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## NOTE 13: INCOME TAXES 

For the years ended December 31, 2011, 2010, and 2009 the components of income tax expense (benefit) from continuing operations are presented below. 

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Total income tax expense differs from the amounts computed by applying the statutory federal income tax rate of 34% to earnings before income taxes. A reconciliation of the differences for the years ended December 31, 2011, 2010, and 2009, is presented below. As discussed in Footnote 1, income tax expense for the year ended December 31, 2009 included a $281 thousand tax benefit related to the correction of an error in prior periods. The error resulted from the incorrect calculation of tax basis for certain available-for-sale securities, primarily related to periods prior to January 1, 2007. 

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The Company had net deferred tax assets of $2.4 million and $5.8 million at December 31, 2011 and 2010, respectively. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2011 and 2010 are presented below: 

