Panera Bread 2010 Annual Report Download - page 27

relief as the Court might find just and proper. We believe we and the other defendant have meritorious defenses to
each of the claims in this lawsuit and we are prepared to vigorously defend the lawsuit. There can be no assurance,
however, that we will be successful, and an adverse resolution of the lawsuit could have a material adverse effect on
our consolidated financial position and results of operations in the period in which the lawsuit is resolved. We are
not presently able to reasonably estimate potential losses, if any, related to the lawsuit and as such, have not
recorded a liability in our Consolidated Balance Sheets.
In addition, we are subject to other routine legal proceedings, claims and litigation in the ordinary course of
business. Defending lawsuits requires significant management attention and financial resources and the outcome of
any litigation, including the matters 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. [REMOVED AND RESERVED]
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MAT-
TERS, 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 quarterly high and low sale prices for our Class A common stock as reported by Nasdaq for the fiscal years
ended December 28, 2010 and December 29, 2009.
High Low High Low
December 28, 2010 December 29, 2009
FirstQuarter ................................... $ 79.27 $65.65 $58.03 $43.33
Second Quarter ................................. $ 87.77 $74.31 $63.75 $49.62
ThirdQuarter .................................. $ 89.25 $73.82 $58.05 $48.59
Fourth Quarter .................................. $106.42 $88.34 $68.63 $53.24
On February 18, 2011, the last sale price for the Class A common stock, as reported on the Nasdaq Global
Select Market, was $119.43. As of February 18, 2011, we had approximately 1,929 holders of record of our Class A
common stock and approximately 34 holders of record of our Class B common stock.
Dividend Policy
We periodically evaluate various options for the use of our capital, including the potential issuance of
dividends. We have never paid cash dividends on our capital stock and we do not have current plans to do so.
Share Repurchases
On November 17, 2009, our Board of Directors approved a three year share repurchase authorization of up to
$600.0 million of our Class A common stock, pursuant to which share repurchases may be effected from time to
time on the open market or in privately negotiated transactions, and which may be made under a Rule 10b5-1 Plan.
Repurchased shares may be retired immediately and resume the status of authorized but unissued shares or they may
be held by us as treasury stock. The repurchase authorization may be modified, suspended, or discontinued by our
Board of Directors at any time. During fiscal 2010, we repurchased 1,905,540 shares under the share repurchase
authorization at a weighted-average price of $78.72 for an aggregate purchase price of $150.0 million.
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