Napa Auto Parts 2010 Annual Report Download - page 50
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Table of Contents
Future minimum payments, by year and in the aggregate, under the capital and noncancelable operating leases with initial or
remaining terms of one year or more consisted of the following at December 31, 2010 (in thousands):
2011 $ 408 $ 124,370
2012 345 96,855
2013 297 71,698
2014 282 52,027
2015 201 31,996
Thereafter 682 128,097
Total minimum lease payments 2,215 $ 505,043
Amounts representing interest (922)
Present value of future minimum lease payments $ 1,293
Rental expense for operating leases was approximately $147,886,000 in 2010, $153,523,000 in 2009, and $159,562,000 in 2008.
At December 31, 2010, total compensation cost related to nonvested awards not yet recognized was approximately $6,900,000. The
weighted-average period over which this compensation cost is expected to be recognized is approximately three years. The aggregate
intrinsic value for options and RSUs outstanding at December 31, 2010 and 2009 was approximately $67,100,000 and $17,500,000,
respectively. The aggregate intrinsic value for options and RSUs vested totaled approximately $45,900,000 and $12,200,000 at
December 31, 2010 and 2009, respectively. At December 31, 2010, the weighted-average contractual life for outstanding and exercisable
options and RSUs was six and five years, respectively. For the years ended December 31, 2010, 2009, and 2008, $7,016,000,
$8,578,000, and $12,977,000 of share-based compensation cost was recorded, respectively. The total income tax benefit recognized in
the consolidated statements of income for share-based compensation arrangements was approximately $2,800,000, $3,400,000, and
$5,200,000 for 2010, 2009, and 2008, respectively. There have been no modifications to valuation methodologies or methods during the
years ended December 31, 2010, 2009, and 2008.
For the years ended December 31, 2010 and 2008 the fair value for options and SARs granted was estimated using a Black-Scholes
option pricing model with the following weighted-average assumptions, respectively: risk-free interest rate of 3.6% and 3.5%; dividend
yield of 4.6% and 3.0%; annual historical volatility factor of the expected market price of the Company’s common stock of 19% and
17%; an average expected life and estimated turnover based on the historical pattern of existing grants of eight years and 4.0% to 6.0%,
respectively. The fair value of RSUs is based on the price of the Company’s stock on the date of grant. The Company had no grant
activity for the year ended December 31, 2009. The total fair value of shares vested during the years ended December 31, 2010, 2009,
and 2008, was $9,200,000, $13,200,000, and $14,900,000, respectively.
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