Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

INCOME TAXES

NOTE 12 – INCOME TAXES

For the three and nine months ended September 30, 2011, the Company reported an income tax provision of approximately $27.6 million and $61.9 million, respectively, compared to an income tax benefit (provision) of $(3.2) million and $13.1 million for the three and nine months ended September 30, 2010, respectively. The following table summarizes the components of the Company’s income tax provision from continuing operations for the three and nine months ended September 30, 2011 and 2010 (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
Current:
United States - Alternative minimum tax	$	93		$	(3	)	$	2,031		$	(3	)
United States - Foreign withholding		(157	)		(490	)		(648	)		(1,605	)
Argentina		(23	)		(3,505	)		60			(5,646	)
Australia		(1,164	)		(82	)		(1,823	)		(139	)
Mexico		(504	)		(40	)		(644	)		(123	)
Bolivia		(22,741	)		(6,973	)		(47,746	)		(9,863	)
Deferred:
United States		1,364			1,918			(1,041	)		16,404
Australia		306			228			(153	)		(354	)
Mexico		(2,459	)		5,201			(12,521	)		15,564
Bolivia		(2,321	)		513			538			(1,098	)
Income tax benefit (provision) from continuing operations	$	(27,606	)	$	(3,233	)	$	(61,947	)	$	13,137

The income tax benefit (provision) for the three and nine months ended September 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.