Panera Bread 2006 Annual Report Download - page 20

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ITEM 3. LEGAL PROCEEDINGS
We are subject to legal proceedings, claims and litigation in the ordinary course of our business. We believe all
such claims and proceedings currently pending against us will not have a material adverse effect on our financial
position, results of operations, or cash flows.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the fourth quarter of the fiscal year ended
December 26, 2006.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Our Class A Common Stock is listed on The Nasdaq Global Select Market under the symbol “PNRA.” There is
no established public trading market for our Class B Common Stock. The following table sets forth the high and low
sale prices for our Class A Common Stock as reported by Nasdaq for the fiscal periods indicated.
2006 High Low
First Quarter .................................................... $73.82 $62.85
Second Quarter .................................................. $75.18 $61.70
Third Quarter ................................................... $67.24 $46.85
Fourth Quarter .................................................. $68.70 $55.47
2005 High Low
First Quarter .................................................... $58.98 $39.16
Second Quarter .................................................. $66.26 $50.02
Third Quarter ................................................... $62.26 $49.21
Fourth Quarter .................................................. $72.36 $52.90
On January 31, 2007, the last sale price for the Class A Common Stock, as reported on the Nasdaq Global
Select Market, was $58.96. As of January 31, 2007, we had approximately 1,911 holders of record of our Class A
Common Stock and approximately 42 holders of record of our Class B Common Stock.
Dividend Policy
We have never paid cash dividends on our capital stock and do not intend to pay cash dividends in 2007 as we
intend to re-invest earnings in continued growth of our operations.
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