XM Radio 2008 Annual Report Download - page 89
Download and view the complete annual report
Please find page 89 of the 2008 XM Radio 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.-
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
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
 |
 |
contributions, up to 6% of an employee’s pre-tax salary, in cash. Matching contributions under the XM Plan vest
immediately. Expense resulting from the matching contribution to the plans was $2,735, $1,551 and $1,246 for the
years ended December 31, 2008, 2007 and 2006, respectively.
SIRIUS may also elect to contribute to the profit sharing portion of the Sirius Plan based upon the total
compensation of eligible participants. These additional contributions, referred to as profit-sharing contributions, are
determined by the compensation committee of our board of directors. SIRIUS employees are only eligible to
receive profit-sharing contributions during any year in which they are employed on the last day of the year. Profit-
sharing contribution expense was $6,610, $4,877 and $4,251 for the years ended December 31, 2008, 2007 and
2006.
(15) Income Taxes
Our income tax expense consisted of the following:
2008 2007 2006
For the Years Ended
December 31,
Current taxes:
Federal .............................................. $ — $ — $ —
State ................................................ — 478 —
Total current taxes .................................... — 478 —
Deferred taxes:
Federal .............................................. 2,674 1,949 2,169
State ................................................ (198) 8 (104)
Total deferred taxes ................................... 2,476 1,957 2,065
Total income tax expense .................................. $2,476 $2,435 $2,065
The following table indicates the significant elements contributing to the difference between the federal tax
benefit at the statutory rate and at our effective rate:
2008 2007 2006
For the Years Ended December 31,
Federal tax benefit, at statutory rate .................. $(1,858,784) $(196,986) $(385,981)
State income tax benefit, net of federal benefit .......... (185,879) (22,385) (52,650)
Change in state tax rates . . ........................ 17,307 25,355 45,916
Change in taxes resulting from permanent
differences, net................................ 1,930,650 (2,707) (37,633)
Other......................................... (477) 261 (974)
Change in valuation allowance ...................... 99,659 198,897 433,387
Income tax expense .............................. $ 2,476 $ 2,435 $ 2,065
F-39
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)