0000105418 us-gaap:TreasuryStockMember 2009-12-27 2010-12-25 0000105418 us-gaap:TreasuryStockMember 2008-12-28 2009-12-26 0000105418 us-gaap:RetainedEarningsMember 2011-12-31 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-12-31 0000105418 us-gaap:RetainedEarningsMember 2010-12-25 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-25 0000105418 us-gaap:RetainedEarningsMember 2009-12-26 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-26 0000105418 us-gaap:RetainedEarningsMember 2008-12-27 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-27 0000105418 us-gaap:TreasuryStockMember 2011-12-31 0000105418 us-gaap:CommonStockMember 2011-12-31 0000105418 us-gaap:TreasuryStockMember 2010-12-25 0000105418 us-gaap:CommonStockMember 2010-12-25 0000105418 us-gaap:TreasuryStockMember 2009-12-26 0000105418 us-gaap:CommonStockMember 2009-12-26 0000105418 us-gaap:TreasuryStockMember 2008-12-27 0000105418 us-gaap:CommonStockMember 2008-12-27 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-26 2011-12-31 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-27 2010-12-25 0000105418 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2008-12-28 2009-12-26 0000105418 us-gaap:RetainedEarningsMember 2010-12-26 2011-12-31 0000105418 us-gaap:RetainedEarningsMember 2009-12-27 2010-12-25 0000105418 us-gaap:RetainedEarningsMember 2008-12-28 2009-12-26 0000105418 2009-12-26 0000105418 2008-12-27 0000105418 2010-12-26 2011-12-31 0000105418 2009-12-27 2010-12-25 0000105418 2008-12-28 2009-12-26 0000105418 2011-12-31 0000105418 2010-12-25 0000105418 2011-06-25 0000105418 2012-03-15 0000105418 2011-01-01 2011-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 FY 2011 2011-12-31 10-K 0000105418 26868443 Yes Accelerated Filer 481000000 WEIS MARKETS INC No No

134278000

132092000

53302000

52410000

28803000

35081000

4903000

5448000

6207000

6491000

6198000

992081000

1029004000

428373000

415562000

25759000

89348000

-223000

-1447000

59351000

67065000

109140000

37392000

7714000

42075000

-71748000

1.16

2.17

100800000

33047807

9949000

62868000

68566000

76129000

1372000

38195000

16723000

6922000

6197000

5818000

4130000

54348000

73081000

47201000

48567000

53185000

31231000

31201000

58370000

2.33

2.54

2.81

<div> Note 10 Fair Value Information The carrying amounts for cash, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The fair values of the Company's marketable securities, as disclosed in Note 2, are based on quoted market prices and institutional pricing guidelines for those securities not classified as Level 1 securities.   </div>

