Panera Bread 2012 Annual Report Download - page 26

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18
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.
For the fiscal year ended
December 25, 2012 December 27, 2011
High Low High Low
First Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 164.71 $ 136.19 $ 123.47 $ 94.86
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 162.33 $ 140.19 $ 128.69 $ 115.86
Third Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 172.85 $ 136.45 $ 131.96 $ 96.68
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 173.10 $ 156.64 $ 143.38 $ 101.17
On February 14, 2013, the last sale price for the Class A common stock, as reported on the Nasdaq Global Select Market, was
$159.96. As of February 14, 2013, we had 1,252 holders of record of our Class A common stock and 29 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 we repurchased shares on the open market under a Rule 10b5-1 plan. During fiscal
year 2012, we repurchased 34,600 shares under this share repurchase authorization at an average price of $144.24 per share for
an aggregate purchase price of $5.0 million. On August 23, 2012, our Board of Directors terminated this repurchase authorization.
Prior to its termination, we had repurchased a total of 2,844,669 shares of our Class A common stock cumulatively under this
share repurchase authorization at a weighted-average price of $87.03 per share for an aggregate purchase price of approximately
$247.6 million.
On August 23, 2012, our Board of Directors approved a new three year share repurchase authorization of up to $600.0 million of
our Class A common stock, pursuant to which we may repurchase shares 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 may be held by us as treasury stock. This repurchase authorization is reviewed
quarterly by our Board of Directors and may be modified, suspended, or discontinued at any time. As of December 25, 2012, under
this repurchase authorization, we have repurchased 124,100 shares at a weighted-average price of $161.00 for an aggregate purchase
price of approximately $20.0 million. We have approximately $580.0 million available under the existing $600.0 million repurchase
authorization.