Frontier Airlines 2006 Annual Report Download - page 91

Comprehensive Income—The Company reports comprehensive income in accordance with SFAS No. 130, Reporting
Comprehensive Income, which establishes standards for reporting and displaying comprehensive income and its components in
financial statements. The Company had accumulated other comprehensive loss relating to treasury lock agreements of $3,877, $4,176
and $4,168, net of tax, at December 31, 2006, 2005 and 2004, respectively.
Income Taxes—The Company accounts for income taxes using the asset and liability method. Under the asset and liability
method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the
financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are
expected to be recovered or settled. The measurement of deferred tax assets is adjusted by a valuation allowance, if necessary, to
recognize the future tax benefits to the extent, based on available evidence; it is more likely than not they will be realized.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 15, 2007 Powered by Morningstar® Document Research℠