Stein Mart 2015 Annual Report Download - page 31

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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
January 30, 2016 January 31, 2015 February 1, 2014
Cash flows from operating activities:
Net income 23,711$ 26,906$ 25,555$
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 29,873 29,116 27,752
Share-based compensation 6,516 7,596 7,291
Store closing charges (benefits) 7 25 (50)
Impairment of property and other assets 2,008 1,480 2,210
Loss on disposal of property and equipment 167 319 701
Deferred income taxes (5,121) 1,201 (666)
Tax benefit from equity issuances 3,646 1,813 429
Excess tax benefits from share-based compensation (3,932) (1,942) (1,134)
Changes in assets and liabilities:
Inventories (7,985) (24,106) (18,172)
Prepaid expenses and other current assets 806 5,096 (4,182)
Other assets 2,045 (3,114) (708)
Accounts payable (24,438) (1,237) 189
Accrued expenses and other current liabilities (316) 4,307 (1,465)
Other liabilities 11,425 4,971 2,316
Net cash provided by operating activities 38,412 52,431 40,066
Cash flows from investing activities:
Net acquisition of property and equipment (44,365) (40,231) (36,266)
Change in cash surrender value of life insurance - (111) -
Net cash used in investing activities (44,365) (40,342) (36,266)
Cash flows from financing activities:
Proceeds from borrowings 673,312 - -
Repayments of debt (483,079) - -
Debt issurance costs (380) - -
Cash dividends paid (239,089) (12,295) (6,658)
Capital lease payments - - (2,197)
Excess tax benefits from share-based compensation 3,932 1,942 1,134
Proceeds from exercise of stock options and other 1,339 868 4,633
Repurchase of common stock (3,566) (4,144) (1,091)
Net cash used in financing activities (47,531) (13,629) (4,179)
Net decrease in cash and cash equivalents (53,484) (1,540) (379)
Cash and cash equivalents at beginning of year 65,314 66,854 67,233
Cash and cash equivalents at end of year 11,830$ 65,314$ 66,854$
Supplemental disclosures of cash flow information:
Income taxes paid 13,116$ 10,556$ 17,167$
Interest paid 3,033 345 273
Accruals and accounts payable for capital expenditures 4,148 2,293 2,500