Overstock.com 2012 Annual Report Download - page 121
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Table of Contents
The components of our deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows (in thousands):
As a result of our history of losses, a valuation allowance has been provided for the full amount of our net deferred tax assets as we believe that it
is more likely than not that these benefits will not be realized. We recorded a tax provision of $485,000 for the year ended December 31, 2012, for
federal alternative minimum taxes, state and foreign taxes.
At December 31, 2012 and 2011, we had U.S. federal net operating loss carry-forwards of approximately $174.1 million and $192.5 million and
state net operating loss carry-forwards of approximately $151.6 million and $176.1 million, respectively, which may be used to offset future taxable
income. We are currently reviewing whether we had any ownership changes. Ownership changes under IRS Code Section 382 would limit the amount
of net operating losses that could be used in any annual period. Our carry-forwards begin to expire in 2018.
The income tax provision differs from the amount computed by applying the U.S. federal income tax rate of 35% to loss before income taxes for
the following reasons (in thousands):
F-34
Net operating loss carry-forwards $ 69,158 $ 76,455
Accrued expenses 4,469 3,317
Reserves and other 7,464 5,705
Depreciation and amortization (1,398) (1,860)
79,693 83,617
Valuation allowance (79,693) (83,617)
Net asset $ — $ —
U.S. federal income tax provision (benefit) at statutory rate $ 5,303 $ (6,853) $ 4,940
State income tax expense, net of federal benefit 44 45 86
Stock based compensation expense 1 70 484
Other (1,764) 30 73
Change in valuation allowance (3,099) 6,566 (5,224)
Income tax provision (benefit) $ 485 $ (142) $ 359