Papa Johns 2014 Annual Report Download - page 61

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48
We require capital for share repurchases and the payment of cash dividends. The following is a summary
of our common share repurchases, as adjusted for the stock split, for the last three years (in thousands,
except average price per share):
Fiscal
Year
Number of
Shares
Repurchased
Total Cash
Paid
Average
Price Per
Share
2012 4,552 $106,095 $23.31
2013 3,538 $118,569 $33.51
2014 2,562 $117,400 $45.82
Subsequent to December 28, 2014, we acquired an additional 224,000 shares at an aggregate cost of $13.6
million. Approximately $115.9 million remained available through December 31, 2015 under the
Company’s share repurchase program as of February 17, 2015.
In 2014 and 2013, we paid cash dividends of $21.7 million and $10.8 million, respectively (first dividend
payment in September 2013). Additionally, on January 28, 2015, our Board of Directors declared a first
quarter 2015 cash dividend of $0.14 per share, or approximately $5.6 million. The dividend was paid on
February 20, 2015 to shareholders of record as of the close of business on February 9, 2015. The
declaration and payment of any future dividends will be at the discretion of the Board of Directors,
subject to the Company’s financial results, cash requirements, and other factors deemed relevant by the
Board of Directors.
Contractual obligations and payments as of December 28, 2014 due by year are as follows (in thousands):
Less than 1
Year
1-3 Years 3-5 Years
After 5
Years
Total
Contractual Obligations:
Revolving credit facility (1) -$ -$ 230,451$ -$ 230,451$
Interest payments (2) 4,803 9,606 6,505 - 20,914
Total debt 4,803 9,606 236,956 - 251,365
Operating leases (3) 40,062 65,951 41,007 38,255 185,275
Total contractual obligations 44,865$ 75,557$ 277,963$ 38,255$ 436,640$
Payments Due by Period
(1) We utilize interest rate swaps to hedge against $125 million of our variable rate debt. The value of
our interest rate swaps was $376,000 at December 28, 2014 and was recorded in other current and
other long-term liabilities in the consolidated balance sheet.
(2) Represents estimated interest payments on our revolving line of credit balance outstanding as of
December 28, 2014. The interest payments assume the outstanding balance on our $400 million
unsecured revolving credit facility will remain at $230.5 million until the maturity date of October 31,
2019. Interest payments are calculated based on LIBOR plus the applicable margin in effect at
December 28, 2014, and considers the interest rate swap agreements in effect until April 30, 2018
(interest rates of 1.36% and 1.42%). The actual interest rates on our variable rate debt and the amount
of our indebtedness could vary from those used to compute the above interest payments. See “Note 9”
of “Notes to Consolidated Financial Statements” for additional information concerning our debt and
credit arrangements.
(3) See “Note 17” of “Notes to Consolidated Financial Statements” for additional information.