Dick's Sporting Goods 2014 Annual Report Download - page 82

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56
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
56
Scheduled lease payments under capital lease obligations as of January 31, 2015 are as follows (in thousands):
Fiscal Year
2015 $ 1,024
2016 1,024
2017 1,024
2018 1,044
2019 1,103
Thereafter 3,988
Subtotal 9,207
Less: amounts representing interest (3,213)
Present value of net scheduled lease payments 5,994
Less: amounts due in one year (429)
Total long-term capital leases $ 5,565
8. Operating Leases
The Company leases substantially all of its stores, three distribution centers and equipment under non-cancellable operating
leases that expire at various dates through 2030. Initial lease terms are generally for 10 to 15 years and most store leases contain
multiple five-year renewal options and rent escalation provisions. 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
totaled approximately $441.5 million, $411.5 million and $388.3 million for fiscal 2014, 2013 and 2012, respectively. The
Company entered into sale-leaseback transactions related to store fixtures, buildings and equipment that resulted in cash
receipts of $3.4 million for fiscal 2012.
Scheduled lease payments due under non-cancellable operating leases as of January 31, 2015 are as follows (in thousands):
Fiscal Year
2015 $ 505,519
2016 511,223
2017 470,053
2018 416,897
2019 363,854
Thereafter 1,236,347
Total $ 3,503,893
The Company has subleases related to certain of its operating lease agreements. The Company recognized sublease rental
income of $0.6 million, $0.7 million and $0.9 million in fiscal 2014, 2013 and 2012, respectively.
9. 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,
relatives of the related party and trusts held by them 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 at any time into
one share of common stock at the holder's option.