P.F. Chang's China Bistro, Inc.

P.F. CHANG'S REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2011 RESULTS;

PROVIDES GUIDANCE FOR 2012; BOARD OF DIRECTORS INCREASES

SHARE REPURCHASE AUTHORIZATION TO $150 MILLION AND

INCREASES CASH DIVIDEND BY 10%

SCOTTSDALE, ARIZONA, February 16, 2012 - P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the fourth quarter and fiscal year ended January 1, 2012.

Chairman and CEO Rick Federico commented, “While we were not satisfied with our earnings in the fourth quarter, we were pleased with our progress on the top line. We remain confident in the direction of recent initiatives to restore positive sales momentum, which have shown encouraging early signs in the first half of our first fiscal quarter. We believe 2012 will be an inflection point for our business and look forward to delivering on the goals we have articulated to our shareholders over the past several months.”

Fourth Quarter 2011

Total revenues were $309.8 million in the fourth quarter of fiscal 2011 as compared to $311.2 million in the prior year. Net income for the fourth quarter of fiscal 2011 was $4.1 million, as compared to $14.7 million in 2010, and diluted net income per share was $0.19 and $0.64, respectively. Net income per share for the fourth quarter would have been $0.11 higher (or $0.30 per share) when adjusting for:

• The unfavorable impact of non-cash asset impairment charges related to two Bistro restaurants ($0.17 per share).

• The unfavorable impact of charges related to the closure of three underperforming Pei Wei locations ($0.04 per share). The Company closed these locations at the end of the fourth quarter of fiscal 2011 after recognizing full asset impairment charges during the second and third quarters of fiscal 2011.

• The favorable impact of non-cash share-based compensation expense adjustments ($0.05 per share) primarily related to the final value adjustment of Co-CEO performance unit awards.

• The favorable impact of lowering the full fiscal year effective tax rate ($0.05 per share).

Comparable store sales decreased 2.4% at the Bistro and 1.9% at Pei Wei in the fourth quarter of 2011 due, in both cases, to declines in guest traffic. Monthly comparable store sales trends improved during the course of the fourth quarter. Specifically, on a monthly basis, comparable store sales for October, November and December decreased 3.2%, 3.1%, and 1.1%, respectively, at the Bistro and decreased 3.2%, 0.9%, and 1.4%, respectively, at Pei Wei.

Fiscal Year 2011

Total revenues were $1,238.8 million in fiscal 2011 as compared to $1,242.8 million in the prior year. Net income was $30.1 million in 2011, as compared to $46.6 million in 2010, and diluted net income per share was $1.36 and $2.02, respectively. Net income per share for fiscal 2011 would have been $0.17 higher (or $1.53 per share) when adjusting for:

• The unfavorable impact of non-cash asset impairment and store closure charges related to three Pei Wei restaurants which closed in the fourth quarter and non-cash asset impairment charges related to three Bistro restaurants ($0.39 per share).

• The favorable impact non-cash of share-based compensation expense adjustments ($0.25 per share).

• The unfavorable impact of charges related to the departure of the Bistro's Chief Operating Officer and one-time costs associated with streamlining of certain organizational support functions ($0.03 per share).

2012 Expectations

The Company anticipates that full year fiscal 2012 consolidated revenues will increase 1% to 2% compared to fiscal 2011. Revenue expectations for 2012 assume flat comparable store sales at both concepts, combined with incremental

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revenues contributed from 14 to 19 anticipated new domestic restaurant openings and restaurant and retail licensing growth in excess of 60%.

The Company expects fiscal 2012 restaurant operating income to increase by approximately 8% to 9% compared to fiscal 2011 levels. Excluding the impact of $11.8 million in asset impairment and store closure charges recognized during fiscal 2011, the Company expects restaurant operating income to decline 1% to 2% in 2012. The Company anticipates commodities inflation of 4% to 5% during fiscal 2012, a portion of which may be offset with slight menu price increases and menu mix shifts. The Company expects incremental revenues from its licensing businesses to provide greater contribution to restaurant operating income and partially offset these cost pressures.

The Company anticipates consolidated general and administrative expenses to range from $78 to $80 million during 2012, which is in line with consolidated general and administrative expenses for fiscal 2011, when adjusting for the benefit of approximately $7.5 million in share-based compensation expense credits recognized during fiscal 2011.

