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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
64
The following table summarizes the Company’s stock option activity under its stock-based compensation plans during fiscal 2012,
fiscal 2011, and fiscal 2010:
Shares
(in
thousands)
Weighted
Average
Exercise
Price
Weighted
Average
Contractual
Term
Remaining
(Years)
Aggregate
Intrinsic
Value (1)
(in
thousands)
Outstanding at December 29, 2009 . . . . . . . . . . . . . . . . . . . 814 $ 44.04
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 67.94
Exercised. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (598) 42.68 $ 20,867
Cancelled. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) 49.63
Outstanding at December 28, 2010 . . . . . . . . . . . . . . . . . . . 216 $ 48.17
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 103.64
Exercised. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65) 49.37 4,703
Cancelled. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) 49.14
Outstanding at December 27, 2011 . . . . . . . . . . . . . . . . . . . 149 $ 48.98
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 139.17
Exercised. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (96) 46.60 10,335
Cancelled. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) 45.97
Outstanding at December 25, 2012 . . . . . . . . . . . . . . . . . . . 46 $ 59.94 2.0 4,507
Exercisable at December 25, 2012 . . . . . . . . . . . . . . . . . . . 35 $ 63.18 2.1 $ 3,350
(1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on
the last day of fiscal 2012 of $158.34 for those stock options where the market value is greater than the exercise price. For
exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Cash received from the exercise of stock options in fiscal 2012, fiscal 2011, and fiscal 2010 was $4.5 million, $3.2 million, and
$25.6 million respectively. Windfall tax benefits realized from exercised stock options in fiscal 2012, fiscal 2011, and fiscal 2010
were $8.6 million, $5.0 million, and $3.6 million, respectively, and were included as cash flows from financing activities in the
Consolidated Statements of Cash Flows.
The following table summarizes information about stock options outstanding at December 25, 2012:
Stock Options Outstanding Stock Options Exercisable
Number
Outstanding
Weighted Average
Contractual Term
Remaining Weighted
Average Number
Exercisable Weighted
Average
Range of Exercise Price (in thousands) (Years) Exercise Price (in thousands) Exercise Price
$36.57 - $40.35 . . 2 1.2 $40.35 1 $40.35
$40.36 - $44.41 . . 11 0.9 43.09 10 43.00
$44.42 - $48.02 . . — 0.0 — — —
$48.03 - $52.24 . . 22 1.7 51.16 13 51.38
$52.25 - $60.07 . . 1 0.2 60.07 1 60.07
$60.08 - $72.58 . . 4 3.0 67.94 4 67.94
$72.59 and above. . . 6 4.4 118.79 6 118.79
46 2.0 $59.94 35 $63.18
A SSAR is an award that allows the recipient to receive common stock equal to the appreciation in the fair market value of the
Company’s common stock between the date the award was granted and the conversion date for the number of shares vested. SSARs
under the 2005 LTIP are granted with an exercise price equal to the quoted market value of the Company’s common stock on the
date of grant. In addition, SSARs vest ratably over a four-year period beginning two years from the date of grant and have a six-
year term. As of December 25, 2012, the total unrecognized compensation cost related to non-vested SSARs was $0.4 million,