Papa Johns 2010 Annual Report Download - page 94

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87
17. Equity Compensation (continued)
Information pertaining to restricted stock activity during 2010, 2009 and 2008 is as follows (shares in
thousands):
Weighted
Average
Grant-Date
Shares Fair Value
Total as of December 30, 2007 145 33.33$
Granted 146 26.28
Forfeited (8) 31.13
Total as of December 28, 2008 283 29.84$
Granted 108 26.54
Forfeited (121) 30.03
Total as of December 27, 2009 270 28.34$
Granted 171 27.13
Forfeited (123) 30.77
Vested (34) 26.40
Total as of December 26, 2010
284
26.62
$
18. 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 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 contributed a matching payment of 2.1% in 2009 and 2008 (no match in
2010) 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 2009 and 2008 were $800,000 and $1.1
million, respectively (none in 2010).
In addition, we maintain a non-qualified deferred compensation plan available to certain employees and
directors. Under this plan, the participants may defer a certain amount of their compensation, which is
credited to the participants’ accounts. The participant-directed investments associated with this plan are
included in other long-term assets ($12.5 million and $11.8 million at December 26, 2010 and December
27, 2009, respectively) and the associated liabilities ($10.5 million and $10.7 million at December 26,
2010 and December 27, 2009, respectively) are included in other long-term liabilities in the
accompanying consolidated balance sheets.
Most administrative costs of the 401(k) Plan and the non-qualified deferred compensation plan are paid
by the Company and are not significant.