The Company currently expects to open 2 to 3 new Bistro restaurants and 12 to 16 new Pei Wei restaurants during fiscal 2012. As a result, the Company anticipates higher preopening expenses in fiscal 2012 from the increase in Pei Wei new store development compared to fiscal 2011.

In addition, the Company expects its international partners to open 10 to 14 new Bistro restaurants during 2012, an increase of 60% to 80% relative to international Bistros in operation at the end of 2011. The Company also anticipates the opening of 2 to 4 new Pei Wei international restaurants through licensing agreements during fiscal 2012, compared to one international Pei Wei unit in operation at the end of fiscal 2011. Also, through licensing agreements, the Company expects 3 to 5 Pei Wei domestic airport locations to open during fiscal 2012.

During 2012, the Company expects cash flows from operations to approximate $105 million to $115 million, an increase compared to cash flows from operations of $103 million in 2011. Capital expenditures are expected to approximate $55 million to $60 million.

Overall, the Company expects consolidated diluted earnings per share to range from $1.50 to $1.60 for fiscal 2012. Earnings per share for the first quarter of 2012 is expected to range from $0.34 to $0.36.

Commenting on the 2012 outlook, Federico said, “While we remain cautious about the outlook for consumer spending generally, we are beginning to see early signs of progress. We believe our initiatives, aimed at driving restaurant traffic by enhancing our price/value proposition and elevating the guest experience, are gaining traction at both concepts. As a result, we anticipate that our quarterly earnings per share will be higher in the back half of 2012 than the first half of the year. Additionally, we foresee increased contribution from restaurant and retail licensing opportunities in 2012. We will continue to execute on our strategic plan and expect to build on our successes throughout 2012.”

Share Repurchase Program

On February 8, 2012, the Company's Board of Directors increased the authorized amount of the Company's share repurchase program from $100 million to $150 million. The Company plans to fully utilize the $150.0 million share repurchase authorization during fiscal 2012.

Quarterly Dividend

The Board of Directors authorized an increase to the Company's quarterly cash dividend payment from $0.25 to $0.275 per share on the Company's outstanding common stock, an increase of 10%. The next quarterly dividend is payable on March 12, 2012 to shareholders of record at the close of business on February 27, 2012.

True Food Kitchen

During 2009, the Company extended a loan facility to fund early stage development of the True Food Kitchen restaurant concept with a right to convert its loan into a majority equity ownership position. In February 2012, after receiving authorization from its Board of Directors, the Company and True Food Kitchen's partners mutually agreed to exercise the Company's conversion option, which is expected to be completed during the second quarter of fiscal 2012. Upon

2

completion, P.F. Chang's will own 51% of True Food Kitchen, with potential rights and obligations that would enable the Company to increase its ownership to 90% or more in the future.

Conference Call Information

The Company is hosting a conference call today at 8:30 am Eastern Time during which management will provide further details on the fourth quarter results. A webcast of the call can be accessed through the company's website at www.pfcb.com.

Definitions

The following definitions apply to these terms as used throughout this release:

• Net income refers to net income attributable to PFCB common stockholders.

• Comparable store sales changes include company-operated restaurants and represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its eighteenth month of operation.

About the Company

P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro features a blend of high-quality, Chinese-inspired cuisine and attentive service in a high energy contemporary bistro setting. Pei Wei Asian Diner offers a menu of freshly prepared, wok-seared, contemporary pan-Asian cuisine in a relaxed, warm environment with friendly attentive counter service and take-out flexibility. In addition, the Company has extended its brands to international markets, domestic airport locations and retail products, all of which are operated under licensing agreements.

Note with respect to non-GAAP financial measures contained within Supplemental Financial Information

In addition to using GAAP results in evaluating the Company's business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company's restaurants but excludes preopening expenses and partner investment expense. Preopening and partner investment expenses are excluded because they vary in timing and magnitude and are not related to the health of ongoing operations. Additionally, general and administrative expenses are generally not specifically identifiable to individual business units and are only included in the Company's consolidated financial presentation as these costs relate to support of both restaurant concepts and the extension of the Company's brands into international markets, domestic airports and retail products. As the Company's expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a consideration of management when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 5 through 7 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.

