Panera Bread 2009 Annual Report Download - page 76

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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 29,
2009
December 30,
2008
December 25,
2007
For the Fiscal Year Ended
Statutory rate provision ......................... 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefit and other. . 3.1 3.0 0.4
38.1% 38.0% 35.4%
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 29,
2009
December 30,
2008
Deferred tax assets:
Accrued expenses ....................................... $42,029 $28,794
Stock-based compensation ................................ 2,531 3,875
Other................................................ 15 1,463
Total deferred tax assets .................................. $44,575 $34,132
Deferred tax liabilities:
Property and equipment .................................. $(39,433) $ (7,021)
Goodwill and other intangibles ............................. (15,270) (13,825)
Total deferred tax liabilities ............................... $(54,703) $(20,846)
Net deferred tax asset (liability) .............................. $(10,128) $ 13,286
Net current deferred tax asset ................................ $18,685 $ 9,937
Net non-current deferred tax asset (liability) ..................... $(28,813) $ 3,349
70
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)