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TTEC » Topics » Impact of the Mistakes on our Financial Statements

This excerpt taken from the TTEC 10-K filed Jul 16, 2008.
Impact of the Mistakes on our Financial Statements
 
We have determined that after accounting for forfeitures, the adjustments described above resulted in an understatement of equity-based compensation expense, which was allocated among the applicable accounting periods based on the respective vesting terms of the corrected option grants. Most of the adjusted measurement dates involved grants made prior to 2001.


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Table of Contents

The following table reflects the impact of the equity-based compensation restatement adjustments on our consolidated statements of income for the periods presented below (amounts in thousands):
 
                         
    Pre-Tax
 		             
    Equity-Based
 		          Net Charge
 		 
    Compensation
 		    Income
 		    to Net
 		 
Year Ended December 31,
  Expense     Taxes     Income  
 
1996
  $ 763     $ (283 )   $ 480  
1997
    1,776       (659 )     1,117  
1998
    2,396       (888 )     1,508  
1999
    12,779       (4,739 )     8,040  
2000
    26,684       (9,895 )     16,789  
2001
    5,648       (2,094 )     3,554  
2002
    6,105       (2,264 )     3,841  
2003
    2,214       (822 )     1,392  
2004
    237       (235 )     2  
                         
Cumulative effect at December 31, 2004
    58,602       (21,879 )     36,723  
2005
    965       (164 )     801  
2006
    611       137       748  
First quarter 2007
    (209 )     316       107  
Second quarter 2007
    (272 )     213       (59 )
                         
Total
  $ 59,697     $ (21,377 )   $ 38,320  
                         
 
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