CompUSA 2015 Annual Report Download - page 66

Table of Contents
InJanuary 2012 and March 2012, theCompanygranted50,000RSUsunder the 2010 Plan to each oftwokeyemployees.TheseRSUawards were non-
performanceawardswhichvestintenequalannualinstallmentsof10,000unitsbeginningJanuary3,2013andMarch1,2013,respectively,andeachJanuary
3andMarch1,thereafter.Theterminationwithoutcauseofoneofthesekeyemployeesduring2015causedtheacceleratedvestingoftheremaining35,000
sharesinaccordancewiththerestrictedstockagreementwiththeCompany.CompensationexpenserelatedtotheseRSUawardswereapproximately $0.4
million,$0.3millionand$0.4millionduringeachof2015,2014and2013,respectively.
InJuly2015,theCompanygranted23,620RSUsunderthe2010Plantoakeyemployee.ThisRSUawardwasanon-performanceawardwhichvestsinfour
equal annual installments of 5,905 units beginning July 6, 2015 and each July 6 thereafter.  Compensation expense related to this RSU award was
approximately$0.1millionin2015.
Share-basedcompensationexpenseforrestrictedstockissuedtoDirectorswas$0.1millionineachof2015,2014and2013.
11. INCOME TAXES
Thecomponentsofincome(loss)fromcontinuingoperationsbeforeincometaxesareasfollows(inmillions):
  Year Ended December 31, 
  2015   2014   2013 
UnitedStates  $ (14.5)  $ 1.9  $ (11.1)
Foreign   (20.3)   (22.0)   (1.3)
Total  $ (34.8)  $ (20.1)  $ (12.4)
The(benefit)provisionforincometaxesfromcontinuingoperationsconsistsofthefollowing(inmillions):

  Year Ended December 31, 
  2015   2014   2013 
Current:         
Federal  $ 3.1  $ 7.6  $ (0.3)
State   0.6   0.4   0.4
Foreign   4.3   3.2   3.4
Totalcurrent   8.0   11.2   3.5
         
Deferred:         
Federal   0.1   -   20.5
State   -   (0.3)   5.3
Foreign   5.4   1.0   1.3
Totaldeferred   5.5   0.7   27.1
TOTAL  $ 13.5  $ 11.9  $ 30.6
Taxbenefitfromdiscontinuedoperationswas$(3.3)million,$(7.0)millionand$(8.6)millionfortheyearsendedDecember31,2015,2014and2013,
respectively.
Incometaxesareaccruedandpaidbyeachforeignentityinaccordancewithapplicablelocalregulations.
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):
  Year Ended December 31 , 
  2015   2014   2013 
IncometaxatFederalstatutoryrate  $ (12.2)   (35.0)% $ (7.1)   (35.0)% $ (4.3)   (35.0)%
Foreigntaxesatratesdifferentfromthe
U.S.rate   7.7   22.2   5.2   25.9   2.2   18.1
Stateandlocalincometaxes,netoffederal
taxbenefit   (1.4)   (3.9)   1.6   8.2   0.5   3.9
Impactofstateratechanges   0.7   1.9   -   -   -   -
Changesinvaluationallowances   18.8   54.2   12.4   61.5   33.5   271.7
Changeindeferredtaxliability   -   -   -   -   (1.2)   (9.6)
Non-deductibleitems   0.1   0.2   -   -   0.1   0.3
Otheritems,net   (0.2)   (0.8)   (0.2)   (1.1)   (0.2)   (1.4)
Incometax  $ 13.5   38.8%  $ 11.9   59.5%  $ 30.6   248.0%
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