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Commitments
12 Months Ended
Dec. 31, 2011
Commitments  
Commitments
NOTE 11—COMMITMENTS

 

Operating lease commitments:

The Company leases certain office space, retail stores, property and equipment under long-term, non-cancelable operating leases. Most of these leases include renewal options and some include options to purchase, provisions for percentage rent based on sales and/or incremental step increase provisions. The following table identifies the future minimum lease payments under all of the Company's operating leases for each of the next five years and in the aggregate as of December 31, 2011 (in thousands):

 

 

The future minimum lease payments under the Company's operating leases, in the table above, do not include potential amounts for percentage rent or other operating lease related costs and have not been reduced by expected future minimum sublease income. Expected future minimum sublease income under non-cancelable subleases is approximately $14.5 million at December 31, 2011.

 

The following table identifies the net rent expense amounts for the years ended December 31, 2011, 2010 and 2009:

Other commitments:

As of December 31, 2011, the Company had construction commitments in the amount of $41.6 million.

 

As of December 31, 2011, the Company had outstanding letters of credit, primarily to satisfy workers' compensation, general liability and other insurance policies, in the amount of $59.9 million (see Note 5).