Shutterfly 2011 Annual Report Download - page 34

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Please find page 34 of the 2011 Shutterfly annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

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Our policy is to recognize interest and/or penalties related to all tax positions in income tax expense. To the extent that accrued interest and
penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in
the period that such determination is made.
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