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INCOME TAXES (Block)
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3 Months Ended |
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Mar. 31, 2013
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| Income Tax Disclosure Abstract | |
| Income Tax Disclosure Text Block | 8. INCOME TAXES Tax Rate For The Three Months Ended March 31, 2013
The effective income tax rate was 176% for the three months ended March 31, 2013, which includes the impact of discrete items arising during the period, an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill. The impact of these items to the income tax rate is typically substantially greater in the first quarter of the year as income before taxes is the lowest as compared to subsequent quarters.
Tax Rate For The Three Months Ended March 31, 2012
The effective income tax rate was 56% for the three months ended March 31, 2012, which includes an adjustment for expenses that are not deductible for tax purposes, and the recognition of an additional tax benefit related to discrete items arising during the period.
Deferred Tax Assets And Liabilities
As of March 31, 2013 and December 31, 2012, net deferred tax liabilities were $24.3 million and $23.8 million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company's assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income. |