Panera Bread 2013 Annual Report Download - page 76

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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
68
“Unallocated cash and cash equivalents” relates primarily to corporate cash and cash equivalents, “unallocated trade and other
accounts receivable” relates primarily to rebates and interest receivable, “unallocated property and equipment” relates primarily
to corporate fixed assets, “unallocated deposits and other” relates primarily to insurance deposits, and “other unallocated assets”
relates primarily to deferred income taxes.
19. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except for per share data):
For the fiscal year ended
December 31,
2013
December 25,
2012
December 27,
2011
Amounts used for basic and diluted per share calculations:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196,169 $ 173,448 $ 135,952
Weighted average number of shares outstanding — basic . . . . . . . . . . . . . . . 28,629 29,217 29,601
Effect of dilutive stock-based employee compensation awards . . . . . . . . . . . 165 238 302
Weighted average number of shares outstanding — diluted. . . . . . . . . . . . . . 28,794 29,455 29,903
Earnings per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.85 $ 5.94 $ 4.59
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.81 $ 5.89 $ 4.55
For each of the fiscal years ended December 31, 2013, December 25, 2012, and December 27, 2011, weighted-average outstanding
stock options, restricted stock and stock-settled appreciation rights of less than 0.1 million shares were excluded in calculating
diluted earnings per share as the exercise price exceeded fair market value and the inclusion of such shares would have been
antidilutive.
20. Supplemental Cash Flow Information
The following table sets forth supplemental cash flow information for the periods indicated (in thousands):
For the fiscal year ended
December 31,
2013
December 25,
2012
December 27,
2011
Cash paid during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 253 $ 370 $ 390
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,072 90,054 80,572
Non-cash investing and financing activities:
Change in accrued property and equipment purchases . . . . . . . . . . . . . . . . $ 16,194 $ 6,019 $ 6,060
Accrued purchase price of Milwaukee acquisition . . . . . . . . . . . . . . . . . . . — — 2,055
Accrued purchase price of Indiana acquisition . . . . . . . . . . . . . . . . . . . . . . — — 510
Accrued purchase price of North Carolina acquisition . . . . . . . . . . . . . . . . — 3,601 —
Accrued purchase price of Florida acquisition . . . . . . . . . . . . . . . . . . . . . . 270 — —
Investment in municipal industrial revenue bonds . . . . . . . . . . . . . . . . . . . (186)(186) 156
Asset retirement obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664 2,855 474
Capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,481 —