CDW 2003 Annual Report Download - page 55

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42
2003 2002
Assets:
Accounts receivable $ 4,824 $ 4,851
Payroll and benefits 5,399 4,737
Employee stock plans 4,110 5,014
Merchandise inventory 1,467 734
Accrued expenses 457 1,435
Exit charge 130 489
Property and equipment - 174
Loss carryforwards 31 -
Other 638 825
Gross deferred assets 17,056 18,259
Liabilities:
Property and equipment 538 -
Gross deferred liabilities 538 -
Deferred tax asset valuation allowance 31 -
Net deferred tax asset $ 16,487 $ 18,259
The portion of the net deferred tax asset relating to employee stock plans results primarily from the
compensatory stock option grants under the CDW Stock Option Plans. Compensation expense related to
these plans is deductible for income tax purposes in the year the options are exercised.
The net operating loss in Canada of $77,213 may be carried forward to 2010.
11. Stock-Based Compensation
CDW Stock Option Plans
We have established certain stock-based compensation plans for the benefit of our directors and coworkers.
Pursuant to these plans, as of December 31, 2003, we have reserved a total of 6,917,010 common shares for
future stock option grants. The plans generally include vesting requirements from one to 10 years and option
lives of up to 20 years. Options may be granted at exercise prices ranging from $0.01 to the market price of the
common stock at the date of grant.
Option activity for the years ended December 31, 2001, 2002 and 2003 was as follows: