Panera Bread 2011 Annual Report Download - page 26

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18
including attorneys’ fees, and such other relief as the Court might find just and proper. We believe we and our subsidiary 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 statements.
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 matters individually
or in the aggregate will have a material adverse effect on our consolidated financial statements.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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. For the periods indicated, the following table sets forth the
quarterly high and low sale prices per share of our Class A common stock as reported by Nasdaq.
First Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 27, 2011
High
$ 123.47
$ 128.69
$ 131.96
$ 143.38
Low
$ 94.86
$ 115.86
$ 96.68
$ 101.17
December 28, 2010
High
$ 79.27
$ 87.77
$ 89.25
$ 106.42
Low
$ 65.65
$ 74.31
$ 73.82
$ 88.34
On February 20, 2012, the last sale price for the Class A common stock, as reported on the Nasdaq Global Select Market, was
$151.67. As of February 20, 2012, we had approximately 1,981 holders of record of our Class A common stock and approximately
30 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 2011, we
repurchased 877,100 shares under the share repurchase authorization at a weighted-average price of $103.55 for an aggregate
purchase price of $90.8 million.