IHOP 2013 Annual Report Download - page 45

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24
Item 3. Legal Proceedings.
We are subject to various lawsuits, administrative proceedings, audits, and claims arising in the ordinary course of
business. Some of these lawsuits purport to be class actions and/or seek substantial damages. We are required to record an
accrual for litigation loss contingencies that are both probable and reasonably estimable. Legal fees and expenses associated
with the defense of all of our litigation are expensed as such fees and expenses are incurred. Management regularly assesses our
insurance deductibles, analyzes litigation information with our attorneys and evaluates our loss experience in connection with
pending legal proceedings. While we do not presently believe that any of the legal proceedings to which we are currently a
party will ultimately have a material adverse impact on us, there can be no assurance that we will prevail in all the proceedings
we are party to, or that we will not incur material losses from them.
Item 4. Mine Safety Disclosure.
Not Applicable.
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.
Market Information
Our common stock is traded on the NYSE under the symbol “DIN”. The following table sets forth the high and low sales
prices of our common stock on the NYSE for each quarter of 2013 and 2012.
Fiscal Year 2013 Fiscal Year 2012
Prices Prices
Quarter High Low High Low
First...................................................................................... $ 78.39 $ 65.44 $ 54.74 $ 40.28
Second ................................................................................. $ 74.96 $ 66.39 $ 53.90 $ 41.63
Third .................................................................................... $ 72.49 $ 64.44 $ 57.40 $ 41.49
Fourth .................................................................................. $ 85.74 $ 65.96 $ 68.47 $ 55.51
Holders
The number of stockholders of record and beneficial owners of our common stock as of February 7, 2014 was estimated to
be 7,500.
Dividends
We did not pay dividends on our common stock during the year ended December 31, 2012. During the year ended
December 31, 2013, we paid dividends on our common stock as follows:
Year ended December 31, 2013 Declaration date Payment date Dividend per
share Total(1)
(In millions)
First quarter............................................................ February 26, 2013 March 29, 2013 $ 0.75 $ 14.6
Second quarter ....................................................... May 14, 2013 June 28, 2013 0.75 14.4
Third quarter .......................................................... August 2, 2013 September 27, 2013 0.75 14.3
Fourth quarter......................................................... October 3, 2013 December 27, 2013 0.75 14.3
Total ....................................................................... $ 3.00 $ 57.6
______________________________________________________
(1) Includes dividend equivalents paid on restricted stock units
On February 25, 2014, our Board of Directors approved payment of a cash dividend of $0.75 per share of common stock,
payable at the close of business on March 28, 2014 to the stockholders of record as of the close of business on March 14, 2014.
Under our Credit Agreement and the Indenture under which our Senior Notes were issued, we are limited as to the total
amount of restricted payments, including dividends on common stock, that may be made (see “Management's Discussion and
Analysis of Financial Condition and Results of Operations - Restricted Payments”). At December 31, 2013, the limitation on
future restricted payments was approximately $89 million under the Credit Agreement and approximately $112 million under
the Indenture.