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INCOME TAXES
 6 Months Ended
Jun. 30, 2015
INCOME TAXES  
INCOME TAXES
9. INCOME TAXES

  

The Company determines its periodic income tax provision 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 second quarter of 2015, the income tax provision reflects an effective tax rate of 32.2 percent, compared to an effective tax rate of 29.0 percent for the comparable period in the prior year. The effective rate for the six months ended June 30, 2015 is the result of continued beneficial permanent differences including tax-exempt interest income and a favorable U.S. manufacturing deduction. The second quarter 2015 effective tax rate is higher than the rate for 2014 primarily due to increased profit.