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Income taxes
 12 Months Ended
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