Pep Boys 2005 Annual Report Download - page 66

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61
THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 28, 2006, January 29, 2005 and January 31, 2004
(dollar amounts in thousands, except share data)
The following table summarizes the pro forma net earnings and earnings per share for the fiscal periods ended January
29, 2005 and January 31, 2004 had the Company adopted the provisions of FIN 47 prior to January 28, 2006:
Year ended
January 29,
2005
January 31,
2004
Net Earnings (Loss):
As reported $ 23,579 $ (33,894)
Pro Forma $ 23,409 $ (34,067)
Net Earnings (Loss) per share:
Basic:
As reported $ 0.42 $ (0.65)
Pro Forma $ 0.42 $ (0.65)
Diluted:
As reported $ 0.41 $ (0.65)
Pro Forma $ 0.41 $ (0.65)
NOTE 14—INCOME TAXES
The provision for income taxes includes the following:
Year ended
January 28,
2006
January 29,
2005
January 31,
2004
Current:
Federal $ — $ (21,764) $ (8,247)
State 1,640 (1,268) 1,856
Deferred:
Federal (20,407) 35,379 (289)
State (1,786) 2,843 (2,274)
$ (20,553) $ 15,190 $ (8,954)
A reconciliation of the statutory federal income tax rate to the effective rate of the provision for income taxes follows:
Year ended
January 28,
2006
January 29,
2005
January 31,
2004
Statutory tax rate 35.0% 35.0% 35.0%
State income taxes, net of federal tax benefits 0.9 2.8 0.7
Job credits 0.8 (1.0) 0.5
Other, net (0.2) 0.6 0.5
36.5% 37.4% 36.7%