Lumber Liquidators 2013 Annual Report Download - page 66

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Lumber Liquidators Holdings, Inc.
Notes to Consolidated Financial Statements
(amounts in thousands, except share data and per share amounts)
NOTE 7. STOCK-BASED COMPENSATION − (continued)
Stock Appreciation Rights
The following table summarizes activity related to SARs:
Shares
Weighted
Average
Exercise
Price
Remaining
Average
Contractual
Term (Years)
Aggregate
Intrinsic Value
Balance, December 31, 2011 ........ — $ — — $ —
Granted ..................... 9,796 24.71
Forfeited .................... (495) 24.35
Balance, December 31, 2012 ........ 9,301 $24.72 8.9 $261
Granted ..................... 7,533 71.84
Forfeited .................... (678) 57.95
Balance, December 31, 2013 ........ 16,156 $45.30 8.7 $938
Exercisable at December 31, 2013 .... 2,430 $29.34 8.3 $179
The fair value method, estimated by management using the Black-Scholes-Merton option pricing model,
is used to recognize compensation cost associated with SARs.
NOTE 8. INCOME TAXES
The components of income before income taxes were as follows:
Year Ended December 31,
2013 2012 2011
United States ............................. $128,482 $80,565 $45,259
Foreign ................................. (2,017) (2,079) (2,234)
Total Income before Income Taxes .............. $126,465 $78,486 $43,025
The provision for income taxes consists of the following:
Year Ended December 31,
2013 2012 2011
Current
Federal ............................... $43,159 $26,949 $12,291
State ................................. 6,637 4,195 2,063
Foreign ............................... 120 118 13
Total Current ............................. 49,916 31,262 14,367
Deferred
Federal ............................... (745) (387) 2,483
State ................................. (101) (164) 498
Foreign ............................... — 711 (579)
Total Deferred ............................ (846) 160 2,402
Total Provision for Income Taxes ............... $49,070 $31,422 $16,769
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