Note 10— Income Taxes

The deferred tax assets and deferred tax liabilities and related valuation allowance were comprised of the following:


	September 30, 2011			December 31, 2010
Deferred tax assets:
Net operating losses	$	14,765		$	7,395
Research and development credits		3,287			3,063
Accounts receivable		170			—
Inventory		453			—
Valuation reserves and accrued liabilities		10,275			1,699
Other credits		820			722
Property and equipment		4,849			293
Intangible assets		156			—
Deferred revenue		—			18
Other		2,098			1,032

		36,873			14,222
Deferred tax liabilities:
Intangible assets		(26,975	)		(913	)
Property and equipment		(229	)		(202	)
Accounts receivable		(214	)		(322	)
Valuation reserves and accrued liabilities		(1,060	)		—
Other		(3,182	)		(22	)

		(31,660	)		(1,459	)
Valuation allowance		(6,579	)		(6,579	)

Net deferred tax liability	$	(1,366	)	$	6,184

Reconciliations between the statutory Federal income tax rate of 34% and the effective rate of income tax expense are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Statutory Federal income tax rate		34.0	%		34.0	%		34.0	%		34.0	%
Increase (Decrease) resulting from:
Effect of different tax rates of foreign jurisdictions		(15.4	%)		—			(2.4	%)		—
State and local tax, net of federal benefit		14.4	%		4.1	%		14.8	%		3.9	%
Nondeductible acquisition transaction expenses		—			—			22.0	%		—
Other Nondeductible expenses		9.8	%		0.8	%		6.6	%		0.6	%
Nondeductible stock option compensation		0.7	%		1.8	%		1.3	%		1.6	%
R&D Credits		(2.6	%)		(3.9	%)		(4.6	%)		(3.4	%)
Other		(1.9	%)		—			(0.6	%)		—

Effective rate		39.0	%		36.8	%		71.1	%		36.7	%