Frontier Airlines 2010 Annual Report Download - page 118
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14. INCOME TAXES
The components of the provision for income tax (benefit) expense for the years ended December 31 are as follows (in thousands):
2010 2009 2008
Federal:
Current $(2,124 ) $
—
$
—
Deferred (2,770 ) 92,931 46,616
Total Federal (4,894 ) 92,931 46,616
State:
Current 76 (1,101 ) 2,092
Deferred (1,282 ) 7,966 1,880
Total State (1,206 ) 6,865 3,972
Valuation allowance (3,421 ) (807 ) 1,404
Expense for uncertain tax positions 1,824 816 843
Income tax (benefit) expense $(7,697 ) $ 99,805 $ 52,835
A reconciliation of income tax (benefit) expense at the applicable federal statutory income tax rate to the tax provision as reported
for the years ended December 31 are as follows (in thousands):
2010 2009 2008
Federal income tax (benefit) expense at statutory rate $(7,540 ) $ 47,667 $ 48,095
State income tax (benefit) expense, net of federal benefit (expense) (646 ) 4,086 2,569
Goodwill impairment
—
43,228
—
Valuation allowance (3,421 ) (807 ) 1,404
Other 3,910 5,631 767
Income tax (benefit) expense $(7,697 ) $ 99,805 $ 52,835
73