Shake Shack 2016 Annual Report Download - page 95

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Table of Contents
The following table summarizes information about stock options outstanding and exercisable as December 30, 2015 :
Options Outstanding
Options Exercisable
Number
Outstanding at
December 30,
2015
Weighted Average
Remaining
Contractual Life
(Years)
Weighted
Average Exercise
Price
Number
Exercisable at
December 30,
2015
Weighted
Average
Remaining
Contractual Life
(Years)
Weighted Average
Exercise PriceRange of Exercise Price
$21.00
2,574,981
9.1
$ 21.00
—
—
$ —
NOTE 14 : INCOME TAXES
As a result of the IPO and Organizational Transactions, we became the sole managing member of SSE Holdings, and as a result, began consolidating the financial
results of SSE Holdings. SSE Holdings is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, SSE
Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by SSE Holdings is passed through to and
included in the taxable income or loss of its members, including us, on a pro rata basis. We are subject to U.S. federal income taxes, in addition to state and local
income taxes with respect to our allocable share of any taxable income or loss of SSE Holdings, as well as any stand-alone income or loss generated by Shake
Shack Inc. We are also subject to withholding taxes in foreign jurisdictions.
Income Tax Expense
The components of income before income taxes are follows:
2015
2014
2013
Domestic $ 244
$ (3,007)
$ 2,364
Foreign 6,184
5,787
3,519
Income before income taxes $ 6,428
$ 2,780
$ 5,883
The components of income tax expense are as follows:
2015
2014
2013
Current income taxes:
Federal $ 2,474
$ —
$ —
State and local 1,131
194
266
Foreign 433
561
187
Total current income taxes 4,038
755
453
Deferred income taxes:
Federal (267)
—
—
State and local (467)
(93)
7
Total deferred income taxes (734)
(93)
7
Income tax expense $ 3,304
$ 662
$ 460
93 | Shake Shack Inc. Form 10-K