Stein Mart 2011 Annual Report Download - page 11

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Table of Contents
We lease all of our store locations, generally for 10 years with options to extend the lease term for two or more 5-year periods. We have the
right to terminate some of these leases before the expiration date under specified circumstances and some with specified termination payments.
Most of our leases provide for fixed minimum rents, as well as contingent amounts based on a percentage of sales in excess of specified levels.
We also lease our 107,000 square foot corporate headquarters and a 92,000 square foot distribution/warehouse facility used to hold and process
a limited amount of merchandise (approximately three percent of our merchandise on a dollar basis), both in Jacksonville, FL.
As of January 28, 2012, the current terms of our store leases (assuming we exercise all lease renewal options) were as follows:
We are involved in various routine legal proceedings incidental to the conduct of our business. Management, based upon the advice of outside
legal counsel, does not believe that any of these legal proceedings will have a material adverse effect on our financial condition, results of
operations or cash flows.
Not applicable.
PART II
Market Price and Related Matters
Our common stock trades on The NASDAQ Global Select Market (“NASDAQ”) under the trading symbol “SMRT”.
On March 30, 2012, there
were 984 shareholders of record. The following table sets forth the high and low sales prices of our common stock per NASDAQ for each
quarter in the years ended January 28, 2012 and January 29, 2011:
Dividends
On November 10, 2010, the Board of Directors declared a special cash dividend of $0.50 per common share that was paid on December 22,
2010 to shareholders of record on December 8, 2010. There were no cash dividends declared or paid in fiscal 2011.
9
Years Lease Term Expire
Number of Leases
Expiring (a)
2012
5
2013
-
2016
13
2017
-
2021
25
2022
-
2026
79
2027 and later
151
(a)
Includes leases for the 262 store locations operated at January 28, 2012, eight leases for previously closed store locations which we have
subleased or are actively seeking to sublease, two new stores and one lease for a store being relocated in 2012.
ITEM 3.
LEGAL PROCEEDINGS
ITEM 4.
MINE SAFETY DISCLOSURES
ITEM 5.
MARKET FOR REGISTRANT
’
S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
2011
2010
High
Low
High
Low
First Quarter
$
10.95
$
7.75
$
10.91
$
7.70
Second Quarter
10.94
8.05
10.14
5.90
Third Quarter
9.66
5.65
10.14
6.56
Fourth Quarter
7.48
5.96
10.89
7.75