XM Radio 2011 Annual Report Download - page 122
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SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
under the Sirius XM Plan vest at a rate of 33
1
⁄
3
% for each year of employment and are fully vested after three
years of employment for all current and future contributions. Share-based payment expense resulting from the
matching contribution to the Sirius XM Plan was $3,041, $2,356 and $2,895 for the years ended December 31,
2011, 2010 and 2009, respectively.
We may also elect to contribute to the profit sharing portion of the Sirius XM Plan based upon the total
eligible compensation of eligible participants. These additional contributions in the form of shares of common
stock are determined by the compensation committee of our board of directors. Employees are only eligible to
receive profit-sharing contributions during any year in which they are employed on the last day of the year. We
did not contribute to the profit sharing portion of the Sirius XM Plan in 2011, 2010 or 2009.
(16) Income Taxes
Our income tax expense consisted of the following:
For the Years Ended December 31,
2011 2010 2009
Current taxes:
Federal ....................................................... $ — $ — $ —
State ......................................................... 3,229 942 —
Foreign ...................................................... 2,741 1,370 1,622
Total current taxes .............................................. 5,970 2,312 1,622
Deferred taxes:
Federal ....................................................... 3,991 4,163 3,962
State ......................................................... 4,273 (1,855) 397
Total deferred taxes ............................................. 8,264 2,308 4,359
Total income tax expense ........................................ $14,234 $ 4,620 $5,981
The following table indicates the significant elements contributing to the difference between the federal tax
expense (benefit) at the statutory rate and at our effective rate:
For the Years Ended December 31,
2011 2010 2009
Federal tax expense (benefit), at statutory rate ...................... $154,418 $ 16,678 $(117,883)
State income tax expense (benefit), net of federal benefit ............. 15,751 1,620 (11,788)
State rate changes ............................................ 3,851 (2,252) —
Non-deductible expenses ...................................... 457 4,130 1,849
Other, net .................................................. 6,209 6,193 (4,945)
Change in valuation allowance .................................. (166,452) (21,749) 138,748
Income tax expense ........................................... $ 14,234 $ 4,620 $ 5,981
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