The $2.5 million figure is the correct figure.
The $300 K is full of crap.
I worked it out myself. To pay $11,951,091 in tax we needed to be over by $42,481,746.
$20,000,000 * 20% = $4,000,000
$20,000,000 * 32% = $6,400,000
$2,481,746 * 62.5% = $1,551,091