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Smaller Reporting Company
43038744
ALCO STORES INC
0000030302
3724875
2013
Q2
10-Q
<div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(2)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Change in Accounting Method</u></font></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">During the fourth quarter of fiscal 2012, the Company elected to change its method of accounting for inventory from the retail inventory method to the weighted average cost method.  The change has been retroactively applied and decreased cost of sales and increased gross margin for the quarter ended July 31, 2011 and the twenty-six weeks ended July 31, 2011 by $1.7 million and $2.3 million, respectively.  Additionally, inventory increased by $2.3 million as of July 31, 2011.    </div></div>
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<div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(1)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Basis of Presentation</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The accompanying unaudited financial statements of ALCO Stores, Inc. (the "Company") are for interim periods and have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.  The accompanying unaudited financial statements should be read in conjunction with the financial statements included in the Company's fiscal 2012 Annual Report on Form 10-K. In the opinion of management of the Company, the accompanying unaudited financial statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position of the Company and the results of its operations and cash flows for the interim periods. Because the Company's business is moderately seasonal, the results from interim periods are not necessarily indicative of the results to be expected for the entire year.</div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Fiscal 2013 is a 53-week period consisting of three thirteen week periods and one fourteen week period with each period referred to as a quarter.  During Fiscal 2013, the fourteen week period will occur in the fourth quarter.  Fiscal 2012 was a 52-week period consisting of four thirteen week periods.  The thirteen weeks ended July 29, 2012 and July 31, 2011 are referred to herein as the second quarter of fiscal 2013 and 2012, respectively.</div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The depreciation and amortization amounts from the Statements of Operations may not agree to the related amounts in the Statements of Cash Flows due to the fact that a portion of the depreciation and amortization is included in earnings (loss) from discontinued operations, net of income tax expense (benefit) line of the Statements of Operations.</div></div>
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<div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(3)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Share-Based Compensation</u></font></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The Company recognizes compensation expense for its share-based payments based on the fair value of the awards at grant date.  Share-based payments consist of stock option grants and the related compensation cost is recognized over the requisite service period of the award.  For both the second quarter of fiscal 2013 and the second quarter of fiscal 2012, share-based compensation decreased pre-tax income by $0.1 million.  For both the twenty-six weeks ended July 29, 2012 and July 31, 2011, share-based compensation decreased pre-tax income by $0.2 million.  </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate. </div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Equity Incentive Plans</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; color: #000000; font-size: 9pt;">On June 27, 2012, the Company's stockholders approved the Company's 2012 Equity Incentive Plan (the "Plan"), which is administered by the Compensation Committee of the Company's Board of Directors.  Under the Plan, the Company may grant up to 500,000 shares of Company stock in the form of stock options, awards and rights to officers, key employees and consultants of the Company; provided however, the Company's directors are not permitted to be participants in the Plan.  According to the terms of the Plan, the per share exercise price of stock options granted shall not be less than the fair market value of the stock on the date of grant and such options will expire no later than ten years from the date of grant.  The stock options, awards and rights granted under the Plan vest over a certain period of time, as determined by the Compensation Committee in its sole discretion, beginning from the grant date unless certain Company events occur as further provided under the terms of the Plan.  In the case of a stockholder owning more than 10% of the outstanding voting stock of the Company, the exercise price of an incentive stock option may not be less than 110% of the fair market value of the stock on the date of grant and such options will expire no later than five years from the date of grant.  Also, the aggregate fair market value of the stock with respect to which incentive stock options are exercisable on a tax deferred basis for the first time by an individual in any calendar year may not exceed $100,000. In the event that the foregoing results in a portion of an option exceeding the $100,000 limitation, such portion of the option in excess of the limitation shall be treated as a non-qualified stock option. No more than 100,000 shares of the Company's stock may be awarded in a single calendar year to any individual participating in the Plan. As of July 29, 2012, the Company had 397,500 shares authorized for future option grants.  Upon exercise, the Company issues these shares from the unissued shares authorized.</div></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Under the Company's 2003 Incentive Stock Option Plan (the "2003 Plan"), options to purchase shares of Company stock may be granted to officers and key employees, not to exceed 500,000 shares.  According to the terms of the 2003 Plan, the per share exercise price of options granted shall not be less than the fair market value of the stock on the date of grant and such options will expire no later than five years from the date of grant. The options vest in equal amounts over a four year requisite service period beginning from the grant date unless certain Company events occur. In the case of a stockholder owning more than 10% of the outstanding voting stock of the Company, the exercise price of an incentive stock option may not be less than 110% of the fair market value of the stock on the date of grant and such options will expire no later than five years from the date of grant.  