Dillard's 2010 Annual Report Download - page 70

Download and view the complete annual report

Please find page 70 of the 2010 Dillard's 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 79

  • 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

Notes to Consolidated Financial Statements (Continued)
12. Stock-Based Compensation (Continued)
The following table summarizes information about stock options outstanding at January 29, 2011:
Options Outstanding Options Exercisable
Weighted-Average
Range of Options Remaining Weighted-Average Options Weighted-Average
Exercise Prices Outstanding Contractual Life (Yrs.) Exercise Price Exercisable Exercise Price
$24.73 - $24.73 ....... 23,781 0.32 $24.73 23,781 $24.73
$25.74 - $25.74 ....... 2,977,500 4.99 25.74 2,977,500 25.74
$25.95 - $26.57 ....... 350,588 0.32 26.34 350,588 26.34
3,351,869 4.46 $25.80 3,351,869 $25.80
The intrinsic value of stock options exercised during fiscal 2010 was approximately $8.5 million. At
January 29, 2011, the intrinsic value of outstanding stock options and exercisable stock options was
$48.3 million.
13. Commitments and Contingencies
Rental expense consists of the following:
Fiscal Fiscal Fiscal
(in thousands of dollars) 2010 2009 2008
Operating leases:
Buildings:
Minimum rentals ........................ $20,137 $21,876 $23,529
Contingent rentals ....................... 3,884 2,772 4,264
Equipment ............................... 27,024 33,715 33,688
$51,045 $58,363 $61,481
Contingent rentals on certain leases are based on a percentage of annual sales in excess of
specified amounts. Other contingent rentals are based entirely on a percentage of sales.
The future minimum rental commitments as of January 29, 2011 for all non-cancelable leases for
buildings and equipment are as follows:
(in thousands of dollars) Operating Capital
Fiscal Year Leases Leases
2011 ........................................... 44,710 3,191
2012 ........................................... 36,205 3,191
2013 ........................................... 13,354 2,488
2014 ........................................... 11,186 1,428
2015 ........................................... 9,294 1,428
After 2015 ....................................... 27,425 7,515
Total minimum lease payments ........................ $142,174 19,241
Less amount representing interest ...................... (5,674)
Present value of net minimum lease payments (of which $2,184
is currently payable) .............................. $13,567
F-26