Note with respect to forward-looking statements

The statements contained in this press release that are not purely historical, including the Company's 2012 expectations, are forward-looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, failure of our existing or new restaurants to achieve expected results, intense competition in the restaurant industry, damage to our brands or reputation, our ability to successfully expand our operations and changes in general economic and political conditions that affect consumer spending. More detailed information about the Company and the risk factors that may affect the realization of any forward-looking statements is set forth in the Company's filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

Contact:
Allison Schulder	(480) 888-3000	allison.schulder@pfcb.com

3

P.F. Chang's China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
	13 Weeks Ended						52 Weeks Ended
	January 1,			January 2,			January 1,			January 2,
	2012			2011			2012			2011
Revenues:
Restaurant sales	$	308,155		$	310,260		$	1,233,076		$	1,239,503
Restaurant licensing	968			474			3,065			2,105
Retail licensing	632			446			2,614			1,191
Total revenues	309,755			311,180			1,238,755			1,242,799
Costs and expenses:
Cost of sales	82,453			80,621			325,771			324,731
Labor	105,371			101,610			419,302			410,000
Operating	53,316			51,886			214,050			208,294
Occupancy	20,368			18,756			75,864			73,707
General and administrative (1)	17,980			19,839			70,088			81,883
Depreciation and amortization	20,462			19,832			80,355			77,486
Asset impairment charges	5,056			—			10,486			—
Preopening expense	808			439			2,048			1,976
Partner investment expense	—			(47		)	(236		)	(318		)
Total costs and expenses	305,814			292,936			1,197,728			1,177,759
Income from operations	3,941			18,244			41,027			65,040
Interest and other income (expense), net	327			333			(288		)	(572		)
Income from continuing operations before taxes	4,268			18,577			40,739			64,468
Provision for income taxes	(116		)	(3,773		)	(10,253		)	(17,122		)
Income from continuing operations, net of tax	4,152			14,804			30,486			47,346
Income (loss) from discontinued operations, net of tax	(44		)	40			(63		)	46
Net income	4,108			14,844			30,423			47,392
Less net income attributable to noncontrolling interests	30			165			346			784
Net income attributable to PFCB	$	4,078		$	14,679		$	30,077		$	46,608
Basic income per share:
Income from continuing operations attributable to PFCB common stockholders	$	0.20		$	0.65		$	1.38		$	2.05
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders	(0.01		)	0.00			0.00			0.00
Net income attributable to PFCB common stockholders	$	0.19		$	0.65		$	1.38		$	2.05
Diluted income per share:
Income from continuing operations attributable to PFCB common stockholders	$	0.19		$	0.64		$	1.36		$	2.01
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders	0.00			0.00			0.00			0.01
Net income attributable to PFCB common stockholders	$	0.19		$	0.64		$	1.36		$	2.02
Weighted average shares used in computation:
Basic	21,071			22,599			21,831			22,689
Diluted	21,175			23,011			22,104			23,115
Cash dividends declared per share	$	0.28		$	0.29		$	0.99		$	0.92
Amounts attributable to PFCB:
Income from continuing operations, net of tax	$	4,122		$	14,639		$	30,140		$	46,562
Income (loss) from discontinued operations, net of tax	(44		)	40			(63		)	46
Net income attributable to PFCB	$	4,078		$	14,679		$	30,077		$	46,608

(1) General and administrative includes the benefit of lower incentive accruals of $4.9 million and lower share-based compensation expense of $7.5 million during the year ended January 1, 2012.

