Spirit Airlines 2011 Annual Report Download - page 98
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Notes to Financial Statements—(Continued)
Significant components of the provision for income taxes from continuing operations are as follows:
The reconciliation of income tax expense computed at the federal statutory tax rates to income tax expense from continuing operations is as
follows:
The Company accounts for income taxes using the asset and liability method. Deferred taxes are recorded based on differences between the
financial statement basis and tax basis of assets and liabilities and available tax loss and credit carryforwards.
87
16.
Income Taxes
For the Years Ended December 31,
2011
2010
2009
(in thousands)
Current:
Federal
$
1,866
$
258
$
1,100
State and local
74
68
118
Foreign
263
189
315
Total current expense
2,203
515
1,533
Deferred:
Federal
42,148
(48,934
)
—
State and local
2,032
(3,877
)
—
Total deferred expense (benefit)
44,180
(52,811
)
—
Total income tax expense (benefit)
$
46,383
$
(52,296
)
$
1,533
For the Years Ended December 31,
2011
2010
2009
(in thousands)
Expected provision at federal statutory tax rate
$
42,991
$
7,062
$
29,830
State and foreign tax expense, net of federal benefit
2,255
413
1,220
Interest and dividend on preferred stock
710
1,612
(5,015
)
Change in valuation allowance —
(
65,248
)
(22,814
)
Meals and entertainment
469
315
273
Fines and penalties
(36
)
9
135
Federal credits
(103
)
(156
)
—
Adjustment to deferred tax assets and liabilities
(3
)
3,486
(2,472
)
Other
100
211
376
Total income tax expense
$
46,383
$
(52,296
)
$
1,533