Also, the aggregate fair market value of the stock with respect to which incentive stock options are exercisable on a tax deferred basis for the first time by an individual in any calendar year may not exceed $100,000. In the event that the foregoing results in a portion of an option exceeding the $100,000 limitation, such portion of the option in excess of the limitation shall be treated as a non-qualified stock option.  No more than 100,000 shares of the Company's stock may be awarded in a single calendar year to any individual participating in the 2003 Plan. As of July 29, 2012, the Company had 227,620 shares authorized for future option grants.  Upon exercise, the Company issues these shares from the unissued shares authorized.  This 2003 Plan will expire on May 22, 2013.  </div><div style="margin-bottom: 10pt;"><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;"><font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Under the Company's Non-Qualified Stock Option Plan for Non-Management Directors, options may be granted to Directors of the Company who are not otherwise officers or employees of the Company, not to exceed 200,000 shares.  According to the terms of the plan, the per share exercise price of options granted shall not be less than the fair market value of the stock on the date of grant and such options will expire five years from the date of grant.  The options vest in equal amounts over a four year requisite service period beginning from the grant date unless certain Company events occur.  All options under the plan shall be non-qualified stock options.  As of July 29, 2012, the Company had </font>73,957 <font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">shares remaining to be issued under this plan.  Upon exercise, the Company will issue these shares from the unissued shares authorized.</font></div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The fair value of each option grant is separately estimated. The fair value of each option is amortized into share-based compensation on a straight-line basis over the requisite service period as discussed above.  We have estimated the fair value of all stock option awards as of the date of the grant by applying a modified <font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 9pt;">Black-Scholes</font> pricing valuation model.  The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of share-based compensation, including expected stock price volatility.  The assumptions used in determining the fair value of options granted and a summary of the methodology applied to develop each assumption are as follows:</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The following summarizes information concerning stock option grants during fiscal 2013 and 2012:</div><div style="text-align: left; text-indent: 36pt;"><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;"> </div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Fiscal 2012 Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Thirteen Week Periods Ended </div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Twenty-Six Week Periods Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 0.5pt;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">January 29, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Stock options granted </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">175,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">190,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average exercise price</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">10.60</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">9.45</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">10.60</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">9.41</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">10.60</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average grant date fair value </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">4.65</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.90</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">4.65</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.92</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">4.65</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Expected price volatility</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">58.34</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">47.68</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">58.37</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">48.23</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">58.37</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Risk-free interest rate</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.94</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.61</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.94</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.59</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.94</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average expected lives in years </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.8</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">7.4</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.8</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">7.2</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.8</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Dividend yield</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td colspan="20" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr></table><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">EXPECTED PRICE VOLATILITY -- This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. The Company uses actual historical changes in the market value of its stock to calculate expected price volatility because management believes that this is the best indicator of future volatility. The Company calculates monthly market value changes from the date of grant over a past period to determine volatility. An increase in the expected volatility will increase share-based compensation.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">RISK-FREE INTEREST RATE -- This is the applicable U.S. Treasury rate for the date of the grant over the expected term.  An increase in the risk-free interest rate will increase share-based compensation.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">EXPECTED LIVES -- This is the period of time over which the options granted are expected to remain outstanding and is based on management's expectations in relation to the holders of the options. Options granted have a maximum term of five or ten years. An increase in the expected life will increase share-based compensation.</div><div style="text-align: justify; text-indent: 45pt; font-family: 'Times New Roman', serif; color: #000000; margin-left: 45pt; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">DIVIDEND YIELD --- The Company has not made any dividend payments nor does it have plans to pay dividends in the foreseeable future. An increase in the dividend yield will decrease share-based compensation.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">As of July 29, 2012, total unrecognized share-based compensation related to non-vested stock options is $0.5 million with a weighted average expense recognition period of 2.8 years.</div></div>
