Papa Johns 2012 Annual Report Download - page 90

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84
19. Equity Compensation (continued)
Information pertaining to restricted stock activity during 2012, 2011 and 2010 is as follows (shares in
thousands):
Weighted
Average
Grant-Date
Shares Fair Value
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
Granted 133 37.18
Forfeited (37) 30.92
Vested (78) 27.77
Total as of December 30, 2012 268 32.39$
20. 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 may make matching contribution payments, which are subject to vesting
based on an employee’s length of service with us.
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 ($13.6 million and $11.4 million at December 30, 2012 and December
25, 2011, respectively) and the associated liabilities ($12.8 million and $10.8 million at December 30,
2012 and December 25, 2011, respectively) are included in other long-term liabilities in the
accompanying consolidated balance sheets.
At our discretion, we contributed a matching payment of 1.5% in 2012 and 2011 (no match in 2010) of a
participating employee’s earnings deferred into both the 401(k) Plan and the non-qualified deferred
compensation plan. Such costs were $630,000 in 2012 and $550,000 in 2011 (none in 2010).
PJUK, the Company’s United Kingdom subsidiary, provided a pension plan that was frozen in 1999.
There are 12 participants in the PJUK pension plan. The Company recorded expense of $154,000,
$268,000 and $258,000 associated with the pension plan for the fiscal years ended 2012, 2011 and 2010,
respectively. The pension plan was fully funded at December 30, 2012. The Company is taking steps to
transfer the remaining assets and liabilities of the pension plan to an outside insurance company.