-60000

1023000

576000

581821000

608309000

621575000

35162000

678172000

713625000

735855000

97907000

107385000

117606000

<div> Note 7 Income Taxes The provision (benefit) for income taxes consists of:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2009</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Current:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt; width: 61%;">Federal</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">24,518</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,578</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">30,415</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt;">State</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">781</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(679</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,320</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Deferred:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt;">Federal</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">12,731</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">33,612</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,805</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 9pt;">State</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">3,992</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,583</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(433</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">42,022</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">39,094</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">35,107</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>   The reconciliation of income taxes computed at the federal statutory rate (35% in 2011, 2010 and 2009) to the provision for income taxes is:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2009</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 61%;">Income taxes at federal statutory rate</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">41,151</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">37,585</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">34,268</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">State income taxes, net of federal income tax benefit</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">2,558</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,538</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,877</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(1,687</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,029</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,038</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 16.2pt;">Provision for income taxes (effective tax rate 35.7%, 36.4% and 35.9%, respectively)</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">42,022</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">39,094</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">35,107</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>   Cash paid for income taxes was $21,000,000, $4,123,000 and $34,305,000 in 2011, 2010 and 2009, respectively.   The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 31, 2011 and December 25, 2010, are:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Deferred tax assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt; width: 74%;">Accounts receivable</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">403</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">190</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Compensated absences</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">495</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">520</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Long term employment incentives</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,554</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Employee benefit plans</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">3,496</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,080</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">General liability insurance</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,074</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,413</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Postretirement benefit obligations</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">5,931</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,064</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Net operating loss carryforwards</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">6,825</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">9,253</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Total deferred tax assets</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">19,778</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">21,520</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Deferred tax liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt;">Inventories</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(5,511</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(7,191</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Unrealized gains on marketable securities</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(3,799</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,477</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Nondeductible accruals and other</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(1,021</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(195</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 9pt;">Depreciation</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(86,658</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(70,823</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-left: 9pt;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Total deferred tax liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(96,989</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(81,686</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Net deferred tax liability</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(77,211</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(60,166</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Current deferred liability - net</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">(4,130</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(5,818</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Noncurrent deferred liability - net</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(73,081</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(54,348</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Net deferred tax liability</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(77,211</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(60,166</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr></table>   <div> The following table summarizes the activity related to the Company's unrecognized tax benefits:   <table style="width: 90%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 74%;">Unrecognized tax benefits at beginning of year</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">925</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">925</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Increases based on tax positions related to the current year</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">—</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Additions for tax positions of prior years</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">—</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Reductions for tax positions of prior years</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">—</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Settlements</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(764</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Expiration of the statute of limitations for assessment of taxes</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">—</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Unrecognized tax benefits at end of year</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">161</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">925</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>   During 2011 the Company settled an outstanding tax claim with the state of New Jersey in the amount of $764,000. The Company accrues interest and penalties related to income tax matters as a part of the provision for income taxes. The Company had $161,000 of accrued interest and penalties at December 31, 2011, $434,000 at December 25, 2010 and $55,000 at December 26, 2009. The end of year unrecognized tax benefit of $161,000 for 2011 would impact the effective tax rate over time and if recognized would reduce the effective tax rate. Management anticipates settlement for the majority of unrecognized tax benefits within the next twelve months.   The Company's U.S. Federal income tax filings have been examined by the Internal Revenue Service through 2008. The Company or one of its subsidiaries files tax returns in various states. The tax years subject to examination in Pennsylvania, where the majority of the Company's revenues are generated, are 2008 to 2011.   The Company has net operating loss carryforwards of $105 million available for state income tax purposes. The net operating losses will begin to expire starting in 2027. The Company expects to fully utilize these net operating loss carryforwards.</div> </div>

35107000

39094000

42022000

2712000

1226000

37472000

297000

2119000

-254000

-484000

2712000

-1486000

27780000

8006000

-4830000

-93000

-1379000

-4029000

3484000

3277000

<div> Note 3 Inventories Merchandise inventories, as of December 31, 2011 and December 25, 2010, were valued as follows:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 74%;">LIFO</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">173,879</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">190,038</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Average cost</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">52,312</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">40,983</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">226,191</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">231,021</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>   Management believes the use of the LIFO method for valuing certain inventories represents the most appropriate matching of costs and revenues in the Company's circumstances. If all inventories were valued on the average cost method, which approximates current cost, total inventories would have been $77,129,000 and $68,402,000 higher than as reported on the above methods as of December 31, 2011 and December 25, 2010, respectively. During 2011, the Company realized a decrement of $5.6 million in its LIFO pools. </div>

1556000

2069000

3326000

<div> Note 2 Marketable Securities The Company's marketable securities are all classified as available-for-sale. FASB has established three levels of inputs that may be used to measure fair value: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company's marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company's bond portfolio is valued using Level 2 inputs. The Company's bonds are valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs.   For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment brokerage firm(s) which include various third party pricing services such as FT Interactive Data, Reuters, Bloomberg and JP Morgan Pricing Direct. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value.   Marketable securities, as of December 31, 2011 and December 25, 2010, consisted of: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left; font-style: italic;" nowrap="nowrap">(dollars in thousands)</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortized</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Holding</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Holding</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair</td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gains</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Losses</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Available-for-sale:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-style: italic; padding-left: 9pt; text-decoration: underline;">Level 1</td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in; width: 48%;">Equity securities</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,713</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,735</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;"> —</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9,448</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-style: italic; padding-left: 9pt; text-decoration: underline;">Level 2</td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Municipal bonds</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">78,388</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,512</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> —</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">79,900</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">80,101</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">9,247</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;"> —</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">89,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unrealized</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left; font-style: italic;" nowrap="nowrap">(dollars in thousands)</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortized</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Holding</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Holding</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair</td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;" nowrap="nowrap">December 25, 2010</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gains</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Losses</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Available-for-sale:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="font-style: italic; padding-left: 9pt; text-decoration: underline;">Level 1</td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt; width: 48%;">Equity securities</td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;">$</td> <td style="text-align: right; padding-bottom: 1pt; width: 10%;">1,756</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;">$</td> <td style="text-align: right; padding-bottom: 1pt; width: 10%;">8,368</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;">$</td> <td style="text-align: right; padding-bottom: 1pt; width: 10%;">—</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;">$</td> <td style="text-align: right; padding-bottom: 1pt; width: 10%;">10,124</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-style: italic; padding-left: 9pt; text-decoration: underline;">Level 2</td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Municipal bonds</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15,623</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15,635</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">17,379</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">8,380</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;"> —</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">25,759</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> Maturities of marketable securities classified as available-for-sale at December 31, 2011, were as follows: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Amortized</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Fair</td> <td style="font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Value</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Available-for-sale:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt; width: 74%;">Due after one year through five years</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">53,412</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">53,459</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Due after five years through ten years</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23,479</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24,944</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Due after ten years</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,497</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,497</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Equity securities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,713</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">9,448</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">80,101</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">89,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>     </div>