115000
14000
301000
26000
<div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(7)          <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Store Closings and Discontinued Operations</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">When the operation of a store is discontinued and the store is closed, the Company reclassifies historical operating results from continuing operations to discontinued operations.  The Company closed one store during both the second quarter of fiscal 2013 and the second quarter of fiscal 2012.  During the twenty-six weeks of fiscal 2013, the Company closed three stores, whereas the Company closed one store during the twenty-six weeks of fiscal 2012.</div></div>
0.52
0.60
0.18
0.20
0.52
0.60
0.18
0.20
<div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(6)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Earnings Per Share</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 27pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">        Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding.  Diluted earnings per share reflects the potential dilution that could occur if contracts to issue securities (such as stock options) were exercised, except for those periods with a loss where the effect would be anti-dilutive.  The weighted average number of shares used in computing earnings per share was as follows:</div><div><br /></div><div><br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 36.99%; vertical-align: bottom;"><div> </div></td><td colspan="3" style="border-bottom: #000000 0.5pt solid; width: 30.05%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Thirteen Week Periods Ended </div></td><td style="width: 2.74%;"><div> </div></td><td colspan="3" style="border-bottom: #000000 0.5pt solid; width: 30.22%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Twenty-Six Week Periods Ended</div></td></tr><tr><td style="width: 36.99%; vertical-align: bottom;"><div> </div></td><td style="width: 12.98%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td style="width: 2.58%; border-top: #000000 0.5pt solid;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td style="width: 3.6%; border-top: #000000 0.5pt solid;"><div> </div></td><td style="border-bottom: #000000 0.5pt solid; width: 14%; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 36.99%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Basic</div></td><td style="width: 12.98%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,808,338</div></td><td style="width: 2.58%;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,841,932</div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,815,172</div></td><td style="width: 3.6%;"><div> </div></td><td style="width: 14%; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,841,914</div></td></tr><tr><td style="width: 36.99%; vertical-align: bottom;"><div> </div></td><td style="width: 12.98%; vertical-align: bottom;"><div> </div></td><td style="width: 2.58%;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom;"><div> </div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%;"><div> </div></td><td style="width: 3.6%;"><div> </div></td><td style="width: 14%;"><div> </div></td></tr><tr style="background-color: #cceeff;"><td style="width: 36.99%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Diluted</div></td><td style="width: 12.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,808,338</div></td><td style="width: 2.58%;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,842,036</div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,815,172</div></td><td style="width: 3.6%;"><div> </div></td><td style="width: 14%;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,841,914</div></td></tr></table></div>
3791000
3984000
P2Y9M18D
P2Y9M18D
500000
<div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(5)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Fair Value Measurements</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">  </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The financial instruments of the Company consist of cash, short-term receivables, property held for sale, and accounts payable, accrued expenses and long-term debt instruments, including capital leases.  Property held for sale is presented at the lower of cost or fair value less costs of disposal.  For notes payable under revolving loan, fair value approximates the carrying value due to the variable interest rate.  For capital leases, the carrying value approximates the fair value.  For all other financial instruments, including cash, short-term receivables, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the short maturity of those instruments.</div></div>
72833000
71518000
92000
139000
39865000
39118000
74352000
72430000
-0.03
0.00
-0.08
-0.01
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(4)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Accounting for Income Taxes</u></font></div><div style="text-align: justify; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">The statute of limitations for the Company's federal income tax returns is open for fiscal 2009 through fiscal 2011.  The Company files in numerous state jurisdictions with varying statutes of limitation.  The Company's state returns are subject to examination by the taxing authorities for fiscal 2008 through fiscal 2011 or fiscal 2009 through fiscal 2011, depending on each state's statute of limitations.   </div></div>
2100000
2311000
1001000
800000
-0.03
0.00
-0.08
-0.01
3527000
3675000
1661000
1373000
0.55
0.60
0.26
0.21
0.55
0.60
0.26
0.21
1427000
1364000
660000
573000
-115000
-14000
-301000
-26000
11530000
6049000
0
272000
-108000
-131000
-242000
-261000
-193000
-408000
2785000
11392000
857000
181000
816000
-10000
-809000
1676000
792000
1649000
1536000
2717000
159000000
156215000
0.0225
0.0223
0.0425
20000000
19289000
57335000
44533000
119616000
115965000
224686000
220405000
120000000
Based on the Company's average excess availability, the amount advanced to the Company on any Base Rate Loan (as such term is defined in the Facility) bears interest at the highest of (a) the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo as its "prime rate"; (b) the Federal Funds Rate for such day, plus 1.0%; and (c) the LIBO Rate for a 30 day interest period as determined on such day, plus 2.0%. Amounts advanced with respect to any LIBO Borrowing for any Interest Period (as those terms are defined in the Facility) shall bear interest at an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of one percent) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate (as defined in the Facility).
