Parker Wellbore Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Tax Benefit/Expense

Income Tax Benefit/Expense

3 Months Ended

Mar. 31, 2012

Income Tax Benefit/Expense [Abstract]

7.	*Income Tax Benefit/Expense*

Income tax expense was $14.6 million for the first quarter of 2012, as compared to income tax expense of $4.8 million for the first quarter of 2011. The increase in current quarter tax expense is driven primarily by higher pre-tax earnings of $41.0 million for the first quarter of 2012 as compared to $9.6 million for the first quarter of 2011.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details