O'Reilly Auto Parts 2001 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 2001 O'Reilly Auto Parts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

O’REILLY AUTOMOTIVE 2001 ANNUAL REPORT
A MODEL YEAR
Page 32
NOTE 12—INCOME TAXES (CONTINUED)
The provision for income taxes consists of the following:
(In thousands)
CURRENT DEFERRED TOTAL
2001:
Federal $30,429 $5,702 $36,131
State 3,575 669 4,244
$34,004 $6,371 $40,375
2000:
Federal $25,120 $2,946 $28,066
State 3,086 299 3,385
$28,206 $ 3,245 $ 31,451
1999:
Federal $19,934 $4,959 $24,893
State 1,996 496 2,492
$21,930 $ 5,455 $ 27,385
A reconciliation of the provision for income taxes to the amounts
computed at the federal statutory rate is as follows:
(In thousands)
2001 2000 1999
Federal income taxes at statutory rate $37,354 $29,106 $25,558
State income taxes, net of federal tax benefit 2,775 2,200 1,625
Other items, net 246 145 202
$40,375 $31,451 $ 27,385
The tax benefit associated with the exercise of non-qualified
stock options has been reflected as additional paid-in capital in the
accompanying consolidated financial statements.
During the years ended December 31, 2001, 2000 and 1999, cash
paid by the Company for income taxes amounted to $28,676,000,
$24,244,000 and $17,151,000, respectively.
NOTE 13—STOCK SPLIT
On November 8, 1999, the Company’s Board of Directors declared
a two-for-one stock split which was effected in the form of a 100%
stock dividend payable to all shareholders of record as of November 15,
1999. The stock dividend was paid on November 30, 1999.
Accordingly, this stock split has been recognized by reclassifying
$254,000, the par value of the additional shares resulting from the
split, from retained earnings to common stock.
All share and per share information included in the accompanying
consolidated financial statements has been restated to reflect the
retroactive effect of the stock split for all periods presented.
NOTE 14—PUBLIC OFFERING OF COMMON STOCK
In March 1999, the Company completed a secondary public offering
of 7,002,000 shares of common stock. Pursuant to this offering, the
Company issued 7,002,000 shares of common stock resulting in net
proceeds to the Company of $124,570,000. A portion of the proceeds
was used to repay the Company’s outstanding indebtedness under
its bank credit facilities. The remaining portion of the proceeds was
used to fund the Company’s expansion.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)