Gulf Island Fabrication, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

A reconciliation of the U.S. federal statutory tax rate to our effective tax rate for 2024 and 2023, is as follows (in thousands):


	Years Ended December 31,
	2024			2023
U.S. statutory rate		21.0	%		21.0	%
Increase (decrease) resulting from:
Permanent differences		2.2	%		(1.0	)%
State income taxes		2.3	%		(0.3	)%
Discrete items
Vesting of common stock		(0.9	)%		(0.2	)%
Statutory rate change		5.4	%		—	%
Change in valuation allowance		(31.3	)%		(19.4	)%
Return to provision and other		0.9	%		0.1	%
Effective tax rate		(0.4	)%		0.2	%

Significant components of our income tax (expense) benefit for 2024 and 2023, were as follows (in thousands):

Significant components of our deferred tax assets and liabilities at December 31, 2024 and 2023, were as follows (in thousands):


	December 31,
	2024			2023
Deferred tax assets
Leases	$	56		$	144
Employee benefits		1,479			1,499
Accrued losses on uncompleted contracts		2			77
Stock based compensation expense		336			373
Debt interest		469			516
Federal net operating losses		25,492			28,413
State net operating losses		2,284			3,407
R&D and other tax credits		1,070			1,037
Other		78			242
Total deferred tax assets		31,266			35,708
Deferred tax liabilities
Depreciation		(446	)		(564	)
Prepaid insurance		(487	)		(280	)
Total deferred tax liabilities		(933	)		(844	)
Net deferred tax assets		30,333			34,864
Valuation allowance		(30,333	)		(34,927	)
Net deferred taxes (1)	$	—		$	(63	)

(1)

Amounts are included in other noncurrent liabilities on our Balance Sheet.