Cracker Barrel 2008 Annual Report Download - page 77

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75
The following is a schedule by year of the future
minimum rental payments to be received under the Company’s
sublease, as of August 1, 2008.
Year
2009 $ 61
2010 63
2011 67
2012 67
2013 67
Later years 272
Total $597
The following is a schedule by year of the future
minimum rental payments required under operating leases,
excluding leases for advertising billboards, as of August 1,
2008. Included in the amounts below are optional renewal
periods associated with such leases that the Company
is currently not legally obligated to exercise; however, it
is reasonably assured that the Company will exercise
these options.
Base Term Renewal
and Exercised Periods Not Yet
Year Options* Exercised** Total
2009 $ 30,129 $ 165 $ 30,294
2010 30,056 448 30,504
2011 28,602 481 29,083
2012 27,916 1,157 29,073
2013 26,514 2,793 29,307
Later years 166,890 328,676 495,566
Total $310,107 $333,720 $643,827
* Includes base terms and certain optional renewal periods that have
been exercised and are included in the lease term in accordance with
SFAS No. 13 (see Note 2).
** Includes certain optional renewal periods that have not yet been
exercised, but are included in the lease term for the straight-line rent
calculation. Such optional renewal periods are included because it is
reasonably assured by the Company that it will exercise such renewal
options (see Note 2).
The following is a schedule by year of the future
minimum rental payments required under operating leases
for advertising billboards as of August 1, 2008:
Year
2009 $ 21,032
2010 10,308
2011 3,095
2012 24
Total $ 34,459
Rent expense under operating leases, excluding leases
for advertising billboards, is recognized on a straight-line,
or average, basis and includes any pre-opening periods
during construction for which the Company is legally
obligated under the terms of the lease, and any optional
renewal periods, for which at the inception of the lease, it
is reasonably assured that the Company will exercise those
renewal options. This lease period is consistent with the
period over which leasehold improvements are amortized.
Rent expense from continuing operations for each of the
three years was:
Minimum Contingent Total
2008 $32,024 $669 $32,693
2007 29,691 618 30,309
2006 28,801 609 29,410
Rent expense from continuing operations under operating
leases for billboards for each of the three years was:
Minimum Contingent Total
2008 $25,177 — $25,177
2007 25,204 — 25,204
2006 24,938 — 24,938
15 EMPLOYEE SAVINGS PLANS
The Company sponsors a qualified defined contribution
retirement plan (“Plan I”) covering salaried and hourly
employees who have completed one year of service and
have attained the age of twenty-one. Plan I allows eligible
employees to defer receipt of up to 16% of their
compensation, as defined in the plan.
The Company also sponsors a non-qualified defined
contribution retirement plan (“Plan II”) covering highly
compensated employees, as defined in the plan. Plan II
allows eligible employees to defer receipt of up to 50% of
their base compensation and 100% of their eligible
bonuses, as defined in the plan. Contributions under both
Plan I and Plan II may be invested in various investment
funds at the employee’s discretion. Such contributions,
including the Company matching contribution described
below, may not be invested in the Company’s common
stock. In 2008, 2007 and 2006, the Company matched 25%
of employee contributions for each participant in either
Plan I or Plan II up to a total of 6% of the employee’s
compensation. Employee contributions vest immediately
while Company contributions vest 20% annually beginning
on the participant’s first anniversary of employment and