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O’REILLY AUTOMOTIVE 2008 ANNUAL REPORT PG.59
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 12 – INCOME PER COMMON SHARE
e following table sets forth the computation of basic and diluted income per common share:
Years ended Years ended Years ended
(In thousands, except per share data) December 31, 2008 December 31, 2007 December 31, 2006
Numerator (basic and diluted):
Net income $ 186,232 $ 193,988 $ 178,085
Denominator:
Denominator for basic income per common share–
weighted-average shares 124,526 114,667 113,253
Eect of stock options (See Note 11) 887 1,413 1,866
Denominator for diluted income per common share-
adjusted weighted-average shares and assumed conversion 125,413 116,080 115,119
Basic net income per common share $ 1.50 $ 1.69 $ 1.57
Net income per common share-assuming dilution $ 1.48 $ 1.67 $ 1.55
NOTE 13 – INCOME TAXES
Deferred income taxes reect the net tax eects of temporary dierences between the carrying amounts of assets and liabilities for nancial
reporting purposes and the amounts used for income tax purposes, and also include the tax eect of carryforwards. Signicant components of
the Company’s deferred tax assets and liabilities are as follows at December 31:
(In thousands) 2008 2007
Deferred tax assets:
Current:
Allowance for doubtful accounts $ 1,763 $ 1,202
Unrealized loss on short term investments -- 4,133
Unrealized loss on cash ow hedges 7,361 --
Other accruals 57,518 14,440
Noncurrent:
Tax credits 9,294 --
Net operating losses 38,560 --
Other accruals 22,380 17,800
Total deferred tax assets 136,876 37,575
Deferred tax liabilities:
Current:
Inventories 2,614 26,010
Noncurrent:
Property and equipment 40,896 40,431
Other 571 4,610
Total deferred tax liabilities 44,081 71,051
Net deferred tax liabilities $ 92,795 $ (33,476)