Nordstrom, Inc. Notes to Consolidated Financial Statements NOTE 11: COMMITMENTS AND CONTINGENT LIABILITIES NOTE 12: SHAREHOLDERS’ EQUITY We paid dividends of $1.32 per share in 2014, $1.20 per share in 2013 and $1.08 per share in 2012. In February 2015, we declared a  quarterly dividend of $0.37 per share, increased from a quarterly dividend of $0.33 per share in 2014. The actual number and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable SEC  rules. In February 2013, our Board of Directors authorized a program to repurchase up to $800 of our outstanding common stock, through March 1,  2015. In September 2014, our Board of Directors authorized a new program to repurchase up to $1,000 of our outstanding common stock  through March 1, 2016, in addition to the remaining amount available for repurchase under the previously authorized program. The following  is a summary of the activity related to our share repurchase programs in 2012, 2013 and 2014: Plans for our Manhattan full-line store, which we currently expect to open in late 2018 to 2019, ultimately include owning a condominium  interest in a mixed-use tower and leasing certain nearby properties. As of January 31, 2015, we had approximately $125 of fee interest in  land, which is expected to convert to the condominium interest once the store is constructed. We have committed to make future installment  payments based on the developer meeting pre-established construction and development milestones. Our fee interest in the land is currently  and will continue to be subject to lien by project development lenders until project completion or fulfillment of our existing installment payment  commitment. In the unlikely event that this project is not completed, the opening may be delayed and we may potentially be subject to future  losses or capital commitments in order to complete construction or to monetize our previous investments in the land.  Our estimated total purchase obligations, capital expenditure contractual commitments and inventory purchase orders were $2,092 as of  January 31, 2015. In connection with the purchase of foreign merchandise, we have outstanding trade letters of credit totaling $1 as of  January 31, 2015. The rent expense above does not include common area charges, real estate taxes and other executory costs, which were $88 in 2014, $81 in  2013 and $74 in 2012. Rent expense for 2014, 2013 and 2012 was as follows: Dollar and share amounts in millions except per share, per option and per unit amounts Fiscal year 2014 2013 2012 Minimum rent: Store locations $170 $145 $124 Offices, warehouses and equipment 36 35 32 Percentage rent 14 14 14 Property incentives (83) (69) (65) Total rent expense $137 $125 $105 Shares Average price per share Amount Capacity at January 28, 2012 $310 February 2012 authorization (ended February 1, 2014) 800 Shares repurchased 14.0 $51 (717) Capacity at February 2, 2013 393 February 2013 authorization (ends March 1, 2015) 800 Shares repurchased 9.1 $57 (523) Capacity at February 1, 2014 670 September 2014 authorization (ends March 1, 2016) 1,000 Shares repurchased 8.9 $66 (595) Capacity at January 31, 2015 $1,075 Nordstrom, Inc. and subsidiaries 55