41539000
52063000
<div><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(8)           <font style="font-family: 'Times New Roman', serif; font-size: 9pt;"><u>Long-Term Debt</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"><font style="letter-spacing: 9pt; font-size: 1px;">  </font><font style="letter-spacing: 9pt; font-size: 1px;">  </font>      On July 21, 2011, the Company entered into a five-year revolving Credit Agreement (the "Facility") with Wells Fargo Bank, National Association and Wells Capital Finance, LLC (collectively "Wells Fargo").  The $120.0 million Facility replaced the Company's previous $120.0 million credit facility with Bank of America, N.A. and Wells Fargo Retail Finance, LLC, and expires July 20, 2016.  The completion of the agreement for the new Facility resulted in the accelerated amortization of the remaining deferred financing fees associated with the participation of Bank of America, N.A in the previous facility.  The accelerated costs were $0.5 million and included nominal fees paid to Bank of America, N.A. upon the termination of the former facility.  Additional costs paid to Wells Fargo in connection with the new facility were $0.5 million.  Those fees have been deferred and will be amortized over the term of the new facility.  The loan agreement contains various restrictions that are applicable when outstanding borrowings exceed $102.0 million, including limitations on additional indebtedness, prepayments, acquisition of assets, granting of liens, certain investments and payments of dividends.  The Company's loan agreement contains various covenants including limitations on additional indebtedness and certain financial tests, as well as various subjective acceleration clauses.  The balance sheet classification of the borrowings under the revolving loan credit facility has been determined in accordance with ASC 470, <font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 9pt;">Balance Sheet Classification of Borrowings Outstanding under Revolving Credit Agreements that Include both a Subjective Acceleration Clause and a Lock-Box Arrangement</font>.  As of July 29, 2012, the Company was in compliance with all covenants and subjective acceleration clauses of the debt agreements. Accordingly, this obligation has been classified as a long-term liability in the accompanying balance sheet.</div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"> </div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Based on the Company's average excess availability, the amount advanced to the Company on any Base Rate Loan (as such term is defined in the Facility) bears interest at the highest of (a) the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo as its "prime rate"; (b) the Federal Funds Rate for such day, plus 1.0%; and (c) the LIBO Rate for a 30 day interest period as determined on such day, plus 2.0%.  Amounts advanced with respect to any LIBO Borrowing for any Interest Period (as those terms are defined in the Facility) shall bear interest at an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of one percent) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate (as defined in the Facility).  The interest rates on outstanding borrowings at July 29, 2012 were 2.25% on $30.0 million, 2.23% on $10 million and 4.25% on $1.5 million.</div></div></div>
846000
861000
1985000
2297000
700000
774000
-3961000
-1833000
-11170000
5787000
15047000
-1712000
1700000
2300000
2300000
2008
2011
2009
2011
35546000
33794000
71155000
68340000
819000
754000
4793000
4327000
2517000
2483000
4319000
5324000
3197000
4090000
300000
0
4426000
1998000
0
520000
4419000
3603000
465000
165000
-10524000
7516000
28510000
28278000
108656000
104841000
9525000
10334000
0
761000
346000
448000
65024000
64324000
1.1
1.1
1.1
1.1
P3Y9M18D
P7Y4M24D
P3Y9M18D
P7Y2M12D
P3Y9M18D
121725000
120543000
238574000
233309000
<div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 36.99%; vertical-align: bottom;"><div> </div></td><td colspan="3" style="border-bottom: #000000 0.5pt solid; width: 30.05%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Thirteen Week Periods Ended </div></td><td style="width: 2.74%;"><div> </div></td><td colspan="3" style="border-bottom: #000000 0.5pt solid; width: 30.22%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Twenty-Six Week Periods Ended</div></td></tr><tr><td style="width: 36.99%; vertical-align: bottom;"><div> </div></td><td style="width: 12.98%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td style="width: 2.58%; border-top: #000000 0.5pt solid;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td style="width: 3.6%; border-top: #000000 0.5pt solid;"><div> </div></td><td style="border-bottom: #000000 0.5pt solid; width: 14%; border-top: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 36.99%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Basic</div></td><td style="width: 12.98%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,808,338</div></td><td style="width: 2.58%;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,841,932</div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,815,172</div></td><td style="width: 3.6%;"><div> </div></td><td style="width: 14%; border-top: #000000 0.5pt solid;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,841,914</div></td></tr><tr><td style="width: 36.99%; vertical-align: bottom;"><div> </div></td><td style="width: 12.98%; vertical-align: bottom;"><div> </div></td><td style="width: 2.58%;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom;"><div> </div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%;"><div> </div></td><td style="width: 3.6%;"><div> </div></td><td style="width: 14%;"><div> </div></td></tr><tr style="background-color: #cceeff;"><td style="width: 36.99%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Diluted</div></td><td style="width: 12.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,808,338</div></td><td style="width: 2.58%;"><div> </div></td><td style="width: 14.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,842,036</div></td><td style="width: 2.74%;"><div> </div></td><td style="width: 12.62%;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,815,172</div></td><td style="width: 3.6%;"><div> </div></td><td style="width: 14%;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">3,841,914</div></td></tr></table></div>
4004000
4112000
33417000
31674000
66916000
64050000
230000
182000
P4Y
P4Y
P4Y
P4Y
22500
175000
22500
190000
22500
