Advance Auto Parts 2013 Annual Report Download - page 78

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 28, 2013, December 29, 2012 and December 31, 2011
(in thousands, except per share data)
F-26
12. Other Current and Long-term Liabilities:
Other current liabilities consist of the following:
December 28,
2013
December 29,
2012
Deferred income taxes $ 135,754 $ 134,279
Other 18,876 15,279
Total current liabilities $ 154,630 $ 149,558
Other long-term liabilities consist of the following:
December 28,
2013
December 29,
2012
Deferred income taxes $ 91,957 $ 100,235
Self-insurance reserves 52,971 49,224
Other 86,188 89,562
Total long-term liabilities $ 231,116 $ 239,021
13. Stock Repurchase Program:
The Company’s stock repurchase program allows it to repurchase its common stock on the open market or in privately
negotiated transactions from time to time in accordance with the requirements of the SEC. The Company’s $500,000 stock
repurchase program in place as of December 28, 2013 was authorized by its Board of Directors on May 14, 2012.
During Fiscal 2013, the Company repurchased 998 shares of its common stock at an aggregate cost of $77,293, or an
average price of $77.47 per share under its stock repurchase program. The Company had $415,092 remaining under its stock
repurchase program as of December 28, 2013. The Company repurchased 38 shares of its common stock at an aggregate cost of
$3,502, or an average price of $91.78 per share, in connection with the net settlement of shares issued as a result of the vesting
of restricted stock.
During Fiscal 2012, the Company repurchased 257 shares of its common stock at an aggregate cost of $19,589, or an
average price of $76.18 per share. Additionally, the Company repurchased 91 shares of its common stock at an aggregate cost
of $7,506, or an average price of $82.42 per share, in connection with the net settlement of shares issued as a result of the
vesting of restricted stock. The Company also retired 33,738 shares of treasury stock during Fiscal 2012.
14. Earnings per Share:
Certain of the Company’s shares granted to Team Members in the form of restricted stock are considered participating
securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For Fiscal
2013, 2012 and 2011, earnings of $895, $870 and $1,055, respectively, were allocated to the participating securities.
Diluted earnings per share are calculated by including the effect of dilutive securities. Share-based awards to purchase
approximately 75, 221 and 56 shares of common stock that had an exercise price in excess of the average market price of the
common stock during Fiscal 2013, 2012 and 2011, respectively, were not included in the calculation of diluted earnings per
share because they are anti-dilutive.