Metro PCS 2007 Annual Report Download - page 131
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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2007, 2006 and 2005
F-32
expense was recognized related to these options. No options were exercised and 270,900 options related to these
awards were forfeited at a weighted average exercise price of $1.57 during 2006.
15. Employee Benefit Plan:
The Company sponsors a savings plan under Section 401(k) of the Internal Revenue Code for the majority of its
employees. The plan allows employees to contribute a portion of their pretax income in accordance with specified
guidelines. The Company does not match employee contributions but may make discretionary or profit-sharing
contributions. The Company has made no contributions to the savings plan through December 31, 2007.
16. Income Taxes:
The provision for taxes on income consisted of the following (in thousands):
2007 2006 2005
Current:
Federal................................................................................................... $ 257 $ 674 $ (233)
State ...................................................................................................... 4,317 3,702 2,603
4,574
4,376 2,370
Deferred:
Federal................................................................................................... 113,611 29,959 114,733
State ...................................................................................................... 4,913 2,382 10,322
118,524 32,341 125,055
Provision for income taxes.................................................................... $ 123,098 $ 36,717 $ 127,425