Supercuts 2007 Annual Report Download - page 88
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table sets forth a reconciliation of shares used in the computation of basic and diluted earnings per share:
Restricted stock awards of 258,700 shares and 215,000 units, 192,855 shares and 141,650 shares were excluded from the computation of
basic weighted average shares outstanding at June 30, 2007, 2006 and 2005, respectively, as such shares were not yet vested at that date. Stock
options covering approximately 491,945, 436,300 and 112,500 were excluded from the shares used in the computation of diluted earnings per
share for fiscal years 2007, 2006 and 2005, respectively, as such shares were anti-dilutive. Additionally, SARs covering 405,200, 96,000 and
99,000 shares were excluded from the computation during fiscal years 2007, 2006 and 2005, respectively, as such shares were anti-dilutive.
The following provides supplemental disclosures of cash flow activity:
Significant non-cash investing and financing activities include the following:
In fiscal years 2007, 2006, and 2005, the Company financed capital expenditures totaling $14.5, $16.8, and $10.7 million, respectively,
through capital leases.
In connection with various acquisitions, the Company entered into seller-financed payables and non-compete agreements in fiscal years
2006 and 2005, as well as issuing 75,177 shares of the Company’s common stock during fiscal year 2005 (see Note 3).
3.
ACQUISITIONS AND INVESTMENTS:
During fiscal years 2007, 2006, and 2005, the Company made numerous acquisitions and the purchase prices have been allocated to assets
acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. With the exception of Hair Club for Men and
Women (Hair Club), these acquisitions individually and in the aggregate are not material to the Company’s operations. Operations of the
acquired companies have been included in the operations of the Company since the date of the respective acquisition.
87
2007
2006
2005
(Shares in thousands)
Weighted average shares for basic earnings per share
44,723
45,168
44,622
Effect of dilutive securities:
Dilutive effect of stock
-
based compensation
844
1,076
1,665
Contingent shares issuable under contingent stock agreements
56
156
93
Weighted average shares for diluted earnings per share
45,623
46,400
46,380
2007
2006
2005
(Dollars in thousands)
Cash paid during the year for:
Interest
$
40,805
$
35,098
$
23,062
Income taxes, net of refunds
71,770
32,544
40,544