefit
    604,423       430,117       204,417  
Other
    (10,999 )     (41,519 )     (57,881 )
 
                 
Income tax expense
  $ 8,641,481     $ 7,276,081     $ 6,137,045  
 
                 
Deferred tax assets and liabilities consist of the following at December 31, 2011 and 2010:
                 
    2011     2010  
Stock-based compensation
  $ 2,629,271     $ 1,462,094  
Unrealized (gains) losses
    (441,092 )     (1,205,681 )
Capital loss carry forward
    —       677,770  
Other assets and liabilities
    (104,777 )     (60,709 )
 
           
Net deferred tax assets
  $ 2,083,402     $ 873,474  
 
           

 

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