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19
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND
ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Dividend Policy
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 30, 2014 December 31, 2013
High Low High Low
First Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 190.38 $ 164.46 $ 166.53 $ 155.00
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 173.67 $ 147.94 $ 193.82 $ 163.76
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 162.72 $ 143.35 $ 190.71 $ 164.02
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 176.19 $ 159.89 $ 178.92 $ 153.15
On February 19, 2015, the last sale price for our Class A common stock, as reported on the Nasdaq Global Select Market, was
$158.98. As of February 19, 2015, we had 1,144 holders of record of our Class A common stock and 26 holders of record of our
Class B common stock.
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.
Issuer Purchases of Equity Securities
The following table provides information regarding repurchases of our Class A common stock during the fourth quarter of fiscal
2014:
Period
Total Number
of Shares
Purchased (1)
Average Price
Paid per Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Program (2)
Approximate Dollar
Value of Shares that May
Yet Be Purchased Under
the Program (2)
October 1, 2014 - October 28, 2014 . . . . . — — — $ 558,397,800
October 29, 2014 - December 2, 2014 . . . 133,126 $ 167.14 131,600 $ 536,403,545
December 3, 2014 - December 30, 2014 .18,277 $ 164.21 18,277 $ 533,402,343
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,403 $ 166.79 149,877
(1) Includes 1,526 shares of Class A common stock surrendered by participants under the Panera Bread 1992 Stock Incentive
Plan and the Panera Bread 2006 Stock Incentive Plan, as amended, as payment of applicable tax withholding on the vesting
of restricted stock. Shares so surrendered by the participants are repurchased by us pursuant to the terms of those plans and
the applicable award agreements and not pursuant to publicly announced share repurchase authorizations.
(2) Share repurchase authorization of up to $600 million of our Class A common stock approved by the Board of Directors and
announced on June 5, 2014, 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. The share repurchase
authorization may be modified, suspended or discontinued by our Board of Directors at any time.