AutoNation 2015 Annual Report Download - page 83
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Table of Contents
As of December 31, 2015, there was $24.0 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements,
of which $14.4 million relates to stock options and $9.6 million relates to restricted stock. These amounts are expected to be recognized over a weighted
average period of 1.77 years.
We realized tax benefits related to stock options exercised and vesting of restricted stock of $23.3 million in 2015, $24.1 million in 2014, and $14.3
million in 2013.
The components of the income tax provision from continuing operations for the years ended December 31 are as follows:
Current:
Federal $ 235.0
$ 220.9
$ 189.7
State 34.1
32.2
28.9
Federal and state deferred 10.3
9.5
13.4
Change in valuation allowance, net 0.1
—
(3.7)
Adjustments and settlements (0.5)
(0.1)
0.3
Income tax provision $ 279.0
$ 262.5
$ 228.6
A reconciliation of the income tax provision calculated using the statutory federal income tax rate to our income tax provision from continuing operations
for the years ended December 31 is as follows:
Income tax provision at statutory rate $ 253.0
35.0
$ 238.8
35.0
$ 211.6
35.0
Non-deductible expenses (income), net 3.5
0.5
1.3
0.2
(0.6)
(0.1)
State income taxes, net of federal benefit 23.6
3.3
23.2
3.4
21.7
3.6
280.1
38.8
263.3
38.6
232.7
38.5
Change in valuation allowance, net 0.1
—
—
—
(3.7)
(0.6)
Adjustments and settlements (0.5)
(0.1)
(0.1)
—
0.3
—
Other, net (0.7)
(0.1)
(0.7)
(0.1)
(0.7)
(0.1)
Income tax provision $ 279.0
38.6
$ 262.5
38.5
$ 228.6
37.8
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