Circuit City 1999 Annual Report Download - page 27

The following table summarizes information for the three years ended December 31, 1999 concerning currently outstanding and exercisable
options:
An aggregate of 420,348 options granted during 1997, with exercise prices ranging from $24.38 to $49.13, were re-priced on April 28, 1997
with an exercise price of $17.50, which represented the market price of the common stock at such date. All other terms of these options
remained unchanged.
7. INCOME TAXES
The provision for income taxes consists of the following (in thousands):
Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations.
A reconciliation of the difference between the income tax expense and the computed income tax expense based on the Federal statutory
corporate rate is as follows (in thousands):
The deferred tax assets (liabilities) are comprised of the following (in thousands):
1999 1998 1997
-------------------------- --------------------------- -------------------------
WEIGHTED-AVERAGE WEIGHTED AVERAGE WEIGHTED AVERAGE
Fixed Options ............................ SHARES EXERCISE PRICE SHARES EXERCISE PRICE SHARES EXERCISE PRICE
------- ------------- ------ ------------------ ------ ----------------
Outstanding at beginning of year ......... 1,642,848 $18.04 1,304,948 $19.28 1,206,500 $25.45
Granted .................................. 848,700 $ 7.32 469,450 $14.49 604,146 $19.19
Cancelled ................................ (65,164) $17.14 (131,550) $17.64 (505,698) $33.90
------- -------- --------
Outstanding at end of year ............... 2,426,384 $14.34 1,642,848 $18.04 1,304,948 $19.28
========= ========= =========
Options exercisable at year end .......... 595,050 335,550 189,000
Weighted average fair value per
option granted during the year ........ $3.02 $5.77 $13.05
AS OF DECEMBER 31, 1999:
RANGE OF WEIGHTED-AVERAGE WEIGHTED-AVERAGE WEIGHTED-AVERAGE
EXERCISE NUMBER REMAINING EXERCISE NUMBER EXERCISE
PRICE OUTSTANDING CONTRACTUAL LIFE PRICE EXERCISABLE PRICE
--------------------- ------------- ------------------ --------------- ----------- -------------------
$ 7.31 to $ 15.00 1,081,700 9.60 $ 8.41
$ 15.01 to $ 20.00 1,105,684 6.48 $ 17.42 456,050 $ 17.40
$ 20.01 to $ 30.00 235,000 5.64 $ 26.76 135,000 $ 26.68
$ 30.01 to $ 39.06 4,000 6.33 $ 39.06 4,000 $ 39.06
----- -----
$ 7.31 to $ 39.06 2,426,384 7.79 $ 14.34 595,050 $ 19.65
========= =======
YEAR ENDED DECEMBER 31 1999 1998 1997
---------------------- ------- -------- ---------
Current:
Federal $ 18,145 $ 22,072 $ 23,274
State 3,558 4,259 4,107
Foreign 1,648 2,242 1,041
Deferred 1,160 (2,749) (5,136)
-------- -------- ---------
Total $ 24,511 $ 25,824 $ 23,286
======== ======== =========
YEAR ENDED DECEMBER 31 1999 1998 1997
---------------------- --------- --------- ---------
Income tax at Federal statutory rate $ 21,183 $ 23,477 $ 21,734
State and local income taxes, net of federal
tax benefit 2,461 2,511 2,092
Foreign operating losses with no benefit provided 932
Other items, net (65) (164) (540)
-------- -------- ---------
$ 24,511 $ 25,824 $ 23,286
======== ======== =========
1999 1998
-------- ------
Current:
Deductible assets.................................. $(5,380) $ (4,106)