O'Reilly Auto Parts 2003 Annual Report Download - page 52

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page 50
note 10 – 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, 2003 2002 2001
Numerator (basic and diluted):
Net income $100,087 $ 81,992 $ 66,352
Denominator:
Denominator for basic income per common share-
weighted-average shares 53,908 53,114 52,121
Effect of stock options (Note 9) 622 578 665
Denominator for diluted income per common share-
adjusted weighted-average shares and assumed conversion 54,530 53,692 52,786
Basic net income per common share $ 1.86 $ 1.54 $ 1.27
Net income per common share-assuming dilution $ 1.84 $ 1.53 $ 1.26
note 11 – 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) 2003 2002
Deferred tax assets:
Current:
Allowance for doubtful accounts $373 $ 327
Inventory carrying value –967
Other accruals 6,973 3,746
Total deferred tax assets 7,346 5,040
Deferred tax liabilities:
Current:
Inventory carrying value 2,593 –
Noncurrent:
Property and equipment 29,171 15,685
Other 277 254
Total deferred tax liabilities 32,041 15,939
Net deferred tax liabilities $(24,695) $(10,899)
notes to consolidated financial statements (continued)