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INCOME TAXES
 9 Months Ended
Sep. 30, 2012
Income Tax Disclosure  
INCOME TAXES
9.
INCOME TAXES
 
The Company determines its periodic income tax provision (benefit) based upon the current period income and the annual estimated tax rate for the Company adjusted for any change to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.

For the third quarter of 2012, the income tax provision reflects an effective tax rate of 28.9 percent, compared to an effective tax rate of 30.5 percent for the comparable period in the prior year. For the nine months ended September 30, 2012, the income tax provision reflects an effective tax rate of 28.5 percent, compared to an effective tax rate of 23.7 percent for the comparable period in the prior year. The current year rate is a result of increased pre-tax income offset by continued beneficial permanent difference including tax-exempt interest income, and a favorable U.S. manufacturing deduction.