During 2009, we redeemed $266.6 million and $106.5 million face value of the 3.0% Notes and 4.875% Notes, respectively,  resulting in a gain of $0.4 million and $0.2 million, respectively, from extinguishment of debt. We repurchased, in the open  market, $1.0 million face value of the 6.0% Notes and $50.7 million face value of the 3.0% Notes, resulting in a gain of $0.4  million and $18.5 million, respectively, from extinguishment of debt. During 2008, we repurchased, in the open market, $38.7 million face value of the 8.0% Notes, $18.1 million face value of the  6.0% Notes and $6.5 million face value of the 4.875% Notes, resulting in a gain of $5.5 million from extinguishment of debt. Income tax (provision) benefit.   The 2010 income tax provision for our pre-tax income from continuing operations (including the  effects of the noncontrolling interest) of $117.0 million resulted in an effective tax rate of 34.4%. The 2009 income tax benefit  for our pre-tax loss from continuing operations (including the effects of the noncontrolling interest) of $168.1 million resulted in  an effective tax rate of 19.3%. The increase in the absolute value of the effective tax rate from 2010 to 2009 is primarily  attributable to more impairments in 2009 relating to assets that are not deductible for income tax purposes.   As of December 31, 2010, we had a net deferred tax liability of $200.7 million as compared to a net deferred tax liability of  $162.2 million as of December 31, 2009. The increase primarily relates to: 1) an increase in net deferred tax liabilities associated  with book and tax differences attributable to the amortization and impairment of intangible and FCC license assets and 2) a  decrease in deferred tax assets associated with the utilization of federal net operating losses.  The 2009 income tax benefit for our pre-tax loss from continuing operations (including the effects of the noncontrolling  interest) of $168.1 million resulted in an effective tax rate of 19.3%. The 2008 income tax benefit for our pre-tax loss from  continuing operations (including the effects of the noncontrolling interest) of $367.8 million resulted in an effective tax rate of  33.0%. The decrease in the effective tax rate benefit from 2008 to 2009 is primarily attributable to more impairments in 2009  relating to assets that are not deductible for income tax purposes.   As of December 31, 2009, we had a net deferred tax liability of $162.2 million as compared to a net deferred tax liability of  $195.0 million as of December 31, 2008. The decrease primarily relates to: 1) a decrease in net deferred tax liabilities associated  with book and tax differences attributable to the amortization and impairment of intangible and FCC license assets and 2) an  increase in deferred tax assets associated with the generation of 2009 federal net operating losses; partially offset by an increase in  deferred tax liabilities associated with book and tax differences attributable to contingent convertible debt instruments.  As of December 31, 2010, we had $26.1 million of gross unrecognized tax benefits. Of this total, $15.1 million (net of federal  effect on state tax issues) and $6.8 million (net of federal effect on state tax issues) represent the amounts of unrecognized tax  benefits that, if recognized, would favorably affect our effective tax rates from continuing operations and discontinued operations,  respectively. As of December 31, 2009, we had $26.1 million of gross unrecognized tax benefits. Of this total, $15.0 million (net  of federal effect on state tax issues) and $6.8 million (net of federal effect on state tax issues) represent the amounts of  unrecognized tax benefits that, if recognized, would favorably affect our effective tax rates from continuing operations and  discontinued operations, respectively. See  Note 9. Income Taxes  in the Notes to our Consolidated Financial Statements for further  information.  We recognized $1.0 million and $1.1 million of income tax expense for interest related to uncertain tax positions for the years  ended December 31, 2010 and 2009, respectively. As of December 31, 2010, we had $22.0 million in unrestricted cash and cash equivalent balances and working capital of  approximately $31.3 million, excluding restricted cash. Cash generated by our operations and availability under the Revolving  Credit Facility are used as our primary source of liquidity. As of December 31, 2010, we had $135.9 million of borrowing capacity  available on our Revolving Credit Facility. We anticipate that existing cash and cash equivalents, cash flow from our operations  and borrowing capacity under the Revolving Credit Facility will be sufficient to satisfy our debt service obligations, capital  expenditure requirements and working capital needs for the next twelve months. For our long-term liquidity needs, in addition to  the sources described above, we may rely upon the issuance of long-term debt, the issuance of equity or other instruments  convertible into or exchangeable for equity, or the sale of non-core assets. However, there can be no assurance that additional  financing or capital or buyers of our non-core assets will be available, or that the terms of any transactions will be acceptable or  advantageous to us. On January 26, 2010, we commenced tender offers to purchase for cash any and all of the outstanding 3.0% and 4.875% Notes  at 100% of the face value of such notes. The tender offers expired February 23, 2010 and approximately $12.3 million and $14.3  million principal amount of the 3.0% and 4.875% Notes, respectively, were tendered and purchased. On May 17, 2010, the put  right period for the 3.0% Notes expired and holders representing $10.0 million in principal amount of the 3.0% Notes exercised  18    Sinclair Broadcast Group  $^{ }$LIQUIDITY AND CAPITAL RESOURCES 