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The reasons for this difference and the related tax effects are as follows:
For the nine months ended December 31, 2012 2011(thousands of $, unless otherwise stated)--------------------------------------------------------------------------------------------------------------------------------------------------------Combined statutory tax rate 25.00% 26.13%----------------------------------------------------------------------------Expected income tax 6,209 6,147Non-deductible costs 494 396Withholding taxes 454 188Adjustment for prior year 67 -Other 42 18---------------------------------------------------------------------------- 7,266 6,749--------------------------------------------------------------------------------------------------------------------------------------------------------
The components of the Company's deferred tax liability are as follows:
(thousands of $) December 31, 2012 March 31, 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Tax liability on SR&ED investment tax credits (263) (267)Tax liability on property and equipment (34) (91)----------------------------------------------------------------------------Deferred tax liability (297) (358)--------------------------------------------------------------------------------------------------------------------------------------------------------
All movement in deferred tax assets and liabilities is recognized through comprehensive income of the respective period.
8. Share Capital:
(a) AUTHORIZED:
An unlimited number of Common Shares, an unlimited number of Non-Voting Shares, and an unlimited number of Preferred Shares, issuable in series.
(b) ISSUED:
(thousands of shares) Common Shares--------------------------------------------------------------------------------------------------------------------------------------------------------Balance, April 1, 2011 36,427Issued for cash on exercise of stock options 698Common shares buy-back (33)----------------------------------------------------------------------------Balance, December 31, 2011 37,092----------------------------------------------------------------------------Balance, April 1, 2012 37,307Issued for cash on exercise of stock options 601Common shares buy-back (91)----------------------------------------------------------------------------Balance, December 31, 2012 37,817--------------------------------------------------------------------------------------------------------------------------------------------------------
