iRobot 2014 Annual Report Download - page 131

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iROBOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
58
During the fiscal year ended December 27, 2014, the Company recognized $9.7 million of stock-based compensation
expense associated with restricted stock units. As of December 27, 2014, December 28, 2013 and December 29, 2012, the
unamortized fair value of all restricted stock units was $20.1 million, $17.5 million and $17.9 million, respectively. The
Company expects to recognize associated stock-based compensation expense of $8.3 million, $6.4 million, $4.0 million and
$1.4 million in 2015, 2016, 2017 and 2018, respectively.
The table below summarizes activity relating to restricted stock units:
Number of
Shares Underlying
Restricted Stock
Weighted Average
Grant Date Fair
Value
Outstanding at December 31 2011 607,505 $ 22.77
Granted 685,529 24.62
Vested (204,053) 21.24
Forfeited (147,951) 25.07
Outstanding at December 29, 2012 941,030 $ 24.09
Granted 521,056 25.87
Vested (348,141) 22.57
Forfeited (186,291) 24.91
Outstanding at December 28, 2013 927,654 $ 25.50
Granted 372,159 38.25
Vested (318,367) 25.38
Forfeited (71,591) 28.42
Outstanding at December 27, 2014 909,855 $ 30.53
10. Income Taxes
The components of income tax expense were as follows:
Fiscal Year Ended
December 27,
2014 December 28,
2013 December 29,
2012
(In thousands)
Current
Federal $ 15,128 $ 6,363 $ 12,540
State 129 1,124 473
Foreign 91 41 (8)
Total current tax provision 15,348 7,528 13,005
Deferred
Federal 1,268 (2,026)(4,003)
State (2,010)(728)(692)
Total deferred tax provision (742)(2,754)(4,695)
Total income tax provision $ 14,606 $ 4,774 $ 8,310
In certain jurisdictions, an immaterial provision has been made for deferred taxes on undistributed earnings of non-
U.S. subsidiaries that the Company expects to distribute in 2015. In other jurisdictions, for the remaining undistributed
earnings of non-U.S. subsidiaries, no provision has been made for deferred taxes as these earnings have been indefinitely
reinvested. As of December 27, 2014, a deferred tax liability has not been established for approximately $0.6 million of
cumulative undistributed earnings of non-U.S. subsidiaries, as the Company plans to keep these amounts permanently
reinvested overseas. The amount of any unrecognized deferred tax liability on these undistributed earnings would be
immaterial.
Form 10-K