Income Taxes
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6 Months Ended |
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Dec. 31, 2012
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Income Taxes | L. Income Taxes The Company recorded a tax benefit of $2,192 and tax expense of $4,828 on a loss from operations before taxes of $6,976 and income from operations of $13,873 for the three months ended December 31, 2012 and 2011, respectively. The Company recorded a tax benefit of $5,843 and tax expense of $6,142 on a loss from operations before taxes of $17,827 and income from operations of $17,840 for the six months ended December 31, 2012 and 2011, respectively. Income tax benefit for the three and six months ended December 31, 2012 differed from the federal statutory rate primarily due to the impact of a Section 199 manufacturing deduction, state taxes and stock compensation. Income tax expense for the three and six months ended December 31, 2011 differed from the federal statutory rate primarily due to the impact of a Section 199 manufacturing deduction and research and development tax credits. No material changes in the Company’s unrecognized tax positions occurred during the three and six months ended December 31, 2012. The Company estimates that the unrecognized tax benefits could decrease by up to $630 within the next 12 months as a result of resolutions of tax positions and the expiration of applicable statutes of limitations. On January 2, 2013, the “American Taxpayer Relief Act of 2012” was enacted into law by Congress. The American Taxpayer Relief Act of 2012 extended the research and development tax credit provisions of the tax code retroactively to January 1, 2012. Based on the extension, the Company estimates that there was an additional $875 credit earned in calendar 2012. |