Cracker Barrel 2013 Annual Report Download - page 47

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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 condem-
nation award was received.
10 LEASES
As of August 2, 2013, the Company operated 212 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
2013 $ 70,095 $ 232 $ 70,327
2012 67,651 276 67,927
2011 65,878 179 66,057
e following is a schedule by year of the future minimum
rental payments required under the Company’s operating
leases as of August 2, 2013:
Year Total
2014 $ 59,075
2015 47,030
2016 42,316
2017 40,324
2018 40,716
Later years 536,983
Total $ 766,444
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
terms of 20 and 15 years, respectively. Equipment was not
included. e leases include specied renewal options for up
to 20 additional years.
e Company leases 65 of its stores pursuant to a
sale-leaseback transaction which closed in 2000. Under the
transaction, the land, buildings and building improvements
at the locations were sold and leased back for a term of
21 years. e leases for these stores include specied renewal
options for up to 20 additional years and have certain
nancial covenants related to xed charge coverage for
the leased stores. At August 2, 2013 and August 3, 2012,
the Company was in compliance with these covenants.
11 SHAREBASED COMPENSATION
Stock Compensation Plans
e Company’s employee compensation plans are adminis-
tered by the Compensation Commiee of the Company’s
Board of Directors (the “Commiee”). e Commiee is
authorized to determine, at time periods within its discretion
and subject to the direction of the Board of Directors, which
employees will be granted awards, the number of shares
covered by any awards granted, and within applicable limits,
the terms and provisions relating to the exercise and vesting
of any awards.
e Company has one active compensation plan, the
2010 Omnibus Incentive Compensation Plan (the “2010
Omnibus Plan”), for employees and non-employee
directors which authorizes the granting of nonvested stock
awards, performance-based MSU Grants, stock options and
other types of share-based awards. e Company also has
stock options and nonvested stock outstanding under three
other compensation plans (“Prior Plans”) in which no
future grants may be made.
e 2010 Omnibus Plan allows the Commiee to grant
awards for an aggregate of 1,500,000 shares of the
Company’s common stock. However, this share reserve is
increased by shares awarded under this and Prior Plans
which are forfeited, expired, seled for cash and shares with-
held by the Company in payment of a tax withholding
obligation. Additionally, this share reserve was decreased by
shares granted from Prior Plans aer July 30, 2010 until
December 1, 2010. At August 2, 2013, the number of shares
authorized for future issuance under the Company’s active
plan is 1,174,925.