OfficeMax 2009 Annual Report Download - page 69

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determined by dividing net income (loss), as adjusted, by weighted average shares outstanding as
follows:
2009 2008 2007
(thousands, except per-share amounts)
Net income (loss) available to OfficeMax common shareholders . . $ (2,151) $(1,661,595) $203,412
Average shares—basic(a) .............................. 77,483 75,862 75,274
Restricted stock, stock options and other(b) ................ — — 1,100
Average shares—diluted ............................... 77,483 75,862 76,374
Net income (loss) available to OfficeMax common shareholders
per common share:
Basic ........................................... $ (0.03) $ (21.90) $ 2.70
Diluted .......................................... $ (0.03) $ (21.90) $ 2.66
(a) The assumed conversion of outstanding preferred stock was anti-dilutive in all periods presented, and therefore no
adjustment was required to determine diluted income (loss) from continuing operations or average shares-diluted.
(b) Outstanding options to purchase shares of common stock totaled 1.3 million and 1.5 million at the end of 2009 and
2008, respectfully, but were not included in the computation of diluted income (loss) per common share because the
impact would have been anti-dilutive due to the loss reported for the period. Options to purchase 0.4 million shares of
common stock were outstanding during 2007, but were not included in the computation of diluted income (loss) per
common share because the impact would have been anti-dilutive as the option price was higher than the average
market price during the year.
7. Income Taxes
The income tax (provision) benefit attributable to income (loss) from continuing operations as
shown in the Consolidated Statements of Operations includes the following components:
2009 2008 2007
(thousands)
Current income tax (provision) benefit
Federal ....................................... $ 60,354 $ (10,111) $ (25,710)
State ......................................... 33,770 (24,166) (11,380)
Foreign ....................................... (9,999) (23,282) (24,582)
84,125 (57,559) (61,672)
Deferred income tax (provision) benefit
Federal ....................................... (23,190) 274,376 (61,882)
State ......................................... (29,593) 76,129 (4,785)
Foreign ....................................... (2,584) 13,535 3,057
(55,367) 364,040 (63,610)
$ 28,758 $306,481 $(125,282)
During 2009, 2008 and 2007, the Company made cash payments for income taxes, net of
refunds received, as follows:
2009 2008 2007
(thousands)
Cash tax payments (refunds), net ......................... $(71,026) $91,530 $89,483
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