15. LEASES

The Company leases office and warehouse space, as well as certain equipment and vehicles, under non-cancelable operating leases. Gross rent expense was $44.7 million, $49.5 million and $44.9 million in the fiscal years ended January 31, 2011, 2010 and 2009, respectively. Sublease income was $4.6 million, $4.4 million and $4.3 million, in the fiscal years ended January 31, 2011, 2010 and 2009, respectively.

The majority of the Company's leases include options that allow it to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below-or above-market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension.

The Company has entered into various sublease agreements to lease excess space. As of January 31, 2011, the minimum annual rent obligations (excluding taxes, maintenance and other pass-throughs), sublease income to be received under non-cancelable subleases, and minimum net rentals of the Company are as follows for the fiscal years ending January 31:


(In thousands)	Minimum Lease Commitments		Noncancelable Subleases			Minimum Net Rentals
2012	$	36,323	$	(2,733	)	$	33,590
2013		27,501		(2,439	)		25,062
2014		21,033		(2,454	)		18,579
2015		13,631		(2,433	)		11,198
2016		7,130		(692	)		6,438
2017 and thereafter		12,871		(599	)		12,272

	$	118,489	$	(11,350	)	$	107,139