Support.com 2011 Annual Report Download - page 62
Download and view the complete annual report
Please find page 62 of the 2011 Support.com 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.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
 |
 |
The provision for income taxes from continuing operations consisted of the following (in thousands):
Current:
Federal $ — $ 58 $ (4,534)
State 99 30 (407)
Foreign 53 48 29
Total current 152 136 (4,912)
Deferred:
Federal 324 (48) (29)
State 13 — —
Foreign (88) — —
Total provision for income taxes $ 401 $ 88 $ (4,941)
The provision for income taxes is comprised of estimates of current taxes due in domestic and foreign jurisdictions. Due to the expiration of
the Company’s tax holiday in India, the Company’s foreign tax provision for the current period includes India taxes, which are partially offset by an
India tax benefit related to minimum alternative taxes paid during the holiday period.
The reconciliation of the Federal statutory income tax rate to our effective income tax rate is as follows (in thousands):
Provision at Federal statutory rate $ (6,330) $ (6,283) $ (9,283)
State taxes 111 30 (407)
Permanent differences/other 416 254 207
Stock-based compensation 568 (1) 105
Federal valuation allowance provided 5,636 6,030 693
Impact of discontinued operations — 58 3,744
Provision for income taxes $ 401 $ 88 $ (4,941)
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows (in
thousands):
Deferred tax assets:
Accruals and reserves $ 5,352 $ 4,358
Net operating loss carryforwards 47,007 41,966
Federal and State tax credits 3,761 4,392
Other credits 165 196
Intangible assets 516 86
Fixed assets 292 372
Gross deferred tax assets 57,093 51,370
Valuation allowance (56,679) (51,043)
Total deferred tax assets 414 327
Deferred tax liabilities:
Intangible Assets (467)
Total deferred tax liabilities (467) —
Net deferred tax assets(liabilities) $ (53) $ 327
60
EDGAR Stream is a copyright of Issuer Direct Corporation, all rights reserved.