SkyWest Airlines 2010 Annual Report Download - page 89
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2010
(5) Income Taxes
The provision for income taxes includes the following components (in thousands):
Year ended December 31,
2010 2009 2008
Current tax provision (benefit):
Federal ................................ $(1,600) $(11,309) $ 5,360
State .................................. 451 110 (85)
(1,149) (11,199) 5,275
Deferred tax provision:
Federal ................................ 46,994 54,942 53,748
State .................................. 3,706 4,332 4,231
50,700 59,274 57,979
Provision for income taxes .................... 49,551 $ 48,075 $63,254
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,
2010 2009 2008
Computed ‘‘expected’’ provision for income taxes at
the statutory rates ......................... $52,888 $45,884 $60,324
Increase (decrease) in income taxes resulting from:
Purchase accounting gain .................... (5,455) — —
State income taxes, net of Federal income tax
benefit ................................ 3,485 3,741 5,032
Other, net ............................... (1,367) (1,550) (2,102)
Provision for income taxes ..................... 49,551 $48,075 $63,254
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