Lumber Liquidators 2015 Annual Report Download - page 73

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Lumber Liquidators Holdings, Inc.
Notes to Consolidated Financial Statements
(amounts in thousands, except share data and per share amounts)
Note 5. Leases − (continued)
As of December 31, 2015, 2014 and 2013, the Company leased the Corporate Headquarters, which
includes a store location and 30, 30 and 29 of its locations, representing 8.3%, 8.8% and 9.4% of the total
number of store leases in operation, respectively, from entities controlled by the Company’s founder, who also
serves as a member of the Board of Directors (‘‘Controlled Companies’’). During 2015, the Company also
leased a warehouse, from one of the Controlled Companies.
Rental expense is as follows:
Year Ended December 31,
2015 2014 2013
Rental expense ................................ $28,825 $27,995 $21,874
Rental expense related to Controlled Companies ......... 3,070 2,837 2,895
The future minimum rental payments under non-cancellable operating leases, segregating Controlled
Companies leases from all other operating leases, were as follows at December 31, 2015:
Operating Leases
Controlled Companies
Store
Leases
Distribution
Centers & Other
Leases
Total
Operating
Leases
Store
Leases
Headquarters
Lease
2016 ...................... $2,066 $1,271 $24,537 $ 2,411 $ 30,285
2017 ...................... 1,611 1,309 21,214 2,435 26,569
2018 ...................... 1,490 1,348 16,928 2,394 22,160
2019 ...................... 1,121 1,388 13,046 2,305 17,860
2020 ...................... 836 — 9,785 2,361 12,982
Thereafter .................. 1,390 — 12,206 8,452 22,048
Total minimum lease payments . . . $8,514 $5,316 $97,716 $20,358 $131,904
Note 6. Stockholders’ Equity
Net Income per Common Share
The following table sets forth the computation of basic and diluted net income per common share:
Year Ended December 31,
2015 2014 2013
Net (Loss) Income ...................... $ (56,433) $ 63,371 $ 77,395
Weighted Average Common Shares
Outstanding − Basic .................... 27,082,299 27,264,882 27,484,790
Effect of Dilutive Securities:
Common Stock Equivalents .............. — 220,970 429,532
Weighted Average Common Shares
Outstanding − Diluted .................. 27,082,299 27,485,852 27,914,322
Net (Loss) Income per Common Share − Basic . . . $ (2.08) $ 2.32 $ 2.82
Net (Loss) Income per Common Share − Diluted . . $ (2.08) $ 2.31 $ 2.77
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