Cabela's 2012 Annual Report Download - page 116

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106
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Retained Earnings – The most significant restrictions on the payment of dividends are contained within
the covenants under the Company’s revolving credit and unsecured senior notes purchase agreements. Also,
Nebraska banking laws govern the amount of dividends that WFB can pay to Cabela’s. At December 29, 2012, the
Company had unrestricted retained earnings of $180,529 available for dividends. However, the Company has never
declared or paid any cash dividends on its common stock, and does not anticipate paying any cash dividends in the
foreseeable future.
Accumulated Other Comprehensive Income – The components of accumulated other comprehensive
income, net of related taxes, are as follows for the years ended:
2012 2011
Accumulated net unrealized holding gains on economic development bonds $ 6,823 $ 3,044
Accumulated net unrealized holding loss on derivatives (1) (138)
Cumulative foreign currency translation adjustments (1,280) (175)
Total accumulated other comprehensive income $ 5,542 $ 2,731
Treasury Stock - On August 23, 2011, the Company’s Board of Directors authorized a share repurchase
program that provides for share repurchases on an ongoing basis to offset dilution resulting from equity awards
under the Company’s current or future equity compensation plans. These shares can be repurchased from time to
time in open market transactions or privately negotiated transactions at the Company’s discretion, subject to market
conditions, customary blackout periods, and other factors. The share repurchase program does not obligate the
Company to repurchase any outstanding shares of its common stock, and the program may be limited or terminated
at any time. On February 16, 2012, the Company announced that it would repurchase up to 800,000 shares of its
common stock in open market transactions through February 2013. These shares were repurchased in the second
quarter of 2012.
The following table reconciles the share activity relating to the Company’s treasury stock for the years ended:
2012 2011
Number of treasury shares:
Balance, beginning of period 800,935 -
Purchase of treasury stock at a cost of $28,977 and $20,287 (1) 816,057 814,495
Treasury shares issued on exercise of stock options and share-based payment awards (1,124,578) (13,560)
Balance, end of period 492,414 800,935
(1) Reflects common stock withheld (under the terms of grants pursuant to a stock compensation plan) totaling
16,057 shares and 14,495 shares, respectively, to offset tax withholding obligations upon the vesting and
release of restricted shares on July 7, 2012 and 2011.