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Income Taxes
 3 Months Ended
Mar. 30, 2013
Income Taxes [Abstract]  
Income Taxes

Note 8—Income Taxes

 

The following table sets forth the Company’s provision for income taxes, along with the corresponding effective tax rates (in thousands, except percentages):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 30,

 

 

March 31,

 

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

Provision for income taxes

$
2 

 

$

 -

 

Effective tax rate

 
(0.1)

%

 

 -

%

 

 

 

 

 

 

 

 

The Company evaluates whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard.  Due to uncertainty of future utilization, the Company has provided a full valuation allowance as of March 30, 2013 and December 29, 2012. Accordingly, no benefit has been recognized for net deferred tax assets. 

 

The Company had unrecognized tax benefits at March 30, 2013 and December 29, 2012 of approximately $0.02 million that, if recognized, would affect the Company’s annual effective tax rate.