Papa Johns 2011 Annual Report Download - page 85

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80
17. Equity Compensation (continued)
Information pertaining to restricted stock activity during 2011, 2010 and 2009 is as follows (shares in
thousands):
Weighted
Average
Grant-Date
Shares Fair Value
Total as of December 28, 2008 283 29.84$
Granted 108 26.54
Forfeited (121) 30.03
Total as of December 27, 2009 270 28.34
Granted 171 27.13
Forfeited (123) 30.77
Vested (34) 26.40
Total as of December 26, 2010 284 26.62
Granted 160 29.07
Forfeited (78) 26.99
Vested (116) 27.27
Total as of December 25, 2011
250
28.19
$
18. Employee Benefit Plans
We have established the Papa John’s International, Inc. 401(k) Plan (the “401(k) Plan”), as a defined
contribution benefit plan, in accordance with Section 401(k) of the Internal Revenue Code. The 401(k)
Plan is open to employees who meet certain eligibility requirements and allows participating employees
to defer receipt of a portion of their compensation and contribute such amount to one or more investment
funds. At our discretion, we contributed a matching payment of 1.5% in 2011 and 2.1% in 2009 (no
match in 2010) of a participating employee’s earnings, which is subject to vesting based on an
employee’s length of service with us. Costs of the 401(k) Plan recognized in 2011 and 2009 were
$550,000 and $800,000, respectively (none in 2010).
In addition, we maintain a non-qualified deferred compensation plan available to certain employees and
directors. Under this plan, the participants may defer a certain amount of their compensation, which is
credited to the participants’ accounts. The participant-directed investments associated with this plan are
included in other long-term assets ($11.4 million and $12.5 million at December 25, 2011 and December
26, 2010, respectively) and the associated liabilities ($10.8 million and $10.5 million at December 25,
2011 and December 26, 2010, respectively) are included in other long-term liabilities in the
accompanying consolidated balance sheets.
Most administrative costs of the 401(k) Plan and the non-qualified deferred compensation plan are paid
by the Company and are not significant.
PJUK, the Company’s United Kingdom subsidiary, provided a pension plan that was frozen in 1999.
There are approximately 20 participants in the PJUK pension plan. The Company recorded expense of
$268,000, $258,000 and $260,000 associated with the pension plan for the fiscal years ended 2011, 2010
and 2009, respectively. The pension plan was fully funded at December 25, 2011.