Dollar General 2015 Annual Report Download - page 147
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10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
10. Share-based payments (Continued)
The fair value method of accounting for share-based awards resulted in share-based compensation
expense (a component of SG&A expenses) and a corresponding reduction in net income before income
taxes as follows:
Stock Performance Restricted Restricted
(In thousands) Options Share Units Stock Units Stock Total
Year ended January 29, 2016
Pre-tax ............... $11,113 $4,856 $22,578 $ — $38,547
Net of tax ............. $ 6,779 $2,962 $13,772 $ — $23,513
Year ended January 30, 2015
Pre-tax ............... $ 8,533 $5,461 $15,968 $7,376 $37,338
Net of tax ............. $ 5,206 $3,332 $ 9,742 $4,500 $22,780
Year ended January 31, 2014
Pre-tax ............... $ 7,634 $3,448 $ 9,879 $ — $20,961
Net of tax ............. $ 4,649 $2,100 $ 6,016 $ — $12,765
11. Segment reporting
The Company manages its business on the basis of one reportable operating segment. See Note 1
for a brief description of the Company’s business. As of January 29, 2016, all of the Company’s
operations were located within the United States with the exception of certain subsidiaries in Hong
Kong and China and a liaison office in India, which collectively are not material with regard to assets,
results of operations or otherwise, to the consolidated financial statements. The following net sales data
is presented in accordance with accounting standards related to disclosures about segments of an
enterprise.
(In thousands) 2015 2014 2013
Classes of similar products:
Consumables .................... $15,457,611 $14,321,080 $13,161,825
Seasonal ........................ 2,522,701 2,344,993 2,259,516
Home products ................... 1,289,423 1,205,373 1,115,648
Apparel ........................ 1,098,827 1,038,142 967,178
Net sales ...................... $20,368,562 $18,909,588 $17,504,167
12. Common stock transactions
On August 29, 2012, the Company’s Board of Directors authorized a common stock repurchase
program, which the Board has increased on several occasions. Most recently, on December 2, 2015, the
Company’s Board of Directors authorized a $1.0 billion increase to the existing common stock
repurchase program. As of January 29, 2016, a cumulative total of $4.0 billion had been authorized
under the program since its inception and $923.8 million remained available for repurchase. The
repurchase authorization has no expiration date and allows repurchases from time to time in the open
market or in privately negotiated transactions. The timing and number of shares purchased depends on
a variety of factors, such as price, market conditions, compliance with the covenants and restrictions
73