Stein Mart 2015 Annual Report Download - page 38

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-14
Borrowings under the Credit Agreement shall be either Base Rate Loans or LIBO Rate Loans. LIBO Rate Loans bear interest equal to the
Adjusted LIBO Rate plus the Applicable Margin (125 to 175 basis points) depending on the Quarterly Average Excess Availability. Base
Rate Loans bear interest equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the Adjusted LIBO Rate plus 1.00%, or (c) the
Wells Fargo “prime rate,” plus the Applicable Margin (25 to 75 basis points).
Borrowings under the Equipment Term Loan bear interest at the LIBO Rate plus 2%.
The weighted average interest rate for amounts outstanding under the Credit Agreement and Equipment Term Loan were 1.98% and
2.43%, respectively, as of January 30, 2016.
5. Leases
We lease all of our retail stores, support facilities and certain equipment under operating leases. Our store leases are generally for 10
years with options to extend the lease term for two or more 5-year periods. Annual store rent is generally comprised of a fixed minimum
amount plus a contingent amount based on a percentage of sales in excess of specified levels. Most store leases also require additional
payments covering real estate taxes, common area costs and insurance.
Rent expense is as follows:
2015 2014 2013
Minimum rentals 86,572$ 79,054$ 73,594$
Contingent rentals 373 877 1,013
Rent expense 86,945$ 79,931$ 74,607$
At January 30, 2016, future contractual minimum lease payments under operating leases are:
2016 93,094$
2017 82,385
2018 69,506
2019 59,266
2020 48,952
Thereafter 139,299
Total 492,502$