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Advertising Cost Television, radio, print, outdoor advertising, on-line and social media, sponsorships, trade events, promotions and printed product information are among the expenses for advertising; also included are costs to develop these media. When first used, the expenses connected with point of sale display items and related promotional material are

inventoried and paid to expense. Our Consolidated Statements of Income show costs for all of these activities totaling $15.0 million, $12.4 million, and $12.4 million, respectively, which constitute Selling, general and administrative expenses for the years ended December 31, Usually, the local wholesaler shares in the cost of the program for advertising expenses. In

our Consolidated Statements of Income, reimbursements from wholesalers for advertising and promotion activities are noted as a reduction to Selling, general and administrative expenses. Discounts to wholesalers are noted as a decrease in sales seen on our consolidated income statements Compensation Based on Stocks The number of shares

Projected fair value of stock-based awards

is identified as compensation expense during the award's vesting period. Using past performance and anticipated future activity, we project stock-based award forfeits.Based on an analysis of the likelihood that performance goals will be fulfilled, the expected fair value of performance-based stock awards is identified over the service period. We reassess the certain judgmental presumptions, including predicted volatility and option lifetime Net of

likelihood of reaching the performance targets for every reporting period. Should we find that performance goals are not likely of happening in next reporting periods, no compensation expense will be recorded and any past-due compensation expense would be reversed Legal expense We are a party to legal processes starting in line with business operations. Those

transitory disparities are expected to be recovered or settled for some legal expenses, including attorney fees, and possible settlement claims connected to several judicial processes that are estimable and probable. Income in the period including the enactment date recognizes the impact on deferred taxes of a change in tax rates When it is decided that

The positions are more likely than

not to be sustained by the taxation authority, we acknowledge the advantages of tax return positions. Interest and penalties collected on unregistered tax benefits are recorded as tax expense in the period covered. We have numerous stock incentive plans in place at December 31, 2014 whereby staff members and non-employee directors have received stock-estimates the fair value of stock option awards at the grant date The BSM model calls for

based incentives. Exercise or settlement of the stock-based awards results in new common stock shares issued by us. The Compensation Committee of our Board of Directors oversees all of our stock programs; it decides the grantees, the amount of shares of common stock for which awards may be exercised or settled, and the exercise or gran Division Information

Monitoring net sales and gross margins of our Beer Related operations as well as our pub operations is our main operating decision maker. Brewing activities as well as related domestic and international beer and cider sales for our Kona, Widmer Brothers, Redhook and Omission beer brands and Square Mile cider brand are part of Beer Related operations. Our

Included in diluted earnings per share

When the underlying performance criteria have been satisfied, basic and diluted earnings per share include performance-based restricted stock grants Applications of Estimates The preparation of financial statements in line with accounting principles generally accepted in the United States of America demands management to make estimations and assumptions that

influence the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our estimations are based on past experience as well as on other presumptions thought appropriate given the conditions at the time. Under

other presumptions or conditions, actual results could vary from those approximates. being recorded as part of general and administrative costs in Selling Income Tax Rates Operating loss and tax credit carryforwards as well as deferred income taxes established for the variances between the financial reporting and income tax basis of assets and liabilities. A

Conclusion

valuation allowance lowers deferred tax assets in cases when management believes it more likely than not some portion of the deferred tax assets will not be realized. Measured using enacted tax rates projected to apply to taxable income in the years in question, deferred tax assets and liabilitiesawarded and the stated price of our common stock on the date of grant define the fair value of restric pubs, some of which are next to our Beer Related operations,

comprise most of Pubs operations. We only track segmentally based on our assets or the gross margin level, not operating performance beyond either Per Share Earning The weighted average number of outstanding shares over the period guides computation of basic earnings per share. Common share equivalents computed under the Treasury stock approach have a diluting effect ted stock awards. Black-Scholes-Merton (“BSM") option-pricing model