Share Repurchase Authorization

On August 23, 2012, the Company's Board of Directors approved a three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the “2012 repurchase authorization”), pursuant to which the Company repurchased shares on the open market under a Rule 10b5-1 plan. On June 5, 2014, the Company's Board of Directors terminated the 2012 repurchase authorization.

On June 5, 2014, the Company's Board of Directors approved a three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the “2014 repurchase authorization”), pursuant to which the Company repurchased shares on the open market under a Rule 10b5-1 plan. On April 15, 2015, the Company's Board of Directors approved an increase of the 2014 repurchase authorization to $750 million. On May 19, 2016, the Company's Board of Directors terminated the 2014 repurchase authorization.

On May 19, 2016, the Company's Board of Directors approved a new three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the “2016 repurchase authorization”), 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 may be held by the Company as treasury stock. The 2016 repurchase authorization may be modified, suspended, or discontinued by the Company's Board of Directors at any time. There was approximately $397.7 million available under the 2016 repurchase authorization as of December 27, 2016.

The following table summarizes share repurchase activity for the periods indicated:



	For the fiscal year ended
	December 27, 2016		December 29, 2015		December 30, 2014
2016 Repurchase Authorization
Shares repurchased	975,673
Average price per share		$207.31
Aggregate purchase price (in millions)		$202.3
2014 Repurchase Authorization
Shares repurchased	839,759		2,201,719		427,521
Average price per share		$201.15		$181.65		$155.78
Aggregate purchase price (in millions)		$168.9		$399.9		$66.6
2012 Repurchase Authorization
Shares repurchased					514,357
Average price per share						$170.15
Aggregate purchase price (in millions)						$87.5
Total
Shares repurchased	1,815,432		2,201,719		941,878
Average price per share		$204.46		$181.65		$163.62
Aggregate purchase price (in millions)		$371.2		$399.9		$154.1

In addition to repurchases under the 2016 repurchase authorization, 2014 repurchase authorization, and 2012 repurchase authorization, 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 2006 Stock Incentive Plan and the Panera Bread 2015 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 16, Stockholders' Equity, for further information with respect to the Company’s repurchase of the shares.