Petsmart 2012 Annual Report Download - page 62

F-16
The activity related to the reserve for closed stores was as follows (in thousands):
Year Ended
February 3, 2013 January 29, 2012 January 30, 2011
(53 weeks) (52 weeks) (52 weeks)
Opening balance.............................................................................................. $ 10,007 $ 9,764 $ 8,216
Provision for new store closures..................................................................... 5,180 1,297 4,921
Lease terminations .......................................................................................... (584) — (562)
Changes in sublease assumptions ................................................................... 228 3,338 1,072
Other charges .................................................................................................. 353 606 995
Payments......................................................................................................... (6,458)(4,998)(4,878)
Ending balance................................................................................................ $ 8,726 $ 10,007 $ 9,764
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 7 — Earnings per Common Share
The following table presents a reconciliation of the weighted average shares outstanding used in the earnings per common
share calculations (in thousands):
Year Ended
February 3, 2013 January 29, 2012 January 30, 2011
(53 weeks) (52 weeks) (52 weeks)
Basic................................................................................................................ 107,819 111,909 116,799
Dilutive stock-based compensation awards.................................................... 1,792 2,084 2,606
Diluted............................................................................................................. 109,611 113,993 119,405
Certain stock-based compensation awards representing 0.5 million, 1.3 million and 1.5 million shares of common stock in
2012, 2011 and 2010, respectively, were not included in the calculation of diluted earnings per common share because the inclusion
of such awards would have been antidilutive for the periods presented.
Note 8 — Stockholders’ Equity
Share Purchase Program
The following table presents purchases of our common stock under the respective share purchase programs (in thousands):
Year Ended
Share Purchase Program February 3, 2013 January 29, 2012 January 30, 2011
(53 weeks) (52 weeks) (52 weeks)
Authorized
Amount Date Approved by Board Program Termination Date Shares Purchased Purchase Value Shares Purchased Purchase Value Shares Purchased Purchase Value
$ 350,000 June 2009 July 31, 2011 — $ — — $ — 3,412 $ 107,069
$ 400,000 June 2010 July 31, 2011 — — 3,909 165,383 4,165 156,222
$ 450,000 June 2011 January 31, 2013 4,594 278,553 3,683 171,447 — —
$ 525,000 June 2012 January 31, 2014 2,599 178,058 — — — —
7,193 $ 456,611 7,592 $ 336,830 7,577 $ 263,291
The $450.0 million program was completed during the thirteen weeks ended October 28, 2012. As of February 3, 2013, $346.9
million remained available under the $525.0 million program.
PetSmart, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements — (Continued)