<div> Note 5 Lease Commitments At December 31, 2011, the Company leased approximately 50% of its open store facilities under operating leases that expire at various dates through 2028. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals as a percentage of annual sales and a number of leases require the Company to pay for all or a portion of insurance, real estate taxes, water and sewer rentals, and repairs, the cost of which is charged to the related expense category rather than being accounted for as rent expense. Most of the leases contain multiple renewal options, under which the Company may extend the lease terms from 5 to 20 years. Rents on operating leases, including agreements with step rents, are charged to expense on a straight-line basis over the minimum lease term. The Company does not have any leases that include capital improvement funding or other lease concessions.   Rent expense and income on all leases consisted of:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2009</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 61%;">Minimum annual rentals</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">30,970</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">33,285</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">31,436</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Contingent rentals</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">512</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">598</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">569</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Lease or sublease income</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(6,704</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,514</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,482</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">24,778</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">27,369</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">25,523</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>   <div> The following is a schedule by years of future minimum rental payments required under operating leases and total minimum sublease and lease rental income to be received that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2011.   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Leases</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Subleases</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 74%;">2012</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">29,090</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(3,054</td> <td style="text-align: left; width: 1%;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">2013</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,321</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,787</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">28,040</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,424</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24,365</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,102</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,193</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,769</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Thereafter</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">71,340</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,175</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">203,349</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">(14,311</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table>   The Company has $139,200 accrued as of December 31, 2011 and had $531,000 accrued as of December 25, 2010, for future minimum rental payments due on previously closed stores, reduced by the estimated sublease income to be received. The future minimum rental payments required under operating leases and estimated sublease income for these locations are included in the above schedule.</div> </div>

263954000

283118000

992081000

1029004000

194984000

195603000

<div> Note 11 Contingencies The Company is involved in various legal actions arising out of the normal course of business. The Company also accrues for tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated, based on past experience. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. </div>

<div> Note 8 Acquisition of Business   Fiscal 2011 Acquisitions There were no acquisitions for fiscal 2011.   Fiscal 2010 Acquisitions There were no acquisitions for fiscal 2010.   Fiscal 2009 Acquisitions On August 23, 2009, the Company acquired eleven Giant Markets stores located in Broome County, New York including units in Binghamton, Vestal, Endicott, Endwell and Johnson City. The Company acquired the store locations and operations of Giant Markets in an effort to establish its retail presence in the Southern Tier of New York. The results of operations of the Giant Markets acquisition are included in the accompanying consolidated financial statements from the date of acquisition. The Giant Markets acquisition contributed $58.8 million to sales in 2009.   The cash purchase price paid to Giant Markets was $35.8 million. The purchased assets include inventories, equipment and goodwill. Weis Markets, Inc. assumed one lease obligation in the acquisition of the Giant Markets stores and entered into ten new lease agreements.   The following table summarizes the fair values of the assets acquired at the date of acquisition. The fair value of the acquired assets is reported below.   <table style="width: 50%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;" nowrap="nowrap">(dollars in thousands)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">August 23, 2009</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 77%;">Inventories</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 20%;">7,802</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,560</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="padding-bottom: 1pt;">Goodwill</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19,440</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Total Assets Acquired</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">35,802</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> </div>

