Travelzoo 2011 Annual Report Download - page 74
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47
The details of accrued expenses as of December 31, 2010 and 2011 were as follows (in thousands):
December 31,
2010 2011
Accrued advertising expense .....................................................................
.
$ 2,077 $ 1,148
Accrued compensation expense ................................................................
.
1,899 2,923
Accrued payments to merchants................................................................
.
1,353 244
Other accrued expenses .............................................................................
.
681 1,103
Reserve for subscriber refunds ..................................................................
.
70 893
Total accrued expenses .............................................................................
.
$ 6,080 $ 6,311
(5) Income Taxes
The components of income (loss) from continuing operations before income tax expense for the years ended December 31,
2009, 2010 and 2011 were as follows (in thousands):
2009 2010
2011
U.S. ................................................................................................
.
$ 17,879 $ 23,108 $ 7,252
Foreign ...........................................................................................
.
(4,188) 373 8,072
$ 13,691 $ 23,481 $ 15,324
Income tax expense (benefit) from continuing operations for the years ended December 31, 2009, 2010, and 2011 consisted of
the following current and deferred components categorized by federal, state and foreign jurisdictions. The current provision is
generally that portion of income tax expense that is currently payable to the taxing authorities. The Company makes estimated
payments of these amounts during the year. The deferred tax provision results from changes in the Company’s deferred tax assets
(future deductible amounts) and tax liabilities (future taxable amounts), which are presented in the table below:
Current Deferred
Total
(In thousands)
2009:
Federal ...................................................................................
.
$ 5,872 $ (144) $ 5,728
State ................................................................................................
.
1,638 (93) $ 1,545
$ 7,510 $ (237) $ 7,273
2010:
Federal ...................................................................................
.
$ 8,512 $ (1,102) $ 7,410
State .......................................................................................
.
2,458 (174) 2,284
Foreign ............................................................................................
.
630 — 630
$ 11,600 $ (1,276) $ 10,324
2011:
Federal. ..................................................................................
.
$ 10,820 $ (357) $ 10,463
State .......................................................................................
.
591 1 592
Foreign ..................................................................................
.
950 — 950
$ 12,361 $ (356) $ 12,005