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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes | 18. Income Taxes A reconciliation of the combined Canadian income taxes at statutory rates and the Corporation's effective income tax (benefit)/expense is as follows:
|  | Years ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Income tax (benefit)/expense at statutory rates |  | $ | 33,846 |  |  | $ | (7,008 | ) |  | $ | (2,014 | )
Increase/(decrease) in taxes from: |  |  |  |  |  |  |  |  |  |  |  |
Permanent differences |  |  | - |  |  |  | - |  |  |  | (989 | )
Differences in foreign tax rates |  |  | 1,930 |  |  |  | 630 |  |  |  | 160 |
Effect of foreign exchange |  |  | 603 |  |  |  | (755 | ) |  |  | (1,466 | )
Change in effective tax rate |  |  | (764 | ) |  |  | 209 |  |  |  | (759 | )
Prior year provision to actual adjustments |  |  | 987 |  |  |  | 1,829 |  |  |  | (2,433 | )
Change in valuation allowance |  |  | (2,970 | ) |  |  | 5,009 |  |  |  | 7,664 |
Stock-based compensation |  |  | 113 |  |  |  | 98 |  |  |  | 49 |
Debt discount interest |  |  | (2 | ) |  |  | (182 | ) |  |  | (347 | )
Meals and entertainment |  |  | 5 |  |  |  | 3 |  |  |  | 5 |
Other adjustments |  |  | 77 |  |  |  | 60 |  |  |  | (28 | )
Adjustments to capital gains |  |  | 89 |  |  |  | - |  |  |  | - |
Imputed interest |  |  | 82 |  |  |  | 108 |  |  |  | 139 |
Realized foreign exchange gain/(loss) on intercompany balances |  |  | - |  |  |  | (1 | ) |  |  | 19 |
Expiration or use of NOLs |  |  | 1,526 |  |  |  | - |  |  |  | - |
Income tax (benefit)/expense |  | $ | 35,522 |  |  | $ | - |  |  | $ | - |
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of our deferred tax assets and liabilities as at December 31 are as follows:
|  | December 31, |
Deferred income tax assets |  | 2011 |  |  | 2010 |
Excess tax basis over book basis of plant, and equipment |  | $ | 6,011 |  |  | $ | 6,495 |
Operating loss carryforwards |  |  | 26,772 |  |  |  | 20,945 |
Capital loss carryforwards |  |  | 2,645 |  |  |  | 2,773 |
Other |  |  | 2,023 |  |  |  | 1,407 |
Unrealized foreign exchange on loans |  |  | 676 |  |  |  | 864 |
Total deferred tax assets |  |  | 38,127 |  |  |  | 32,484 |
Valuation allowance for deferred tax assets |  |  | (29,291 | ) |  |  | (31,886 | )
|  |  | 8,836 |  |  |  | 598 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Amayapapa disposal consideration |  |  | 482 |  |  |  | 482 |
Excess carrying value over tax value of plant, and equipment |  |  | 29,784 |  |  |  | - |
Marketable securities |  |  | 14,092 |  |  |  | 116 |
Total deferred tax liabilities |  |  | 44,358 |  |  |  | 598 |
Total deferred taxes |  | $ | (35,522 | ) |  | $ | - |
The Corporation has available income tax losses of $62,018, which may be carried forward and applied against future taxable income when earned. The losses expire as follows:
|  | Noncapital Canada |  |  | United States |  |  | Mexico |  |  | Indonesia |  |  | Barbados |  |  | Total |
2012 |  |  | - |  |  |  | - |  |  |  | (168 | ) |  |  | (1,959 | ) |  |  | - |  |  |  | (2,127 | )
2013 |  |  | - |  |  |  | - |  |  |  | (254 | ) |  |  | (968 | ) |  |  | - |  |  |  | (1,222 | )
2014 |  |  | (725 | ) |  |  | - |  |  |  | (112 | ) |  |  | (428 | ) |  |  | - |  |  |  | (1,265 | )
2015 |  |  | (889 | ) |  |  | - |  |  |  | (290 | ) |  |  | (142 | ) |  |  | (9 | ) |  |  | (1,330 | )
2016 |  |  | - |  |  |  | - |  |  |  | (113 | ) |  |  | (105 | ) |  |  | (8 | ) |  |  | (226 | )
2017 |  |  | - |  |  |  | - |  |  |  | (480 | ) |  |  | - |  |  |  | (12 | ) |  |  | (492 | )
2018 |  |  | - |  |  |  | - |  |  |  | (5,609 | ) |  |  | - |  |  |  | (84 | ) |  |  | (5,693 | )
2019 |  |  | - |  |  |  | (519 | ) |  |  | (867 | ) |  |  | - |  |  |  | (63 | ) |  |  | (1,449 | )
2020 |  |  | - |  |  |  | (783 | ) |  |  | (2,131 | ) |  |  | - |  |  |  | - |  |  |  | (2,914 | )
2021 |  |  | - |  |  |  | (779 | ) |  |  | (5,771 | ) |  |  | - |  |  |  | - |  |  |  | (6,550 | )
2022 |  |  | - |  |  |  | (748 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (748 | )
2023 |  |  | - |  |  |  | (691 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (691 | )
2024 |  |  | - |  |  |  | (2,082 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,082 | )
2025 |  |  | - |  |  |  | (2,362 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,362 | )
2026 |  |  | (1,027 | ) |  |  | (1,213 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,240 | )
2027 |  |  | (847 | ) |  |  | (1,700 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,547 | )
2028 |  |  | (5,245 | ) |  |  | (1,719 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,964 | )
2029 |  |  | (4,022 | ) |  |  | (2,309 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,331 | )
2030 |  |  | (5,032 | ) |  |  | (2,146 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,178 | )
2031 |  |  | (3,828 | ) |  |  | (3,779 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,607 | )
|  | $ | (21,615 | ) |  | $ | (20,830 | ) |  | $ | (15,795 | ) |  | $ | (3,602 | ) |  | $ | (176 | ) |  | $ | (62,018 | )
Our tax returns for the years ended December 31, 2008; 2009; 2010; and 2011 remain subject to regulatory agency review.

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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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