-33204000

-31203000

-58370000

-78001000

-73464000

-165787000

118919000

146742000

152409000

62800000

68291000

75584000

96351000

105316000

114280000

68000

275000

545000

-130000

-846000

93000

601000

68000

405000

1391000

47000

288000

923000

14622000

14434000

1973000

2000

31231000

31201000

58370000

12245000

81885000

35802000

138000

121000

45249000

69869000

110517000

<div> Note 6 Retirement Plans The Company has a contributory retirement savings plan, the Weis Markets, Inc. Retirement Savings Plan, covering substantially all full-time associates. The Company had a noncontributory profit-sharing plan, the Weis Markets, Inc. Profit Sharing Plan, covering eligible associates which included certain salaried associates, store management and administrative support personnel. Effective December 1, 2009, the Weis Markets, Inc. Profit Sharing Plan was merged into the Weis Markets, Inc. Retirement Savings Plan. The Company also has three supplemental retirement plans covering highly compensated employees of the Company. The Company's policy is to fund all qualified retirement plan costs as accrued, but not supplemental retirement costs. Employer contributions to the qualified retirement plans are made at the sole discretion of the Company.   As of December 31, 2006, the Weis Markets, Inc. Employee Stock Bonus Plan was terminated, and subsequently all plan assets were distributed to participants or beneficiaries by December 31, 2009.   Retirement plan costs: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2009</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 61%;">Retirement savings plan</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">1,242</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,070</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>Profit-sharing plan</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,650</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,414</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,000</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Employee stock bonus plan</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">—</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Deferred compensation plan</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(26</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">570</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">570</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Supplemental retirement plan</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">111</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">798</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,304</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Pharmacist deferred compensation plan</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(17</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">81</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(4</td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">2,960</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,994</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,942</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> The Company maintains a non-qualified deferred compensation plan for the payment of specific amounts of annual retirement benefits to certain officers or their beneficiaries over an actuarially computed normal life expectancy. The benefits are determined through actuarial calculations dependent on the age of the recipient, using an assumed discount rate. The plan is unfunded and accounted for on an accrual basis. The projected benefit obligations are equal to the liability for pension benefits included in "Accrued expenses" and "Postretirement benefit obligations" in the Consolidated Balance Sheets.   <div> Change in the benefit obligations: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 74%;">Benefit obligations at beginning of year</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">7,744</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,406</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Interest cost</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">564</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">538</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Benefit payments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(232</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(232</td> <td style="text-align: left;">)</td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Actuarial (loss) gain</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(589</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">32</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">7,487</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">7,744</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left;">Weighted-average assumptions used to determine benefit obligations:</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 74%;">Discount rate</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="text-align: right; width: 10%; font-weight: bold;">7.50</td> <td style="text-align: left; width: 1%; font-weight: bold;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">7.50</td> <td style="text-align: left; width: 1%;">%</td></tr></table>   Components of net periodic benefit cost: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2009</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 61%;">Interest cost</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">564</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">538</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">513</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Amount of recognized gain</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">821</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">200</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">175</td> <td style="text-align: left;"> </td></tr></table>   Estimated future benefit payments: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Benefits</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 87%;">2012</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">51</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">2013</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,462</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,462</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,462</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,462</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td>2017 – 2021</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,309</td> <td style="text-align: left;"> </td></tr></table>   The Company also maintains a non-qualified supplemental executive retirement plan and a non-qualified pharmacist deferred compensation plan for certain of its associates. These plans are designed to provide retirement benefits and salary deferral opportunities because of limitations imposed by the Internal Revenue Code and the Regulations implemented by the Internal Revenue Service. These plans are unfunded and accounted for on an accrual basis. Participants in these plans are excluded from participation in the profit sharing portion of the Weis Markets, Inc. Retirement Savings Plan. The Board of Directors annually determines the amount of the allocation to the plans at its sole discretion. The allocation among the various plan participants is made in relationship to their compensation, years of service and job performance. Plan participants are 100% vested in their accounts after six years of service with the Company. Benefits are distributed among participants upon reaching the applicable retirement age. Substantial risk of benefit forfeiture does exist for participants in these plans. The present value of accumulated benefits amounted to $6,999,000 and $7,109,000 at December 31, 2011 and December 25, 2010, respectively, and is included in "Postretirement benefit obligations" in the Consolidated Balance Sheets.   The Company has no other postretirement benefit plans.  </div> </div>

