Cracker Barrel 2015 Annual Report Download - page 41

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39
9LEASES
As of July 31, 2015, the Company operated 220 stores in
leased facilities and alsoleased certain land, a retail distribu-
tion center and advertising billboards.
Rent expense under operating leases,including the
sale-leaseback transactions discussedbelow, for each of the
three yearswas:
Year Minimum Contingent Total
2015 $72,877 $252 $73,129
2014 71,123 242 71,365
2013 70,095 232 70,327
e following is a schedule by yearof the future minimum
rentalpayments required under the Company’s operating
leases as of July 31, 2015:
Year Total
2016 $61,405
2017 48,885
2018 44,489
2019 42,853
2020 43,175
Later years 502,283
Total $743,090
Sale-Leaseback Transactions
In 2009, the Companycompleted sale-leaseback transactions
involving 15 of its owned stores and its retail distribution
center. Under the transactions, the land, buildings and
improvements at the locations were sold and leased back for
terms of 20 and 15 years, respectively. Equipment was not
included. e leases include specied renewal options for up
to 20 additional years.
e Companyleases 65 of its stores pursuant to a sale-
leaseback transaction which closed in 2000. Under the
transaction, the land, buildings and building improvements
at the locations were sold and leased back for a term of
21 years. e leases for these stores include specied renewal
options for up to 20 additional yearsand havecertain
nancial covenants relatedto xedchargecoveragefor
the leased stores. At July 31, 2015 and August 1, 2014, the
Company was in compliance with these covenants.
10 SHARE-BASED COMPENSATION
Stock Compensation Plans
e Company’s employee compensation plansare adminis-
tered by the Compensation Commiee of the Company’s
Board of Directors (the “Commiee”). e Commiee is
authorizedto determine, at time periods within its discretion
andsubjectto the direction of the Boardof Directors, which
employees will be granted awards, the number of shares
coveredby any awardsgranted, andwithin applicable limits,
the terms and provisions relating to the exercise andvesting
of any awards.
e Companyhas one active compensation plan,the
2010 Omnibus Incentive Compensation Plan (the “2010
Omnibus Plan”), for employees and non-employee directors
which authorizes the granting of nonvestedstock awards,
performance-based MSU Grants, stock optionsandother
types of share-based awards. e Companyalso has stock
options and nonvestedstock outstanding under two other
compensation plans(“Prior Plans”) in which no future grants
maybe made.
e 2010 Omnibus Planallowsthe Commiee to grant
awardsfor an aggregate of 1,500,000 shares of the Company’s
common stock. However, this sharereserve is increased by
sharesawarded under this and Prior Planswhich are for-
feited, expired, seled for cash and shareswithheld by the
Company in payment of a tax withholding obligation.
Additionally, this sharereserve wasdecreased by shares
granted from Prior Plans aer July 30, 2010 until December
1, 2010. At July 31, 2015, the number of sharesauthorized
for future issuance under the Company’s active planis
1,119,722.
e following table summarizesthe number of outstand-
ing awards under eachplan at July 31, 2015:
2010 Omnibus Plan217,131
Amended and RestatedStock Option Plan 4,458
2002 Omnibus Incentive Compensation Plan 18,500
Total 240,089