Dick's Sporting Goods 2011 Annual Report Download - page 91

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DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Employee Stock Purchase Plan – The Company has an employee stock purchase plan, which provides
that eligible employees may purchase shares of the Company’s common stock at a purchase price of
85% of the lesser of the fair market value of the stock on the first business day or the last business day
of the semi-annual offering period. The total number of shares issuable under the plan is 4,620,000.
The Company suspended the ESPP in March 2009, such that its employees were not permitted to
purchase shares under the plan subsequent to the period ended June 30, 2009.
10. Income Taxes
The components of the provision for income taxes are as follows (in thousands):
2011 2010 2009
Current:
Federal $ 119,893 $ 79,931 $ 65,424
State 23,075 17,498 13,242
142,968 97,429 78,666
Deferred:
Federal 23,130 18,910 8,202
State 2,022 (905) 949
25,152 18,005 9,151
Total provision $ 168,120 $ 115,434 $ 87,817
The provision for income taxes differs from the amounts computed by applying the federal statutory
rate as follows for the following periods:
2011 2010 2009
Federal statutory rate 35.0% 35.0% 35.0%
State tax, net of federal benefit 4.1% 3.8% 4.7%
Other permanent items (0.2)% - (0.4)%
Effective income tax rate 38.9% 38.8% 39.3%
Dick’s Sporting Goods, Inc. 2011 Annual Report 69