Wendy's 2013 Annual Report Download - page 101
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THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Uncertain Tax Positions
As of December 29, 2013, the Company had unrecognized tax benefits of $23,897, which, if resolved favorably
would reduce income tax expense by $17,664. A reconciliation of the beginning and ending amount of unrecognized
tax benefits follows:
Year End
2013 2012 2011
Beginning balance ................................................... $28,848 $30,614 $36,434
Additions:
Tax positions of prior years .................................... 3,579 3,410 948
Reductions:
Tax positions of prior years .................................... (4,914) (2,964) (3,410)
Settlements ................................................ (2,416) (1,327) (1,922)
Lapse of statute of limitations .................................. (1,200) (885) (1,436)
Ending balance ..................................................... $23,897 $28,848 $30,614
During 2014, we believe it is reasonably possible the Company will reduce unrecognized tax benefits by up to
$5,133, primarily as a result of the completion of certain state tax audits.
During 2013, 2012 and 2011, the Company recognized $(835), $(584) and $501 of interest (credit) expense
and $(672), $(204) and $337 of penalty (credit) expense, respectively, related to uncertain tax positions. The
Company has approximately $2,634 and $3,972 accrued for interest and $987 and $1,708 accrued for penalties as of
December 29, 2013 and December 30, 2012, respectively.
(13) Stockholders’ Equity
Dividends
During the years ended December 29, 2013, December 30, 2012 and January 1, 2012, The Wendy’s Company
paid dividends per share of $0.18, $0.10 and $0.08, respectively.
Treasury Stock
There were 470,424 shares of common stock issued at the beginning and end of 2013, 2012 and 2011.
Treasury stock activity for 2013, 2012 and 2011 was as follows:
Treasury Stock
2013 2012 2011
Number of shares at beginning of year .................................... 78,051 80,700 52,050
Repurchase of common stock .......................................... 8,720 — 30,983
Common shares issued:
Stock options, net ............................................... (8,771) (2,079) (1,461)
Restricted stock, net .............................................. (202) (211) (693)
Director fees ................................................... (35) (45) (42)
Other ............................................................. (126) (314) (137)
Number of shares at end of year ........................................ 77,637 78,051 80,700
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