Big Lots 2012 Annual Report Download - page 138

Download and view the complete annual report

Please find page 138 of the 2012 Big Lots 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 172

  • 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
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172

58
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 5 — Leases (Continued)
We have obligations for capital leases for office equipment, included in accrued operating expenses and other
liabilities on our consolidated balance sheet. Scheduled payments for all capital leases at February 2, 2013, were
as follows:
Fiscal Year (In thousands)
2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,266
2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 930
2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Thereafter .................................. —
Total lease payments.................... $2,227
Less amount to discount to present value.... (158)
Capital lease obligation per balance sheet . . . $2,069
Note 6 — Shareholders’ Equity
Earnings per Share
There were no adjustments required to be made to weighted-average common shares outstanding for purposes
of computing basic and diluted earnings per share and there were no securities outstanding in any year
presented, which were excluded from the computation of earnings per share other than antidilutive employee
and director stock options and non-vested restricted stock awards. At the end of 2012, 2011, and 2010, stock
options outstanding of 1.9 million, 1.5 million, and 0.9 million, respectively, were excluded from the diluted
share calculation because their impact was antidilutive. Antidilutive options are excluded from the calculation
because they decrease the number of diluted shares outstanding under the treasury stock method. Antidilutive
options are generally outstanding options where the exercise price per share is greater than the weighted-
average market price per share for our common shares for each period. The number of shares of non-vested
restricted stock that were antidilutive, as determined under the treasury stock method, is immaterial for all years
presented.
A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted
earnings per share computations is as follows:
(In thousands) 2012 2011 2010
Weighted-average common shares outstanding:
Basic....................................................... 59,852 68,316 77,596
Dilutive effect of stock options and restricted common shares .......... 624 1,103 985
Diluted ..................................................... 60,476 69,419 78,581
Share Repurchase Programs
On May 25, 2011 our Board of Directors authorized a share repurchase program providing for the repurchase
of up to $400.0 million of our common shares (“2011 Repurchase Program”). On May 22, 2012, our Board of
Directors authorized a share repurchase program providing for the repurchase of $200.0 million of our common
shares (“2012 Repurchase Program”).
During 2012, we acquired approximately 8.1 million of our outstanding common shares for $298.5 million, which
exhausted our authorizations under both the 2011 Repurchase Program and the 2012 Repurchase Program.
Common shares acquired through the repurchase programs are held in treasury at cost and are available to meet
obligations under equity compensation plans and for general corporate purposes.