Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
3 Months Ended
Mar. 31, 2014
Income Taxes [Abstract]  
Income Taxes

10 - Income Taxes

Provision for Income Tax Expense

We recorded provisions for income tax of $2.7 million and $1.1 million for the three months ended March 31, 2014 and 2013, respectively. Our effective tax rate was 30.5% and 23.9% for the three month period ended March 31, 2014 and 2013, respectively.

              Our effective tax rate for the three months ended March 31, 2014 differed from statutory tax rates primarily because of profits taxed in foreign jurisdictions with lower tax rates than the statutory rate.  Several temporary tax provisions including research and development tax credits and tax relief provisions to foreign income were expired on December 31 2013 as a part of the America Taxpayer Relief of 2012, which resulted in a higher effective tax rate for the three months ended March 31, 2014 compared with the effective tax rate for the three months ended ended March 31, 2013. 

Our effective tax rate for the three months ended March 31, 2013 differed from statutory tax rates primarily because of profits taxed in foreign jurisdictions with lower tax rates than the statutory rate and tax benefits of approximately $340,000 derived from the recognition of the 2012 federal research and development tax credit by enactment of the American Taxpayer Relief Act of 2012 in January 2013.

We recorded a tax expense of $114,000 for new unrecognized tax benefits for the three months ended March 31, 2014. Included in the balance of unrecognized tax benefits on March 31, 2004 is $585,000 related to the tax position for which it is reasonably possible that the total amount could change during the next twelve months,

Our tax returns remain open to examination as follows: U.S. Federal, 2010 through 2013, U.S. States 2009 through 2013 and significant foreign jurisdictions, 2009 through 2013.