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Income taxes | 12 Months Ended
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Mar. 31, 2012
Income taxes [Abstract] |
Income taxes | 17. Income taxes Income tax (benefit) provision differs from the amount that would be computed by applying the Federal and Provincial statutory income tax rates to income before income taxes. The reasons for the differences are as follows:
Year ended March 31, |  | 2012 |  |  |  |  | 2011 |  |  |  |  | 2010 |
(Loss) income before income taxes |  | $ | (28,385 | ) |  |  |  |  | $(41,098 | ) |  |  |  |  | $41,898 |
Tax rate |  |  | 26.25% |  |  |  |  |  | 27.75% |  |  |  |  |  | 28.91% |
Expected (benefit) expense |  |  | $(7,451 | ) |  |  |  |  | $(11,405 | ) |  |  |  |  | $12,113 |
Increase (decrease) related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impact of enacted future statutory income tax rates |  |  | 278 |  |  |  |  |  | 164 |  |  |  |  |  | (673 | )
Income tax adjustments and reassessments |  |  | 313 |  |  |  |  |  | 909 |  |  |  |  |  | 1,442 |
Valuation allowance |  |  | (91 | ) |  |  |  |  | 962 |  |  |  |  |  | – |
Stock-based compensation |  |  | (393 | ) |  |  |  |  | 1,443 |  |  |  |  |  | 617 |
Non deductible portion of capital losses |  |  | – |  |  |  |  |  | 1,063 |  |  |  |  |  | – |
Other |  |  | 121 |  |  |  |  |  | 416 |  |  |  |  |  | 180 |
Income tax (benefit) expense |  |  | $(7,223 | ) |  |  |  |  | $(6,448 | ) |  |  |  |  | $13,679 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 2012 |  |  |  |  |  | 2011 |  |  |  |  |  | 2010 |
Year ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax (benefit) expense |  |  | $(677 | ) |  |  |  |  | $2,892 |  |  |  |  |  | $3,803 |
Deferred income tax (benefit) expense |  |  | (6,546 | ) |  |  |  |  | (9,340 | ) |  |  |  |  | 9,876 |
|  |  | $(7,223 | ) |  |  |  |  | $(6,448 | ) |  |  |  |  | $13,679 |
The deferred tax assets and liabilities are summarized below:
|  | March 31, 2012 |  |  |  |  | March 31, 2011 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |
Non-capital losses carried forward |  |  | $51,614 |  |  |  |  |  | $41,581 |
Derivative financial instruments |  |  | 2,296 |  |  |  |  |  | 2,895 |
Billings in excess of costs on uncompleted contracts |  |  | 1,887 |  |  |  |  |  | 508 |
Capital lease obligations |  |  | 2,689 |  |  |  |  |  | 2,247 |
Intangible assets |  |  | – |  |  |  |  |  | 473 |
Long term portion of liabilities related to equipment leases |  |  | – |  |  |  |  |  | 2,029 |
Deferred lease inducements |  |  | 134 |  |  |  |  |  | 161 |
Stock-based compensation |  |  | 1,402 |  |  |  |  |  | 1,656 |
Other |  |  | 420 |  |  |  |  |  | 99 |
|  |  | $60,442 |  |  |  |  |  | $51,649 |
|  | March 31, 2012 |  |  |  |  | March 31, 2011 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |
Unbilled revenue and uncertified revenue included in accounts receivable |  |  | $13,039 |  |  |  |  |  | $24,418 |
Assets held for sale |  |  | 462 |  |  |  |  |  | 189 |
Accounts receivable – holdbacks |  |  | 8,071 |  |  |  |  |  | 3,154 |
Property, plant and equipment |  |  | 52,323 |  |  |  |  |  | 44,105 |
Deferred financing costs |  |  | 224 |  |  |  |  |  | 71 |
Intangible assets |  |  | 8 |  |  |  |  |  | 76 |
Other |  |  | 173 |  |  |  |  |  | 40 |
|  |  | $74,300 |  |  |  |  |  | $72,053 |
Net deferred income tax liability |  |  | $(13,858 | ) |  |  |  |  | $(20,404 | )
Classified as:
|  | March 31, 2012 |  |  |  |  | March 31, 2011 |
Current asset |  |  | $2,991 |  |  |  |  |  | $1,729 |
Long term asset |  |  | 57,451 |  |  |  |  |  | 49,920 |
Current liability |  |  | (21,512 | ) |  |  |  |  | (27,612 | )
Long term liability |  |  | (52,788 | ) |  |  |  |  | (44,441 | )
|  |  | $(13,858 | ) |  |  |  |  | $(20,404 | )
The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, five provincial jurisdictions and US federal and Texas state jurisdiction. For years before 2007, the Company is no longer subject to Canadian federal or provincial examinations. The Company has a full valuation allowance against capital losses in deferred tax benefits of $962 as at March 31, 2012 (2011 – $962; 2010 – $nil). At March 31, 2012, the Company has non-capital losses for income tax purposes of $205,565 which predominately expire after 2027.
|  | March 31, 2012 |
2027 |  |  | $2,973 |
2028 |  |  | 7,222 |
2029 |  |  | 13,676 |
2030 |  |  | 25,707 |
2031 |  |  | 93,267 |
2032 |  |  | 62,720 |
|  |  | $205,565 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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