Initial Letter Date |
Form filed |
Market Capitalization |
01/25/2012 |
S-1 |
Not Found |
We note from your consolidated statements of operations for the nine months ended September 30, 2011 and 2010 that the company recognized an income tax expense of $[xx]million during the nine months ended September 30, 2011 and an income tax benefit of $[xx] million during the nine months ended September 30, 2010 when the company had pre-tax losses during each of these periods. Please tell us and revise MD&A and Note 11 to the interim financial statements to explain the facts and circumstances that resulted in recognition of income tax expense during the nine month period of 2011 versus an income tax benefit during the comparable period of 2010 when pre-tax losses were recognized by the company during each of these periods. |