IHOP 2015 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2015 IHOP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 120

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120

DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
11. Stockholders' Equity (Continued)
75
Year ended December 31, 2013 Declaration date Payment date
Dividends
declared per
share
Dividends
paid per
share
Total
dividends
paid(1)
First quarter........................................... February 26, 2013 March 29, 2013 $ 0.75 $ 0.75 $ 14.6
Second quarter ...................................... May 14, 2013 June 28, 2013 0.75 0.75 14.4
Third quarter......................................... August 2, 2013 September 27, 2013 0.75 0.75 14.3
Fourth quarter ....................................... October 3, 2013 December 27, 2013 0.75 0.75 14.3
Total...................................................... $ 3.00 $ 3.00 $ 57.6
___________________________________________________
(1) Includes dividend equivalents paid on restricted stock units.
(2) The fourth quarter 2014 dividend of $16.6 million was paid on January 9, 2015.
(3) The fourth quarter 2015 dividend of $17.1 million was paid on January 8, 2016.
On February 23, 2016, the Company's Board of Directors approved payment of a cash dividend of $0.92 per share of
common stock, payable at the close of business on April 8, 2016 to the stockholders of record as of the close of business on
March 18, 2016.
12. Closure and Impairment Charges
Closure and impairment charges for the years ended December 31, 2015, 2014 and 2013 were as follows:
Year Ended December 31,
2015 2014 2013
(In millions)
Closure charges...................................................................................... $ 1.4 $ 2.1 $ 1.0
Long-lived tangible asset impairment ................................................... 1.2 1.6 0.8
Total closure and impairment charges................................................... $ 2.6 $ 3.7 $ 1.8
Closure Charges
Approximately $1.4 million of closure charges for the year ended December 31, 2015 related to two IHOP franchise
restaurants closed during 2015, partially offset by minor adjustments to the estimated reserve for IHOP and Applebee's
restaurants closed prior to 2015. Approximately $1.0 million of the closure charges for the year ended December 31, 2014
related to IHOP restaurants closed during 2014, with the remainder primarily related to adjustments to the estimated reserve for
IHOP and Applebee's restaurants closed prior to 2014. Closure charges for the year ended December 31, 2013 primarily related
to adjustments to the estimated reserve for IHOP and Applebee's restaurants closed prior to 2013.
Long-lived Tangible Asset Impairment
Long-lived tangible asset impairment charges for the year ended December 31, 2015 primarily related to $1.1 million of
individually insignificant charges at eight IHOP company-operated restaurants and four Applebee's company-operated
restaurants. Long-lived tangible asset impairment charges for the year ended December 31, 2014 related primarily to two IHOP
company-operated restaurants in the Cincinnati, Ohio area. Long-lived tangible asset impairment charges for the year ended
December 31, 2013 related to three Applebee's company-operated restaurants in the Kansas City, Missouri area. The Company
evaluated the causal factors of all impairments of long-lived assets as they were recorded in each year and concluded they were
based on factors specific to each asset and not potential indicators of an impairment of other long-lived assets.