Income (loss) before taxes | $ | 24,268 | $ | 32,018 | $ | (11,769 | ) |
The benefit from/(provision for) income taxes in 2012, 2011 and 2010 consists of current and deferred federal, state and foreign taxes as follows:
(In thousands) | Year ended December 31, 2012 | Year ended December 31, 2011 | Year ended December 31, 2010 | |||||||||
Current: | ||||||||||||
Federal | $ | (640 | ) | $ | (912 | ) | $ | — | ||||
State | (1,138 | ) | (501 | ) | — | |||||||
Foreign | (574 | ) | — | — | ||||||||
| (2,352 | ) | (1,413 | ) | — | ||||||||
Deferred: | ||||||||||||
Federal | 119,247 | — | — | |||||||||
State | 13,795 | — | — | |||||||||
Foreign | — | — | — | |||||||||
| 133,042 | — | — | ||||||||||
Total benefit from/(provision for) income taxes | $ | 130,690 | $ | (1,413 | ) | $ | — | |||||
In the fourth quarter of 2012, the Company reversed the valuation allowance recorded against its net deferred tax assets. The decision to reverse the valuation allowance in full was made after management determined, based on an assessment of historical profitability and forecasts of future taxable income, that it was more likely than not that these deferred tax assets would be realized. It will continue to evaluate the necessity for a valuation allowance on these and future net deferred tax assets based on available evidence at each reporting period in conformity with ASC 740.
Due to the amount of net operating loss (NOL) and tax credit carryforwards, the Company does not currently pay substantial U.S. federal income taxes. The Company expects to pay cash taxes in various US states and Puerto Rico where it has operations and NOL carryforwards are not available. The Company was subject to the alternative minimum tax during 2011 and 2012 and expects to be subject to cash payments for this in the near term. The payment of an alternative minimum tax amount generates a credit that may be carried forward indefinitely and used to offset our regular income tax liability.
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