Papa Johns 2015 Annual Report Download - page 77

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64
2. Significant Accounting Policies (continued)
Reclassification
Certain prior year amounts within cash flows provided by operating activities in the consolidated
statements of cash flows have been reclassified to conform to the current year presentation.
3.
Stockholders’ Equity
Shares Authorized and Outstanding
The Company has authorized 5.0 million shares of preferred stock and 100.0 million shares of common
stock. The Company’s outstanding shares of common stock, net of repurchased common stock, were 38.4
million shares at December 27, 2015 and 39.8 million shares at December 28, 2014. There were no shares
of preferred stock issued or outstanding at December 27, 2015 and December 28, 2014.
Two-for-one Stock Split and Treasury Retirement
On October 29, 2013, our Board of Directors approved a two-for-one stock split of our outstanding
shares. The stock split was effected in the form of a stock dividend and entitled each shareholder of
record at the close of business on December 12, 2013 to receive one additional share for every
outstanding share of stock held on the record date. The stock dividend was distributed on December 27,
2013 with approximately 21.0 million shares of stock distributed. All per share and share amounts in the
accompanying consolidated financial statements and notes to the financial statements have been adjusted
to reflect the stock split.
In conjunction with the stock split, we retired shares held in treasury as of October 29, 2013, the date of
approval by our Board of Directors.
Share Repurchase Program
Our Board of Directors has authorized the repurchase of up to $1.525 billion of common stock under a
share repurchase program that began on December 9, 1999 and expires on February 28, 2017, including
$125 million authorized in October 2015 and $75 million authorized in February 2016. Funding for the
share repurchase program has been provided through a credit facility, operating cash flow, stock option
exercises and cash and cash equivalents.
We repurchased 1.8 million, 2.6 million and 3.5 million shares of our common stock for $119.8 million,
$117.4 million and $118.6 million in 2015, 2014, and 2013, respectively.
Subsequent to year end through February 16, 2016, the Company acquired an additional 860,000 shares at
an aggregate cost of $42.6 million. As of February 16, 2016, $167.1 million was available for repurchase
of common stock under this authorization.
Cash Dividend
The Company initiated quarterly cash dividends to its shareholders during 2013. The Company paid
dividends of $24.8 million in 2015, $21.7 million in 2014 and $10.8 million in 2013. Subsequent to fiscal
2016, our Board of Directors declared a first quarter 2016 cash dividend of $0.175 per share, or
approximately $6.6 million. The dividend was paid on February 19, 2016 to shareholders of record as of
the close of business on February 8, 2016.