Dish Network 2004 Annual Report Download - page 113

ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
The temporary differences, which give rise to deferred tax assets and liabilities as of December 31, 2004 and 2003, are
as follows:
As of December 31,
2004 2003
(In thousands)
Deferred tax assets:
NOL, credit and other carryforwards .......................................... 1,221,236$ 1,188,537$
Unrealized losses on investments ............................................... 53,923 111,221
Accrued expenses ....................................................................... 23,858 32,639
Stock compensation .................................................................... 15,122 16,967
Equity method investments ........................................................ - 1,076
Deferred revenue......................................................................... 70,286 33,288
Other ........................................................................................... 12,742 12,279
Total deferred tax assets ............................................................. 1,397,167 1,396,007
Valuation allowance ................................................................... (1,001,974) (1,111,841)
Deferred tax asset after valuation allowance .............................. 395,193 284,166
Deferred tax liabilities:
Equity method investments ........................................................ (17,128) -
Depreciation and amortization .................................................... (385,847) (288,539)
State taxes net of federal effect.................................................... (12,108) (8,503)
Other ........................................................................................... (247) (246)
Total deferred tax liabilities ........................................................ (415,330) (297,288)
Net deferred tax asset (liability) ................................................. (20,137)$ (13,122)$
Current portion of net deferred tax asset (liability) ..................... 21,318$ 37,783$
Noncurrent portion of net deferred tax asset (liability) ............... (41,455) (50,905)
Total net deferred tax asset (liability) ......................................... (20,137)$ (13,122)$
6. 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, together with all other stockholders, own outstanding Class A common stock.
There are no shares of Class C common stock outstanding.
Common Stock Repurchase Programs
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. During 2004 and 2003, we purchased approximately 25.9 million and 5.9
million shares of our Class A common stock, respectively, for approximately $809.6 million and $190.4 million,
respectively. As of July 15, 2004, we had completed this share repurchase plan, having purchased a total of 31.8
million shares of our Class A common stock for a total of $1.0 billion.
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