Columbia Sportswear 2000 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2000 Columbia Sportswear annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The total value of the share conversion was $15,693,000, of which $6,320,000 was unvested as of
December 31, 1996. The unvested portion was recorded as a reduction in shareholders' equity and will be
amortized to compensation expense through December 2004 as shares are earned. Compensation expense
related to the Participation Plan and the 1996 conversion totaled $682,000, $970,000, and $970,000 for the
years ended December 31, 2000, 1999, and 1998, respectively.
Note 12 Ì Commitments and Contingencies
The Company leases certain operating facilities from related parties of the Company. Total rent expense,
including month-to-month rentals, for these leases amounted to $408,000, $339,000 and $327,000 for the
years ended December 31, 2000, 1999 and 1998, respectively.
Rent expense was $2,464,000, $2,303,000 and $2,123,000 for non-related party leases during the years
ended December 31, 2000, 1999 and 1998, respectively.
The approximate future minimum payments on all lease obligations at December 31, 2000 are as follows
(amounts in thousands):
Non-related Related
Parties Parties Total
2001ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 3,718 $ 476 $ 4,194
2002ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,059 485 3,544
2003ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,497 239 1,736
2004ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,340 Ì 1,340
2005ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,016 Ì 1,016
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,650 Ì 1,650
$12,280 $1,200 $13,480
The Company is a party to various legal claims, actions and complaints. Although the ultimate resolution
of legal proceedings cannot be predicted with certainty, management believes that disposition of these matters
will not have a material adverse eÅect on the Company's consolidated Ñnancial statements.
Note 13 Ì Stock Incentive Plan
The Company's 1997 Stock Incentive Plan (the ""Plan'') provides for issuance of up to 2,500,000 shares
of the Company's Common Stock of which 487,530 shares were available for future stock option grants under
the Plan at December 31, 2000. The options generally become exercisable ratably over a Ñve-year period
beginning from the date of grant and expire ten years from the date of grant.
34