IHOP 2012 Annual Report Download - page 83
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65
DineEquity, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except per share amounts)
Year Ended December 31,
2012 2011 2010
Segment Revenues:
Franchise revenues....................................................................................... $ 421,459 $ 398,539 $ 377,137
Company restaurant sales............................................................................. 291,121 530,984 815,572
Rental revenues ............................................................................................ 122,859 125,960 124,508
Financing revenues....................................................................................... 14,489 19,715 16,424
Total segment revenues..................................................................................... 849,928 1,075,198 1,333,641
Segment Expenses:
Franchise expenses....................................................................................... 109,900 105,006 103,505
Company restaurant expenses...................................................................... 249,296 458,443 699,336
Rental expenses............................................................................................ 97,165 98,147 99,030
Financing expenses ...................................................................................... 1,623 5,973 1,969
Total segment expenses..................................................................................... 457,984 667,569 903,840
Gross segment profit....................................................................................... 391,944 407,629 429,801
General and administrative expenses................................................................ 163,215 155,822 160,330
Interest expense................................................................................................. 114,338 132,707 171,537
Impairment and closure charges........................................................................ 4,218 29,865 4,285
Amortization of intangible assets...................................................................... 12,293 12,300 12,300
Loss on extinguishment of debt and temporary equity..................................... 5,554 11,159 107,003
Debt modification costs .................................................................................... — 4,031 —
Gain on disposition of assets............................................................................. (102,597)(43,253)(13,574)
Income (loss) before income taxes.................................................................... 194,923 104,998 (12,080)
Income tax (provision) benefit.......................................................................... (67,249)(29,806) 9,292
Net income (loss).............................................................................................. 127,674 75,192 (2,788)
Other comprehensive income (loss), net of tax:
Adjustment to unrealized loss on available-for-sale investments ................. 140 — —
Foreign currency translation adjustment ....................................................... 2(12) —
Interest rate swap........................................................................................... — — 20,529
Total other comprehensive income (loss).................................................. 142 (12) 20,529
Total comprehensive income.......................................................................... $ 127,816 $ 75,180 $ 17,741
Net income (loss) available to common stockholders:
Net income (loss) .............................................................................................. $ 127,674 $ 75,192 $ (2,788)
Less: Series A preferred stock dividends.......................................................... — — (25,927)
Less: Accretion of Series B preferred stock...................................................... (2,498)(2,573)(2,432)
Less: Net (income) loss allocated to unvested participating restricted stock.... (2,718)(1,886) 1,173
Net income (loss) available to common stockholders ...................................... $ 122,458 $ 70,733 $ (29,974)
Net income (loss) available to common stockholders per share:
Basic .............................................................................................................. $ 6.81 $ 3.96 $ (1.74)
Diluted........................................................................................................... $ 6.63 $ 3.89 $ (1.74)
Weighted average shares outstanding:
Basic .............................................................................................................. 17,992 17,846 17,240
Diluted........................................................................................................... 18,877 18,185 17,240
See the accompanying notes to the consolidated financial statements.