Green Dot 2013 Annual Report Download - page 83
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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
76
Note 11—Income Taxes
The components of income tax expense included in our consolidated statements of operations were as follows:
Year Ended December 31,
2013 2012 2011
(In thousands)
Current:
Federal $ 11,880 $21,322 $29,583
State 1,116 1,805 2,096
Current income tax expense 12,996 23,127 31,679
Deferred:
Federal $6,776 5,931 251
State (1,312) (139)—
Deferred income tax expense 5,464 5,792 251
Income tax expense $ 18,460 $28,919 $31,930
Income tax expense differs from the amount computed by applying the statutory federal income tax rate to income
before income taxes. The sources and tax effects of the differences are as follows:
Year Ended December 31,
2013 2012 2011
U.S. federal statutory tax rate 35.0%35.0%35.0%
State income taxes, net of federal benefit (0.2)1.9 1.6
General business credits (2.3)(0.4) —
Employee stock-based compensation 1.4 1.4 1.2
Other 1.2 0.3 0.2
Effective tax rate 35.1%38.2%38.0%
The effective tax rate for the year ended December 31, 2013 was impacted by our recognition of federal and state
general business credits related to 2012 and 2013 of $1.2 million.