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P.F. Chang's China Bistro, Inc.
Supplemental Financial Information
	1Q10			2Q10			3Q10			4Q10			2010			1Q11			2Q11			3Q11			4Q11			YTD 2011
Units	364			366			368			369			369			372			374			375			377			377
Sales weeks	4,731			4,736			4,770			4,791			19,028			4,819			4,852			4,859			4,885			19,415
AWS	65,576			65,773			64,465			64,759			65,141			65,637			63,817			61,530			63,082			63,512
Revenues (1)
Restaurant sales	310,242			311,502			307,499			310,260			1,239,503			316,304			309,641			298,976			308,155			1,233,076
Restaurant licensing	129			1,108			394			474			2,105			684			649			764			968			3,065
Retail licensing	—			228			517			446			1,191			381			724			877			632			2,614
Total revenues	310,371			312,838			308,410			311,180			1,242,799			317,369			311,014			300,617			309,755			1,238,755
Operating costs
Cost of sales	84,013			81,717			78,380			80,621			324,731			83,322			82,175			77,821			82,453			325,771
Labor	104,475			102,295			101,620			101,610			410,000			106,464			105,321			102,146			105,371			419,302
Operating	52,753			51,597			52,058			51,886			208,294			53,807			52,471			54,456			53,316			214,050
Occupancy	17,838			18,609			18,504			18,756			73,707			18,425			18,681			18,390			20,368			75,864
Net income attributable to noncontrolling interests	206			241			172			165			784			157			120			39			30			346
Depreciation & amortization	19,001			19,335			19,318			19,832			77,486			19,698			20,149			20,046			20,462			80,355
Asset impairment charges	—			—			—			—			—			—			631			4,799			5,056			10,486
Restaurant operating income	32,085			39,044			38,358			38,310			147,797			35,496			31,466			22,920			22,699			112,581
Development costs
Preopening expense	133			832			572			439			1,976			398			213			629			808			2,048
Partner investment expense	11			(135		)	(147		)	(47		)	(318		)	(126		)	(50		)	(60		)	—			(236		)
Other expenses
General and administrative (2)	19,053			19,765			23,226			19,839			81,883			20,280			19,164			12,664			17,980			70,088
Interest and other (income) expense, net	415			665			(175		)	(333		)	572			(204		)	(128		)	947			(327		)	288
Provision for income taxes	3,788			5,144			4,417			3,773			17,122			4,555			3,143			2,439			116			10,253
Income from continuing operations	8,685			12,773			10,465			14,639			46,562			10,593			9,124			6,301			4,122			30,140
Income (loss) from discontinued operations, net of tax	6			—			—			40			46			3			(32		)	10			(44		)	(63		)
Net income attributable to PFCB	8,691			12,773			10,465			14,679			46,608			10,596			9,092			6,311			4,078			30,077
Income from continuing operations per FDS	$	0.38		$	0.55		$	0.45		$	0.64		$	2.01		$	0.46		$	0.40		$	0.29		$	0.19		$	1.36
Fully diluted shares (FDS)	23,104			23,277			23,070			23,011			23,115			22,901			22,581			21,758			21,175			22,104
Revenues	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Cost of sales	27.1		%	26.1		%	25.4		%	25.9		%	26.1		%	26.3		%	26.4		%	25.9		%	26.6		%	26.3		%
Labor	33.7		%	32.7		%	32.9		%	32.7		%	33.0		%	33.5		%	33.9		%	34.0		%	34.0		%	33.8		%
Operating	17.0		%	16.5		%	16.9		%	16.7		%	16.8		%	17.0		%	16.9		%	18.1		%	17.2		%	17.3		%
Occupancy	5.7		%	5.9		%	6.0		%	6.0		%	5.9		%	5.8		%	6.0		%	6.1		%	6.6		%	6.1		%
Net income attributable to noncontrolling interests	0.1		%	0.1		%	0.1		%	0.1		%	0.1		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%
Depreciation & amortization	6.1		%	6.2		%	6.3		%	6.4		%	6.2		%	6.2		%	6.5		%	6.7		%	6.6		%	6.5		%
Asset impairment charges	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.2		%	1.6		%	1.6		%	0.8		%
Restaurant operating income	10.3		%	12.5		%	12.4		%	12.3		%	11.9		%	11.2		%	10.1		%	7.6		%	7.3		%	9.1		%
Preopening expenses	0.0		%	0.3		%	0.2		%	0.1		%	0.2		%	0.1		%	0.1		%	0.2		%	0.3		%	0.2		%
Partner investment expense	0.0		%	(0.0%)			(0.0%)			(0.0%)			(0.0%)			0.0		%	0.0		%	0.0		%	0.0		%	0.0		%
General and administrative (2)	6.1		%	6.3		%	7.5		%	6.4		%	6.6		%	6.4		%	6.2		%	4.2		%	5.8		%	5.7		%
Interest and other (income) expense, net	0.1		%	0.2		%	(0.1%)			(0.1%)			0.0		%	(0.1%)			0.0		%	0.3		%	(0.1		)%	0.0		%
Provision for income taxes	1.2		%	1.6		%	1.4		%	1.2		%	1.4		%	1.4		%	1.0		%	0.8		%	0.0		%	0.8		%
Income from continuing operations	2.8		%	4.1		%	3.4		%	4.7		%	3.7		%	3.3		%	2.9		%	2.1		%	1.3		%	2.4		%
Income (loss) from discontinued operations, net of tax	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%
Net income attributable to PFCB	2.8		%	4.1		%	3.4		%	4.7		%	3.8		%	3.3		%	2.9		%	2.1		%	1.3		%	2.4		%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income	32,085			39,044			38,358			38,310			147,797			35,496			31,466			22,920			22,699			112,581
Add: Net income attributable to noncontrolling interests	206			241			172			165			784			157			120			39			30			346
Less: General and administrative (2)	(19,053		)	(19,765		)	(23,226		)	(19,839		)	(81,883		)	(20,280		)	(19,164		)	(12,664		)	(17,980		)	(70,088		)
Less: Preopening expense	(133		)	(832		)	(572		)	(439		)	(1,976		)	(398		)	(213		)	(629		)	(808		)	(2,048		)
Less: Partner investment expense	(11		)	135			147			47			318			126			50			60			—			236
Income from operations	13,094			18,823			14,879			18,244			65,040			15,101			12,259			9,726			3,941			41,027

 Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts.

  (1) Consolidated revenues include revenues related to the Bistro and Pei Wei concepts as well as Global Brand Development initiatives.

  (2) Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts as well as Global Brand Development initiatives.

5

Concept: P.F. Chang's China Bistro
Supplemental Financial Information
	1Q10		2Q10		3Q10		4Q10		2010		1Q11		2Q11		3Q11		4Q11		YTD 2011
Units	197		199		200		201		201		201		201		202		204		204
Sales weeks	2,561		2,565		2,593		2,607		10,326		2,613		2,613		2,610		2,636		10,472
AWS	90,077		90,964		89,202		89,726		89,989		90,181		88,487		85,494		87,725		87,972
Total revenues	230,767		233,365		231,309		233,931		929,372		235,782		231,226		223,118		231,253		921,379
Operating costs
Cost of sales	62,711		60,914		58,135		60,008		241,768		61,333		60,759		57,677		61,660		241,429
Labor	78,192		76,769		76,533		76,667		308,161		79,792		78,442		76,273		79,120		313,627
Operating	38,546		38,183		38,554		37,804		153,087		38,783		38,442		40,602		38,367		156,194
Occupancy	12,640		13,254		13,242		13,368		52,504		13,074		13,125		12,955		13,602		52,756
Net income attributable to noncontrolling interests	71		93		62		70		296		79		69		20		18		186
Depreciation & amortization	13,854		14,043		14,018		14,519		56,434		14,384		14,550		14,455		14,989		58,378
Asset impairment charges	—		—		—		—		—		—		—		3,503		5,056		8,559
Restaurant operating income	24,753		30,109		30,765		31,495		117,122		28,337		25,839		17,633		18,441		90,250
Total revenues	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	27.2	%	26.1	%	25.1	%	25.7	%	26.0	%	26.0	%	26.3	%	25.9	%	26.7	%	26.2	%
Labor	33.9	%	32.9	%	33.1	%	32.8	%	33.2	%	33.8	%	33.9	%	34.2	%	34.2	%	34.0	%
Operating	16.7	%	16.4	%	16.7	%	16.2	%	16.5	%	16.4	%	16.6	%	18.2	%	16.6	%	17.0	%
Occupancy	5.5	%	5.7	%	5.7	%	5.7	%	5.6	%	5.5	%	5.7	%	5.8	%	5.9	%	5.7	%
Net income attributable to noncontrolling interests	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Depreciation & amortization	6.0	%	6.0	%	6.1	%	6.2	%	6.1	%	6.1	%	6.3	%	6.5	%	6.5	%	6.3	%
Asset impairment charges	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	1.6	%	2.2	%	0.9	%
Restaurant operating income	10.7	%	12.9	%	13.3	%	13.5	%	12.6	%	12.0	%	11.2	%	7.9	%	8.0	%	9.8	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income	24,753		30,109		30,765		31,495		117,122		28,337		25,839		17,633		18,441		90,250
Add: Net income attributable to noncontrolling interests	71		93		62		70		296		79		69		20		18		186
Less: Preopening expense	(26	)	(765	)	(411	)	(265	)	(1,467	)	2		(28	)	(604	)	(721	)	(1,351	)
Less: Partner investment expense	—		—		—		—		—		—		—		—		—		—
Income from operations	24,798		29,437		30,416		31,300		115,951		28,418		25,880		17,049		17,738		89,085

Note: General and administrative expenses are reflected in the Company’s consolidated results.

