Spirit Airlines 2012 Annual Report Download - page 80
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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:
79
14.
Income Taxes
For the Years Ended December 31,
2012
2011
2010
(in thousands)
Current:
Federal
$
32,656
$
1,866
$
258
State and local
3,250
74
68
Foreign
963
263
189
Total current expense
36,869
2,203
515
Deferred:
Federal
27,870
42,148
(48,934
)
State and local
1,385
2,032
(3,877
)
Total deferred expense (benefit)
29,255
44,180
(52,811
)
Total income tax expense (benefit)
$
66,124
$
46,383
$
(52,296
)
For the Years Ended December 31,
2012
2011
2010
(in thousands)
Expected provision at federal statutory tax rate
$
61,104
$
42,991
$
7,062
State and foreign tax expense, net of federal benefit
3,726
2,255
413
Interest and dividend on preferred stock
—
710
1,612
Change in valuation allowance
—
—
(
65,248
)
Meals and entertainment
649
469
315
Fines and penalties
84
(36
)
9
Federal credits
—
(
103
)
(156
)
Adjustment to deferred tax assets and liabilities
(3
)
(3
)
3,486
Other
564
100
211
Total income tax expense (benefit)
$
66,124
$
46,383
$
(52,296
)