Cracker Barrel 2012 Annual Report Download - page 46

e following table summarizes our share repurchases for
the last three years:
2012 2011 2010
Shares of common stock
repurchased 265,538 676,600 1,352,000
Cost of shares repurchased $ 14,923 $ 33,563 $ 62,487
8 SEGMENT INFORMATION
Cracker Barrel stores represent a single, integrated operation
with two related and substantially integrated product lines.
e operating expenses of the restaurant and retail product
lines of a Cracker Barrel store are shared and are indistin-
guishable in many respects. Accordingly, the Company
manages its business on the basis of one reportable operating
segment. All of the Company’s operations are located within
the United States.
Total revenue was comprised of the following at:
2012 2011 2010
Restaurant $ 2,054,127 $ 1,934,049 $ 1,911,664
Retail 526,068 500,386 492,851
Total revenue $ 2,580,195 $ 2,434,435 $ 2,404,515
9 IMPAIRMENT AND
STORE DISPOSITIONS, NET
Impairment and store dispositions, net consisted of the
following at:
2012 2011 2010
Impair ment $ — $ 3,219 $ 2,672
Gains on disposition of stores — (4,109) —
Store closing costs — 265 128
Total $ — $ (625) $ 2,800
e Company did not incur any impairment charges in
2012. During 2011, the Company recorded impairment
charges of $1,044 and $2,175, respectively, for oce space
which is classied as property held for sale and for a leased
store. See Note 3 for information related to the determina-
tion of the fair value for this store and oce space. During
2010, the Company also determined that one leased store
was impaired, resulting in an impairment charge of $2,263.
Both leased stores were impaired because of declining
operating performance and resulting negative cash flow
projections. Additionally, during 2010, the Company
closed one store, which resulted in an impairment charge
of $409. e decision to close this store was because of its
age, expected future capital expenditure requirements
and declining operating performance.
During 2011, the Company’s gain on disposition of stores
included gains resulting from the sale of two closed stores
and a condemnation award resulting from an eminent
domain proceeding. e Company received net proceeds of
$1,054 from the sale of the two closed stores, which resulted
in a gain of $485. e condemnation award consisted of
net proceeds of $6,576, which resulted in a gain of $3,624.
In 2011, the Company closed the store on which the
condemnation award was received.
10 LEASES
As of August 3, 2012, the Company operated 208 stores
in leased facilities and also leased certain land, a retail
distribution center and advertising billboards.
Rent expense under operating leases, including the
sale-leaseback transactions discussed below, for each of the
three years was:
Year Minimum Contingent Total
2012 $ 67,651 $ 276 $ 67,927
2011 65,878 179 66,057
2010 65,351 519 65,870
e following is a schedule by year of the future minimum
rental payments required under the Company’s operating
leases as of August 3, 2012:
Year
2013 $ 58,537
2014 47,501
2015 41,928
2016 39,655
2017 40,077
Later years 570,220
Total $ 797,918
Sale-Leaseback Transactions
In 2009, the Company completed sale-leaseback transactions
involving 15 of its owned stores and its retail distribution
center. Under the transactions, the land, buildings and
improvements at the locations were sold and leased back for
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