Leases

The Company leases the premises for its retail bookstores under operating leases, which expire in various years through the year 2027. Many of these leases contain renewal options and require the Company to pay executory costs (such as property taxes, maintenance and insurance). In addition to fixed minimum rentals, some of the Company’s leases require contingent rentals based on a percentage of sales. The Company also has minimal operating and capital leases for equipment.

Minimum future rental payments under non-cancelable leases having remaining terms in excess of one year as of January 31, 2015 were as follows (in thousands):



	Future Minimum Rent
Fiscal Year	Capital Leases		Operating Leases
2016	$	508	$	38,133
2017	498		32,608
2018	477		26,281
2019	172		19,570
2020	—		12,537
Subsequent years	—		15,765
Total minimum lease payments	1,655		$	144,894
Less: Amount representing interest	68
Present value of net minimum capital lease payments	1,587
Less: Current installments of obligations under capital leases	467
Obligations under capital leases, excluding current installments	$	1,120

The current portion of the capital lease obligation is recorded in accrued expenses, and the long-term portion of the capital lease obligation is recorded in long term capital lease obligation on the consolidated balance sheets. Assets recognized under capital leases and the accumulated amortization thereunder was $2.4 million and $0.8 million, respectively, in fiscal 2015. Assets recognized under capital leases and the accumulated amortization thereunder was $2.3 million and $0.8 million, respectively, in fiscal 2014.

Rental expense for all leases consisted of the following (in thousands):



	Fiscal Year Ended
	January 31, 2015		February 1, 2014
Minimum rentals	$	40,795	$	41,595
Contingent rentals	3,832		3,597
Total	$	44,627	$	45,192