Panera Bread 2007 Annual Report Download - page 29

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Dividend Policy
We routinely evaluate various options for the use of our capital, including the potential issuance of dividends;
however, we have never paid cash dividends on our capital stock and do not have current plans to pay cash dividends
in 2008 as we currently intend to re-invest earnings in continued growth of our operations.
Share Repurchase Program
On November 27, 2007, our Board of Directors authorized the repurchase of up to $75.0 million of our Class A
common stock. As part of the authorized share repurchase program, we entered into an accelerated share repurchase
agreement with a financial institution as well as a written trading plan in compliance with Rule 10b5-1 under the
Securities Exchange Act of 1934 to purchase up to an aggregate of $75.0 million of our Class A common stock, both
of which are subject to maximum per share purchase prices. During the hedge period in which the number of shares
to be purchased under the accelerated share repurchase program was determined, our Class A common stock traded
at prices above the maximum per share purchase price. As a result, the accelerated share repurchase program was
terminated December 12, 2007 and no shares were purchased under that program. However, shares were
subsequently repurchased under the Rule 10b5-1 plan. The repurchase program may be suspended or discontinued
at any time. Repurchased shares will be retired immediately and will resume the status of authorized but unissued
shares.
During the fourth quarter of fiscal 2007, we repurchased Class A common stock as follows:
Period
Total Number
of Shares
Purchased
Average
Price Paid
per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Program
Approximate Dollar
Value of Shares
That May Yet Be
Purchased Under the
Announced Program
September 26, 2007 - October 23, 2007 ..... 38(1) $41.36 — $ —
October 24, 2007 - November 27, 2007 ..... 187(1) $37.01 — $75,000,000
November 28, 2007 - December 25, 2007 . . . 752,930(2) $36.02 752,930 $47,876,513
Total . . . .......................... 753,155 $36.02 752,930 $47,876,513
(1) Represents Class A common stock surrendered by participants in the 2005 Long-Term Incentive Program
(“2005 LTIP”) and repurchased by us pursuant to the terms of the 2005 LTIP and the applicable award
agreements and not pursuant to publicly announced share repurchase programs.
(2) As described above, as of December 25, 2007, 752,930 shares of Class A common stock were repurchased
under a Rule 10b5-1 plan. For further information regarding the share repurchase program, refer to the
“Management Discussion and Analysis of Financial Condition and Results of Operations” section in this
Form 10-K.
19