As a result, operating income for the second quarter was $9.0 million, an increase of 7% as compared with the 2009 second quarter. Pre-tax income increased 9% to $7.6 million. Net income attributable to the Company was $4.5 million for the second quarter, an increase of 7% as compared with $4.2 million for the same period of 2009. On a per-share basis, second quarter earnings grew 4%, to $0.28 from $0.27 in the year-ago quarter as a result of a 2% increase in the Company's weighted average outstanding share count due to the exercise of stock options.Cash taxes paid during the second quarter of 2010 increased by $0.8 million to $2.0 million from $1.2 million paid in the same period last year. The cash tax rate (cash taxes as a percent of pre-tax income) increased from 17% in the second quarter of 2009 to 27% in the second quarter of 2010 due to limitations on the Company's use of NOLs in any single year.
Standard Parking Corporation Reports Solid Second Quarter Growth; Updates 2010 Outlook
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