Einstein Bros 2011 Annual Report Download - page 62

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Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312512092597/d260635d10k.htm[9/11/2014 10:08:30 AM]
50,474
43,606
Valuation allowance (4,771) (4,790)
Total deferred tax assets, net $ 45,703 $ 38,816
The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows:
December 28,
2010
January 3,
2012
(in thousands)
Current deferred tax assets and liabilities, net
Operating loss carryforwards $ 9,650 $ 7,234
Deferred revenue 109 164
Accrued expenses, net 2,262 2,372
Other 19 29
Total gross current deferred tax assets, net of liabilities 12,040 9,799
Valuation allowance (891) (786)
Total current deferred tax assets, net 11,149 9,013
Long-term deferred tax assets and liabilities, net
Operating loss carryforwards, net of unrecognized tax benefits 34,922 33,165
Property, plant and equipment 13,992 12,151
Intangible assets (13,994) (16,561)
Deferred rent 1,761 1,869
Stock-based compensation 1,433 1,963
Federal tax credits 320 866
Other — 354
Total gross long-term deferred tax assets, net of liabilities 38,434 33,807
Valuation allowance (3,880) (4,004)
Total long-term deferred tax assets, net 34,554 29,803
Total deferred tax assets, net $ 45,703 $ 38,816
The Company’ s continued utilization of its net operating loss (“NOL”) carryforwards reduces its income tax liabilities. As of December 28,
2010 and January 3, 2012, the Company had $1.0 million and $0.1 million, respectively, of federal and state income tax overpayments recorded
within prepaid expenses on the consolidated balance sheet.
As of January 3, 2012, NOL carryforwards of $103.3 million were available to be utilized against future taxable income for years through
fiscal 2030, subject in part to annual limitations. This amount excludes approximately $12.2 million of NOL carryforwards that the Company
believes will expire prior to their utilization. Accordingly, the Company has provided a full valuation allowance of $4.8 million related to this
77
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
portion of its deferred tax assets. As of January 3, 2012, the Company’ s NOL carryforwards for U.S. federal income tax purposes that are expected
to be utilized are subject to the following expiration schedule:
Net Operating Loss Carryforwards
Expiration Date Amount
(in thousands)
December 31, 2012 $ 912
December 31, 2018 5,470
December 31, 2020 4,540
December 31, 2022 21,394
December 31, 2023 42,362
December 31, 2024 12,003
December 31, 2025 5,413
December 31, 2026 4,900
December 31, 2028 315