Integrated Report 2020

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(Vested stock options)(Unit: shares)The 2006 planThe 2007 planThe 2008 planThe 2009 planThe 2010 planThe 2011 planThe 2012 planThe 2013 planThe 2014 planThe 2015 planThe 2016 planThe 2017 planThe 2018 planStock options outstanding at April 1, 20191,4001,1001,5002,1003,4003,2006,50012,60014,40013,10010,80013,3003,900Conversion from non-vested stock options—————————————Stock options exercised―———9008002,3004,6005,3002,6001,900800—Forfeitures—————————————Stock options outstanding at March 31, 20201,4001,1001,5002,1002,5002,4004,2008,0009,10010,5008,90012,5003,900The following table summarizes the price information of stock options as of March 31, 2020:The 2006 planThe 2007 planThe 2008 planThe 2009 planThe 2010 planThe 2011 planThe 2012 planThe 2013 planThe 2014 planThe 2015 planThe 2016 planThe 2017 planThe 2018 planExercise price¥    1¥    1¥    1¥    1¥    1¥    1¥    1¥    1¥    1¥    1¥    1¥    1¥    1Average market price of the stock at the time of exercise————2,3802,3802,2872,2812,3292,3292,3832,213—Fair value at the date of grant2,7881,9471,4811,7261,4741,3031,2031,5951,8252,2831,4452,2612,509There were no stock options granted during the year ended March 31, 2020.17. Income Taxes1. The Company and its consolidated subsidiaries are subject to a number of taxes based on income which, in the aggregate, resulted in a statutory tax rate of approximately 30.62% for the years ended March 31, 2020 and 2019, respectively. Income taxes of the foreign consolidated subsidiaries are based generally on the tax rates applicable in their countries of incorporation. The effective tax rates reflected in the consolidated statement of income for the years ended March 31, 2020 and 2019 differ from the statutory tax rate for the following reasons:20202019Statutory tax rate30.62%30.62%Effect of:Permanently non-deductible expenses for income tax purposes such as entertainment expenses1.280.27Permanently non-taxable income for income tax purposes such as dividend income(9.90)(15.70)Municipal tax0.410.31The difference of tax rates applied to foreign subsidiaries(3.90)(4.60)Tax deduction in accordance with special tax measures(3.24)(2.62)Decrease of valuation allowance for such as net operating loss carryforward2.120.20Consolidated adjustments of dividend income from consolidated subsidiaries11.0017.48The impairment loss on goodwill0.82―Foreign withholding tax2.764.04Other, net(0.65) (0.46)Effective tax rate31.32%29.54%LINTEC Integrated Report 2020Financial Information92