Expedia 2012 Annual Report Download - page 111
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During 2012, we issued 8.0 million shares of Expedia, Inc. common stock as a result of the exercise of
32 million privately held warrants at a weighted average exercise price of $23.91 for total proceeds to the
Company of approximately $191 million. As of December 31, 2012, we did not have any warrants outstanding.
NOTE 11 — Income Taxes
The following table summarizes our U.S. and foreign income (loss) from continuing operations before income
taxes:
Year Ended December 31,
2012 2011 2010
(In thousands)
U.S. $ (20,097) $112,210 $286,326
Foreign 370,154 289,862 139,513
Total $350,057 $402,072 $425,839
Provision for Income Taxes
The following table summarizes our provision for income taxes from continuing operations:
Year Ended December 31,
2012 2011 2010
(In thousands)
Current income tax expense:
Federal $ 56,501 $ 23,933 $ 72,807
State (24) 7,803 7,351
Foreign 45,721 34,053 21,003
Current income tax expense 102,198 65,789 101,161
Deferred income tax (benefit) expense:
Federal $ (33,724) $ 19,837 $ 25,122
State 578 322 (2,353)
Foreign (21,974) (10,217) (3,588)
Deferred income tax (benefit) expense: (55,120) 9,942 19,181
Income tax expense $ 47,078 $ 75,731 $120,342
We reduced our current income tax payable by $64 million, $21 million and $23 million for the years ended
December 31, 2012, 2011 and 2010, for tax deductions attributable to stock-based compensation.
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