Papa Johns 2015 Annual Report Download - page 80

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67
6. Noncontrolling Interests
Papa John’s has joint ventures in which there are noncontrolling interests, consisting of the following as
of December 27, 2015, December 28, 2014 and December 29, 2013:
Noncontrolling
Number of Restaurant Papa John's Interest
Restaurants Locations Ownership Ownership
December 27, 2015
Star Papa, LP 87 Texas 51% 49%
Colonel's Limited, LLC 61 Maryland and Virginia 70% 30%
PJ Minnesota, LLC 33 Minnesota 70% 30%
PJ Denver, LLC 32 Colorado 60% 40%
December 28, 2014
Star Papa, LP 84 Texas 51% 49%
Colonel's Limited, LLC 56 Maryland and Virginia 70% 30%
PJ Minnesota, LLC 35 Minnesota 70% 30%
PJ Denver, LLC 25 Colorado 60% 40%
December 29, 2013
Star Papa, LP 81 Texas 51% 49%
Colonel's Limited, LLC 52 Maryland and Virginia 70% 30%
PJ Minnesota, LLC 33 Minnesota 80% 20%
PJ Denver, LLC 25 Colorado 60% 40%
The noncontrolling interest holder’s ownership in PJ Minnesota, LLC increased from 20% to 30% in
2014 upon exercise of an option to acquire an additional 10% interest in the joint venture from the
Company.
The income before income taxes attributable to these joint ventures for the years ended December 27,
2015, December 28, 2014 and December 29, 2013 were as follows (in thousands):
2015 2014 2013
Papa John's International, Inc. 9,725$ 6,932$ 5,121$
Noncontrolling interests 6,282 4,382 3,442
Total income before income taxes 16,007$ 11,314$ 8,563$
The noncontrolling interests of our Colonel’s Limited, LLC and PJ Minnesota, LLC joint ventures are
recorded at carrying value in “Stockholders’ equity” in the consolidated balance sheets at both December
27, 2015 and December 28, 2014, as the noncontrolling interest holders’ agreements had no redemption
features.