SkyWest Airlines 2009 Annual Report Download - page 78
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2009
(4) Income Taxes
The provision for income taxes includes the following components (in thousands):
Year ended December 31,
2009 2008 2007
Current tax provision (benefit):
Federal ................................ $(11,309) $ 5,360 $(14,355)
State ................................. 110 (85) (736)
(11,199) 5,275 (15,091)
Deferred tax provision:
Federal ................................ 54,942 53,748 99,026
State ................................. 4,332 4,231 7,194
59,274 57,979 106,220
Provision for income taxes ................... $48,075 $63,254 $ 91,129
The following is a reconciliation between the statutory Federal income tax rate of 35% and the
effective rate which is derived by dividing the provision for income taxes by income before provision for
income taxes (in thousands):
Year ended December 31,
2009 2008 2007
Computed ‘‘expected’’ provision for income taxes at
the statutory rates ......................... $45,884 $60,324 $87,612
Increase (decrease) in income taxes resulting from:
State income taxes, net of Federal income tax
benefit ................................ 3,741 5,032 6,268
Other, net ............................... (1,550) (2,102) (2,751)
Provision for income taxes ..................... $48,075 $63,254 $91,129
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