Dick's Sporting Goods 2009 Annual Report Download - page 78

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Scheduled lease payments assume the exercise of the Company’s purchase option in March 2012. Scheduled lease payments
under financing lease obligations as of January 30, 2010 are as follows (in thousands):
Fiscal Year
2010................ $ 10,454
2011................ 11,405
2012................ 132,864
2013................ —
2014................ —
Thereafter . . . . . . . . . . . . . . —
154,723
Less: amounts representing interest . . . . . . . . . . . . (23,760)
Present value of net scheduled lease payments . . . . 130,963
Less: amounts due in one year . . . . . . . . . . . . . . . . —
$130,963
8. Operating Leases
The Company leases substantially all of its stores, office facilities, distribution centers and equipment, under noncancelable
operating leases that expire at various dates through 2039. Certain of the store lease agreements contain renewal options for
additional periods of five to ten years and contain certain rent escalation clauses. The lease agreements provide primarily for the
payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance, and in some
cases contingent rent stated as a percentage of gross sales over certain base amounts. Rent expense under these operating
leases was approximately $340.0 million, $319.2 million and $267.5 million for fiscal 2009, 2008 and 2007, respectively. The
Company entered into sale-leaseback transactions related to store fixtures, buildings and equipment that resulted in cash receipts
of $31.6 million, $44.9 million and $28.4 million for fiscal 2009, 2008 and 2007, respectively.
Scheduled lease payments due (including lease commitments for 16 stores not yet opened at January 30, 2010) under
noncancelable operating leases as of January 30, 2010 are as follows (in thousands):
Fiscal Year
2010. . . . . . . . . . . . . . . $ 370,512
2011. . . . . . . . . . . . . . . 367,521
2012. . . . . . . . . . . . . . . 357,528
2013. . . . . . . . . . . . . . . 350,459
2014. . . . . . . . . . . . . . . 335,788
Thereafter . . . . . . . . . . . . 1,575,332
$3,357,140
The Company has subleases related to certain of its operating lease agreements. The Company recognized sublease rental
income of $1.0 million, $1.1 million and $1.1 million for fiscal 2009, 2008 and 2007, respectively.
9. Stock-Based Compensation and Employee Stock Plans
The Company has the availability to grant stock options to purchase common stock under the Dick’s Sporting Goods, Inc.
Amended and Restated 2002 Stock and Incentive Plan and the Golf Galaxy, Inc. 2004 Incentive Plan (the “Plans”). The Company
also has an employee stock purchase plan (“ESPP”) which provides for eligible employees to purchase shares of the Company’s
common stock.
76 Dick’s Sporting Goods, Inc. ¬2009 Annual Report
DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)