Rayovac 2004 Annual Report Download - page 86

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RAYOVAC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
A summary of the status of the Company’s stock option plans is as follows:
2004 2003 2002
Options
Weighted-
Average
Exercise
Price Options
Weighted-
Average
Exercise
Price Options
Weighted-
Average
Exercise
Price
Outstanding, beginning of period ...................... 4,923 $13.55 4,105 $14.01 3,266 $14.12
Granted .......................................... 294 16.16 1,210 12.31 1,057 14.37
Exercised ......................................... (1,783) 11.85 (40) 4.39 (15) 8.81
Forfeited ......................................... (134) 17.04 (352) 15.73 (203) 11.30
Outstanding, end of period ........................... 3,300 $14.56 4,923 $13.55 4,105 $14.01
Options exercisable, end of period ..................... 1,995 $15.09 2,553 $12.91 1,884 $11.39
The following table summarizes information about options outstanding and outstanding and exercisable as
of September 30, 2004:
Options Outstanding
Options Outstanding and
Exercisable
Range of
Exercise Prices
Number of
Shares
Weighted-Average
Remaining
Contractual Life
Weighted-
Average
Exercise
Price
Number of
Shares
Weighted-
Average
Exercise
Price
$4.39 362 1.96 years $ 4.39 362 $ 4.39
$11.32 – $19.20 2,230 7.28 13.81 1,000 14.55
$20.18 – $23.69 651 4.89 21.66 596 21.75
$26.81 – $29.50 57 6.35 27.40 37 27.23
3,300 6.21 14.56 1,995 15.09
See Note 7, Shareholders’ Equity, for information on grants and forfeitures of restricted shares during 2004,
2003 and 2002.
(9) Income Taxes
Income tax expense was calculated based upon the following components of income from continuing operations
before income tax:
2004 2003 2002
Pretax income (loss):
United States ................................................... $(10,365) $(52,456) $47,288
Outside the United States ......................................... 100,897 75,491 (1,605)
Total pretax income .................................................. $ 90,532 $ 23,035 $45,683
The components of income tax expense are as follows:
Current:
Federal .................................................... $ (2,827) $ (8,817) $10,484
Foreign ................................................... 30,300 25,697 895
State ...................................................... 174 206 204
Total current ............................................... 27,647 17,086 11,583
Deferred:
Federal .................................................... 8,522 2,165 6,666
Foreign ................................................... 1,106 (9,356) (2,374)
State ...................................................... (2,903) (2,342) 571
Total deferred .............................................. 6,725 (9,533) 4,863
Income tax expense .............................................. $ 34,372 $ 7,553 $16,446
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