Panera Bread 2008 Annual Report Download - page 80

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A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows for the periods
indicated:
December 30,
2008
December 25,
2007
December 26,
2006
For the Fiscal Year Ended
Statutory rate provision ......................... 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit and other. . 3.0 0.4 1.5
38.0% 35.4% 36.5%
The tax effects of the significant temporary differences which comprise the deferred tax assets and liabilities
were as follows for the periods indicated (in thousands):
December 30,
2008
December 25,
2007
Deferred tax assets:
Accrued expenses ....................................... $28,794 $ 21,980
Stock-based compensation ................................ 3,875 3,988
Other ................................................ 1,463 1,292
Total deferred tax assets .................................. $34,132 $ 27,260
Deferred tax liabilities:
Property and equipment .................................. $ (7,021) $ (6,497)
Goodwill and other intangibles ............................. (13,825) (11,584)
Total deferred tax liabilities ............................... $(20,846) $(18,081)
Net deferred tax asset ...................................... $13,286 $ 9,179
Net current deferred tax asset ................................ $ 9,937 $ 7,199
Net non-current deferred tax asset............................. $ 3,349 $ 1,980
73
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)