12.

Income Taxes

The components of income tax (benefit) expense are as follows:


	Year Ended June 30,
	2012			2011			2010
U.S. operations:
Current income tax provision	$	—		$	96		$	156
Deferred income tax benefit		(13	)		(209	)		—

		(13	)		(113	)		156

Non-U.S. operations:
Current income tax benefit		(156	)		(105	)		(133	)
Deferred income tax benefit		—			—			—

		(156	)		(105	)		(133	)

Income tax (benefit) provision	$	(169	)	$	(218	)	$	23

The components of (loss) income before income taxes are as follows:


	Year Ended June 30,
	2012			2011			2010
U.S. operations	$	(11,215	)	$	(5,519	)	$	12,353
Non-U.S. operations		(13,789	)		(3,327	)		(3,577	)

(Loss) income before income taxes	$	(25,004	)	$	(8,846	)	$	8,776

The difference between Company’s expected income tax (benefit) expense, as computed by applying the statutory U.S. federal tax rate of 34% to (loss) income before income taxes, and actual tax is reconciled in the following table:


	Year Ended June 30,
	2012			2011			2010
Income tax (benefit) provision at statutory rate	$	(8,501	)	$	(3,008	)	$	2,984
State income taxes, net of federal benefit		(599	)		(350	)		953
Non-U.S. income tax rate differential		1,163			228			180
Research and development tax credits		(156	)		(106	)		(132	)
Changes in valuation allowance		7,500			3,045			(4,219	)
Other, net		424			(27	)		257

Income tax (benefit) provision	$	(169	)	$	(218	)	$	23

The components of deferred income taxes are as follows:


	June 30,
	2012		2011
Deferred tax assets:
Net operating loss carryforwards	$	24,021	$	23,799
Deferred revenue		2,341		555
Stock-based compensation		2,119		1,608
Provision for losses on note receivable		511		511
Other		572		620

Total deferred tax assets		29,564		27,093

Deferred tax liabilities:
Intangible assets		1,472		6,516

Deferred tax assets, net		28,092		20,577
Valuation allowance		28,092		20,590

Net deferred tax liability	$	—	$	13

The valuation allowances generally reflect limitations on the Company’s ability to use the tax attributes and reduce the value of such attributes to the more-likely-than-not realizable amount. The valuation allowance increased by $7.5 million during fiscal 2012 and $3.0 million during fiscal 2011.

The Company has tax loss carry forwards in its individual tax jurisdictions. At June 30, 2012, the Company had U.S. federal net operating loss carry forwards of approximately $46.6 million which expire at various dates between calendar years 2023 and 2032. The utilization of certain of these loss carry forwards may be limited by Section 382 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2012, the Company had state net operating loss carry forwards of approximately $22.1 million, of which $13.4 million expires in 2012, $3.1 million expires in 2013 and $5.6 million expires in 2031 and 2032. Additionally, at June 30, 2012 the Company had loss carry forwards in the U.K. of £18.0 million (approximately $28.1 million). During fiscal 2012, the Company recognized a current income tax benefit of $156,000 related to foreign research and development tax credits earned by its U.K. subsidiary.

The Company’s U.S. federal income tax returns for calendar years 2002 through 2011 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal 2006 to 2011 remain subject to examination. The Australian tax returns for the former parent company for fiscal 2004 through 2008 remain subject to examination.

Through June 30, 2012, the Company had no unrecognized tax benefits in its consolidated statements of operations and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2012 or 2011.

As of June 30, 2012 and 2011, the Company had no accrued penalties or interest related to uncertain tax positions.