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TABLE OF CONTENTS
STAMPS.COM INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
9. Income Taxes – (continued)
The provision for income taxes consists of (in thousands):
Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows
(in thousands):
2009
2008
2007
Current:
Federal
$
165
$
259
$
286
State
389
626
101
554
885
387
Deferred:
Federal
—
3,134
—
State
—
537
—
—
(
3,671
)
—
Provision for income taxes
$
554
$
(2,786
)
$
387
10. Commitments and Contingencies
Operating Leases
The following is a schedule of significant future minimum lease payments under operating leases at December 31, 2009 (in
thousands):
2009
2008
2007
Income tax at statutory federal rate
$
2,288
$
2,460
$
3,757
State income taxes, net of federal benefit
393
422
730
Effect of permanent differences
757
765
36
Other
(195
)
302
3,000
Change in valuation allowance
(2,689
)
(6,735
)
(7,136
)
$
554
$
(2,786
)
$
387
Total rent expense was approximately $657,000 in each of 2009, 2008 and 2007.
In November 2003, we entered into a facility lease agreement commencing in March 2004 for our corporate headquarters
with aggregate lease payments of $4.0 million through March 2010. In December 2009, we amended our lease agreement term
for 26 months commencing in April 2010 through May 2012. In addition to extending our lease term, we also added lease space
of approximately 5,000 square feet. The total remaining aggregate lease payments as of December 31, 2009 for the original and
amended lease agreement is $2.4 million. As of December 31, 2009, we maintained a letter of credit for the facility lease in the
Operating
Years ending:
2010
954
2011
1,005
2012
419
Thereafter
—
$
2,378