WeightWatchers 2003 Annual Report Download - page 76

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
10. Stock Plans (Continued)
A summary of the stock option activity under the WeightWatchers.com Stock Incentive Plan is as
follows:
January 3, 2004 December 28, 2002 December 29, 2001
Weighted Weighted Weighted
Number of average Number of average Number of average
Shares exercise price Shares exercise price Shares exercise price
Options outstanding, Beginning of
year ....................... 152 $0.50 164 $0.50 173 $0.50
Granted .................... — — —
Exercised ................... — — —
Cancelled ................... (1) $0.50 (12) $0.50 (9) $0.50
Options outstanding, end of year . . . 151 $0.50 152 $0.50 164 $0.50
Options exercisable, end of year .... 133 $0.50 115 $0.50 84 $0.50
Options available for grant, end of
year ....................... 249 248 236
Weighted average fair value of
options granted during the year . . . — — —
The weighted average remaining contractual life of options outstanding at January 3, 2004 was
6.3 years.
11. Income Taxes
The following tables summarize the provision for (benefit from) U.S. federal, state and foreign
taxes on income:
January 3, December 28, December 29,
2004 2002 2001
Current:
U.S federal ......................... $40,527 $55,670 $ 27,582
State ............................. 10,740 14,650 7,110
Foreign ........................... 20,344 16,921 11,394
$71,611 $87,241 $ 46,086
Deferred:
U.S federal ......................... $15,173 $ 4,565 $(61,264)
State ............................. 1,734 397 (5,618)
Foreign ........................... (230) (396) (4,186)
$16,677 $ 4,566 $(71,068)
Total tax provision (benefit) .............. $88,288 $91,807 $(24,982)
F-22