XML 67 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Share Repurchase Authorization
12 Months Ended
Dec. 31, 2013
Payments for Repurchase of Equity [Abstract]  
Treasury Stock [Text Block]
Share Repurchase Authorization
On November 17, 2009, the Company's Board of Directors approved a three year share repurchase authorization of up to $600.0 million of the Company's Class A common stock, pursuant to which the Company repurchased shares on the open market under a Rule 10b5-1 plan. During fiscal 2012, the Company repurchased an aggregate of 34,600 shares under this share repurchase authorization, at an average price of $144.24 per share, for an aggregate purchase price of $5.0 million. During fiscal 2011, the Company repurchased an aggregate of 877,100 shares under this share repurchase authorization, at an average price of $103.55 per share, for an aggregate purchase price of $90.8 million. On August 23, 2012, the Company's Board of Directors terminated this repurchase authorization. Prior to its termination, the Company had repurchased a total of 2,844,669 shares of its Class A common stock under this share repurchase authorization, at a weighted-average price of $87.03 per share, for an aggregate purchase price of approximately $247.6 million.
On August 23, 2012, the Company's Board of Directors approved a new three year share repurchase authorization of up to $600.0 million of Class A common stock, pursuant to which the Company may repurchase shares from time to time on the open market or in privately negotiated transactions and which may be made under a Rule 10b5-1 plan. Repurchased shares may be retired immediately and resume the status of authorized but unissued shares or they may be held by the Company as treasury stock. This repurchase authorization is reviewed quarterly by the Company's Board of Directors and may be modified, suspended, or discontinued at any time. During fiscal 2013, the Company repurchased an aggregate of 1,992,250 shares under this share repurchase authorization, at an average price of $166.73 per share, for an aggregate purchase price of $332.1 million. During fiscal 2012, the Company repurchased an aggregate of 124,100 shares under this share repurchase authorization, at an average price of $161.00 per share, for an aggregate purchase price of approximately $20.0 million. As of December 31, 2013, under this repurchase authorization, the Company has repurchased an aggregate of 2,116,350 shares, at a weighted-average price of $166.39 per share, for an aggregate purchase price of approximately $352.1 million. There is approximately $247.9 million available under the existing $600.0 million repurchase authorization as of December 31, 2013.
In addition, the Company has repurchased shares of its Class A common stock through a share repurchase authorization approved by its Board of Directors from participants of the Panera Bread 1992 Stock Incentive Plan and the Panera Bread 2006 Stock Incentive Plan, which are netted and surrendered as payment for applicable tax withholding on the vesting of their restricted stock. Shares surrendered by the participants are repurchased by the Company pursuant to the terms of those plans and the applicable award agreements and not pursuant to publicly announced share repurchase authorizations. See Note 15 for further information with respect to the Company’s repurchase of the shares.