Lumber Liquidators 2012 Annual Report Download - page 59

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Lumber Liquidators Holdings, Inc.
Notes to Consolidated Financial Statements—(Continued)
(amounts in thousands, except share data and per share amounts)
NOTE 9. INCOME TAXES
The components of income before income taxes were as follows:
Year Ended December 31,
2012 2011 2010
United States ..................................................... $80,565 $45,259 $43,306
Foreign .......................................................... (2,079) (2,234) (564)
Total Income before Income Taxes .................................... $78,486 $43,025 $42,742
The provision for income taxes consists of the following:
Year Ended December 31,
2012 2011 2010
Current
Federal ...................................................... $26,949 $12,291 $10,231
State ........................................................ 4,195 2,063 1,945
Foreign ...................................................... 118 13 —
Total Current ..................................................... 31,262 14,367 12,176
Deferred
Federal ...................................................... (387) 2,483 3,926
State ........................................................ (164) 498 522
Foreign ...................................................... 711 (579) (148)
Total Deferred .................................................... 160 2,402 4,300
Total Provision for Income Taxes ..................................... $31,422 $16,769 $16,476
The reconciliation of significant differences between income tax expense applying the federal statutory rate and the
actual income tax expense at the effective rate are as follows:
Year Ended December 31,
2012 2011 2010
Income Tax Expense at Federal Statutory Rate ................. $27,470 35.0% $15,059 35.0% $14,960 35.0%
Increases (Decreases): ....................................
State Income Taxes, Net of Federal Income Tax Benefit ......... 2,542 3.2% 1,632 3.8% 1,478 3.5%
Valuation Allowance ..................................... 1,267 1.6% — 0.0% — 0.0%
Foreign Taxes ........................................... 283 0.4% 208 0.5% 49 0.1%
Other .................................................. (140) (0.2%) (130) (0.3%) (11) (0.1%)
Total .................................................. $31,422 40.0% $16,769 39.0% $16,476 38.5%
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