Note 8 - Leases
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Jun. 30, 2012
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Leases of Lessee Disclosure [Text Block] |
(8) Leases
We
lease real property and equipment under various operating
lease agreements expiring through 2033. Leases covering
retail design center locations and equipment may require,
in addition to stated minimums, contingent rentals based on
retail sales or equipment usage. Generally, the leases
provide for renewal for various periods at stipulated
rates. Future minimum lease payments under non-cancelable
operating leases for each of the five fiscal years
subsequent to June 30, 2011, and thereafter are as follows
(in thousands):
The
above amounts will be partially offset in the aggregate by
minimum future rentals from subleases of $9.3 million,
which are due to be received as follows: $2.2 million in
2013; $1.9 million in 2014; $1.7 million in 2015; $0.9
million in 2016; $0.9 million in 2017; and $1.7 million
subsequent to 2017.
Total
rent expense for each of the past three fiscal years ended
June 30 was as follows (in thousands):
As
of June 30, 2012 and 2011, deferred rent credits totaling
$11.6 million and $11.9 million, respectively, and deferred
lease incentives totaling $2.3 million and $2.7 million,
respectively, are reflected in the Consolidated Balance
Sheets. These amounts are amortized over the respective
underlying lease terms on a straight-line basis as a
reduction of rent expense.
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