6439000

8995000

2197000

6296000

8620000

341000

16019000

991000

2013000

2097000

<div> Note 4 Property and Equipment Property and equipment, as of December 31, 2011 and December 25, 2010, consisted of:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;" colspan="2">Useful Life</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;">(dollars in thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">(in years)</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2010</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 61%;">Land</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: right; width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">93,676</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">91,596</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Buildings and improvements</td> <td> </td> <td style="text-align: center;" colspan="2">10-60</td> <td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">492,024</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">447,648</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td>Equipment</td> <td> </td> <td style="text-align: center;" colspan="2">3-12</td> <td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">759,158</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">714,308</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Leasehold improvements</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2">5-20</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">144,057</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">142,319</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: right;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Total, at cost</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,488,915</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,395,871</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Less accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">913,912</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">870,809</td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: right; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 3px double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 3px double; text-align: right; font-weight: bold;">575,003</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">525,062</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>   </div>

525062000

575003000

<div> Note 9 Summary of Quarterly Results (Unaudited) Quarterly financial data for 2011 and 2010 are as follows: <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: left; font-style: italic;" nowrap="nowrap">(dollars in thousands,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fourteen</td> <td style="font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;" nowrap="nowrap">except per share amounts)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">Thirteen Weeks Ended</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weeks Ended</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">March 26, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">June 25, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Sep. 24, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Dec. 31, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 48%;" nowrap="nowrap">Net sales</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">659,455</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">676,660</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">678,612</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 10%; font-weight: bold;">737,777</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Gross profit on sales</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">178,504</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">182,657</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">183,146</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">191,548</td> <td style="text-align: left; font-weight: bold;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Net income</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">18,601</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">20,701</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">16,982</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">19,300</td> <td style="text-align: left; font-weight: bold;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Basic and diluted earnings per share</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">.69</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">.77</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">.63</td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">.72</td> <td style="text-align: left; font-weight: bold;"> </td></tr></table> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: left; font-style: italic;" nowrap="nowrap">(dollars in thousands,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="14" nowrap="nowrap">Thirteen Weeks Ended</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;" nowrap="nowrap">except per share amounts)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">March 27, 2010</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">June 26, 2010</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Sep. 25, 2010</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Dec. 25, 2010</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left; width: 48%;">Net sales</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">664,256</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">653,677</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">639,967</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">662,478</td> <td style="text-align: left; width: 1%;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Gross profit on sales</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">179,697</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">184,374</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">177,719</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">171,835</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="text-align: left;">Net income</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,382</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20,509</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,316</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,084</td> <td style="text-align: left;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Basic and diluted earnings per share</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">.65</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">.76</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">.61</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">.52</td> <td style="text-align: left;"> </td></tr></table>   </div>

