Astronics Corporation Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012


	2012			2011			2010
Statutory Federal Income Tax Rate		35.0	%		35.0	%		35.0	%
Permanent Items, Net		(1.8	)%		(2.1	)%		(1.3	)%
Foreign Tax Benefits		(1.2	)%		(1.0	)%		(0.1	)%
State Income Tax (Benefits), Net of Federal Income Tax Benefit		(0.1	)%		1.4	%		0.6	%
Research and Development Tax Credits		(1.1	)%		(6.1	)%		(3.0	)%
Other		(0.1	)%		(1.6	)%		0.3	%

Effective Tax Rate		30.7	%		25.6	%		31.5	%


(In thousands)	2012			2011
Deferred Tax Assets:
Goodwill and Intangible Assets	$	6,918		$	7,226
Asset Reserves		4,901			3,633
Deferred Compensation		6,656			3,907
State Investment Tax Credit Carryforwards, Net of Federal Tax		665			657
Customer Advanced Payments and Deferred Revenue		1,113			476
State Net Operating Loss Carryforwards and Other		729			567

Total Gross Deferred Tax Assets		20,982			16,466
Valuation Allowance for State and Foreign Deferred Tax Assets and Tax Credit Carryforwards, Net of Federal Tax		(2,190	)		(1,898	)

Deferred Tax Assets		18,792			14,568

Deferred Tax Liabilities:
Depreciation		4,806			4,322

Deferred Tax Liabilities		4,806			4,322

Net Deferred Tax Asset	$	13,986		$	10,246


(in thousands)	2012			2011			2010
Balance at Beginning of the Year	$	880		$	1,470		$	940
Decreases as a Result of Tax Positions Taken in Prior Years		(220	)		(1,090	)		(270	)
Increases as a Result of Tax Positions taken in the Current Year		180			500			800

Balance at End of the Year	$	840		$	880		$	1,470