Panera Bread 2008 Annual Report Download - page 27

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In addition, we are subject to other routine legal proceedings, claims and litigation in the ordinary course of our
business. Defending lawsuits requires significant management attention and financial resources and the outcome of
any litigation, including the matter described above, is inherently uncertain. We do not, however, currently expect
that the costs to resolve these routine matters will have a material adverse effect on our consolidated 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 30, 2008.
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 (“Nasdaq”) 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.
2008 High Low
First Quarter.................................................... $44.20 $31.52
Second Quarter.................................................. $52.30 $41.02
Third Quarter ................................................... $58.88 $43.64
Fourth Quarter .................................................. $55.91 $36.36
2007 High Low
First Quarter.................................................... $62.63 $53.15
Second Quarter.................................................. $60.22 $46.29
Third Quarter ................................................... $47.90 $39.79
Fourth Quarter .................................................. $48.95 $34.27
On February 23, 2009, the last sale price for the Class A common stock, as reported on the Nasdaq Global
Select Market, was $45.67. As of February 23, 2009, we had approximately 2,172 holders of record of our Class A
common stock and approximately 42 holders of record of our Class B common stock.
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 2009 as we currently intend to re-invest earnings in continued growth of our operations.
Share Repurchase Program
On November 27, 2007, in connection with a share repurchase program approved by our Board of Directors on
November 20, 2007, we entered into a written trading plan in compliance with Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended, to purchase up to an aggregate of $75.0 million of our Class A common stock,
subject to maximum per share purchase price. Under the share repurchase program, we repurchased a total of
752,930 shares of our Class A common stock at a weighted-average price of $36.02 per share for an aggregate
purchase price of $27.1 million in fiscal 2007. In fiscal 2008, we repurchased a total of 1,413,358 shares of our
Class A common stock at a weighted-average price of $33.87 per share for an aggregate purchase price of
$47.9 million, which completed our share repurchase program. Shares repurchased under this program were retired
immediately and resumed the status of authorized but unissued shares.
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