Stein Mart 2014 Annual Report Download - page 12

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10
As of January 31, 2015, the current terms of our 270 stores (assuming we exercise all lease renewal options) were as follows:
Number of Leases
Years Lease Term Expire Expiring
2015 2
2016-2019 10
2020-2024 45
2025-2029 74
2030 and later 139
ITEM 3. LEGAL PROCEEDINGS
On July 24, 2013, the Securities and Exchange Commission (the SEC) informed us that it was conducting an investigation of the
Company and made a request for voluntary production of documents and information. The request is focused on our restatement of 2012
and prior financial statements and our 2013 change in auditors. We are cooperating fully with the SEC in this matter. We have recognized
$4.1 million and $1.9 million of expenses related to the SEC investigation during 2014 and 2013, net of expected insurance recoveries,
respectively. A protracted investigation could impose substantial costs and distractions, regardless of its outcome. There can be no
assurance that any final resolution of this investigation will not have a material and adverse effect on the Companys financial condition and
results of operations.
In addition, 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 these routine legal proceedings will have a material adverse effect on our financial
condition, results of operations or cash flows.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
Market Price and Related Matters
Our common stock trades on The NASDAQ Global Select Market (NASDAQ) under the trading symbol SMRT. On March 20, 2015,
there were 847 shareholders of record. The following table sets forth the high and low sales prices of our common stock per NASDAQ and
our quarterly cash dividends per common share for each quarter in the years ended January 31, 2015 and February 1, 2014:
2014 2013
High Low Dividend High Low Dividend
First Quarter $14.78 $11.53 $0.050 $8.92 $7.44 $0.00
Second Quarter 14.36 11.56 0.075 15.21 8.85 0.05
Third Quarter 13.91 11.25 0.075 15.50 11.95 0.05
Fourth Quarter 15.45 12.85 0.075 16.17 12.32 0.05
Dividends
In 2014, we paid a quarterly dividend of $0.05 per common share on April 18, 2014 and a quarterly dividend of $0.075 per common share
on July 18, 2014, October 17, 2014 and January 16, 2015. In 2013, we paid a quarterly dividend of $0.05 per common share on July 19,
2013, October 18, 2013 and January 17, 2014.
On February 4, 2015, the Company announced that its Board of Directors declared a special cash dividend of $5.00 per common share
which was paid on February 27, 2015. The payment made in connection with this dividend was approximately $226 million. See Note 13
of the Notes to the Consolidated Financial Statements for further discussion.
On March 12, 2015, the Company announced that its Board of Directors declared a quarterly dividend of $0.075 per common share which
will be paid on April 17, 2015 to shareholders of record on April 2, 2015.