Comcast 2010 Annual Report Download - page 89

Table of Contents
79
Comcast 2010 Annual Report on Form 10-
K
years, and do not have voting or dividend rights prior to
vesting. The table below summarizes the weighted-average
fair value at the date of grants of the RSUs.
2010 Restricted Stock Plan Activity
Vested Restricted Share Units
The restricted stock plan also provides certain employees
and directors the opportunity to defer the receipt of shares of
Class A or Class A Special common stock that would
otherwise be deliverable when their RSUs vest. As of
December 31, 2010, approximately 1.1 million and 76,000
shares of Class A common stock and Class A Special
common stock, respectively, were issuable under vested
RSU awards, the receipt of which was irrevocably deferred
by participants.
Employee Stock Purchase Plan
We maintain an employee stock purchase plan that offers
employees the opportunity to purchase shares of Class A
common stock at a 15% discount. We recognize the fair
value of the discount associated with shares purchased
under the plan as share-based compensation expense. The
employee cost associated with participation in the plan was
satisfied with payroll deductions of approximately $50 million,
$48 million and $50 million in 2010, 2009 and 2008,
respectively.
2010
2009
2008
Weighted-average fair
value at grant date
$
16.94
$
13.60
$
18.06
Nonvested
Restricted
Share Unit
Awards
(in thousands)
Weighted-
Average
Fair Value
at Grant Date
Class A Common Stock
Nonvested awards
outstanding as of
January 1, 2010
26,537
$
17.34
Granted
10,803
$
16.94
Vested
(5,464
)
$
18.57
Forfeited
(2,325
)
$
17.40
Nonvested awards
outstanding as of
December 31, 2010
29,551
$
16.94
Year ended December 31 (in millions)
2010
2009
2008
Fair value of RSUs vested
$
99
$
61
$
65
Tax benefit of RSUs vested
$
36
$
22
$
23
Note 16: Income Taxes
Components of Income Tax Expense
Our income tax expense differs from the federal statutory
amount because of the effect of the items detailed in the
table below.
Year ended December 31
(in millions)
2010
2009
2008
Current expense
(benefit)
Federal
$
1,502
$
802
$
751
State
385
(156
)
287
1,887
646
1,038
Deferred expense
(benefit)
Federal
463
945
547
State
86
(113
)
(52
)
549
832
495
Income tax expense
$
2,436
$
1,478
$
1,533
Year ended December 31
(in millions)
2010
2009
2008
Federal tax at
statutory rate
$
2,136
$
1,787
$
1,420
State income taxes,
net of federal
benefit
204
174
45
Nondeductible losses
from joint ventures
and equity in net
income (losses) of
affiliates, net
—
1
(1
)
Benefit related to
certain subsidiary
reorganizations
—
(
151
)
—
Adjustments to
uncertain and
effectively settled
tax positions
37
(178
)
34
Accrued interest on
uncertain and
effectively settled
tax positions, net
60
(120
)
65
Other
(1
)
(35
)
(30
)
Income tax expense
$
2,436
$
1,478
$
1,533