ManpowerGroup 2008 Annual Report Download - page 59

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57Manpower Annual Report 2008 Notes to Consolidated Financial Statements
The calculations of Net Earnings Per Share – Diluted for the years ended December 31, 2008 and 2007 do not include certain
stock option grants because the exercise price for these options is greater than the average market price of the common shares
during that year. The number, exercise prices and weighted-average remaining life of these antidilutive options is as follows:
2008 2007
Shares (in thousands) 2,452 785
Exercise price ranges $52-$93 $76-$93
Weighted-average remaining life 8.3 years 9.3 years
There were no antidilutive options during 2006.
05.
Income Taxes
The provision for income taxes from continuing operations is as follows:
Year Ended December 31 2008 2007 2006
Current
United States:
Federal $ 46.1 $ 19.4 $ 28.7
State 3.6 6.4 6.2
Non-U.S. 220.2 255.3 160.9
Total current 269.9 281.1 195.8
Deferred
United States:
Federal (27.3) 25.8 (1.6)
State (1.0) 1.4 (1.1)
Non-U.S. (2.2) (1.8) (16.9)
Total deferred (30.5) 25.4 (19.6)
Total provision $ 239.4 $ 306.5 $ 176.2
A reconciliation between taxes computed at the U.S. Federal statutory rate of 35% and the consolidated effective tax rate is
as follows:
Year Ended December 31 2008 2007 2006
Income tax based on statutory rate $ 160.4 $ 276.9 $ 168.7
Increase (decrease) resulting from:
State income taxes, net of federal benefit 2.8 4.8 2.8
Non-U.S. tax rate differences (5.9) (13.4) 1.5
Repatriation of non-U.S. earnings 16.7 1.1 (2.8)
Change in valuation reserve 7.5 25.0 13.9
Non-deductible goodwill impairment charge 49.3 — —
Non-deductible legal reserve in France 17.6 4.8 —
Other, net (9.0) 7.3 (7.9)
Tax provision $ 239.4 $ 306.5 $ 176.2