RESTRUCTURING

On July 15, 2014, the Company announced that a rigorous evaluation of the Company-operated store portfolio had been performed. As a result of this evaluation and other cost-reduction initiatives, the Company closed 44 underperforming Company-operated stores and restructured its home office and field support under a restructuring plan to more closely align with current business conditions. The restructuring was completed during the third quarter of 2014 and total restructuring charges of $9.1 million were recorded during the year ended December 31, 2014, comprised of $4.8 million related to contractual lease obligations, $3.3 million related to the write-off and impairment of property, plant and equipment, $620,000 related to workforce reductions and $395,000 related to other charges. These costs were included in the line item “Restructuring Expenses” in the consolidated statements of earnings for the year ended December 31, 2014. No restructuring expenses were incurred during the three months ended March 31, 2015 or 2014.

During the year ended December 31, 2014, total restructuring charges of $4.8 million were included in the Sales and Lease Ownership segment results and total restructuring charges of $4.3 million were included in the results of the Other category. The Company does not currently anticipate any remaining costs related to this restructuring plan to be material.

The following table summarizes the change in the liability associated with the restructuring charges:



(In Thousands)	Contractual Obligations Under Canceled Leases
Balance at January 1, 2015	$	3,227
Payments	(340		)
Balance at March 31, 2015	$	2,887