Cracker Barrel 2013 Annual Report Download - page 52

of common stock or an equivalent security for each Right,
other than Rights held by the Acquiring Person.
Anti-Dilution Provisions
e Board of Directors may adjust the purchase price of the
Preferred Shares, the number of Preferred Shares issuable and
the number of outstanding Rights to prevent dilution that
may occur from a stock dividend, a stock split, a reclassica-
tion of the Preferred Shares or common stock.
Amendments
e terms of the Rights Agreement may be amended by the
Board of Directors without the consent of the holders of the
Rights. Aer a person or group becomes an Acquiring Person,
the Board of Directors may not amend the agreement in a
way that adversely aects holders of the Rights.
Expiration
e Rights Agreement will expire on April 9, 2015.
13 EMPLOYEE SAVINGS PLANS
e Company sponsors a qualied dened contribution
retirement plan (“401(k) Savings Plan”) covering salaried and
hourly employees who have completed ninety days of
service and have aained the age of twenty-one. is plan
allows eligible employees to defer receipt of up to 50% of their
compensation, as dened in the plan. e Company also
sponsors a non-qualied dened contribution retirement
plan(“Non-QualiedSavingsPlan”)coveringhighly
compensated employees, as dened in the plan. is plan
allows eligible employees to defer receipt of up to 50%
of their base compensation and 100% of their eligible
bonuses, as dened in the plan.
Contributions under both plans may be invested in various
investment funds at the employee’s discretion. Such
contributions, including the Company’s matching contribu-
tions described below, may not be invested in the Company’s
common stock. In 2013, 2012 and 2011, the Company
matched 25% of employee contributions for each participant
in either plan up to a total of 6% of the employee’s
compensation. Employee contributions vest immediately
while Company contributions vest 20% annually beginning
on the rst anniversary of a contribution date and are
vested 100% on the h anniversary of such contribution date.
AttheinceptionoftheNon-QualiedSavingsPlan,
the Company established a Rabbi Trust to fund the plan’s
obligations. e market value of the trust assets for the
Non-QualiedSavingsPlanof$25,263isincludedinother
assets and the related liability to the participants of $25,263
is included in other long-term obligations in the Consoli-
dated Balance Sheets. Company contributions under both
plans are recorded as either labor and other related expenses
or general and administrative expenses in the Consolidated
Statements of Income.
e following table summarizes the Company’s contribu-
tions for each plan for each of the three years:
2013 2012 2011
401(k) Savings Plan $ 2,180 $ 2,026 $ 1,986
Non-QualiedSavingsPlan  241  283  388
14 INCOME TAXES
e components of the provision for income taxes for each of
the three years were as follows:
2013 2012 2011
Current:
Federal $ 44,853 $ 34,074 $ 17,231
State 4,375 7,928 5,577
Deferred:
Federal (4,365) 886 9,019
State 3,654 319 (1,344)
Total provision for income taxes $ 48,517 $ 43,207 $ 30,483
A reconciliation of the Company’s provision for income
taxes and income taxes based on the statutory U.S. federal rate
of 35% was as follows:
2013 2012 2011
Provision computed at federal
statutory income tax rate $ 58,024 $ 51,201 $ 40,492
State and local income taxes,
net of federal benet 5,698 6,424 3,050
Employer tax credits for FICA taxes
paid on employee tip income (9,635) (9,114) (8,351)
Other employer tax credits (5,927) (4,938) (5,098)
Other-net 357 (366) 390
Total provision for income taxes $ 48,517 $ 43,207 $ 30,483
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