Jack In The Box 2006 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2006 Jack In The Box 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 88

  • 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

JACK IN THE BOX INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
F-26
10. SHARE-BASED EMPLOYEE COMPENSATION (continued)
The following is a summary of nonvested stock activity for fiscal year 2006:
Shares
Weighted-
average
grant date
fair value
Nonvested stock outstanding at October 2, 2005 .................................................................. 345,470 $ 23.72
Granted.............................................................................................................................. 5,500 41.25
Issued................................................................................................................................. (8,250) 20.95
Forfeited ............................................................................................................................ (46,750) 20.95
Nonvested stock outstanding at October 1, 2006 .................................................................. 295,970 24.56
Vested at October 1, 2006 ..................................................................................................... 59,780 20.36
In 2006, 2005, and 2004, the expense recognized in connection with these awards was $805, $558 and $584,
respectively. As of October 1, 2006, there was approximately $4,999 of total unrecognized compensation cost
related to nonvested stock awards, which is expected to be recognized over a weighted-average period of 6.07
years. In 2006, the total fair value of shares granted and issued was $227 and $173, respectively. During 2005
and 2004, the Company granted 57,870 and 35,000 shares of nonvested stock, respectively with a grant date fair
value of $2,031 and $1,012, respectively. No shares were issued in 2005 or 2004.
Non-management directors’ deferred compensation — Under our deferred compensation plan for non-
management directors, our liability is adjusted at the end of each reporting period to reflect the value of the
directors’ stock equivalents at the then market price of our common stock. In 2006, 2005, and 2004, the amount
deferred and the stock appreciation on the deferred compensation recognized was $2,885, $280, and $1,550,
respectively. Cash used to settle directors’ deferred compensation upon a director’ s retirement from the Board in
fiscal 2006 was $1,067.
The following is a summary of the stock equivalent activity for fiscal year 2006:
Stocks
equivalents
Weighted-
average
grant date
fair value
Stock equivalents outstanding at October 2, 2005..............................................................
.
123,083 $ 18.22
Deferred directors’ compensation ..................................................................................
.
10,431 38.96
Cash distribution.............................................................................................................
.
(27,410) 38.92
Stock equivalents outstanding at October 1, 2006..............................................................
.
106,104 21.30
11. STOCKHOLDERS’ EQUITY
Preferred stock — We have 15,000,000 shares of preferred stock authorized for issuance at a par value of $.01
per share. No preferred shares have been issued.
Treasury stock — Pursuant to stock repurchase programs authorized by the Board of Directors, we repurchased
1,444,700, 2,578,801 and 228,400 shares of our common stock for $49,997, $92,861, and $7,138 during 2006,
2005, and 2004, respectively. As of October 1, 2006, we had approximately $100,000 of repurchase availability
remaining.