Stein Mart 2012 Annual Report Download - page 35

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The accompanying notes are an integral part of these consolidated financial statements.
F-7
Stein Mart, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Year Ended Year Ended Year Ended
February 2, 2013 January 28, 2012 January 29, 2011
(Restated) (1) (Restated) (1)
Cash flows from operating activities:
Net income 25,027$ 19,931$ 56,686$
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 23,911 18,614 17,779
Share-based compensation 6,203 3,821 3,759
Store closing charges 996 793 3,128
Impairment of property and other assets 523 1,166 1,150
Loss on disposal of property and equipment 1,324 77 117
Deferred income taxes 2,916 12,247 11,146
Change in valuation allowance for deferred tax assets - - (23,509)
Tax (deficiency) benefit from equity issuances (510) (437) 6,995
Excess tax benefits from share-based compensation (640) (375) (6,937)
Changes in assets and liabilities:
Inventories (24,513) 10,864 (13,463)
Prepaid expenses and other current assets 11,836 (12,986) (3,291)
Other assets (4,137) (3,515) (1,467)
Accounts payable 24,909 10,518 15,227
Accrued expenses and other current liabilities 450 (3,518) (12,342)
Other liabilities 3,044 7,384 (5,885)
Net cash provided by operating activities 71,339 64,584 49,093
Cash flows from investing activities:
Capital expenditures (45,426) (38,012) (28,798)
Net cash used in investing activities (45,426) (38,012) (28,798)
Cash flows from financing activities:
Cash dividends paid (43,839) - (22,233)
Capital lease payments (6,066) (3,362) -
Excess tax benefits from share-based compensation 640 375 6,937
Proceeds from exercise of stock options and other 471 2,891 1,512
Repurchase of common stock (3,939) (12,141) (7,102)
Net cash used in financing activities (52,733) (12,237) (20,886)
Net (decrease) increase in cash and cash equivalents (26,820) 14,335 (591)
Cash and cash equivalents at beginning of year 94,053 79,718 80,309
Cash and cash equivalents at end of year 67,233$ 94,053
$ 79,718$
Supplemental disclosures of cash flow information:
Income taxes paid 9,891$ 12,374$ 9,580$
Property and equipment acquired through capital lease 1,912 9,713 -
Interest paid 323 337 388
(1) As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.