The P3 amplitude reduction is one of the most common correlates of externalizing. However, few studies have used experimental manipulations designed to challenge different cognitive functions in order to clarify the processes that impact this reduction. To examine factors moderating P3 amplitude in trait externalizing, we administered an n-back task that manipulated cognitive control demands, working memory load, and incentives to a sample of male offenders. Offenders with high trait externalizing scores did not display a global reduction in P3 amplitude. Rather, the negative association between trait externalizing and P3 amplitude was specific to trials involving inhibition of a dominant response during infrequent stimuli, in the context of low working memory load, and incentives for performance. In addition, we discuss the potential implications of these findings for externalizing-related psychopathologies. The results complement and expand previous work on the process-level dysfunction contributing to externalizing-related deficits in P3. (C) 2013 Elsevier B.V. All rights reserved.