Buffalo Wild Wings 2014 Annual Report Download - page 56

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55
In 2014, 2013, and 2012, we rented office space under operating leases which, in addition to the minimum lease
payments, require payment of a proportionate share of the real estate taxes and building operating expenses. We also rent
restaurant space under operating leases, some of which, in addition to the minimum lease payments and proportionate share of
real estate and operating expenses, require payment of percentage rents based upon sales levels. Rent expense, excluding our
proportionate share of real estate taxes and building operating expenses, was as follows:
Fiscal Years Ended
December 28,
2014 December 29,
2013 December 30,
2012
Minimum rents $ 61,286 53,651 43,780
Percentage rents 1,019 715 608
Total $ 62,305 54,366 44,388
Equipment and auto leases $ 1,194 1,000 479
(8) Revolving Credit Facility
We have a $100,000 unsecured revolving credit facility. A loan under the facility shall bear interest at a rate per annum
equal to, at our election, either (i) LIBOR for an interest period of one month, reset daily, plus 0.875%, if our consolidated total
leverage ratio is less than or equal to 0.50, or plus 1.125% if our total leverage ratio is greater than or equal to 0.51, or (ii)
LIBOR for an interest period of one, two, three, six, or twelve months, reset at the end of the selected interest period, plus
0.875%, if our consolidated total leverage ratio is less than or equal to 0.50, or plus 1.125% if our consolidated total leverage
ratio is greater than or equal to 0.51. As of December 28, 2014, we had no outstanding balance on the facility.
There is a commitment fee on the average unused portion of the facility at a rate per annum equal to 0.15% if our
consolidated total leverage ratio is less than or equal to 0.50, or 0.20% if our consolidated total leverage ratio is greater than or
equal to 0.51.
The Credit Agreement requires us to maintain (a) consolidated coverage ratio as of the end of each fiscal quarter at no
less than 2.50 to 1.00, (b) consolidated total leverage ratio as of the end of each fiscal quarter at no more than 2.00 to 1.00, and
(c) minimum EBITDA during any consecutive four-quarter period at no less than $100,000. The Credit Agreement also
contains other customary affirmative and negative covenants, including covenants that restrict the right of the Company and its
subsidiaries to merge, to lease, sell, or otherwise dispose of assets, to make investments and to grant liens on their assets. As of
December 28, 2014, we were in compliance with all of these covenants.
(9) Income Taxes
The components of earnings (loss) before taxes were as follows:
Fiscal Years Ended
December 28,
2014 December 29,
2013 December 30,
2012
United States $ 142,352 111,011 89,430
Foreign (6,945)(9,476)(6,062)
Total earnings before taxes $ 135,407 101,535 83,368