XM Radio 2010 Annual Report Download - page 125
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We may also elect to contribute to the profit sharing portion of the Sirius XM Plan based upon the total eligible
compensation of eligible participants. These additional contributions in the form of shares of common stock are
determined by the compensation committee of our board of directors. Employees are only eligible to receive profit-
sharing contributions during any year in which they are employed on the last day of the year. Profit-sharing
contribution expense was $0, $0 and $6,610 for the years ended December 31, 2010, 2009 and 2008, respectively.
(14) Income Taxes
Our income tax expense consisted of the following:
2010 2009 2008
For the Years Ended December 31,
Current taxes:
Federal ........................................ $ — $ — $ —
State .......................................... 942 — —
Foreign ........................................ 1,370 1,622 —
Total current taxes ................................ 2,312 1,622 —
Deferred taxes:
Federal ........................................ 4,163 3,962 2,674
State .......................................... (1,855) 397 (198)
Total deferred taxes ............................... 2,308 4,359 2,476
Total income tax expense ........................... $ 4,620 $ 5,981 $ 2,476
The following table indicates the significant elements contributing to the difference between the federal tax
benefit at the statutory rate and at our effective rate:
2010 2009 2008
For the Years Ended
December 31,
Federal tax expense (benefit), at statutory rate ........... $16,678 $(117,883) $(1,858,784)
State income tax expense (benefit), net of federal benefit . . . 1,620 (11,788) (185,879)
State rate changes ................................ (2,252) — 17,307
Non-deductible expenses ........................... 4,130 1,849 1,930,650
Other, net ...................................... 6,193 (4,945) (477)
Change in valuation allowance ....................... (21,749) 138,748 99,659
Income tax expense ............................... $ 4,620 $ 5,981 $ 2,476
F-37
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)