Nautilus 2001 Annual Report Download - page 57

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The components of the net deferred tax asset (liability) at December 31, 2000 and 2001 are as follows:
2000 2001
----------- -----------
Current:
Assets:
Accrued vacation ........................ $ 132,725 $ 166,249
Allowance for doubtful accounts ......... 94,742 112,005
Inventory reserve ....................... 148,959 166,239
Uniform capitalization .................. 102,882 87,886
Accrued reserves ........................ 560,927 1,128,180
Customer deposits ....................... 52,128 --
Other ................................... -- 124,975
Liabilities:
Prepaid advertising ......................... -- (210,137)
Other prepaids .............................. (142,000) (150,207)
----------- -----------
Net current deferred tax asset ................. $ 950,363 $ 1,425,190
=========== ===========
Noncurrent
Liabilities:
Depreciation ................................ (462,004) $(2,669,540)
----------- -----------
Net long-term deferred tax liability ........... $ (462,004) $(2,669,540)
=========== ===========
A reconciliation of the statutory income tax rate with the Company's effective income tax rate is as follows:
2000 2001
------------
-----------
Federal...................................... 35.00% 35.00%
State........................................ 1.13% 1.89%
Other........................................ (.13)% (.41)%
------------
-----------
Total..................................... 36.00% 36.48%
============
===========
11. EARNINGS PER SHARE
The per share amounts are based on the weighted average number of basic and dilutive common equivalent shares assumed to be outstanding
during the period of computation. Net income for the calculation of both basic and diluted earnings per share is the same for all periods.
The calculation of weighted average outstanding shares is as follows:
2002. EDGAR Online, Inc.