Urban Outfitters 2010 Annual Report Download - page 76

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URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
10. Net Income Per Common Share
The following is a reconciliation of the weighted average shares outstanding used for the
computation of basic and diluted net income per common share:
Fiscal Year Ended January 31,
2010 2009 2008
Basic weighted average shares outstanding ............ 168,053,502 166,793,062 165,305,207
Effect of dilutive options and restricted stock .......... 3,176,743 4,067,543 4,335,378
Diluted weighted average shares outstanding .......... 171,230,245 170,860,605 169,640,585
For the fiscal years ended January 31, 2010, 2009 and 2008, options to purchase 4,331,650 shares
ranging in price from $16.58 to $37.51, options to purchase 3,351,338 shares ranging in price from
$16.58 to $37.51 and options to purchase 4,063,875 shares ranging in price from $22.11 to $31.11,
were excluded from the calculation of diluted net income per common share for the respective fiscal
years because the effect was anti-dilutive.
11. Commitments and Contingencies
Leases
The Company leases its stores under non-cancelable operating leases. The following is a schedule
by year of the future minimum lease payments for operating leases with original terms in excess of one
year:
Fiscal Year
2011 .................................................. $ 139,562
2012 .................................................. 142,791
2013 .................................................. 143,549
2014 .................................................. 135,030
2015 .................................................. 126,629
Thereafter .............................................. 468,282
Total minimum lease payments ............................. $1,155,843
Amounts noted above include commitments for 22 executed leases for stores not opened as of
January 31, 2010. The majority of our leases allow for renewal options between five and ten years
upon expiration of the initial lease term. The store leases generally provide for payment of direct
operating costs including real estate taxes. Certain store leases provide for contingent rentals when
sales exceed specified levels. Additionally, the Company has entered into store leases that require a
percentage of total sales to be paid to landlords in lieu of minimum rent.
F-27