O'Reilly Auto Parts 2003 Annual Report Download - page 53

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page 51
The provision for income taxes consists of the following:
(In thousands) current deferred total
2003:
Federal $ 41,465 $ 12,362 $ 53,827
State 4,694 1,434 6,128
$ 46,159 $ 13,796 $ 59,955
2002:
Federal $ 39,038 $ 5,113 $ 44,151
State 4,286 553 4,839
$ 43,324 $ 5,666 $ 48,990
2001:
Federal $ 30,429 $ 5,702 $ 36,131
State 3,575 669 4,244
$ 34,004 $ 6,371 $ 40,375
A reconciliation of the provision for income taxes to the amounts computed at the federal statutory rate is as follows:
(In thousands) 2003 2002 2001
Federal income taxes at statutory rate $ 56,015 $ 45,844 $ 37,354
State income taxes, net of federal tax benefit 3,935 3,140 2,775
Other items, net 56246
$ 59,955 $ 48,990 $ 40,375
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, 2003, 2002, and 2001, cash paid by the Company for income taxes amounted to $43,007,000,
$31,119,000 and $28,676,000, respectively.
notes to consolidated financial statements (continued)