Capital One 2005 Annual Report Download - page 97
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Significant components of the provision for income taxes attributable to continuing operations were as follows:
Year Ended December 31
2005 2004 2003
Federal taxes $ 899,646 $ 749,800 $ 614,730
State taxes 30,180 33,849 8,346
International taxes (19,558) 35,107 5,914
Deferred income taxes 109,587 (2,174) 38,092
Income taxes $ 1,019,855 $ 816,582 $ 667,082
The reconciliation of income tax attributable to continuing operations computed at the U.S. federal statutory tax rate to
come tax expense was: in
Year Ended December 31
2005 2004 2003
Income tax at statutory federal tax rate 35.00% 35.00% 35.00%
Other, including state taxes 1.05 (0.40) 2.00
Income taxes 36.05% 34.60% 37.00%
Note 15
E
arnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Year Ended December 31
(Shares in Thousands) 2005 2004 2003
Numerator:
Income before change in accounting principle $ 1,809,147 $ 1,543,482 $ 1,150,879
Cumulative effect of accounting change —
— (15,037)
Net income $ 1,809,147 $ 1,543,482 $ 1,135,842
Denominator:
Denominator for basic earnings per share-
Weighted-average shares 259,159
235,613 224,832
Effect of dilutive securities:
Stock options 7,367
10,594 8,471
Restricted stock and units 2,382
2,560 800
Dilutive potential common shares 9,749
13,154 9,271
Denominator for diluted earnings per share-
Adjusted weighted-average shares 268,908
248,767 234,103
Basic earnings per share
Before cumulative effect of accounting change $ 6.98
$ 6.55 $ 5.12
Cumulative effect of accounting change —
— (0.07)
After cumulative effect of accounting change $ 6.98
$ 6.55 $ 5.05
Diluted earnings per share
Before cumulative effect of accounting change $ 6.73
$ 6.21 $ 4.92
Cumulative effect of accounting change —
— (0.07)
After cumulative effect of accounting change $ 6.73
$ 6.21 $ 4.85
Securities of approximately 1,862,000, 218,000 and 20,755,000 during 2005, 2004 and 2003, respectively, were not included
the computation of diluted earnings per share because their inclusion would be antidilutive. in
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