Travelzoo 2012 Annual Report Download - page 117
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Note 5: Income Taxes
The components of income before income tax expense for the years ended December 31, 2012, 2011 and 2010 were as follows (in
thousands):
Income tax expense (benefit) for years ended December 31, 2012, 2011 and 2010 consisted of current and deferred components
categorized by federal, state and foreign jurisdictions, as shown below. 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:
During 2011, an income tax benefit of $268,000 was recorded in stockholders’ equity for the tax benefit of stock option exercises.
During 2012, an income tax benefit of $ 800,000 was recorded to recognize the foreign net operating loss carryforward deferred tax assets
due to a partial release of valuation allowance.
59
2012
2011
2010
U.S.
$
16,682
$
7,252
$
23,108
Foreign
9,116
8,072
373
$
25,798
$
15,324
$
23,481
Current
Deferred
Total
(In thousands)
2012:
Federal
$
7,692
$
(640
)
$
7,052
State
952
(204
)
748
Foreign
610
(810
)
(200
)
$
9,254
$
(1,654
)
$
7,600
2011:
Federal
$
10,820
$
(357
)
$
10,463
State
591
1
592
Foreign
950
—
950
$
12,361
$
(356
)
$
12,005
2010:
Federal
$
8,512
$
(1,102
)
$
7,410
State
2,458
(174
)
2,284
Foreign
630
—
630
$
11,600
$
(1,276
)
$
10,324