Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Expense (Benefit) [Abstract]  
Components Of Provision For Income Taxes
The components of the provision for income taxes are as follows (in thousands):

 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
Current income tax provision:
 
 
 
 
 
 
Federal
 
$
(76,992
)
 
$
(68,593
)
 
$
(61,264
)
State
 
(8,904
)
 
(9,217
)
 
(7,650
)
Current income tax provision
 
(85,896
)
 
(77,810
)
 
(68,914
)
Deferred income tax benefit (provision):
 
 
 
 
 
 
Federal
 
1,814

 
(1,900
)
 
5,082

State
 
709

 
(396
)
 
(2,345
)
Deferred income tax (provision) benefit
 
2,523

 
(2,296
)
 
2,737

Income tax provision
 
$
(83,373
)
 
$
(80,106
)
 
$
(66,177
)
Schedule of Deferred Tax Assets and Liabilities
 
 
December 31,
 
 
2012
 
2011
Deferred tax assets:
 
 
 
 
Provision for accrued expenses
 
$
38,548

 
$
39,346

Inventories
 
11,927

 
11,964

Foreign investment
 
—

 
6,467

Stock-based compensation
 
16,036

 
13,618

Net operating losses
 
1,369

 
3,857

Other
 
2,024

 
2,294

Total deferred tax assets
 
69,904

 
77,546

Less valuation allowance
 
(5,293
)
 
(14,274
)
Net deferred tax assets
 
64,611

 
63,272

Deferred tax liabilities:
 
 
 
 
Intangible and other assets
 
(91,783
)
 
(92,746
)
Prepaid expenses
 
(11,692
)
 
(12,022
)
Property and equipment
 
(12,535
)
 
(12,333
)
Total deferred tax liabilities
 
(116,010
)
 
(117,101
)
Net deferred tax liability
 
$
(51,399
)
 
$
(53,829
)
Reconciliation Of Income Tax Provision
A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows (in thousands):

 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
Income tax provision at the federal statutory rate of 35%
 
$
(76,955
)
 
$
(72,715
)
 
$
(58,316
)
State income taxes, net of effect of federal tax benefit
 
(5,327
)
 
(6,386
)
 
(6,474
)
Other, net
 
(1,091
)
 
(1,005
)
 
(1,387
)
Income tax provision
 
$
(83,373
)
 
$
(80,106
)
 
$
(66,177
)
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, is as follows (in thousands):

 
 
2012
 
2011
 
2010
Balance at beginning of year
 
$
664

 
$
630

 
$
514

Additions based on tax positions related to the current year
 
—

 
225

 
191

Additions for tax positions of prior years
 
18

 
—

 
135

Reductions for tax positions of prior years
 
—

 
(191
)
 
(210
)
Balance at end of year
 
$
682

 
$
664

 
$
630