WeightWatchers 2008 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2008 WeightWatchers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Restricted Stock Units
Pursuant to the restricted stock components of the Stock Plans, the Company has granted RSUs to certain
employees. The RSUs vest over a period of three to five years. The fair value of RSUs is determined using the
closing market price of the Company’s common stock on the date of grant. A summary of RSU activity under the
Stock Plans for the year ended January 3, 2009 is presented below:
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 29, 2007 ............................... 261 $49.14
Granted ................................................. 117 $43.84
Vested .................................................. (41) $48.54
Forfeited ................................................ (41) $48.86
Outstanding at January 3, 2009 .................................. 296 $47.16
The weighted-average grant-date fair value of RSUs granted was $43.84, $49.25 and $48.84 for the years
ended January 3, 2009, December 29, 2007 and December 30, 2006, respectively. The total fair value of RSUs
vested during the years ended January 3, 2009, December 29, 2007 and December 30, 2006 was $1,580, $3,130
and $2,922, respectively.
11. Income Taxes
The following tables summarize the Company’s consolidated provision for U.S. federal, state and foreign
taxes on income:
January 3,
2009
December 29,
2007
December 30,
2006
Current:
U.S. federal ............................................. $ 88,417 $ 77,195 $ 63,319
State ................................................... 13,082 10,711 12,395
Foreign ................................................ 19,147 20,851 17,916
$120,646 $108,757 $ 93,630
Deferred:
U.S. federal ............................................. $ 18,344 $ 17,466 $ 24,389
State ................................................... 2,096 2,030 2,787
Foreign ................................................ (9,084) (2,942) 11
$ 11,356 $ 16,554 $ 27,187
Total tax provision ....................................... $132,002 $125,311 $120,817
The components of the Company’s consolidated income before income taxes consist of the following:
January 3,
2009
December 29,
2007
December 30,
2006
Domestic ................................................... $291,858 $254,678 $260,130
Foreign .................................................... 42,491 71,813 70,512
$334,349 $326,491 $330,642
F-19