Express 2011 Annual Report Download - page 38

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local jurisdictions. In connection with the Reorganization we became taxable as a corporation, effective
May 2, 2010, and recorded a $31.8 million tax benefit related to this conversion.
(2) On May 12, 2010, in connection with the IPO, we converted from a Delaware limited liability company into
a Delaware corporation and changed our name to Express, Inc. See Note 1 to our Consolidated Financial
Statements. In connection with this conversion, all of our equity interests, which consisted of Class L,
Class A, and Class C units, were converted into shares of our common stock at a ratio of 0.702, 0.649, and
0.442, respectively. All share and per share information in the accompanying Consolidated Financial
Statements and the related Notes has been retrospectively recast to reflect this conversion.
(3) Comparable sales have been calculated based upon stores that were open at least thirteen full months as of
the end of the reporting period. For 2011, 2010 and 2009, comparable sales include e-commerce
merchandise sales.
(4) Net sales per gross square foot is calculated by dividing net sales for the applicable period by the average
gross square footage during such period. For the purpose of calculating net sales per gross square foot,
e-commerce sales and other revenues are excluded from net sales.
(5) Working capital is defined as current assets, less cash and cash equivalents, less current liabilities, excluding
the current portion of long-term debt.
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