Einstein Bros 2013 Annual Report Download - page 62

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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312514073832/d629623d10k.htm[9/11/2014 10:05:27 AM]
Deferred rent
0.0%
0.0%
(3.0%)
Other, net (1.6%) 0.5% 0.6%
37.6% 61.9% 33.5%
Change in valuation allowance 0.0% (23.0%) 0.0%
Effective income tax rate 37.6% 38.9% 33.5%
The Company’ s total deferred tax assets and liabilities are as follows:
January 1,
2013
December 31,
2013
(in thousands)
Deferred tax assets $ 50,744 $ 46,407
Deferred tax liabilities (19,828) (22,347)
Total deferred tax assets, net $ 30,916 $ 24,060
The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows:
January 1,
2013
December 31,
2013
(in thousands)
Current deferred tax assets and liabilities, net
Operating loss carryforwards $ 5,537 $ 7,846
Deferred revenue 212 249
Accrued expenses, net 2,536 1,825
Other (95) —
Total current deferred tax assets, net 8,190 9,920
Long-term deferred tax assets and liabilities, net
Operating loss carryforwards, net of unrecognized tax benefits 25,728 18,317
Property, plant and equipment 10,881 9,760
Intangible assets (19,252) (21,846)
Deferred rent 2,060 3,078
Stock-based compensation 2,260 2,694
Federal tax credits 1,063 1,816
Other (14) 321
Total long-term deferred tax assets, net 22,726 14,140
Total deferred tax assets, net $ 30,916 $ 24,060
79
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
The Company’ s continued utilization of its NOL carryforwards reduces its income tax liabilities. As of January 1, 2013 and December 31,
2013, the Company had $0.4 million and $0.5 million, respectively, of state income tax overpayments recorded within prepaid expenses on the
consolidated balance sheet.
As of December 31, 2013, the Company’ s NOL carryforwards for U.S. federal income tax purposes that are expected to be utilized against
future taxable income are subject in part to annual limitations and the following expiration schedule:
Net Operating Loss Carryforwards
Expiration Date Amount
(in thousands)
December 31, 2018 $ 4,559
December 31, 2020 3,209
December 31, 2022 3,425
December 31, 2023 42,362
December 31, 2024 12,003
December 31, 2025 5,413
December 31, 2026 4,900