NOTE 12 — INCOME TAXES

For the three and six months ended June 30, 2011, the Company reported an income tax provision of approximately $21.4 million and $34.3 million, respectively, compared to an income tax benefit of $9.4 million and $16.4 million for the three and six months ended June 30, 2010, respectively. The following table summarizes the components of the Company’s income tax provision from continuing operations for the three and six months ended June 30, 2011 and 2010 (in thousands):


	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Current:
United States — Alternative minimum tax	$	—		$	—		$	1,938		$	—
United States — Foreign withholding		(413	)		(624	)		(491	)		(1,115	)
Argentina		(15	)		(2,128	)		83			(2,141	)
Australia		(760	)		(57	)		(659	)		(57	)
Mexico		(90	)		(33	)		(140	)		(83	)
Bolivia		(15,926	)		(3,721	)		(25,005	)		(2,890	)
Deferred:
United States		(1,789	)		20,422			(2,405	)		14,486
Australia		60			(292	)		(459	)		(582	)
Mexico		(6,286	)		(4,007	)		(10,062	)		10,363
Bolivia		3,817			(188	)		2,859			(1,611	)

Income tax benefit (provision) from continuing operations	$	(21,402	)	$	9,372		$	(34,341	)	$	16,370

The income tax benefit (provision) for the three and six months ended June 30, 2011 varies from the statutory rate primarily because of differences in tax rates for the Company’s foreign operations and changes in valuation allowances for net deferred tax assets, permanent differences and foreign exchange rate differences. The Company has U.S. net operating loss carryforwards which expire in 2011 through 2026. Net operating losses in foreign countries have an indefinite carryforward period, except in Mexico where net operating loss carryforwards are limited to ten years.