Petsmart 2011 Annual Report Download - page 71

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PetSmart, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements — (Continued)
The activity related to the reserve for closed stores was as follows (in thousands):
Year Ended
January 29,
2012
January 30,
2011
January 31,
2010
Opening balance .................................... $ 9,764 $ 8,216 $ 6,382
Provision for new store closures ...................... 1,297 4,921 1,526
Changes in sublease assumptions ..................... 3,338 1,072 4,173
Lease terminations ................................ — (562) (565)
Other ........................................... 606 995 769
Charges, net ..................................... 5,241 6,426 5,903
Payments .......................................... (4,998) (4,878) (4,069)
Ending balance ..................................... $10,007 $ 9,764 $ 8,216
We record charges for new closures and adjustments related to changes in subtenant assumptions and other
occupancy payments in operating, general and administrative expenses in the Consolidated Statements of Income
and Comprehensive Income. We can make no assurances that additional charges related to closed stores will not
be required based on the changing real estate environment.
Note 8 — Earnings Per Common Share
The following table presents a reconciliation of the weighted average shares outstanding used to calculate
earnings per common share (in thousands):
Year Ended
January 29,
2012
January 30,
2011
January 31,
2010
Basic ............................................. 111,909 116,799 122,363
Dilutive stock-based compensation awards ............... 2,084 2,606 2,338
Diluted ........................................... 113,993 119,405 124,701
Certain stock-based compensation awards representing 1.3 million, 1.5 million and 3.0 million shares of
common stock in 2011, 2010 and 2009, respectively, were not included in the calculation of diluted earnings per
common share because the inclusion of the awards would have been antidilutive for the periods presented.
Note 9 — Stockholders’ Equity
Share Purchase Programs
In June 2009, the Board of Directors approved a share purchase program authorizing the purchase of up to
$350.0 million of our common stock through January 29, 2012. During 2009, we purchased 5.9 million shares of
our common stock for $140.0 million under the $350.0 million share purchase program. During the thirteen
weeks ended May 2, 2010, we purchased 3.4 million shares of our common stock for $107.1 million under this
$350.0 million program.
In June 2010, the Board of Directors approved a share purchase program authorizing the purchase of up to
$400.0 million of our common stock through January 29, 2012, replacing the $350.0 million program. During
2010, we purchased 4.2 million shares of our common stock for $156.2 million under the $400.0 million pro-
gram. During the twenty-six weeks ended July 31, 2011, we purchased 3.9 million shares of our common stock
for $165.4 million under this $400.0 million program.
In June 2011, the Board of Directors approved a share purchase program authorizing the purchase of up to
$450.0 million of our common stock through January 31, 2013, replacing the $400.0 million program, effective
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