<div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;"> </div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Fiscal 2012 Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Thirteen Week Periods Ended </div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">Twenty-Six Week Periods Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 0.5pt;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">January 29, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 29, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">July 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Stock options granted </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">175,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">190,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">22,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average exercise price</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">10.60</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">9.45</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">10.60</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">9.41</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">10.60</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average grant date fair value </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">4.65</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.90</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">4.65</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.92</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">4.65</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Expected price volatility</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">58.34</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">47.68</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">58.37</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">48.23</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">58.37</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Risk-free interest rate</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.94</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.61</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.94</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.59</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.94</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td></tr><tr><td valign="bottom" style="width: 40%;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Weighted average expected lives in years </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.8</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">7.4</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.8</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">7.2</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">3.8</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Dividend yield</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">0.00</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 9pt;">%</div></td></tr><tr><td valign="bottom" style="width: 40%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="text-align: right; width: 9%;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td colspan="20" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr></table></div>
10.60
9.45
10.60
9.41
10.60
0.0094
0.0061
0.0094
0.0059
0.0094
0.5834
0.4768
0.5837
0.4823
0.5837
0
0
0
0
0
4.65
3.90
4.65
3.92
4.65
73957
397500
227620
200000
500000
500000
700000
200000
200000
500000
700000
640059
556596
105070000
104440000
0
-135000
<div><div><div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(9)</font><font style="font-size: 5.14pt;">            </font><font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"><u>Stock Repurchase</u></font></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">On July 27, 2012,  the Company entered into a new Rule 10b5-1 and Rule 10b-18 Stock Repurchase Agreement with William Blair and Company, LLC (the "Stock Repurchase Agreement") whereby the Company authorized the repurchase of up to 175,000 shares of the Company's common stock with a par value of $.0001 ("Common Stock") under the Company's stock repurchase program (the "Program").</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">The Program was initially authorized by the Company on March 23, 2006, whereby the Board of Directors of the Company authorized the repurchase of 200,000 shares of the Company's Common Stock, and the Company repurchased 3,337 shares of Common Stock under the Program. The Company's Board of Directors reinstated the Program on August 13, 2008 and the Company repurchased 22,197 shares of Common Stock under the Program during such period of reinstatement. The Board of Directors of the Company approved the reinstatement of the Program again on January 6, 2012 and the Company repurchased an additional 34,407 shares of Common Stock during such reinstatement. On April 25, 2012, the Board of Directors of the Company authorized the Company to repurchase an additional 500,000 shares of Common Stock for a total of 700,000 shares of Common Stock authorized for repurchase under the Program. The Stock Repurchase Agreement only authorizes William Blair and Company, LLC to repurchase a portion of the total shares available for repurchase under the Program as stated above. Under the terms of the Program, the Company can terminate the proposed buy back at any time.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 9pt;">During the second quarter of fiscal 2013, the Company did not repurchase any shares of Common Stock under the Program.  During the twenty-six weeks of fiscal 2013, the Company repurchased 34,407 shares of Common Stock under the Program. As of July 29, 2012, the Company had repurchased a total of 59,941 shares under the Program since it was initially approved in 2006.  Therefore, there were 640,059 shares of Common Stock available to be repurchased by the Company, as of July 29, 2012.  As of September 7, 2012, the Company had repurchased an additional 83,463 shares of Common Stock under the Program leaving 556,596 shares of Common Stock available to be repurchased by the Company.  The Company subsequently retires all repurchased shares.</div></div></div>
59941
3337
22197
34407
83463
3808338
3841932
3815172
3841914
3808338
3842036
3815172
3841914
1529000
1508000
P5Y
P10Y
P5Y
P10Y
P5Y
P5Y
over a certain period of time
over a certain period of time
100000
100000
100000
100000
102000000
3
1
1
1
175000
175000
30000000
10000000
1500000