IHOP 2012 Annual Report Download - page 45

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27
Securities Authorized for Issuance Under Equity Compensation Plans
The following table provides information as of December 31, 2012, regarding shares outstanding and available for issuance
under our existing equity compensation plans:
Plan Category
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights
Weighted average
exercise price of
outstanding options,
warrants and rights
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
(a) (b) (c)
Equity compensation plans approved by security
holders ............................................................... 958,246 $ 39.67 1,123,384
Equity compensation plans not approved by
security holders.................................................. ———
Total....................................................................... 958,246 $ 39.67 1,123,384
The number of securities remaining available for future issuance represents shares under our 2011 Stock Incentive Plan. Please
refer to Note 16, Stock-Based Incentive Plans, in the Notes to the Consolidated Financial Statements for a description of the Plan.
Issuer Purchases of Equity Securities
Under our Credit Agreement, we are limited as to the total amount of permitted restricted payments, including repurchase of
our common stock, that may be made (see "Management's Discussion and Analysis of Financial Condition and Results of Operations
- Restricted Payments"). At December 31, 2012, the permitted amount of restricted payments was approximately $85 million.
In August 2011, our Board of Directors authorized the repurchase of up to $45 million of common stock. Repurchases are
subject to prevailing market prices and may take place in open market transactions and in privately negotiated transactions, based
on business, market, applicable legal requirements and other considerations. The program does not require the repurchase of a
specific number of shares and may be terminated at any time. We did not repurchase any shares of our common stock during 2012.
As of December 31, 2012, we have repurchased 534,101 shares of common stock under this program at an average price of $39.64
per share.
On February 26, 2013, our Board of Directors approved a stock repurchase authorization of up to $100 million of our common
stock, replacing the previously announced $45 million stock repurchase authorization. We may now repurchase up to an additional
$78.8 million of our common stock under the revised authorization.
During 2012, a total of 34,829 shares of restricted stock were surrendered to the Company at an average price of $49.96 per
share to satisfy tax withholding obligations in connection with the vesting of restricted stock awards issued to employees under
our stock compensation plans. Of that total, 866 shares were surrendered during the fourth quarter at an average price of $56.17
per share.