Invacare 2015 Annual Report Download - page 109

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INVACARE CORPORATION AND SUBSIDIAIRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
FS-37
A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):
2015 2014
Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,019 $ 10,833
Additions to:
Positions taken during the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 348
Positions taken during a prior year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 418
Deductions due to:
Exchange rate impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,197)(362)
Positions taken during a prior year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (527) —
Lapse of statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (239)(218)
Balance at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,553 $ 11,019
The company recognizes interest and penalties associated with uncertain tax positions in income tax expense. During 2015,
2014 and 2013 the (expense) benefit for interest and penalties was $(315,000), $(500,000) and $(676,000), respectively. The
company had approximately $5,440,000 and $5,130,000 of accrued interest and penalties as of December 31, 2015 and 2014,
respectively.
The company and its subsidiaries file income tax returns in the U.S. and certain foreign jurisdictions. The company is subject
to U.S. federal income tax examinations for calendar years 2012 to 2015, and is subject to various U.S. state income tax examinations
for 2011 to 2015. With regards to foreign income tax jurisdictions, the company is generally subject to examinations for the periods
2009 to 2015.
Net Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted net earnings (loss) per common share.
2015 2014 2013
(In thousands except per share data)
Basic
Average common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,171 32,009 31,915
Net loss from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (26,450) $ (68,760) $ (54,334)
Net earnings from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 260 $ 12,690 $ 87,385
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (26,190) $ (56,070) $ 33,051
Net loss per common share from continuing operations. . . . . . . . . . . . . . . . . . . . $ (0.82) $ (2.15) $ (1.70)
Net earnings per common share from discontinued operations . . . . . . . . . . . . . . $ 0.01 $ 0.40 $ 2.74
Net earnings (loss) per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.81) $ (1.75) $ 1.04
Diluted
Average common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,171 32,009 31,915
Stock options and awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512 188 128
Average common shares assuming dilution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,683 32,197 32,043
Net loss from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (26,450) $ (68,760) $ (54,334)
Net earnings from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 260 $ 12,690 $ 87,385
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (26,190) $ (56,070) $ 33,051
Net loss per common share from continuing operations * . . . . . . . . . . . . . . . . . . $ (0.82) $ (2.15) $ (1.70)
Net earnings per common share from discontinued operations . . . . . . . . . . . . . . $ 0.01 $ 0.39 $ 2.73
Net earnings (loss) per common share *. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.81) $ (1.75) $ 1.03
* Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in
which there is a net loss.