Papa Johns 2015 Annual Report Download - page 37

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24
Our Board of Directors declared a quarterly dividend of $0.175 per share on January 27, 2016 that was
payable on February 19, 2016 to shareholders of record at the close of business on February 8, 2016.
We anticipate continuing the payment of quarterly cash dividends. The actual amount of such dividends is
subject to declaration by our Board of Directors and will depend upon future earnings, results of
operations, capital requirements, our financial condition and other relevant factors. There can be no
assurance that the Company will continue to pay quarterly cash dividends.
Our Board of Directors has authorized the repurchase of up to $1.525 billion of common stock under a
share repurchase program that began December 9, 1999, and expires February 28, 2017. This includes
$125 million authorized in October 2015 and an additional $75 million authorized in February 2016.
Through December 27, 2015, a total of 107.4 million shares with an aggregate cost of $1.3 billion and an
average price of $12.24 per share have been repurchased under this program. Subsequent to year-end, we
acquired an additional 860,000 shares at an aggregate cost of $42.6 million. Approximately $167.1
million remained available under the Company’s share repurchase program as of February 16, 2016.
The following table summarizes our repurchase activity by fiscal period during the fourth quarter ended
December 27, 2015 (in thousands, except per share amounts):
Total Number Maximum Dollar
Total Average of Shares Purchased Value of Shares
Number Price as Part of Publicly that May Yet Be
of Shares Paid per Announced Plans Purchased Under the
Fiscal Period Purchased Share or Programs Plans or Programs
09/28/2015 - 10/25/2015 174 $68.76 106,992 $237,335
10/26/2015 - 11/22/2015 171 $63.53 107,163 $226,466
11/23/2015 - 12/27/2015 292 $57.46 107,455 $209,681
Our share repurchase authorization increased from $1.45 billion to $1.525 billion in February 2016. For
presentation purposes, the maximum dollar value of shares that may be purchased was adjusted
retroactively to September 28, 2015.
The Company utilizes a written trading plan under Rule 10b5-1 under the Securities Exchange Act of
1934, as amended, from time to time to facilitate the repurchase of shares of our common stock under this
share repurchase program. There can be no assurance that we will repurchase shares of our common stock
either through a Rule 10b5-1 trading plan or otherwise.