Jack In The Box 2007 Annual Report Download - page 79

Employee stock purchase plan — In fiscal year 2007, 11,248 shares were purchased through the ESPP at an
average price of $32.51. The first offering period concluded in the first quarter of 2007, therefore no shares were
issued under this plan in 2006 and 2005.
9. 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.
Stock split — On August 3, 2007, our Board of Directors approved a 2-for-1 split of our common stock, that
was effected in the form of a 100% stock dividend on October 15, 2007. In connection with the stock split, our
shareholders approved, on September 21, 2007, an amendment to our Certificate of Incorporation to increase the
number of authorized common shares from 75.0 million to 175.0 million.
Repurchases of common stock — On November 21, 2006, we announced the commencement of a modified
“Dutch Auction” tender offer (“Tender Offer”) for up to 5.5 million shares of our common stock at a price per share
not less than $55.00 and not greater than $61.00, for a maximum aggregate purchase price of $335.5 million. On
December 19, 2006, we accepted for purchase approximately 2.3 million shares of common stock at a purchase
price of $61.00 per share, for a total cost of $143.3 million.
On December 20, 2006, the Board of Directors authorized a program to repurchase up to 3.3 million shares in
calendar year 2007 to complete the repurchase of the total shares authorized in the Tender Offer. In the second
quarter of 2007, under a 10b5-1 plan, we repurchased 3.2 million shares for $220.1 million.
The Tender Offer and the additional repurchase program were funded through the new credit facility and
available cash, and all shares repurchased were subsequently retired.
Pursuant to other stock repurchase programs authorized by the Board of Directors in 2005 and 2004, we
repurchased 1,582,881, 1,444,700 and 2,578,801 shares of our common stock for $100.0 million, $50.0 million, and
$92.9 million during 2007, 2006, and 2005, respectively. These stock repurchases were recorded as treasury stock at
cost. As of September 30, 2007, we had no repurchase availability remaining.
On November 9, 2007, the Board of Directors authorized a new $200.0 million program to repurchase shares of
our common stock at prevailing market prices, in the open market or in private transactions, from time to time at
management’s discretion, over the next three years.
Comprehensive income — Our total comprehensive income, net of taxes, was as follows (in thousands):
2007 2006 2005
Net earnings ....................................... $126,304 $108,031 $ 91,537
Net unrealized gains (losses) related to cash flow hedges, net of
taxes of ($801), $117 and $266, respectively ............. (1,254) 180 417
Net realized gains reclassified into net earnings on liquidation
of interest rate swaps, net of taxes of ($137) ............. (234) — —
Minimum pension liability, net of taxes of $1,524, $17,563, and
($18,289), respectively.............................. 2,393 27,587 (28,726)
Total comprehensive income ........................... $127,209 $135,798 $ 63,228
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JACK IN THE BOX INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)