Frontier Airlines 2005 Annual Report Download - page 102
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12. INCOME TAXES
The components of the provision for income tax expense (benefit) for the years ended December 31 are as follows:
2005 2004 2003
Federal:
Deferred $ 32,855 $ 18,941 $ 19,812
32,855 18,941 19,812
State:
Current 1,915 520 237
Deferred 4,751 5,086 3,930
6,666 5,606 4,167
Income tax expense $ 39,521 $ 24,547 $ 23,979
A reconciliation of income tax expense at the applicable federal statutory income tax rate to the tax provision as reported for the years
ended December 31 are as follows:
2005 2004 2003
Federal income tax expense at statutory rate $ 35,163 $ 22,190 $ 21,041
State income tax expense, net of federal benefit 4,333 3,644 2,709
Other 25 (1,287) 229
Income tax expense $ 39,521 $ 24,547 $ 23,979
The components of deferred tax assets and liabilities as of December 31 are as follows:
2005 2004
DEFERRED TAX ASSETS
Current:
Nondeductible accruals $ 1,619 $ 4,553
Nondeductible accrued interest 1,351
Asset impairment expenses 1,463
Prepaid rent 574 524
3,656 6,428
Noncurrent:
Nondeductible reserves — 2,920
Nondeductible accruals 5,107 1,868
Treasury locks 2,989 2,793
Stock option benefit 1,922 —
Alternative minimum tax credit 457 457
Net operating loss carryforward 176,280 142,874
Prepaid rent 6,889 6,284
Deferred credits and sale leaseback gain 7,749 7,831
Total 201,393 165,027
Valuation allowance (8,119) (8,119)
193,274 156,908
Total assets 196,930 163,336
DEFERRED TAX LIABILITIES
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 27, 2006 Powered by Morningstar® Document Research℠