Audiovox 2010 Annual Report Download - page 92

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Audiovox Corporation and Subsidiaries
Notes to Consolidated Financial Statements, continued
February 28, 2010
(Dollars in thousands, except share and per share data)
The Company files its tax returns in the U.S. and certain state and foreign income tax jurisdictions with varying statutes of
limitations. The earliest years’ tax returns filed by the Company that are still subject to examination by the tax authorities in the major
jurisdictions are as follows:
Jurisdiction Tax Year
U.S. 2006
Germany 2006
Canada 2006
9) Capital Structure
The Company's capital structure is as follows:
Shares Authorized Shares Outstanding Voting
Par February 28, February 28, February 28, February 28,
Rights
per Liquidation
Security Value 2010 2009 2010 2009 Share Rights
Preferred
Stock $ 50.00 50,000 50,000 - - - $50 per share
Series
Preferred
Stock $ 0.01 1,500,000 1,500,000 - - -
Class A
Common
Stock $ 0.01 60,000,000 60,000,000 20,622,905 20,604,460 One
Ratably with
Class B
Class B
Common
Stock $ 0.01 10,000,000 10,000,000 2,260,954 2,260,954 Ten
Ratably with
Class A
The holders of Class A and Class B common stock are entitled to receive cash or property dividends declared by the Board of
Directors. The Board of Directors can declare cash dividends for Class A common stock in amounts equal to or greater than
the cash dividends for Class B common stock. Dividends other than cash must be declared equally for both classes. Each
share of Class B common stock may, at any time, be converted into one share of Class A common stock.
As of February 28, 2010, 1,744,033 shares of the Company's Class A common stock are authorized to be repurchased in the
open market. As of February 29, 2008 1,820,552 shares were repurchased for an aggregate amount of $18,404. During the
years ended February 28, 2010 and February 28, 2009, the Company did not purchase any shares.
Undistributed earnings from equity investments included in retained earnings amounted to $5,946 and $7,792 at February 28,
2010 and February 28, 2009, respectively.
10) Other Stock and Retirement Plans
a) Restricted Stock Plan
The Company has restricted stock plans under which key employees and directors may be awarded restricted stock.
Awards under the restricted stock plan may be performance-accelerated shares or performance-restricted shares. No
performance accelerated shares or performance-restricted shares were granted or outstanding during the years ended
February 28, 2010, February 28, 2009 and February 29, 2008.
As of February 28, 2010, 1,533,428 shares of the Company's Class A common stock are reserved for issuance under the
Company's Restricted and Stock Option Plan.
Source: AUDIOVOX CORP, 10-K, May 14, 2010 Powered by Morningstar® Document Research℠