CompUSA 2012 Annual Report Download - page 59

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Share-based compensation expense for restricted stock issued to Directors was $0.1 million in each of 2012, 2011 and 2010.
The components of income (loss) from continuing operations before income taxes are as follows (in millions):
The (benefit) provision for income taxes consists of the following (in millions):
Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations. The Company recorded tax
(benefit) expense of $(0.2) million, $0.1 million and $0.0 million in 2012, 2011 and 2010, respectively, related to discontinued operations.
A reconciliation of the difference between the income tax expense and the computed income tax expense based on the Federal statutory
corporate rate is as follows (in millions):
Table of Contents
10.
INCOME TAXES
Year Ended December 31,
2012
2011
2010
United States
$
(66.5
)
$
43.5
$
43.5
Foreign
24.9
35.5
22.6
Total
$
(41.6
)
$
79.0
$
66.1
Year Ended December 31,
2012
2011
2010
Current:
Federal
$
(5.4
)
$
13.6
$
9.5
State
0.3
2.2
2.3
Foreign
8.1
8.4
7.1
Total current
3.0
24.2
18.9
Deferred:
Federal
(16.5
)
0.5
4.7
State
(3.3
)
0.4
(0.2
)
Foreign
(16.8
)
(0.7
)
0.1
Total deferred
(36.6
)
0.2
4.6
TOTAL
$
(33.6
)
$
24.4
$
23.5
Year Ended December 31
,
2012
2011
2010
Income tax at Federal statutory rate
$
(14.5
)
(35.0
)%
$
27.6
35.0
%
$
23.1
35.0
%
Foreign taxes at rates different from the U.S. rate
(3.7
)
(8.9
)
(0.9
)
(1.1
)
(1.4
)
(2.0
)
State and local income taxes, net of federal tax benefit
(2.1
)
(5.0
)
1.3
1.6
1.4
2.0
Changes in valuation allowances
(13.3
)
(31.9
)
(3.7
)
(4.7
)
(0.1
)
(0.2
)
Non
-
deductible items
0.1
0.2
0.1
0.1
0.7
1.1
Other items, net
(0.1
)
(0.2
)
-
-
(0.2
)
(0.3
)
Income tax at Federal statutory rate
$
(33.6
)
80.8
%
$
24.4
30.9
%
$
23.5
35.6
%
56