Cricket Wireless 2011 Annual Report Download - page 133
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LEAP WIRELESS INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
A reconciliation of the amounts computed by applying the statutory federal income tax rate to income
before income taxes to the amounts recorded in the consolidated statements of operations is summarized as
follows (in thousands):
December 31,
2011 2010 2009
Amounts computed at statutory federal rate ................ $(97,405) $(259,890) $ (69,073)
Non-deductible expenses .............................. 376 505 678
State income tax expense, net of federal income tax impact . . . 5,708 6,019 3,218
Net tax expense (benefit) related to ventures ............... (2,856) 18,352 1,384
Non-deductible share-based compensation ................ 6,623 4,505 3,456
Non-deductible goodwill impairment ..................... — 125,164 —
Other .............................................. (2,936) — —
Change in valuation allowance .......................... 129,867 147,858 100,946
$ 39,377 $ 42,513 $ 40,609
The components of the Company’s deferred tax assets (liabilities) are summarized as follows (in thousands):
As of December 31,
2011 2010
Deferred tax assets:
Net operating loss carryforwards ............................... $ 973,560 $ 794,601
Wireless licenses ............................................ 21,046 26,750
Capital loss carryforwards .................................... 3,031 3,045
Reserves and allowances ...................................... 8,818 12,329
Share-based compensation .................................... 34,631 38,086
Deferred charges ............................................ 53,835 46,329
Investments and deferred tax on unrealized losses .................. 5,478 —
Intangible assets ............................................ 18,545 10,982
Goodwill .................................................. 30,869 43,792
Other ..................................................... 2,328 5,317
Gross deferred tax assets ........................................ 1,152,141 981,231
Deferred tax liabilities:
Property and equipment ...................................... (302,373) (265,737)
Other ..................................................... (439) (5,032)
Net deferred tax assets ......................................... 849,329 710,462
Valuation allowance ........................................... (847,399) (708,479)
Other deferred tax liabilities:
Wireless licenses ............................................ (317,682) (279,327)
Investment in joint ventures ................................... (10,236) (10,608)
Net deferred tax liabilities ....................................... $ (325,988) $(287,952)
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