Stein Mart 2011 Annual Report Download - page 32

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Table of Contents
Stein Mart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
F
-
5
Year Ended
January 28,
2012
Year Ended
January 29,
2011
Year Ended
January 30,
2010
Cash flows from operating activities:
Net income
$
19,828
$
48,753
$
23,553
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
18,937
17,328
19,223
Share
-
based compensation
3,821
3,759
4,610
Store closing charges
793
3,128
2,658
Impairment of property and other assets
1,166
1,150
8,429
Deferred income taxes
12,766
10,679
2,558
Change in valuation allowance for deferred tax assets
—
(
16,686
)
(2,272
)
Tax (deficiency) benefit from equity issuances
(437
)
6,995
221
Excess tax benefits from share
-
based compensation
(375
)
(6,937
)
(166
)
Changes in assets and liabilities:
Inventories
11,520
(14,170
)
(10,986
)
Prepaid expenses and other current assets
(12,173
)
(2,675
)
24,249
Other assets
(3,796
)
(1,743
)
2,461
Accounts payable
10,518
15,227
24,635
Accrued expenses and other current liabilities
(4,857
)
(12,373
)
7,994
Other liabilities
1,857
(2,803
)
(8,838
)
Net cash provided by operating activities
59,568
49,632
98,329
Cash flows from investing activities:
Capital expenditures
(33,449
)
(29,550
)
(7,585
)
Cash used in investing activities
(33,449
)
(29,550
)
(7,585
)
Cash flows from financing activities:
Borrowings under notes payable to banks
—
—
57,300
Repayments of notes payable to banks
—
—
(
157,300
)
Cash dividends paid
—
(
22,233
)
—
Capital lease payments
(3,362
)
—
—
Excess tax benefits from share
-
based compensation
375
6,937
166
Proceeds from exercise of stock options and other
2,891
1,512
1,285
Repurchase of common stock
(12,141
)
(7,102
)
(123
)
Net cash used in financing activities
(12,237
)
(20,886
)
(98,672
)
Net increase (decrease) in cash and cash equivalents
13,882
(804
)
(7,928
)
Cash and cash equivalents at beginning of year
80,171
80,975
88,903
Cash and cash equivalents at end of year
$
94,053
$
80,171
$
80,975
Supplemental disclosures of cash flow information:
Income taxes paid
$
12,374
$
9,580
$
13,236
Property and equipment acquired through capital lease
9,713
—
—
Interest paid
337
388
683