Papa Johns 2012 Annual Report Download - page 53

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47
2010, respectively, and are summarized by operating segment in “Note 21” of “Notes to Consolidated
Financial Statements.”
Our Board of Directors has authorized the repurchase of our common stock through September 29, 2013
of $1.1 billion, including $50 million authorized in December 2012 and $50 million authorized in
February 2013. The following is a summary of our common share repurchases for the last three years (in
thousands, except average price per share):
Fiscal
Year
Number of
Shares
Repurchased
Total Cash
Paid
Average
Price Per
Share
2010 1,881 $46,936 $24.95
2011 2,084 $65,323 $31.35
2012 2,276 $106,095 $46.61
Subsequent to year end, we acquired an additional 5,000 shares at an aggregate cost of $254,000.
Approximately $115.2 million remained available under the Company’s share repurchase program as of
February 24, 2013.
The outstanding principal balance under our revolving line of credit was $88.3 million in 2012, $51.5
million in 2011, and $99.0 million in 2010. The increase in 2012 was due to increased share repurchases.
Contractual obligations and payments as of December 30, 2012 due by year are as follows (in thousands):
Less than 1
Year
1-3 Years 3-5 Years
After 5
Years
Total
Contractual Obligations:
Revolving line of credit (1) -$ -$ 88,258$ -$ 88,258$
Interest payments (2) 1,016 2,032 788 - 3,836
Total debt 1,016 2,032 89,046 - 92,094
Operating leases 34,073 56,803 36,582 32,227 159,685
Total contractual obligations 35,089$ 58,835$ 125,628$ 32,227$ 251,779$
Payments Due by Period
(1) We utilize an interest rate swap to hedge against our variable rate debt. The value of our interest rate
swap was $104,000 at December 30, 2012 and was recorded in other long-term liabilities in the
consolidated balance sheet.
(2) Represents estimated interest payments on our revolving line of credit balance outstanding as of
December 30, 2012. The interest payments assume the outstanding balance on our $175.0 million
unsecured revolving line of credit will remain at $88.3 million until the maturity date of November
30, 2016. Interest payments are calculated based on LIBOR plus the applicable margin in effect at
December 30, 2012, and considers the amended interest rate swap agreement in effect until December
30, 2015 (interest rate of 0.55%). The actual interest rates on the variable indebtedness incurred and
the amount of our indebtedness could vary from those used to compute the above interest payments.