Carbonite 2011 Annual Report Download - page 72

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Table of Contents
Carbonite, Inc.
member of the Board of Directors ceases to serve on the Company’
s Board of Directors for any reason, with or without cause, the Company has the right
to repurchase some or all of the unvested shares at the fair values on the dates of issuance.
The fair value of the restricted shares is based on the fair value of the Company’s common stock on the date of grant. Stock-based compensation
expense related to restricted shares is recognized on a straight-line basis over the requisite service period. There are no performance-based measures.
Unvested share activity for the year ended December 31, 2011 is presented below:
10. Income Taxes
The domestic and foreign components of loss before provision for income taxes were as follows (in thousands):
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:
68
Shares
Weighted
-
Average Grant
Date Fair Value
per Share
Unvested shares outstanding at December 31, 2010
27,000
0.00
Granted
—
—
Vested
(18,000
)
0.00
Forfeited
—
—
Unvested shares outstanding at December 31, 2011
9,000
$
0.00
Years Ended December 31,
2011
2010
2009
Domestic
$
(22,562
)
$
(25,666
)
$
(19,225
)
Foreign
(951
)
(97
)
—
Total
$
(23,513
)
$
(25,763
)
$
(19,225
)
Year Ended December 31,
2011
2010
2009
Expected income tax benefit using U.S. federal statutory rate
34.0
%
34.0
%
34.0
%
Change in the valuation allowance
(32.4
)
(33.3
)
(33.3
)
Other
(1.7
)
(0.7
)
(0.7
)
(0.1
)%
0.0
%
0.0
%