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## Income Taxes 

The effective tax rate was 44.2% in 2001, 41.3% in 2000 and 42.6% in 1999. A reconciliation of the Federal statutory income tax rate to the Company's effective tax rate is as follows: 

<img src='content_image/25360.jpg'>

Income taxes consisted of the following: 

<img src='content_image/25358.jpg'>

Significant components of the Company's deferred tax liabilities as of December 31, 2001 and 2000 are as follows: 

<img src='content_image/25357.jpg'>

