SUMMARY OF REFRANCHISINGS, FRANCHISEE DEVELOPMENT AND ACQUISITIONS

Refranchisings and franchisee development — The following is a summary of the number of restaurants sold to franchisees, number of restaurants developed by franchisees and the related gains and fees recognized (dollars in thousands):



	Sixteen Weeks Ended
	January 18, 2015			January 19, 2014
Restaurants sold to Jack in the Box franchisees	1			—
New restaurants opened by franchisees	12			13

Initial franchise fees	$	375		$	399

Proceeds from the sale of company-operated restaurants (1)	$	1,174		$	468
Net assets sold (primarily property and equipment)	(489		)	—
Goodwill related to the sale of company-operated restaurants	(16		)	(9		)
Other	181			2
Gains on the sale of company-operated restaurants	$	850		$	461

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(1)	Amounts in 2015 and 2014 include additional proceeds recognized upon the extension of the underlying franchise and lease agreements related to restaurants sold in a prior year of $0.1 million and $0.5 million, respectively.

Franchise acquisitions — In 2014, we repurchased four Jack in the Box franchise restaurants in one market. There was no acquisition activity in 2015. We account for the acquisition of franchised restaurants using the acquisition method of accounting for business combinations. The purchase price allocations were based on fair value estimates determined using significant unobservable inputs (Level 3). The goodwill recorded primarily relates to the sales growth potential of the locations acquired and is expected to be deductible for tax purposes. The following table provides detail of the purchase price allocation for the 2014 acquisition (in thousands):



Property and equipment	$	1,398
Reacquired franchise rights	96
Goodwill	256
Total consideration	$	1,750