Note 3 - Income and Mining Taxes

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 3.   Income and Mining Taxes

Major components of our income and mining tax (provision) benefit for the three months ended March 31, 2022 and 2021 are as follows (in thousands):

	Three Months Ended
	March 31,
	2022			2021
Current:
Domestic	$	(2,103	)	$	(2,277	)
Foreign		(1,741	)		(2,286	)
Total current income and mining tax provision		(3,844	)		(4,563	)
Deferred:
Domestic		(5,091	)		896
Foreign		3,304			(1,076	)
Total deferred income and mining tax provision		(1,787	)		(180	)
Total income and mining tax provision	$	(5,631	)	$	(4,743	)

The income and mining tax provision for the three-month periods ended March 31, 2022 and 2021 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income due primarily to the impact of taxation in foreign jurisdictions and non-recognition of net operating losses and foreign exchange gains and losses in certain jurisdictions.

For the three-month period ended March 31, 2022, we used the annual effective tax rate method to calculate the tax provision, a change from the discrete method used for the three-month period ended March 31, 2021, due to reversal of valuation allowance in the fourth quarter of 2021. Valuation allowances on Nevada, Mexico and certain Canadian net operating losses were treated as discrete adjustments to the annual effective tax rate method calculation, partially causing the increase in the income tax rate for the three-month period ended March 31, 2022 as compared to March 31, 2021.