Frontier Airlines 2006 Annual Report Download - page 106

11. INCOME TAXES
The components of the provision for income tax expense (benefit) for the years ended December 31 are as follows:
2006 2005 2004
Federal:
Deferred $ 43,171 $ 32,855 $ 18,941
43,171 32,855 18,941
State:
Current 495 1,915 520
Deferred 8,233 4,751 5,086
8,728 6,666 5,606
Income tax expense $ 51,899 $ 39,521 $ 24,547
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:
2006 2005 2004
Federal income tax expense at statutory rate $ 45,993 $ 35,163 $ 22,190
State income tax expense, net of federal benefit 5,673 4,333 3,644
Other 233 25 (1,287)
Income tax expense $ 51,899 $ 39,521 $ 24,547
The components of deferred tax assets and liabilities as of December 31 are as follows:
2006 2005
DEFERRED TAX ASSETS
Current:
Nondeductible reserves and accruals $ 3,467 $ 1,619
Asset impairment expenses — 1,463
Prepaid rent — 574
Total 3,467 3,656
Noncurrent:
Slot amortization (2,272)
Nondeductible accruals 4,156 5,107
Treasury locks 2,585 2,989
Stock option excess tax benefits 2,661 1,922
Alternative minimum tax credit 636 457
Net operating loss carryforward 150,508 176,280
Prepaid rent 14,894 6,889
Share-based compensation 540 —
Deferred credits and sale leaseback gain 8,446 7,749
Total 182,154 201,393
Valuation allowance (8,119) (8,119)
174,035 193,274
Total assets 177,502 196,930
DEFERRED TAX LIABILITIES
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 15, 2007 Powered by Morningstar® Document Research℠