Napa Auto Parts 2009 Annual Report Download - page 50

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Table of Contents


(3) The exercise prices for options outstanding as of December 31, 2009 ranged from approximately $21 to $49. The weighted-average
remaining contractual life of all options outstanding is approximately six years.
The weighted-average grant date fair value of options and SARs granted during the years 2008 and 2007 was $5.78 and $9.64,
respectively. The Company had no grant activity for the year ended December 31, 2009. The aggregate intrinsic value of options exercised
during the years ended December 31, 2009, 2008, and 2007 was $4,700,000, $5,000,000, and $15,600,000.
In 2008, the Company granted approximately 1,385,000 SARs and 116,000 RSUs. In 2007, the Company granted approximately
1,272,000 SARs and 95,000 RSUs.
A summary of the Company’s nonvested share awards (RSUs) activity is as follows:



  

Nonvested at January 1, 2009 274 $ 42
Granted — —
Vested (68) 44
Forfeited (80) 42
Nonvested at December 31, 2009 126 $ 42
For the years ended December 31, 2009, 2008 and 2007 approximately ($684,000), ($586,000) and $4,430,000, respectively, of
excess tax (expense) benefits was classified as a financing cash (outflow) inflow.
 
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and amounts used for income tax purposes. Undistributed earnings of the Company’s foreign subsidiaries
are considered to be indefinitely reinvested. As such, no U.S. federal and state income taxes have been provided thereon, and it is not
practicable to determine the amount of the related unrecognized deferred income tax liability. Significant components of the Company’s
deferred tax assets and liabilities are as follows:
 

Deferred tax assets related to:
Expenses not yet deducted for tax purposes  $ 114,092
Pension liability not yet deducted for tax purposes  326,808
Capital loss  24,787
Valuation allowance  (24,787)
 440,900
Deferred tax liabilities related to:
Employee and retiree benefits  125,655
Inventory  79,304
Property, plant and equipment  17,614
Other  13,250
 235,823
Net deferred tax asset  205,077
Current portion of deferred tax liability  13,426
Non-current deferred tax asset  $ 218,503
F-17