The components of income tax expense from operations are as follows:

An analysis of the difference between the effective income tax rates and the statutory federal income tax rate follows.

 

The tax effects of the significant temporary differences that comprise deferred tax assets and liabilities at and are as follows:

 

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences at

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The Company had unrecognized tax benefits at year-end and and did recognize any increase in unrecognized benefits during relative to any tax position taken in The Company’s policy is to record the accrual of interest or penalties relative to unrecognized tax benefits, if any, in its income tax expense accounts. There was amount accrued for interest at and penalties were accrued or recorded during any year in the years ended

 

The Company files U.S. federal and various state income tax returns. The Company is no longer subject to income tax examinations by taxing authorities for the years before