864132000

881346000

2516175000

2620378000

2752504000

33047807

6081908

33047807

6149315

33047807

6149364

33047807

6149364

<div> Note 1 Summary of Significant Accounting Policies The following is a summary of the significant accounting policies utilized in preparing the Company's consolidated financial statements:   (a) Description of Business Weis Markets, Inc. is a Pennsylvania business corporation formed in 1924. The Company is engaged principally in the retail sale of food in Pennsylvania and surrounding states. There was no material change in the nature of the Company's business during fiscal 2011.   (b) Definition of Fiscal Year The Company's fiscal year ends on the last Saturday in December. Fiscal 2011 was comprised of 53 weeks, ending on December 31, 2011. Fiscal 2010 and 2009 were comprised of 52 weeks, ending on December 25, 2010 and December 26, 2009. References to years in this annual report relate to fiscal years.   (c) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.   (d) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates.   (e) Reclassifications The Company reclassified certain immaterial amounts in the 2009 Consolidated Statements of Income.   (f) Cash and Cash Equivalents The Company maintains its cash balances in the form of core checking accounts and money market accounts. The Company maintains cash deposits with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions that management believes are creditworthy.   The Company considers investments with an original maturity of three months or less to be cash equivalents. Investment amounts classified as cash equivalents as of December 31, 2011 and December 25, 2010 totaled $17.8 million and $76.6 million, respectively.   (g) Marketable Securities Marketable securities consist of municipal bonds and equity securities. The Company invests primarily in high-grade marketable securities. The Company classifies all of its marketable securities as available-for-sale.   Available-for-sale securities are recorded at fair value as determined by quoted market price based on national markets. Unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of shareholders' equity until realized. A decline in the fair value below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities.   (h) Accounts Receivable Accounts receivable are stated net of an allowance for uncollectible accounts of $1,415,000 and $1,037,000 as of December 31, 2011 and December 25, 2010, respectively. The reserve balance relates to amounts due from pharmacy third party providers, retail customer returned checks and manufacturing customers. The Company maintains an allowance for the amount of receivables deemed to be uncollectible and calculates this amount based upon historical collection activity adjusted for current conditions. Customer electronic payments accepted at the point of sale are classified as accounts receivable until collected.   <div> (i) Inventories Inventories are valued at the lower of cost or market, using both the last-in, first-out (LIFO) and average cost methods. The Company evaluates inventory shortages throughout the year based on actual physical counts in its facilities. Allowances for inventory shortages are recorded based on the results of these counts and to provide for estimated shortages from the last physical count to the financial statement date.   (j) Property and Equipment Property and equipment are recorded at cost. Depreciation is provided on the cost of buildings and improvements and equipment principally using accelerated methods. Leasehold improvements are amortized using the straight-line method over the terms of the leases or the useful lives of the assets, whichever is shorter.   Maintenance and repairs are expensed and renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the assets and accumulated depreciation are removed from the respective accounts and any profit or loss on the disposition is credited or charged to "Operating, general and administrative expenses."   (k) Goodwill and Intangible Assets Intangible assets with an indefinite useful life are not amortized until their useful life is determined to be no longer indefinite and are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is not amortized but tested for impairment for each reporting unit, on an annual basis and between annual tests in certain circumstances.   To derive the fair value of the Company's sole reporting unit, the Company uses an income approach along with an analysis of its stock value. Under the income approach, fair value of a reporting unit is determined based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of the Company. Estimated future cash flows are based on the Company's internal projection model. The stock value evaluation consists of measuring the average market capitalization of the Company against its total asset value of its sole reporting unit. The Company completes its impairment test in the third quarter of each fiscal year.   The results of the impairment test are subject to management's estimates and assumptions of projected cash flows and operating results. The Company believes that, based on current conditions, materially different reported results are not likely to result from long-lived asset impairments. However, a change in assumptions or market conditions could result in a change in estimated future cash flows and the likelihood of materially different reported results.   The Company's intangible assets and related accumulated amortization at December 31, 2011 and December 25, 2010 consisted of the following:   <table style="width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 25, 2010</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: center;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Accumulated</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;" nowrap="nowrap">(dollars in thousands)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Gross</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Net</td> <td style="padding-bottom: 1pt;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="width: 34%; font-weight: normal;">Non-Compete Agreements</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 8%; font-weight: bold;">1,200</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 8%; font-weight: bold;">1,040</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 8%; font-weight: bold;">160</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 8%; font-weight: normal;">1,200</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 8%; font-weight: normal;">960</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td> <td style="width: 1%; font-weight: normal;"> </td> <td style="text-align: left; width: 1%; font-weight: normal;">$</td> <td style="text-align: right; width: 8%; font-weight: normal;">240</td> <td style="text-align: left; width: 1%; font-weight: normal;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; font-weight: normal;">Lease Acquisitions</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">5,409</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">2,795</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">2,614</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">5,409</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">2,546</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">2,863</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td></tr> <tr