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Income Taxes
6 Months Ended
Jun. 30, 2014
Notes  
Income Taxes

4.  The Company’s effective tax rates were approximately 34.7% and 31.9% for the second quarter of 2014 and 2013, respectively, and 34.2% and 32.1% for the six months ended June 30, 2014 and 2013, respectively.  Rates were lower than the U.S. federal statutory rate in 2013 primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199.

 

The Company’s federal income tax returns for the 2010 through 2013 tax years are subject to examination by the Internal Revenue Service (“IRS”).   While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.  No statutes have been extended on any of the Company’s federal income tax filings.  The statute of limitations on the Company’s 2010 through 2013 federal income tax returns will expire on September 15, 2014 through 2017, respectively.

 

The Company’s state income tax returns for the 2010 through 2013 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2017.  The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.