Dick's Sporting Goods 2014 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2014 Dick's Sporting Goods 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 114

  • 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
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

66
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a
recurring basis using Level 3 inputs (in thousands):
2012
Beginning balance, January 28, 2012 $ —
Transfers in (see Note 15) 32,370
Total realized losses included in net income (32,370)
Ending balance, February 2, 2013 $ —
Realized losses are included within impairment of available-for-sale investments on the Consolidated Statements of Income.
17. Related Party Transaction
On July 17, 2013, the Company entered into a purchase agreement (the "Purchase Agreement") with SP Aviation, LLC, an
entity 50% owned by its Chairman and Chief Executive Officer. Pursuant to the Purchase Agreement, the Company sold a
Gulfstream G200 corporate aircraft to SP Aviation, LLC for $11.0 million, paid in cash, representing the Company's carrying
value of the asset at the time of sale. The transaction was approved pursuant to the Company's Related Party Transaction Policy.
18. Quarterly Financial Information (Unaudited)
Summarized quarterly financial information for fiscal 2014 and 2013 is as follows (in thousands, except earnings per share
data):
Fiscal 2014
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter
Net sales $ 1,438,908 $ 1,688,890 $ 1,526,675 $ 2,160,006
Gross profit (1) 440,883 502,556 451,972 691,256
Income from operations (1) 112,088 111,562 79,930 250,480
Net income 69,984 (2) 69,467 (3) 49,211 155,536
Earnings per common share:
Basic (1) $ 0.58 $ 0.58 $ 0.42 $ 1.32
Diluted (1) $ 0.57 $ 0.57 $ 0.41 $ 1.30
Weighted average common shares outstanding:
Basic 121,138 119,950 118,142 117,745
Diluted 123,360 121,840 120,002 119,749