Advance Auto Parts 2014 Annual Report Download - page 76

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
January 3, 2015, December 28, 2013 and December 29, 2012
(in thousands, except per share data)
F-29
12. Other Current and Long-term Liabilities:
Other current liabilities consist of the following:
January 3,
2015
December 28,
2013
Deferred income taxes $ 89,173 $ 135,754
Other 37,273 18,876
Total other current liabilities $ 126,446 $ 154,630
Other long-term liabilities consist of the following:
January 3,
2015
December 28,
2013
Deferred income taxes $ 360,903 $ 91,957
Self-insurance reserves 78,134 52,971
Deferred rent 55,153 47,851
Unfavorable leases 45,259 —
Other 40,620 38,337
Total other long-term liabilities $ 580,069 $ 231,116
13. Stock Repurchases:
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 January 3, 2015 was authorized by its Board of Directors on May 14, 2012.
During 2014, the Company repurchased no shares of its common stock under its stock repurchase program. The Company
had $415,092 remaining under its stock repurchase program as of January 3, 2015. During 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 repurchased 35 shares of its common stock at an aggregate cost of $5,154, or an average price of $148.85
per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock and restricted stock
units during 2014. 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 and
restricted stock units during 2013.
14. Earnings per Share:
Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are
considered participating securities which require the use of the two-class method for the computation of basic and diluted
earnings per share. For 2014, 2013 and 2012, earnings of $1,555, $895 and $870, 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 13, 75 and 221 shares of common stock that had an exercise price in excess of the average market price of the
common stock during 2014, 2013 and 2012, respectively, were not included in the calculation of diluted earnings per share
because they are anti-dilutive.