8x8 2015 Annual Report Download - page 79

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The total purchase prices of the common stock repurchased and retired were reflected as a reduction to consolidated stockholders' equity during
the period of repurchase.
In fiscal 2015, 2014 and 2013, the Company also withheld 15,053, 50,400, 73,751, respectively, shares related to tax withholdings on restricted
stock awards with a total price of $0.1 million, $0.5 million, and $0.4 million, respectively.
9. INCOME TAXES
For the years ended March 31, 2015, 2014 and 2013, the Company recorded a provision for income taxes of approximately $2.8 million, $2.2
million and $9.4 million, respectively. The provision in each year was attributable to federal and state current and deferred taxes. The
components of the consolidated provision for income taxes for fiscal 2015, 2014 and 2013 consisted of the following (in thousands):
The Company's income from continuing operations before income taxes included $3.5 million, $0.8 million and $0 of foreign subsidiary loss for
the fiscal years ended March 31, 2015, 2014 and 2013, respectively.
Deferred tax assets were comprised of the following (in thousands):
As of March 31, 2015 and 2014, management assessed the realizability of deferred tax assets based on the available evidence, including a history
of taxable income and estimates of future taxable income. At March 31, 2015, management evaluated the need for a valuation allowance and
determined that a valuation allowance of approximately $4.9 million was needed. At March 31, 2014, management evaluated the need for a
valuation allowance and determined that a valuation allowance of approximately $5.6 million was needed. The net change in the valuation
allowance for the years ended March 31, 2015 and 2014 was a decrease of $0.7 million and an increase of $2.5 million, respectively.
72
March 31,
Current:
2015
2014
2013
Federal
$
92
$
-
$
-
State
457
276
434
Foreign
1
-
-
Total current tax provision
550
276
434
Deferred
Federal
$
2,602
$
1,578
$
7,185
State
(363)
365
1,780
Foreign
-
-
-
Total deferred tax provision
2,239
1,943
8,965
Income tax provision
$
2,789
$
2,219
$
9,399
March 31,
Current deferred tax assets
2015
2014
Net operating loss carryforwards
$
2,179
$
333
Inventory valuation
14
33
Reserves and allowances
2,394
1,791
Net current deferred tax assets
4,587
2,157
Net operating loss carryforwards
44,228
51,598
Research and development and other credit carryforwards
5,414
4,488
Fixed assets and intangibles
(1,705)
(2,819)
Net non
-
current deferred tax assets
47,937
53,267
Valuation allowance
(4,901)
(5,562)
Total
$
47,623
$
49,862