Cracker Barrel 2014 Annual Report Download - page 47

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45
7 SHARE REPURCHASES
In 2014, 2013 and 2012, subject to a maximum amount as
specied in the table below and the limits imposed by the
Credit Facility, the Company was authorized to repurchase
shares at management’s discretion.
e following table summarizes our share repurchases for
the last three years:
2014 2013 2012
Maximum aggregate
purchase price $ 50,000 $ 100,000 $ 65,000
Cost of shares repurchased $ 12,473 $ 3,570 $ 14,923
Shares of common stock
repurchased 120,000 44,300 265,538
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 indistinguish-
able 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:
2014 2013 2012
Restaurant $ 2,137,405 $ 2,104,768 $ 2,054,127
Retail 546,272 539,862 526,068
Total revenue $ 2,683,677 $ 2,644,630 $ 2,580,195
9 LEASES
As of August 1, 2014, the Company operated 216 stores in
leased facilities and also leased certain land, a retail distribu-
tion 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
2014 $ 71,123 $ 242 $ 71,365
2013 70,095 232 70,327
2012 67,651 276 67,927
e following is a schedule by year of the future minimum
rental payments required under the Company’s operating
leases as of August 1, 2014:
Year Total
2015 $ 60,569
2016 48,942
2017 43,858
2018 41,592
2019 41,926
Later years 518,762
Total $ 755,649
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 improve-
ments 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 1, 2014 and August 2, 2013, the
Company was in compliance with these covenants.
10 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