style="background-color: rgb(204,255,204); vertical-align: bottom;"><td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td></tr> <tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; font-weight: normal;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">6,609</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">3,835</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">2,774</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">6,609</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">3,506</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td> <td style="padding-bottom: 1pt; font-weight: normal;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: normal;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: normal;">3,103</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: normal;"> </td></tr></table>   Intangible assets with a definite useful life are generally amortized on a straight-line basis over periods ranging from 15 to 20 years. Estimated amortization expense for the next five fiscal years is approximately $325,000 in 2012, $321,000 in 2013, $236,000 in 2014, $236,000 in 2015 and $236,000 in 2016. As of December 31, 2011, the Company has no intangible assets, other than goodwill, with indefinite lives.   <div> (l) Impairment of Long-Lived Assets The Company periodically evaluates the period of depreciation or amortization for long-lived assets to determine whether current circumstances warrant revised estimates of useful lives. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset. An impairment loss would be recorded for the excess of net book value over the fair value of the asset impaired. The fair value is estimated based on expected discounted future cash flows.   With respect to owned property and equipment associated with closed stores, the value of the property and equipment is adjusted to reflect recoverable values based on the Company's prior history of disposing of similar assets and current economic conditions.   The results of impairment tests are subject to management's estimates and assumptions of projected cash flows and operating results. The Company believes that, based on current conditions, materially different reported results are not likely to result from long-lived asset impairments. However, a change in assumptions or market conditions could result in a change in estimated future cash flows and the likelihood of materially different reported results.   (m) Store Closing Costs The Company provides for closed store liabilities relating to the estimated post-closing lease liabilities and related other exit costs associated with the store closing commitments. The closed store liabilities are usually paid over the lease terms associated with the closed stores having remaining terms ranging from one to seven years. Closed store lease liabilities totaled $756,000 and $1.1 million as of December 31, 2011 and December 25, 2010, respectively. The Company estimates the lease liabilities, net of estimated sublease income, using the undiscounted rent payments of closed stores.   (n) Self-Insurance The Company is self-insured for a majority of its workers' compensation, general liability, vehicle accident and associate medical benefit claims. Self-insurance costs are accrued based upon the aggregate of the liability for reported claims and an estimated liability for claims incurred but not reported. The Company was liable for associate health claims up to an annual maximum of $750,000 per member prior to March 1, 2012 and is liable for associate health claims up to an annual maximum of $1,250,000 per member as of March 1, 2012. The Company is liable for workers' compensation claims up to $2,000,000 per claim. Property and casualty insurance coverage is maintained with outside carriers at deductible or retention levels ranging from $100,000 to $1,000,000.   (o) Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.   (p) Earnings Per Share Earnings per share are based on the weighted-average number of common shares outstanding. Diluted earnings per share are based on the weighted-average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options, subject to antidilution limitations. The last stock options granted under the Stock Option Plan in 2002 expired in 2010. Basic and diluted earnings per share are the same amounts for each period presented.   <div> (q) Revenue Recognition Revenue from the sale of products to the Company's customers is recognized at the point of sale. Discounts provided to customers at the point of sale through the Weis Club Preferred Shopper loyalty program are recognized as a reduction in sales as products are sold. Periodically, the Company will run a point based sales incentive program that rewards customers with future sales discounts. The Company makes reasonable and reliable estimates of the amount of future discounts based upon historical experience and its customer data tracking software. Sales are reduced by these estimates over the life of the program. Discounts to customers at the point of sale provided by vendors, usually in the form of paper coupons, are not recognized as a reduction in sales provided the discounts are redeemable at any retailer that accepts those discounts. The Company records "Deferred revenue" for the sale of gift cards and revenue is recognized in "Net sales" at the time of customer redemption for products. Gift card breakage income is recognized in "Operating, general and administrative expenses" based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Merchandise return activity is immaterial to revenues.   (r) Cost of Sales, Including Warehousing and Distribution Expenses "Cost of sales, including warehousing and distribution expenses" consists of direct product (net of discounts and allowances), warehouse and transportation costs, as well as manufacturing facility operations.   (s) Vendor Allowances Vendor allowances that relate to the Company's buying and merchandising activities are recorded as a reduction of cost of sales as they are earned, in accordance with its underlying agreement. Off-invoice and bill-back allowances are used to reduce direct product costs upon the receipt of goods. Promotional rebates and credits are accounted for as a reduction in the cost of inventory and recognized when the related inventory is sold. Volume incentive discounts are realized as a reduction of cost of sales at the time it is deemed probable and reasonably estimable that the incentive target will be reached. Long-term contract incentives, which require an exclusive vendor relationship, are allocated over the life of the contract. Promotional allowance funds for specific vendor-sponsored programs are recognized as a reduction of cost of sales as the program occurs and the funds are earned per the agreement. Cash discounts for prompt payment of invoices are realized in cost of sales as invoices are paid. Warehouse and back-haul allowances provided by suppliers for distributing their product through our distribution system are recorded in cost of sales as the required performance is completed. Warehouse rack and slotting allowances are recorded in cost of sales when new items are initially set up in the Company's distribution system, which is when the related expenses are incurred and performance under the agreement is complete. Swell allowances for damaged goods are realized in cost of sales as provided by the supplier, helping to offset product shrink losses also recorded in cost of sales.   