Lumber Liquidators 2014 Annual Report Download - page 68

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Lumber Liquidators Holdings, Inc.
Notes to Consolidated Financial Statements
(amounts in thousands, except share data and per share amounts)
Note 7. Income Taxes
The components of income before income taxes were as follows:
Year Ended December 31,
2014 2013 2012
United States ............................. $105,447 $128,482 $80,565
Foreign ................................. (1,864) (2,017) (2,079)
Total Income before Income Taxes .............. $103,583 $126,465 $78,486
The provision for income taxes consisted of the following:
Year Ended December 31,
2014 2013 2012
Current
Federal ............................... $34,615 $43,159 $26,949
State ................................. 5,614 6,637 4,195
Foreign ............................... 135 120 118
Total Current ............................. 40,364 49,916 31,262
Deferred
Federal ............................... (22) (745) (387)
State ................................. (130) (101) (164)
Foreign ............................... — — 711
Total Deferred ............................ (152) (846) 160
Total Provision for Income Taxes ............... $40,212 $49,070 $31,422
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,
2014 2013 2012
Income Tax Expense at Federal Statutory
Rate .......................... $36,254 35.0% $44,263 35.0% $27,470 35.0%
Increases (Decreases):
State Income Taxes, Net of Federal Income
Tax Benefit .................... 3,711 3.6% 4,146 3.3% 2,542 3.2%
Valuation Allowance ............... 458 0.4% 498 0.4% 1,267 1.6%
Foreign Operations ................ 329 0.3% 328 0.2% 283 0.4%
Other .......................... (540) (0.5)% (165) (0.1)% (140) (0.2)%
Total ............................ $40,212 38.8% $49,070 38.8% $31,422 40.0%
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