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฀
80
18.฀฀Equity฀Compensation฀(continued)฀
฀
Information฀ pertaining฀ to฀ restricted฀ stock฀ activity฀ during฀ 2013,฀ 2012฀ and฀ 2011฀ is฀ as฀ follows฀ (shares฀ in฀
thousands):฀
Weighted
Average
Grant-Date
Shares Fair฀Value
Total฀as฀of฀December฀26,฀2010 568฀฀฀฀฀฀฀ 13.31$฀฀฀฀฀฀฀
฀฀Granted 320฀฀฀฀฀฀฀ 14.54฀฀฀฀฀฀฀฀฀
฀฀Forfeited (156)฀฀฀฀฀฀ 13.50฀฀฀฀฀฀฀฀฀
฀฀Vested (232)฀฀฀฀฀฀ 13.64฀฀฀฀฀฀฀฀฀
Total฀as฀of฀December฀25,฀2011 500฀฀฀฀฀฀฀ 14.10฀฀฀฀฀฀฀฀฀
฀฀Granted 266฀฀฀฀฀฀฀ 18.59฀฀฀฀฀฀฀฀฀
฀฀Forfeited (74)฀฀฀฀฀฀฀฀ 15.46฀฀฀฀฀฀฀฀฀
฀฀Vested (156)฀฀฀฀฀฀ 13.89฀฀฀฀฀฀฀฀฀
Total฀as฀of฀December฀30,฀2012 536฀฀฀฀฀฀฀ 16.31฀฀฀฀฀฀฀฀฀
฀฀Granted 160฀฀฀฀฀฀฀ 27.09฀฀฀฀฀฀฀฀฀
฀฀Forfeited (70)฀฀฀฀฀฀฀฀ 18.56฀฀฀฀฀฀฀฀฀
฀฀Vested (203)฀฀฀฀฀฀ 15.51฀฀฀฀฀฀฀฀฀
Total฀as฀of฀December฀29,฀2013
423
฀฀฀฀฀฀
฀
20.39
$฀฀฀฀฀฀
฀
฀
฀
19.฀฀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฀($16.8฀million฀and฀$13.6฀million฀at฀December฀29,฀2013฀and฀December฀
30,฀ 2012,฀ respectively)฀ and฀ the฀ associated฀ liabilities฀ ($15.8฀ million฀ and฀ $12.8฀ million฀ at฀ December฀ 29,฀
2013฀ and฀ December฀ 30,฀ 2012,฀ 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%,฀ up฀ to฀ a฀ maximum฀ of฀ 6%฀ deferred,฀ in฀
2013,฀2012฀and฀2011฀of฀ a฀participating฀employee’s฀earnings฀deferred฀into฀ both฀the฀401(k)฀Plan฀and฀the฀
non-qualified฀ deferred฀ compensation฀ plan.฀ Such฀ costs฀ were฀ $691,000฀ in฀ 2013,฀ $630,000฀ in฀ 2012฀ and฀
$550,000฀in฀2011.฀
฀
PJUK,฀ the฀ Company’s฀ United฀ Kingdom฀ subsidiary,฀ provided฀ a฀ pension฀ plan฀ that฀ was฀ frozen฀ in฀ 1999.฀
There฀ are฀ 11฀ participants฀ in฀ the฀ PJUK฀ pension฀ plan.฀ The฀ Company฀ recorded฀ expense฀ of฀ $60,000,฀
$154,000฀and฀$268,000฀associated฀with฀the฀pension฀plan฀for฀the฀fiscal฀years฀ended฀2013,฀2012฀and฀2011,฀
respectively.฀The฀pension฀plan฀was฀fully฀funded฀at฀December฀29,฀2013.฀The฀Company฀is฀taking฀steps฀to฀
transfer฀the฀remaining฀assets฀and฀liabilities฀of฀the฀pension฀plan฀to฀an฀outside฀insurance฀company.฀
฀
฀ ฀