Panera Bread 2010 Annual Report Download - page 97

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COMPARISON OF CUMULATIVE TOTAL RETURN
(Assumes $100 Investment on December 27, 2005)
The following graph and chart compares the cumulative annual stockholder return on our Class A common
stock over the period commencing December 27, 2005 and ending on December 28, 2010, to that of the total return
for The NASDAQ Composite Index and the Standard & Poor’s (S&P) MidCap Restaurants Index, assuming an
investment of $100 on December 27, 2005. In calculating cumulative total annual stockholder return, reinvestment
of dividends, if any, is assumed. The indices are included for comparative purposes only. They do not necessarily
reflect management’s opinion that such indices are an appropriate measure of the relative performance of our
Class A common stock and are not intended to forecast or be indicative of future performance of the Class A
common stock. The following graph and related information shall not be deemed “soliciting material” or to be
“filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference in
any of our filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended, whether made before or after the date hereof and irrespective of any general incorporation language in
any such filing. We obtained information used on the graph from Research Data Group, Inc., a source we believe to
be reliable, but we disclaim any responsibility for any errors or omissions in such information.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Panera Bread Company, The NASDAQ Composite Index
And S&P MidCap Restaurants
$0
$20
$40
$60
$80
$100
$120
$140
$160
12/27/05 12/26/06 12/25/07 12/30/08 12/29/09 12/28/10
Panera Bread Company NASDAQ Composite S&P MidCap Restaurants
* $100 invested on 12/27/05 in stock or 12/31/05 in index, including reinvestment of dividends.
Indexes calculated on month-end basis.
Base Period
December 27,
2005
December 26,
2006
December 25,
2007
December 30,
2008
December 29,
2009
December 28,
2010
Panera Bread Company $100.00 $ 82.66 $ 54.19 $74.83 $102.26 $152.15
NASDAQ Composite Index $100.00 $111.74 $124.67 $73.77 $107.12 $125.93
S&P MidCap Restaurants Index $100.00 $ 98.60 $ 86.01 $55.28 $ 72.45 $105.97
For the S&P MidCap Restaurants Index and the NASDAQ Composite Index, the total return to stockholders is
based on the values of such indices as of the last trading day of the relevant calendar year, which may be different
from the end of our fiscal year.