Buffalo Wild Wings 2012 Annual Report Download - page 51
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51
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 30, 2012 and December 25, 2011
(Dollar amounts in thousands, except per-share amounts)
(8) Income Taxes
The components of earnings (loss) before taxes were as follows:
Fiscal Years Ended
December 30,
2012
December 25,
2011
December 26,
2010
United States
$ 89,430
75,813
57,631
Foreign
(6,062)
(2,911)
(606)
Total earnings before taxes $ 83,368
72,902
57,025
The provision for income taxes consisted of the following:
Fiscal Years Ended
December 30,
2012
December 25,
2011
December 26,
2010
Current:
Federal
$ 22,642
6,009
9,345
State
4,285
3,651
2,794
Deferred:
Federal
1,286
13,297
6,462
State
(525)
394
24
Foreign
(1,595)
(875)
—
Total income tax expense
$ 26,093
22,476
18,625
The following is a reconciliation of the expected federal income taxes (benefits) at the statutory rate of 35% to the
actual provision for income taxes:
Fiscal Years Ended
December 30,
2012
December 25,
2011
December 26,
2010
Expected federal income tax expense
$ 29,179
25,516
19,959
State income tax expense, net of federal effect
2,433
2,660
1,944
General business credits
(6,006)
(5,808)
(3,902)
Other, net
487
108
624
Total income tax expense $ 26,093
22,476
18,625