Income taxes

Income tax 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,	2013			2012			2011
Loss from continuing operations before income taxes	$	(37,145	)	$	(34,618	)	$	(34,831	)
Tax rate	25.12		%	26.25		%	27.75		%
Expected benefit	$	(9,331	)	$	(9,087	)	$	(9,666	)
Increase (decrease) related to:
Impact of enacted future statutory income tax rates	9			151			134
Income tax adjustments and reassessments	82			170			742
Valuation allowance	—			(91		)	962
Stock-based compensation	344			(393		)	1,443
Non deductible portion of capital losses	—			—			932
Other	60			15			348
Income tax benefit	$	(8,836	)	$	(9,235	)	$	(5,105	)

Classified as:



Year ended March 31,	2013			2012			2011
Current income tax (benefit) expense	$	(2,209	)	$	(677	)	$	2,892
Deferred income tax (benefit)	(6,627		)	(8,558		)	(7,997		)
	$	(8,836	)	$	(9,235	)	$	(5,105	)

The deferred tax assets and liabilities are summarized below:



	March 31, 2013		March 31, 2012
Deferred tax assets:
Non-capital losses carried forward	$	43,307	$	51,614
Derivative financial instruments	1,618		2,296
Billings in excess of costs on uncompleted contracts	1,781		1,887
Capital lease obligations	10,508		2,689
Deferred lease inducements	111		134
Stock-based compensation	1,508		1,402
Other	539		420
	$	59,372	$	60,442



	March 31, 2013			March 31, 2012
Deferred tax liabilities:
Unbilled revenue and uncertified revenue included in accounts receivable	$	7,965		$	13,039
Assets held for sale	684			462
Accounts receivable – holdbacks	6,787			8,071
Property, plant and equipment	49,864			52,323
Deferred financing costs	300			224
Intangible assets	8			8
Other	—			173
	$	65,608		$	74,300
Net deferred income tax liability	$	(6,236	)	$	(13,858	)

Classified as:



	March 31, 2013			March 31, 2012
Current asset	$	33,694		$	2,991
Long term asset	14,673			57,451
Current liability	(13,392		)	(21,512		)
Long term liability	(41,211		)	(52,788		)
	$	(6,236	)	$	(13,858	)

The Company and its subsidiaries file income tax returns in the Canadian federal jurisdictions, five provincial jurisdictions, Colombia and US federal, Indiana, Oklahoma 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 assets of $962 as at March 31, 2013 (2012 – $962; 2011 – $962). At March 31, 2013, the Company has non-capital losses for income tax purposes of $172,372 which predominately expire after 2027.



	March 31, 2013
2027	$	158
2028	128
2029	13,676
2030	360
2031	41,074
2032	25,357
2033	91,619
	$	172,372