Nautilus 2010 Annual Report Download - page 46

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Table of Contents
covenants, including restrictions on the incurrence of additional indebtedness, liens, liquidation of assets, capital expenditures, dividends,
changes in the Company's business operations and change of control transactions. The Purchase Agreement includes customary events of
default, including nonpayment, insolvency, breach of warranty or covenant, cross-default of the Loan Agreement, material adverse changes and
other events. Upon the occurrence of an event of default the Purchasers may declare all outstanding obligations under the Notes to be due and
payable. The accretion rate of the Notes may be increased by 2% per annum during the continuance of an event of default.
(12) INCOME TAXES
Components of the Company's loss from continuing operations before income taxes in the years ended December 31, 2010 and 2009 were as
follows (in thousands):
Components of income tax expense (benefit) for continuing operations in the years ended December 31, 2010 and 2009 consisted of the
following (in thousands):
The tax effect of deferred income tax assets and liabilities arising from temporary differences and carryforwards as of December 31, 2010 and
2009 were as follows (in thousands):
44
2010
2009
United States
$
(11,077
)
$
(31,164
)
Non-U.S.
1,847
1,674
$
(9,230
)
$
(29,490
)
2010 2009
Current:
U.S. federal
$
(349
)
$
(12,153
)
U.S. state
26
(123
)
Non-U.S.
656
341
Total current
333
(11,935
)
Deferred:
U.S. federal
202
397
U.S. state
17
403
Non-U.S
36
255
Total deferred
255
1,055
$
588
$
(10,880
)