FTD.com 2011 Annual Report Download - page 144

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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
9. STOCK-BASED COMPENSATION PLANS (Continued)
of time remaining in the 24-month offering period. The risk-free interest rate assumed in valuing the employee stock purchase plan shares is
based on the U.S. Treasury yield curve in effect at the time of grant for the expected term. The Company determines the expected dividend yield
percentage by dividing the expected annual dividend by the closing market price of the common stock at the date of grant.
For the years ended December 31, 2011, 2010 and 2009, the Company recognized $1.2 million, $1.4 million and $2.8 million, respectively,
of stock-based compensation related to the employee stock purchase plans. At December 31, 2011, total unrecognized compensation cost related
to the employee stock purchase plan was $2.2 million and was expected to be recognized over a weighted-average period of 0.7 years.
10. INCOME TAXES
Income before income taxes was comprised of the following (in thousands):
The provision for income taxes was comprised of the following (in thousands):
F-36
Year Ended December 31,
2011
2010
2009
Domestic
$
43,718
$
63,059
$
94,973
Foreign
31,688
26,856
23,256
Income before income taxes
$
75,406
$
89,915
$
118,229
Year Ended December 31,
2011
2010
2009
Current:
Federal
$
17,635
$
25,144
$
41,987
State
(4,536
)
2,743
6,617
Foreign
6,637
8,264
8,442
19,736
36,151
57,046
Deferred:
Federal
1,192
2,530
(5,822
)
State
3,805
(981
)
(1,533
)
Foreign
(1,057
)
(1,472
)
(1,547
)
3,940
77
(8,902
)
Provision for income taxes
$
23,676
$
36,228
$
48,144