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INCOME TAXES
 3 Months Ended
Mar. 31, 2013
INCOME TAXES  
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 first quarter of 2013, the income tax provision reflects an effective tax rate of 10.6 percent, compared to an effective tax rate of 28.8 percent for the comparable period in the prior year.  The change in the effective rate was due primarily to decreased pre-tax income, coupled with continued beneficial permanent differences including tax exempt interest income, a favorable U.S. manufacturing deduction and the impact of certain 2012 tax credits which were retroactively enacted into law and recorded in the first quarter of 2013 totaling approximately $244,000.