TeleNav 2010 Annual Report Download - page 95

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TELENAV, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Shares reserved for future issuance
Common stock reserved for future issuance was as follows (in thousands):
June 30, 2010
Stock options outstanding .................................................................... 5,863
Stock options available for future grants ........................................................ 2,627
Total common shares reserved for future issuance ................................................ 8,490
8. Income taxes
The domestic and foreign components of income (loss) before provisions for income taxes were as follows
(in thousands):
Fiscal year ended June 30,
2010 2009 2008
United States. ............................................................ $68,802 $44,211 $ 5,938
Foreign ................................................................. (799) (2,695) (1,147)
$68,003 $41,516 $ 4,791
The provision for income taxes consists of the following (in thousands):
Fiscal year ended June 30,
2010 2009 2008
Current income taxes:
Federal ............................................................. $23,228 $12,490 $141
State ............................................................... 5,461 1,872 43
Foreign ............................................................. 18 12 —
Total current income taxes .................................................. 28,707 14,374 184
Deferred income taxes:
Federal ............................................................. (1,822) (1,966) —
State ............................................................... (292) (510) —
Total deferred income taxes ................................................. (2,114) (2,476) —
Total provision for income taxes ............................................. $26,593 $11,898 $184
The provision for income taxes differs from the amount computed by applying the statutory federal income
tax rate as follows (in thousands):
Fiscal year ended June 30,
2010 2009 2008
Tax at federal statutory tax rate .............................................. $23,801 $14,531 $ 1,629
State taxes—net of federal benefit ............................................ 3,516 707 279
Non-deductible expenses ................................................... 464 195 463
Research and development credits ............................................ (307) (393) —
Section 199 deduction ..................................................... (1,084) — —
Foreign income taxed at different rates ........................................ 298 955 —
Stock-based compensation expense ........................................... 617 146 155
Other .................................................................. (450) 120 (244)
Change in valuation allowance .............................................. (262) (4,363) (2,098)
Total provision for income taxes ............................................. $26,593 $11,898 $ 184
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