v2.4.0.6
Income Taxes
 6 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes

8. Income Taxes

Income tax expense for the second quarter and first half of fiscal 2012 and the second quarter and first half of fiscal 2011 differed from the amounts computed by applying the U.S. Federal income tax rate of 35% in fiscal 2012 and 34% in fiscal 2011, respectively, to earnings before income taxes as a result of the following:

 

      September 30,       September 30,       September 30,       September 30,  
    Second Quarter     First Half  
    Fiscal 2012     Fiscal 2011     Fiscal 2012     Fiscal 2011  

Computed “expected” tax expense

   $ 3,668     $ 2,309     $ 7,590     $ 4,540  

State income tax expense, net of federal income tax benefit

     391       214       814       424  

Other, net

     71       (45 )      41       (27 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total expense

   $ 4,130     $ 2,478     $ 8,445     $ 4,937  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

Management is required to estimate the annual effective tax rate based upon its forecast of annual pre-tax earnings. To the extent the actual pre-tax results or anticipated permanent tax differences for the year differ from forecasted estimates applied at the end of the most recent interim period, the actual tax rate recognized in fiscal 2012 could be materially different from the forecasted rate as of the end of the first half of fiscal 2012.

Income tax expense for the second quarter and first half of fiscal 2012 and the second quarter and first half of fiscal 2011 were calculated using the estimated annual effective income tax rates of 38.9% for fiscal 2012 and of 37.0% for fiscal 2011, respectively.

FASB ASC 740-10 (the overall Subtopic of topic 740 on income taxes) prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. During the first half of fiscal 2012, there were no changes in evaluations made under FASB ASC 740-10. There were no reserves for uncertain tax positions existing at the end of the first half of fiscal 2012 or at the end of fiscal 2011.