5.	Leases

The Company leases retail stores under non-cancelable operating leases, which generally have lease terms ranging from five to ten years. Most of these lease arrangements do not provide for renewal periods. Many leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “Other liabilities and accrued expenses” on the Consolidated Balance Sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. In addition to rent payments, these leases generally require additional payments covering real estate taxes, insurance, maintenance and other costs. These additional payments are excluded from the table below. The components of rent expense from continuing operations incurred under these leases are as follows (in thousands):


	2012			2011			2010
Base rent, net of landlord deferred credits	$	82,177		$	80,951		$	82,136
Step rent		(1,883	)		(1,192	)		(1,105	)
Contingent rent		4,870			2,849			1,555

Rent expense	$	85,164		$	82,608		$	82,586

A schedule of future base rent payments by fiscal year with initial or remaining non-cancelable terms of one year or more is as follows (in thousands):


2013	$	77,457
2014		69,666
2015		57,938
2016		45,009
2017		32,497
Thereafter		79,063

	$	361,630

This schedule of future base rent payments includes lease commitments for seven new stores and eight remodeled stores that were not open as of March 3, 2012.