Papa Johns 2003 Annual Report Download - page 65

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64
18. Stock Options (continued)
The number, weighted average exercise price and weighted average remaining contractual life of options
outstanding as of December 28, 2003, and the number and weighted average exercise price of options
exercisable as of December 28, 2003 follow (number of options in thousands):
Weighted
Weighted
Range of
Number of
Average
Average
Exercise Prices
Options
Exercise Price
Remaining Life
Outstanding options:
$5.78 - $9.99
1
$8.24
0.67
10.00 - 19.99
281
16.11
1.72
20.00 - 29.99
1,701
26.43
4.01
30.00 - 45.56
1,380
34.32
3.90
Total
3,363
$28.80
3.77
Exercisable options:
$5.78 - $9.99
1
$8.24
10.00 - 19.99
281
16.11
20.00 - 29.99
1,178
25.57
30.00 - 45.56
1,378
34.32
Total
2,838
$28.87
19. Employee Benefit Plans
We have established the Papa John’s International, Inc. 401(k) Plan (the “401(k) Plan”), as a defined
contribution benefit plan, in accordance with Section 401(k) of the Internal Revenue Code. The 401(k)
Plan is open to all employees who meet certain eligibility requirements and allows participating
employees to defer receipt of a portion of their compensation and contribute such amount to one or more
investment funds. At our discretion, we contribute a matching payment of up to 1.5% of a participating
employee’s earnings, which is subject to vesting based on an employee’s length of service with us. Costs
of the 401(k) Plan recognized in 2003, 2002 and 2001 were $399,000, $431,000 and $688,000,
respectively.
In addition, we maintain a nonqualified deferred compensation plan available to certain key employees.
Under this plan, the participants may defer a certain amount of their compensation, which is credited to
the participants’ investment-directed accounts. The participant directed investments associated with this
plan are included in other long-term assets and the associated liabilities are included in other long-term
liabilities in the accompanying consolidated balance sheets. The Company makes no matching or other
contribution to the participants’ deferred compensation accounts.
Administrative costs of the 401(k) Plan and the nonqualified deferred compensation plan are paid by us
and are not significant.