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54
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Years Ended
December 28, December 29, December 30,
2014 2013 2012
North America revenues:
Domestic Company-owned restaurant sales 701,854$ 635,317$ 592,203$
Franchise royalties 89,443 81,692 79,567
Franchise and development fees 726 1,181 806
Domestic commissary sales 629,492 578,870 545,924
Other sales 74,179 53,322 51,223
International revenues:
Royalties and franchise and development fees 25,730 21,979 19,881
Restaurant and commissary sales 76,725 66,661 53,049
Total revenues 1,598,149 1,439,022 1,342,653
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 175,733 156,237 137,378
Salaries and benefits 188,234 173,316 163,260
Advertising and related costs 63,463 59,172 54,583
Occupancy costs and other restaurant operating expenses 144,628 128,826 120,581
Total domestic Company-owned restaurant expenses 572,058 517,551 475,802
Domestic commissary expenses:
Cost of sales 492,940 448,693 426,531
Salaries and benefits and other commissary operating expenses 91,981 85,649 77,503
Total domestic commissary expenses 584,921 534,342 504,034
Other operating expenses 71,068 48,011 45,455
International restaurant and commissary expenses 63,718 56,609 44,853
General and administrative expenses 140,566 134,228 131,591
Other general expenses 8,223 6,673 8,313
Depreciation and amortization 39,965 35,105 32,798
Total costs and expenses 1,480,519 1,332,519 1,242,846
Operating income 117,630 106,503 99,807
Investment income 702 589 750
Interest expense (4,077) (983) (2,162)
Income before income taxes 114,255 106,109 98,395
Income tax expense 36,558 33,130 32,393
Net income before attribution to noncontrolling interests 77,697 72,979 66,002
Income attributable to noncontrolling interests (4,382) (3,442) (4,342)
Net income attributable to the Company 73,315$ 69,537$ 61,660$
Calculation of income for earnings per share:
Net income attributable to the Company 73,315$ 69,537$ 61,660$
Increase in noncontrolling interest redemption value (44) (510) -
Net income attributable to participating securities (402) (530) -
Net income attributable to common shareholders 72,869$ 68,497$ 61,660$
Basic earnings per common share 1.78$ 1.58$ 1.31$
Diluted earnings per common share 1.75$ 1.55$ 1.29$
Basic weighted average common shares outstanding 40,960 43,387 46,916
Diluted weighted average common shares outstanding 41,718 44,243 47,810
Dividends declared per common share 0.53$ 0.25$ -$
Supplemental data (see Note 16):
Revenues - affiliates 3,546$ 3,259$ 29,310$
See accompanying notes.