6

Concept: Pei Wei Asian Diner (A)
Supplemental Financial Information
	1Q10		2Q10		3Q10		4Q10		2010		1Q11		2Q11		3Q11		4Q11		YTD 2011
Units	167		167		168		168		168		171		173		173		173		173
Sales weeks	2,170		2,171		2,177		2,184		8,702		2,206		2,239		2,249		2,249		8,943
AWS	36,597		35,991		34,998		34,950		35,632		36,501		35,022		33,730		34,194		34,854
Total revenues	79,475		78,137		76,190		76,329		310,131		80,522		78,415		75,858		76,902		311,697
Operating costs
Cost of sales	21,302		20,803		20,245		20,613		82,963		21,989		21,416		20,144		20,793		84,342
Labor	26,283		25,526		25,087		24,943		101,839		26,672		26,879		25,873		26,251		105,675
Operating	14,207		13,414		13,504		14,082		55,207		15,024		14,029		13,854		14,949		57,856
Occupancy	5,198		5,355		5,262		5,388		21,203		5,351		5,556		5,435		6,766		23,108
Net income attributable to noncontrolling interests	135		148		110		95		488		78		51		19		12		160
Depreciation & amortization	4,647		4,762		4,772		4,761		18,942		4,767		4,929		4,910		4,772		19,378
Asset impairment charges	—		—		—		—		—		—		631		1,296		—		1,927
Restaurant operating income	7,703		8,129		7,210		6,447		29,489		6,641		4,924		4,327		3,359		19,251
Total revenues	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	26.8	%	26.6	%	26.6	%	27.0	%	26.8	%	27.3	%	27.3	%	26.6	%	27.0	%	27.1	%
Labor	33.1	%	32.7	%	32.9	%	32.7	%	32.8	%	33.1	%	34.3	%	34.1	%	34.1	%	33.9	%
Operating	17.9	%	17.2	%	17.7	%	18.4	%	17.8	%	18.7	%	17.9	%	18.3	%	19.4	%	18.6	%
Occupancy	6.5	%	6.9	%	6.9	%	7.1	%	6.8	%	6.6	%	7.1	%	7.2	%	8.8	%	7.4	%
Net income attributable to noncontrolling interests	0.2	%	0.2	%	0.1	%	0.1	%	0.2	%	0.1	%	0.1	%	0.0	%	0.0	%	0.1	%
Depreciation & amortization	5.8	%	6.1	%	6.3	%	6.2	%	6.1	%	5.9	%	6.3	%	6.5	%	6.2	%	6.2	%
Asset impairment charges	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.8	%	1.7	%	0.0	%	0.6	%
Restaurant operating income	9.7	%	10.4	%	9.5	%	8.4	%	9.5	%	8.2	%	6.3	%	5.7	%	4.4	%	6.2	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income	7,703		8,129		7,210		6,447		29,489		6,641		4,924		4,327		3,359		19,251
Add: Net income attributable to noncontrolling interests	135		148		110		95		488		78		51		19		12		160
Less: Preopening expense	(107	)	(67	)	(161	)	(174	)	(509	)	(400	)	(185	)	(25	)	(87	)	(697	)
Less: Partner investment expense	(11	)	135		147		47		318		126		50		60		—		236
Income from operations	7,720		8,345		7,306		6,415		29,786		6,445		4,840		4,381		3,284		18,950

Note: General and administrative expenses are reflected in the Company’s consolidated results.

(A) All results related to the ten Pei Wei restaurants that closed during 2008 are reflected within discontinued operations for all periods presented.

