Dick's Sporting Goods 2011 Annual Report Download - page 87

Download and view the complete annual report

Please find page 87 of the 2011 Dick's Sporting Goods 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 114

  • 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

DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Scheduled lease payments due under non-cancelable operating leases as of January 28, 2012 are as
follows (in thousands):
Fiscal Year
2012 $ 405,379
2013 413,538
2014 399,681
2015 383,975
2016 361,487
Thereafter 1,288,062
Total $ 3,252,122
The Company has subleases related to certain of its operating lease agreements. The Company
recognized sublease rental income of $0.9 million, $0.9 million and $1.0 million for fiscal 2011, 2010
and 2009, respectively.
8. Stockholders’ Equity
Common Stock, Class B Common Stock and Preferred Stock – The Company’s Amended and Restated
Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value
$0.01 per share, and the issuance of 40,000,000 shares of Class B common stock, par value $0.01 per
share. In addition, the Company’s Amended and Restated Certificate of Incorporation authorizes the
issuance of up to 5,000,000 shares of preferred stock.
Holders of common stock generally have rights identical to holders of Class B common stock, except
that holders of common stock are entitled to one vote per share and holders of Class B common stock
are entitled to ten votes per share. A related party and relatives of the related party hold all of the
Class B common stock. These shares can only be held by members of this group and are not publicly
tradable. Each share of Class B common stock can be converted into one share of common stock at the
holder’s option at any time.
Dividends per Common Share – On November 14, 2011, our Board of Directors (the ‘‘Board’’) approved
and declared our first ever cash dividend. The $0.50 per share dividend was paid on December 28, 2011
to all stockholders of record as of the close of business on December 7, 2011.
Treasury Stock – On January 11, 2012, the Company’s Board authorized a one-year share repurchase
program of up to $200 million of the Company’s common stock. The Company will finance the
repurchases from cash on hand. During fiscal 2011, the Company repurchased 30,600 shares of
common stock for $1.2 million. As of January 28, 2012, $198.8 million remained available under this
program.
9. Stock-Based Compensation and Employee Stock Plans
The Company has the ability to grant restricted shares of common stock and options to purchase
common stock under the Dick’s Sporting Goods, Inc. Amended and Restated 2002 Stock and Incentive
Plan (the ‘‘2002 Plan’’) and the Golf Galaxy, Inc. 2004 Incentive Plan (together with the 2002 Plan, the
‘‘Plans’’). The Company also has an employee stock purchase plan (‘‘ESPP’’) that provides for eligible
employees to purchase shares of the Company’s common stock. As of January 28, 2012, shares of
common stock available for future issuance pursuant to the Plans and ESPP were 8,870,610 shares and
950,398 shares, respectively.
Dick’s Sporting Goods, Inc. 2011 Annual Report 65