Papa Johns 2013 Annual Report Download - page 55

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฀
47
We฀ also฀ require฀ capital฀ for฀ share฀ repurchases฀ and฀ the฀ payment฀ of฀ cash฀ dividends.฀ The฀ following฀ is฀ a฀
summary฀ of฀ our฀ common฀ share฀ repurchases,฀ as฀ adjusted฀ for฀ the฀ stock฀ split,฀ 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
2011 4,168฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $65,323 $15.67
2012 4,552฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $106,095 $23.31
2013 3,538฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $118,569 $33.51 ฀
฀
Subsequent฀to฀December฀29,฀2013,฀we฀acquired฀an฀additional฀236,000฀shares฀at฀an฀aggregate฀cost฀of฀$11.0฀
million.฀ Approximately฀ $110.9฀ million฀ remained฀ available฀ under฀ the฀ Company’s฀ share฀ repurchase฀
program฀as฀of฀February฀18,฀2014.฀
฀
During฀ the฀ year฀ ended฀ December฀ 29,฀ 2013,฀ we฀ paid฀ cash฀ dividends฀ of฀ $10.8฀ million.฀ Additionally,฀ on฀
January฀30,฀2014,฀our฀Board฀of฀Directors฀declared฀a฀first฀quarter฀2014฀cash฀dividend฀of฀$0.125฀per฀share,฀
or฀approximately฀$5.2฀million.฀The฀dividend฀was฀paid฀on฀February฀21,฀2014฀to฀shareholders฀of฀record฀as฀
of฀the฀close฀of฀business฀on฀February฀10,฀2014.฀The฀declaration฀and฀payment฀of฀any฀future฀dividends฀will฀
be฀ at฀ the฀ discretion฀ of฀ the฀ Board฀ of฀ Directors,฀ subject฀ to฀ the฀ Company’s฀ financial฀ results,฀ cash฀
requirements,฀and฀other฀factors฀deemed฀relevant฀by฀the฀Board฀of฀Directors.฀
฀
Contractual฀obligations฀and฀payments฀as฀of฀December฀29,฀2013฀due฀by฀year฀are฀as฀follows฀(in฀thousands):฀
฀
Less฀than฀1฀
Year 1-3฀Years 3-5฀Years
After฀5฀
Years Total
Contractual฀Obligations:
Revolving฀line฀of฀credit฀(1) -$฀฀฀฀฀฀฀฀฀฀฀ -$฀฀฀฀฀฀฀฀฀฀฀ 157,900$฀฀฀ -$฀฀฀฀฀฀฀฀฀฀฀ 157,900$฀฀฀
Interest฀payments฀(2) 2,389฀฀฀฀฀฀฀฀฀ 4,778฀฀฀฀฀฀฀฀฀ 3,186฀฀฀฀฀฀฀฀฀ -฀฀฀฀฀฀฀฀฀฀฀฀฀ 10,353฀฀฀฀฀฀฀
Total฀debt 2,389฀฀฀฀฀฀฀฀฀ 4,778฀฀฀฀฀฀฀฀฀ 161,086฀฀฀฀฀ -฀฀฀฀฀฀฀฀฀฀฀฀฀ 168,253฀฀฀฀฀
Operating฀leases 38,304฀฀฀฀฀฀฀ 63,867฀฀฀฀฀฀฀ 41,639฀฀฀฀฀฀฀ 41,441฀฀฀฀฀฀฀ 185,251฀฀฀฀฀
Total฀contractual฀obligations 40,693$฀฀฀฀฀ 68,645$฀฀฀฀฀ 202,725$฀฀฀ 41,441$฀฀฀฀฀ 353,504$฀฀฀
Payments฀Due฀by฀Period
฀
(1)฀We฀utilize฀an฀interest฀rate฀swap฀to฀hedge฀against฀$75.0฀million฀of฀our฀variable฀rate฀debt.฀The฀value฀of฀
our฀ interest฀ rate฀ swap฀ was฀ $76,000฀ at฀ December฀ 29,฀ 2013฀ 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฀ 29,฀ 2013.฀ The฀ interest฀ payments฀ assume฀ the฀ outstanding฀ balance฀ on฀ our฀ $300.0฀ million฀
unsecured฀revolving฀line฀of฀credit฀will฀remain฀at฀$157.9฀million฀until฀the฀maturity฀date฀of฀April฀30,฀
2018.฀ Interest฀ payments฀ are฀ calculated฀ based฀ on฀ LIBOR฀ plus฀ the฀ applicable฀ margin฀ in฀ effect฀ at฀
December฀29,฀2013,฀and฀considers฀the฀amended฀interest฀rate฀swap฀agreement฀in฀effect฀until฀April฀30,฀
2018฀(interest฀rate฀of฀1.42%).฀The฀actual฀interest฀rates฀on฀our฀variable฀rate฀debt฀and฀the฀amount฀of฀our฀
indebtedness฀could฀ vary฀from฀those฀ used฀to฀ compute฀the฀above฀interest฀payments.฀ See฀“Note฀9”฀of฀
“Notes฀ to฀ Consolidated฀ Financial฀ Statements”฀ for฀ additional฀ information฀ concerning฀ our฀ debt฀ and฀
credit฀arrangements.฀฀
฀
฀ ฀