7

P.F. Chang's China Bistro
Supplemental Sales Information (Company Owned)
Year of Unit Opening (1)
	Pre-2003	2003	2004	2005	2006	2007	2008	2009	2010	2011	Total
Units	78	18	18	18	20	20	17	8	4	3	204
Sales (000)
1Q11	101,661	22,626	18,627	18,865	21,852	22,395	17,146	8,169	4,302	—	235,643
2Q11	99,024	22,227	18,929	18,425	21,522	22,117	16,720	7,955	4,297	—	231,216
3Q11	94,837	21,456	18,708	17,793	20,618	21,425	16,052	7,847	4,047	355	223,138
4Q11	97,922	21,562	18,437	18,345	21,225	21,426	16,601	7,876	4,070	3,779	231,243
2011	393,444	87,871	74,701	73,428	85,217	87,363	66,519	31,847	16,716	4,134	921,240
Average Weekly Sales (AWS)
1Q11	100,257	96,694	79,602	80,618	84,045	86,133	77,586	78,551	82,724	—	90,181
2Q11	97,656	94,987	80,896	78,739	82,778	85,066	75,658	76,490	82,627	—	88,487
3Q11	94,085	91,693	79,948	76,040	79,300	82,404	72,631	75,456	77,824	118,172	85,494
4Q11	97,532	92,145	78,790	78,399	81,637	82,407	75,114	75,730	78,278	114,522	87,725
2011	97,387	93,880	79,809	78,449	81,940	84,003	75,247	76,557	80,363	114,826	87,972
Year-Over-Year Change Comparable Store Sales (2)
Units	78	18	18	18	20	20	17	8	2	—	199
1Q11	0.8%	0.4%	2.5%	0.1%	0.6%	-0.7%	1.1%	-7.3%	—	—	0.5%
2Q11	-2.0%	-2.5%	-0.5%	-3.2%	-1.9%	-3.5%	-4.4%	-7.9%	—	—	-2.5%
3Q11	-3.5%	-4.3%	-1.6%	-3.5%	-2.9%	-4.4%	-5.7%	-6.9%	—	—	-3.7%
4Q11	-2.4%	-4.1%	-0.6%	-1.6%	-1.8%	-3.2%	-2.7%	-2.8%	-8.0%	—	-2.4%
2011	-1.8%	-2.6%	-0.1%	-2.1%	-1.5%	-2.9%	-2.9%	-6.1%	-8.0%	—	-2.1%
(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.

8

Pei Wei Asian Diner
Supplemental Sales Information (Company Owned)
Year of Unit Opening (1)
	Pre-2003	2003	2004	2005	2006	2007	2008	2009	2010	2011	Total
Units	16	17	19	23	27	32	25	7	2	5	173
Sales (000)
1Q11	7,956	8,638	10,048	11,243	13,240	14,022	10,515	3,035	892	933	80,522
2Q11	7,587	8,351	9,547	10,882	12,790	13,272	10,174	2,901	807	2,104	78,415
3Q11	7,295	8,033	9,241	10,501	12,427	12,798	9,687	2,812	795	2,269	75,858
4Q11	7,675	8,219	9,281	10,663	12,509	12,854	9,948	2,870	752	2,131	76,902
2011	30,513	33,241	38,117	43,289	50,966	52,946	40,324	11,618	3,246	7,437	311,697
Average Weekly Sales (AWS)
1Q11	38,247	39,085	40,678	37,603	37,721	33,707	32,353	33,350	34,323	42,421	36,501
2Q11	36,477	37,787	38,653	36,393	36,439	31,904	31,304	31,879	31,014	38,242	35,022
3Q11	35,074	36,347	37,414	35,121	35,404	30,764	29,807	30,904	30,587	34,903	33,730
4Q11	36,898	37,191	37,575	35,664	35,639	30,893	30,608	31,541	28,942	32,788	34,194
2011	36,674	37,603	38,580	36,195	36,301	31,817	31,018	31,918	31,216	35,925	34,854
Year-Over-Year Change Comparable Store Sales (2)
Units	16	17	19	23	27	32	25	7	1	—	167
1Q11	-4.2%	-1.5%	0.3%	0.8%	0.5%	0.5%	1.1%	-0.7%	—	—	-0.2%
2Q11	-3.1%	-2.5%	-3.2%	-1.4%	-2.3%	-3.8%	-2.5%	-3.5%	-9.8%	—	-2.7%
3Q11	-2.9%	-2.7%	-3.6%	-2.9%	-3.7%	-4.6%	-3.9%	-3.0%	-10.3%	—	-3.6%
4Q11	-1.8%	-1.9%	-2.5%	-1.3%	-1.5%	-2.7%	-1.2%	-2.4%	-11.1%	—	-1.9%
2011	-3.0%	-2.2%	-2.2%	-1.2%	-1.7%	-2.6%	-1.6%	-2.5%	-10.6%	—	-2.1%
(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.

9