Big Lots 2008 Annual Report Download - page 124

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56
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Total rent expense, including real estate taxes, CAM, and property insurance, charged to continuing operations
for operating leases consisted of the following:
2008 2007 2006
(In thousands)
Minimum leases ............................................. $236,865 $234,891 $238,414
Contingent leases ............................................ 491 409 935
Total rent expense ......................................... $237,356 $235,300 $239,349
Future minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and
property insurance, at January 31, 2009, were as follows:
Fiscal Year
(In thousands)
2009...................................... $192,424
2010 ...................................... 156,412
2011 ...................................... 122,568
2012 ...................................... 88,120
2013 ...................................... 60,903
Thereafter ................................. 51,473
Total leases .............................. $671,900
We have obligations for capital leases for vehicles and office equipment, included in accrued operating expenses
and other liabilities on our consolidated balance sheet. Scheduled payments for all capital leases at January 31,
2009, were as follows:
Fiscal Year
(In thousands)
2009...................................... $2,929
2010 ...................................... 2,501
2011 ...................................... 991
2012 ...................................... 225
2013 ...................................... 135
Thereafter ................................. —
Total lease payments ...................... $6,781
Less amount to discount to present value....... (392)
Capital lease obligation per balance sheet ...... $6,389
Note 6 — Shareholders’ Equity
Earnings per Share
There were no adjustments required to be made to weighted-average common shares outstanding for purposes of
computing basic and diluted earnings per share and there were no securities outstanding in any year presented,
which were excluded from the computation of earnings per share other than antidilutive employee and director
stock options and nonvested restricted stock awards. At the end of 2008, 2007, and 2006, stock options
outstanding of 2.0 million, 1.4 million, and 1.1 million, respectively, were excluded from the diluted share
calculation because their impact was antidilutive. Antidilutive options are excluded from the calculation because
they decrease the number of diluted shares outstanding under the treasury stock method. Antidilutive options
are generally outstanding options where the exercise price per share is greater than the weighted-average market
price per share for our common shares for each period. The number of shares of nonvested restricted stock that
were antidilutive, as determined under the treasury stock method, is immaterial for all years presented.
Note 5 — Leases (Continued)