NetFlix 2012 Annual Report Download - page 74

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respectively. The total income tax benefit recognized in the income statement related to stock option plans and
employee stock purchases was $28.5 million, $22.8 million and $11.2 million for 2012, 2011 and 2010,
respectively.
Stock Repurchase Program
The following table presents a summary of the Company’s stock repurchases:
Year ended December 31,
2011 2010
(in thousands, except per share data)
Total number of shares repurchased ................... 900 2,606
Dollar amount of shares repurchased .................. $ 199,666 $ 210,259
Average price paid per share ......................... $ 221.88 $ 80.67
Range of price paid per share ........................ $160.11 – $248.78 $60.23 – $126.01
Under the stock repurchase plan announced on June 11, 2010, the Company was authorized to repurchase up
to $300 million of its common stock through the end of 2012. As of December 31, 2012, the Company has
repurchased $259.0 million of its common stock under this plan. As of December 31, 2012, the plan has expired
and the remaining $41.0 million was unused.
8. Income Taxes
Income before provision for income taxes was as follows:
Year Ended December 31,
2012 2011 2010
(in thousands)
United States .................................................... $27,885 $359,786 $267,696
Foreign ......................................................... 2,595 (264) —
Income before income taxes ..................................... $30,480 $359,522 $267,696
The components of provision for income taxes for all periods presented were as follows:
Year Ended December 31,
2012 2011 2010
(in thousands)
Current tax provision:
Federal .......................................... $34,387 $123,406 $ 86,002
State ............................................ 7,850 28,657 21,803
Foreign ......................................... 1,162 (70) —
Total current ................................. 43,399 151,993 107,805
Deferred tax provision:
Federal .......................................... (26,903) (14,008) (1,615)
State ............................................ (3,168) (4,589) 653
Total deferred ................................ (30,071) (18,597) (962)
Provision for income taxes .............................. $13,328 $133,396 $106,843
U.S. income taxes and foreign withholding taxes associated with the repatriation of earnings of foreign
subsidiaries were not provided for on a cumulative total of $1.6 million of undistributed earnings for certain
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