Dish Network 2004 Annual Report Download - page 112
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ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
During 2004 and 2003, stock option compensation expenses related to the 1999 Incentive Plan, for which an estimated
deferred tax benefit was previously recorded, exceeded the actual tax deductions allowed. Tax charges associated with
the reversal of the prior tax benefit have been allocated to additional paid-in capital in accordance with Accounting
Principals Board Opinion No. 25, “Accounting for Stock Issued to Employees.” During 2004 and 2003, charges of
$2.2 and $6.4 million, respectively, were made to additional paid-in capital.
The components of the (provision for) benefit from income taxes are as follows:
For the Years Ended December 31,
2004 2003 2002
(In thousands)
Current
(p
rovision
)
benefit:
Federal ............................................................................ $ (523) $ (141) $ -
State... ............................................................................. (5,824) (13,608) (5,279)
Foreign ............................................................................ (428) (739) (2,075)
(6,775) (14,488) (7,354)
Deferred
(p
rovision
)
benefit:
Federal ............................................................................ (75,306) (71,318) 224,452
State ................................................................................ (6,313) (11,579) (12,333)
Decrease (increase) in valuation allowance .................... 76,785 83,009 (277,863)
(4,834) 112 (65,744)
Total benefit (provision).................................................. (11,609)$ (14,376)$ (73,098)$
The actual tax provisions for 2004, 2003 and 2002 reconcile to the amounts computed by applying the statutory Federal
tax rate to income before taxes as follows:
For the Years Ended December 31,
2004 2003 2002
% of pre-tax (income)/loss
Statutory rate .............................................................................. (35.0) (35.0) 35.0
State income taxes, net of Federal benefit .................................. (3.5) (6.8) (1.5)
Contingent value rights ............................................................... - - (0.9)
Foreign taxes and income not U.S. taxable ................................. (0.8) - (0.2)
Stock option compensation ......................................................... (0.6) (1.2) 0.7
Deferred tax asset adjustment for filed returns ........................... 2.3 3.7 (2.1)
Cumulative change in effective state tax rate .............................. - - (4.1)
Intangible amortization and other ............................................... (1.5) (1.5) (0.6)
Decrease (increase) in valuation allowance ................................ 34.0 34.8 (35.7)
Total benefit (provision) for income taxes ................................. (5.1) (6.0) (9.4)
F–32