Rayovac 2003 Annual Report Download - page 51

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The following table summarizes information about options outstanding and outstanding and exercisable as of September 30, 2003:
Options Outstanding Options Outstanding and Exercisable
Weighted-Average
Range of Number Remaining Weighted-Average Number Weighted-Average
Exercise Prices of Shares Contractual Life Exercise Price of Shares Exercise Price
$ 4.39 969 3.1 years $ 4.39 969 $ 4.39
$11.32–$20.94 3,211 7.8 14.29 1,037 15.93
$21.25–$29.50 743 5.6 22.26 547 22.30
(9) INCOME TAXES
Pretax income (income before income taxes) and income tax expense consist of the following:
2001 2002 2003
Pretax income (loss):
United States $ 5,073 $47,288 $(52,456)
Outside the United States 12,426 (1,605) 75,491
Total pretax income $17,499 $45,683 $ 23,035
Income tax expense (benefit):
Current:
Federal $ 3,614 $10,484 $ (8,817)
Foreign 6,217 895 25,697
State (115) 204 206
Total current 9,716 11,583 17,086
Deferred:
Federal (1,977) 6,666 2,165
Foreign (1,638) (2,374) (9,356)
State (136) 571 (2,342)
Total deferred (3,751) 4,863 (9,533)
$ 5,965 $16,446 $ 7,553
The following reconciles the Federal statutory income tax rate with the Company’s effective tax rate:
2001 2002 2003
Statutory federal income tax rate 35.0% 35.0% 35.0%
Foreign Sales Corporation/Extraterritorial Income
Exclusion benefit (2.1) (0.6) (1.5)
Non US permanent items 2.2 (0.5) 7.0
Foreign rate vs. statutory rate (1.0) 0.4 6.6
State income taxes and other 0.5 1.5 (6.0)
R&D credit, current and prior years ——(7.2)
Non deductible interest expense ——5.7
Adjustment of prior year taxes (0.6) (0.5) (7.5)
Other 0.1 0.7 0.7
34.1% 36.0% 32.8%
Notes to Consolidated Financial Statements
Rayovac Corporation and Subsidiaries
(In thousands, except per share amounts)