Cabela's 2013 Annual Report Download - page 113

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103
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 28, 2013, the
Company had unrestricted retained earnings of $229,377 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 (Loss) – The components of accumulated other comprehensive
income (loss), net of related taxes, are as follows for the years ended:
2013 2012
Accumulated net unrealized holding gains on economic development bonds $ 4,682 $ 6,823
Accumulated net unrealized holding loss on derivatives - (1)
Cumulative foreign currency translation adjustments (6,406) (1,280)
Total accumulated other comprehensive income (loss) $ (1,724) $ 5,542
Treasury Stock – The Company’s Board of Directors authorized a share repurchase program on August 23,
2011, 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 14, 2013, the Company announced its intent to repurchase up to 750,000 shares of
its common stock in open market transactions through February 2014. As of December 28, 2013, there were
181,179 shares repurchased (which includes 17,439 shares withheld to offset tax withholding obligations upon the
vesting and release of certain restricted shares). At December 28, 2013, there were 586,260 shares remaining to
be purchased. The Company announced on February 13, 2014, its intent to repurchase up to 650,000 shares of its
common stock in open market transactions through February 2015. There is no guarantee as to the exact number of
shares that we will repurchase.
The following table reconciles the Company’s treasury stock activity for the years ended:
2013 2012
Balance, beginning of year 492,414 800,935
Purchase of treasury stock at a cost of $10,053 and $28,977 (1) 181,179 816,057
Treasury shares issued on exercise of stock options and share-based payment awards (673,593) (1,124,578)
Balance, end of year - 492,414
(1) Reflects common stock withheld (under the terms of grants pursuant to a stock compensation plan) totaling
17,439 shares and 16,057 shares, respectively, to offset tax withholding obligations upon the vesting and
release of restricted shares on July 7, 2013 and 2012.