Stamps.com 2003 Annual Report Download - page 56

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Table of Contents
STAMPS.COM INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows (in thousands):
11. Commitments and Contingencies
Operating Leases
The following is a schedule of future minimum lease payments under operating leases at December 31, 2003 (in thousands):
Total rent expense from continuing operations for the years ended December 31, 2003, 2002 and 2001 were $935,000, $796,000, and
$1.1 million, respectively. The Company continues to sublet building spaces vacated as a result of the reduction in workforce.
In November 2003, we entered into a facility lease agreement commencing on March 2004 for our new corporate headquarters with
aggregate lease payments of approximately $4.0 million through February 2009.
F-17
2003 2002 2001
Income tax at statutory federal rate
$
(3,171
)
$
(2,328
)
$
(71,255
)
State income taxes, net of federal benefit
(544
)
(397
)
(12,227
)
Effect of tax credits
—
—
—
Effect of permanent differences
228
199
61,159
Other
(1,139
)
—
—
Change in valuation allowance
4,627
2,528
22,327
$
1
$
2
$
4
Operating
Years ending December 31:
2004
$
1,030
2005
569
2006
590
2007
694
2008
751
Thereafter
920
$
4,554