Papa Johns 2014 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 of the 2014 Papa Johns annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

65
3. Stockholders’ Equity
Shares Authorized and Outstanding
The Company has authorized 5.0 million preferred shares and 100.0 million common shares. The
Company’s outstanding common shares, net of repurchased Company stock, were 39.8 million shares at
December 28, 2014 and 41.7 million shares at December 29, 2013. There were no preferred shares issued
or outstanding at December 28, 2014 and December 29, 2013.
Two-for-one Stock Split and Treasury Retirement
On October 29, 2013, our Board of Directors approved a two-for-one stock split of our outstanding
shares. The stock split was effected in the form of a stock dividend and entitled each shareholder of
record at the close of business on December 12, 2013 to receive one additional share for every
outstanding share of stock held on the record date. The stock dividend was distributed on December 27,
2013 with approximately 21.0 million shares of stock distributed. All per share and share amounts in the
accompanying consolidated financial statements and notes to the financial statements have been adjusted
to reflect the stock split.
In conjunction with the stock split, we retired shares held in treasury as of October 29, 2013, the date of
approval by our Board of Directors.
Share Repurchase Program
Our Board of Directors has authorized the repurchase of up to $1.325 billion of common stock under a
share repurchase program that began on December 9, 1999 and expires on December 31, 2015. Funding
for the share repurchase program has been provided through a credit facility, operating cash flow, stock
option exercises and cash and cash equivalents.
We repurchased 2.6 million and 3.5 million shares of our common stock for $117.4 million and $118.6
million in 2014 and 2013, respectively.
Subsequent to year end through February 17, 2015, the Company acquired an additional 224,000 shares at
an aggregate cost of $13.6 million. As of February 17, 2015, $115.9 million was available for repurchase
of common stock under this authorization.
Cash Dividend
The Company initiated quarterly cash dividends to its shareholders during 2013. The Company paid
dividends of $21.7 million and $10.8 million in 2014 and 2013, respectively. Subsequent to fiscal 2014,
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.