Jack In The Box 2010 Annual Report Download - page 72
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Table of Contents
The components of accumulated other comprehensive loss, net of taxes, were as follows as of October 3, 2010 and September 27,
2009 :
Unrecognized periodic benefit costs, net of tax benefits of $48,379 and $49,750, respectively $ (78,334) $ (80,588)
Net unrealized losses related to cash flow hedges, net of tax benefits of $280 and $1,761, respectively (453) (2,854)
Accumulated other comprehensive loss $ (78,787) $ (83,442)
Our basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our
diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by
the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued.
Potentially dilutive common shares include stock options, nonvested stock awards and units, non-management director stock
equivalents and shares issuable under our employee stock purchase plan. Performance-vested stock awards are included in the
average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods.
The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding
:
Weighted-average shares outstanding – basic 55,070 56,795 58,249
Effect of potentially dilutive securities:
Stock options 512 619 879
Nonvested stock awards and units 182 169 248
Performance-vested stock awards 79 150 69
Weighted-average shares outstanding – diluted 55,843 57,733 59,445
Excluded from diluted weighted-average shares outstanding:
Antidilutive 3,266 2,763 1,611
Performance conditions not satisfied at the end of the period 160 179 261
Commitments We are principally liable for lease obligations on various properties subleased to third parties. We are also
obligated under a lease guarantee agreement associated with a Chi-Chi’s restaurant property. Due to the bankruptcy of the Chi-Chi’s
restaurant chain in 2003, previously owned by us, we are obligated to perform in accordance with the terms of a guarantee
agreement, as well as three other lease agreements, which expire during the second quarter of fiscal 2011. During fiscal 2003, we
established an accrual for these lease obligations and do not anticipate incurring any additional charges in future years related to the
Chi-Chi’s bankruptcy.
As of October 3, 2010, we had unconditional purchase obligations of $740.8 million, which primarily includes contracts for goods
related to restaurant operations.
Legal matters We are subject to normal and routine litigation. In the opinion of management, based in part on the advice of legal
counsel, the ultimate liability from all pending legal proceedings, asserted legal claims and known potential legal claims should not
materially affect our operating results, financial position or liquidity.
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