Dillard's 2015 Annual Report Download - page 65

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F-23
11. Earnings per Share
Basic earnings per share has been computed based upon the weighted average of Class A and Class B common shares
outstanding. Diluted earnings per share gives effect to outstanding stock options.
Earnings per common share has been computed as follows:
Fiscal 2015 Fiscal 2014 Fiscal 2013
(in thousands, except per share data) Basic Diluted Basic Diluted Basic Diluted
Net earnings available for per-
share calculation . . . . . . . . . . . $ 269,370 $ 269,370 $ 331,853 $ 331,853 $ 323,671 $ 323,671
Average shares of common
stock outstanding . . . . . . . . . . 39,005 39,005 42,603 42,603 45,586 45,586
Dilutive effect of stock-based
compensation . . . . . . . . . . . . . ——————
Total average equivalent shares 39,005 39,005 42,603 42,603 45,586 45,586
Per share of common stock: . . .
Net income . . . . . . . . . . . . . . . $ 6.91 $ 6.91 $ 7.79 $ 7.79 $ 7.10 $ 7.10
No stock options were outstanding at January 30, 2016, January 31, 2015 and February 1, 2014.
12. Commitments and Contingencies
Rental expense consists of the following:
(in thousands of dollars) Fiscal 2015 Fiscal 2014 Fiscal 2013
Operating leases:
Buildings:
Minimum rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,546 $ 15,699 $ 15,767
Contingent rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,914 4,959 5,196
Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,272 6,319 5,870
$ 26,732 $ 26,977 $ 26,833
Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other
contingent rentals are based entirely on a percentage of sales.
The future minimum rental commitments as of January 30, 2016 for all non-cancelable leases for buildings and
equipment are as follows:
(in thousands of dollars)
Fiscal Year
Operating
Leases
Capital
Leases
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,269 $ 3,791
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,748 3,699
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,541 1,428
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,368 1,428
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,618 1,077
After 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 789 726
Total minimum lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54,333 12,149
Less amount representing interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,596)
Present value of net minimum lease payments (of which $3,284 is currently payable) . . . . . . $ 10,553
Renewal options from three to 25 years exist on the majority of leased properties.
At January 30, 2016, the Company is committed to incur costs of approximately $16.4 million to acquire, complete and
furnish certain stores and equipment.