Spirit Airlines 2013 Annual Report Download - page 78
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Notes to Financial Statements—(Continued)
78
14. Income Taxes
Significant components of the provision for income taxes from continuing operations are as follows:
For the Years Ended December 31,
2013 2012 2011
(in thousands)
Current:
Federal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,437 $ 32,656 $ 1,866
State and local. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,595 3,250 74
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 963 263
Total current expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,445 36,869 2,203
Deferred:
Federal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,658 27,870 42,148
State and local. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 389 1,385 2,032
Total deferred expense (benefit). . . . . . . . . . . . . . . . . . . . 12,047 29,255 44,180
Total income tax expense (benefit) . . . . . . . . . . . . . . . . . $ 105,492 $ 66,124 $ 46,383
The reconciliation of income tax expense computed at the federal statutory tax rates to income tax expense from
continuing operations is as follows:
For the Years Ended December 31,
2013 2012 2011
(in thousands)
Expected provision at federal statutory tax rate. . . . . . . . . . . . . . . . $ 98,843 $ 61,104 $ 42,991
State and foreign tax expense, net of federal benefit . . . . . . . . . . . . 4,695 3,726 2,255
Interest and dividend on preferred stock . . . . . . . . . . . . . . . . . . . . . — — 710
Meals and entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772 649 469
Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 84 (36)
Federal credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58)(182)(103)
Adjustment to deferred tax assets and liabilities . . . . . . . . . . . . . . . (54)(3)(3)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,160 746 100
Total income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,492 $ 66,124 $ 46,383