Dish Network 2003 Annual Report Download - page 100

ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
F–33
The temporary differences, which give rise to deferred tax assets and liabilities as of December 31, 2003 and 2002, are
as follows:
As of December 31,
2002
As Restated
2003 (Note 3)
(In thousands)
Deferred tax assets:
NOL, credit and other carryforwards .......................................... 1,188,537$ 1,087,555$
Unrealized losses on investments ............................................... 111,221 97,740
Accrued expenses ....................................................................... 32,639 58,967
Stock compensation .................................................................... 16,967 33,331
Loss on equity method investments ........................................... 1,076 26,305
Other ........................................................................................... 45,567 38,333
Total deferred tax assets ............................................................. 1,396,007 1,342,231
Valuation allowance ................................................................... (1,111,841) (1,140,616)
Deferred tax asset after valuation allowance .............................. 284,166 201,615
Deferred tax liabilities:
Depreciation and amortization .................................................... (288,539) (206,107)
State taxes net of federal effect.................................................... (8,503) (1,074)
Other ........................................................................................... - (14)
Total deferred tax liabilities ........................................................ (297,042) (207,195)
N
et deferred tax asset (liability) ................................................. (12,876)$ (5,580)$
Current Portion of net deferred tax asset (liability) .................... 37,783$ 18,676$
Non current portion of net deferred tax asset (liability) .............. (50,659) (24,256)
Total net deferred tax asset (liability) ......................................... (12,876)$ (5,580)$
7. Stockholders’ Equity (Deficit)
Common Stock
The class A, class B and class C common stock are equivalent in all respects except voting rights. Holders of Class A
and class C common stock are entitled to one vote per share and holders of class B common stock are entitled to 10
votes per share. Each share of class B and class C common stock is convertible, at the option of the holder, into one
share of class A common stock. Upon a change in control of ECC, each holder of outstanding shares of class C
common stock is entitled to 10 votes for each share of class C common stock held. Our principal stockholder owns all
outstanding class B common stock and all other stockholders own class A common stock. There are no shares of class
C common stock outstanding.
Common Stock Repurchase
During the fourth quarter of 2003, our Board of Directors authorized the repurchase of an aggregate of up to $1.0
billion of our class A common stock. We may make repurchases of our class A common stock through open market
purchases or privately negotiated transactions subject to market conditions and other factors. Our repurchase programs
do not require us to acquire any specific number or amount of securities and any of those programs may be terminated
at any time. We may enter into Rule 10b5-1 plans from time to time to facilitate repurchases of our securities. As of
December 31, 2003, treasury shares have been repurchased at a cost of approximately $190.4 million.