O'Reilly Auto Parts 2001 Annual Report Download - page 33
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Page 31
NOTE 11—INCOME PER COMMON SHARE
The following table sets forth the computation of basic and diluted
income per common share:
(In thousands, except per share data)
YEARS ENDED DECEMBER 31, 2001 2000 1999
Numerator (basic and diluted):
Net income $66,352 $51,708 $45,639
Denominator:
Denominator for basic income per
common share – weighted-
average shares 52,121 51,168 48,674
Effect of stock options (Note 10) 665 560 1,041
Denominator for diluted income per
common share – Adjusted weighted-
average shares and assumed conversion 52,786 51,728 49,715
Basic net income per common share $1.27 $1.01 $0.94
Net income per common share –
assuming dilution $1.26 $1.00 $0.92
NOTE 12—INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income
tax purposes. Significant components of the Company’s deferred
tax assets and liabilities are as follows at December 31:
(In thousands)
2001 2000
Deferred tax assets:
Current:
Allowance for doubtful accounts $665 $ 51
Other accruals 4,284 2,960
4,949 3,011
Noncurrent:
Other –834
Total deferred tax assets 4,949 3,845
Deferred tax liabilities:
Current:
Inventory carrying value 1,041 1,609
Noncurrent:
Property and equipment 8,333 4,920
Other 808 –
Total deferred tax liabilities 10,182 6,529
Net deferred tax liabilities $5,233 $2,684