Vendor allowances recorded as credits in cost of sales totaled $66.5 million in 2011, $60.3 million in 2010 and $54.9 million in 2009. Vendor paid cooperative advertising credits totaled $18.2 million in 2011, $18.8 million in 2010 and $17.1 million in 2009. These credits were netted against advertising costs within "Operating, general and administrative expenses." The Company had accounts receivable due from vendors of $95,000 and $256,000 for earned advertising credits and $4.5 million and $5.3 million for earned promotional discounts as of December 31, 2011 and December 25, 2010, respectively. The Company had $1.1 million in unearned income included in accrued liabilities for unearned vendor programs under long-term contracts for display and shelf space allocation as of December 31, 2011 and December 25, 2010.   (t) Operating, General and Administrative Expenses Business operating costs including expenses generated from administration and purchasing functions, are recorded in "Operating, general and administrative expenses" in the Consolidated Statements of Income. Business operating costs include items such as wages, benefits, utilities, repairs and maintenance, advertising costs and credits, rent, insurance, equipment depreciation, leasehold amortization and costs for outside provided services.   <div> (u) Advertising Costs The Company expenses advertising costs as incurred. The Company recorded advertising expense, before vendor paid cooperative advertising credits, of $24.7 million in 2011, $25.1 million in 2010 and $23.4 million in 2009 in "Operating, general and administrative expenses."   (v) Rental Income The Company leases or subleases space to tenants in owned, vacated and open store facilities. Rental income is recorded when earned as a component of "Operating, general and administrative expenses." All leases are operating leases, as disclosed in Note 5, and do not contain upfront considerations.   (w) Current Relevant Accounting Standards In January 2010, the Financial Accounting Standards Board (FASB) issued additional authoritative guidance on fair value measurements. The guidance requires previous fair value hierarchy disclosures to be further disaggregated by class of assets and liabilities. In addition, significant transfers between Levels 1 and 2 of the fair value hierarchy are required to be disclosed. The guidance was effective for interim and annual reporting periods beginning after December 15, 2009. Adoption of the new guidance did not have an impact on the Company's consolidated financial position, as this guidance relates only to additional disclosures. In addition, the guidance requires that in the reconciliation for fair value measurements using significant unobservable inputs, or Level 3, a reporting entity separately disclose information about purchases, sales, issuances and settlements on a gross basis rather than as one net number. The guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. Adoption of the new guidance did not have an impact on the Company's consolidated financial position, as the Company has no Level 3 inputs.   In December 2010, FASB issued additional authoritative guidance on goodwill impairment. The guidance modifies step 1 of the goodwill impairment test for entities with a zero or negative carrying value to require entities to assess, considering qualitative factors, whether it is more likely than not that a goodwill impairment exists. If an entity concludes that it is more likely than not that goodwill impairment exists, the entity must perform step 2 of the goodwill impairment test. The guidance allows an entity to use either the equity or the enterprise valuation premise to determine the carrying amount of a reporting unit. The guidance was effective for impairment tests performed during fiscal years, and interim periods within those years, beginning after December 15, 2010. Adoption of the new guidance did not have an impact on the Company's consolidated financial statements.   In December 2010, FASB issued additional authoritative guidance on business combinations. The guidance provides clarification regarding pro forma revenue and earnings disclosure requirements for business combinations. The guidance specifies that if a public entity presents comparative financial statements, the entity should disclose only revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period. The guidance also expands the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The guidance was effective prospectively for business combinations for which the acquisition date was on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Adoption of the new guidance did not have an impact on the Company's consolidated financial statements.   In May 2011, FASB issued new authoritative guidance to achieve a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. This new guidance amends current fair value measurement and disclosure guidance to include increased transparency around valuation inputs and investment categorization. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The Company does not expect the adoption of the new guidance to have an impact on the consolidated financial statements.   <div> In June 2011, FASB issued new authoritative guidance on the presentation of comprehensive income. The new guidance requires an entity to present the components of net income and other comprehensive income either in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in shareholders' equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. In December 2011, FASB amended this guidance to postpone a requirement to present items that are reclassified from other comprehensive income to net income on the face of the financial statement where the components of net income and other comprehensive income are presented and reinstate previous guidance related to such reclassifications. The deferral did not affect the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. The Company elected for early adoption of the requirements to present a separate comprehensive income statement in 2011. Adoption of the new guidance did not have an impact on the Company's consolidated financial statements, as the guidance impacted presentation only.   In September 2011, FASB issued additional authoritative guidance on testing goodwill for impairment. The guidance permits an entity to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. This new guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company does not expect the adoption of the new guidance to have an impact on the consolidated financial statements.   In December 2011, the FASB and International Accounting Standards Board jointly issued additional authoritative guidance to enhance disclosure requirements, including both gross and net information, for instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. The guidance is effective for annual reporting periods beginning on or after January 1, 2013 and is to be applied retrospectively. The Company is currently assessing the impact of this guidance on its disclosures. Adoption of the new guidance will not have an impact on the Company's consolidated financial statements, as the guidance impacts disclosure requirements only.</div></div></div></div></div> </div>

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