Form 10-Q

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-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SSMyblsMIf9vl1WM8ubVgh0+ED1N4KoAmZAhkB3ZFGq0tKP/sWiwqKkXWTyd7Xvf EDrXObfrQtF/GhPTfbczWw== 0001193125-11-003798.txt : 20110107 0001193125-11-003798.hdr.sgml : 20110107 20110107171036 ACCESSION NUMBER: 0001193125-11-003798 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20101130 FILED AS OF DATE: 20110107 DATE AS OF CHANGE: 20110107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONIC CORP CENTRAL INDEX KEY: 0000868611 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 731371046 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18859 FILM NUMBER: 11518219 BUSINESS ADDRESS: STREET 1: 300 JOHNNY BENCH DRIVE CITY: OKLAHOMA CITY STATE: OK ZIP: 73104 BUSINESS PHONE: 4052255000 MAIL ADDRESS: STREET 1: 300 JOHNNY BENCH DRIVE CITY: OKLAHOMA CITY STATE: OK ZIP: 73104 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

LOGO

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2010

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-18859

SONIC CORP.

(Exact name of registrant as specified in its charter)


Delaware		73-1371046
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

300 Johnny Bench Drive Oklahoma City, Oklahoma		73104
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number, including area code) (405) 225-5000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of January 3, 2011, approximately 61,643,134 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.

SONIC CORP.

Index


		Page Number

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets at November 30, 2010 and August 31, 2010		3

	Condensed Consolidated Statements of Income for the three months ended November 30, 2010 and 2009		4

	Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2010 and 2009		5

	Consolidated Statements of Stockholders’ Equity (Deficit) at November 30, 2010 and 2009		6

	Notes to Condensed Consolidated Financial Statements		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		19

Item 4.	Controls and Procedures		20

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings		20

Item 1A.	Risk Factors		20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		20

Item 3.	Defaults Upon Senior Securities		20

Item 4.	(Removed and Reserved)		20

Item 5.	Other Information		20

Item 6.	Exhibits		21

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SONIC CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)


	November 30, 2010			August 31, 2010
ASSETS
Current assets:
Cash and cash equivalents	$	96,576		$	86,036
Restricted cash		8,993			12,546
Accounts and notes receivable, net		22,444			25,463
Inventories		3,586			3,674
Prepaid expenses and other		6,021			6,209

Total current assets		137,620			133,928
Noncurrent restricted cash		9,465			9,685
Notes receivable, net		8,910			8,824
Property, equipment and capital leases		757,443			756,478
Less accumulated depreciation and amortization		(275,538	)		(267,214	)

Property, equipment and capital leases, net		481,905			489,264

Goodwill		81,496			82,089
Other intangibles, net		4,391			4,710
Debt origination costs, net		5,352			6,176
Other assets, net		2,601			2,644

Total assets	$	731,740		$	737,320


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,558		$	11,772
Deposits from franchisees		3,530			3,299
Accrued liabilities		29,764			33,332
Income taxes payable		6,371			5,072
Current maturities of long-term debt and capital leases		131,939			65,133

Total current liabilities		185,162			118,608
Obligations under capital leases due after one year		32,035			32,872
Long-term debt due after one year		449,872			529,872
Deferred income taxes		14,888			14,981
Other noncurrent liabilities		18,198			18,421

Total non-current liabilities		514,993			596,146
Stockholders’ equity:
Preferred stock, par value $.01; 1,000 shares authorized; none outstanding		—			—
Common stock, par value $.01; 245,000 shares authorized; 118,313 shares issued (118,313 shares issued at August 31, 2010)		1,183			1,183
Paid-in capital		226,038			224,453
Retained earnings		677,680			670,488
Accumulated other comprehensive loss		(733	)		(843	)

		904,168			895,281
Treasury stock, at cost; 56,670 common shares (56,676 shares at August 31, 2010)		(872,844	)		(872,937	)

Total Sonic Corp. stockholders’ equity		31,324			22,344
Noncontrolling interests		261			222

Total stockholders’ equity		31,585			22,566

Total liabilities and stockholders’ equity	$	731,740		$	737,320

The accompanying notes are an integral part of the consolidated financial statements.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SONIC CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)


	Three months ended November 30,
	2010			2009
Revenues:

Company-owned Drive-In sales	$	97,274		$	103,584
Franchise Drive-Ins:
Franchise royalties		29,012			29,450
Franchise fees		369			692
Lease revenue		1,367			1,575
Other		1,124			1,180

		129,146			136,481
Costs and expenses:
Company-owned Drive-Ins:
Food and packaging		26,999			28,671
Payroll and other employee benefits		35,320			34,969
Other operating expenses, exclusive of depreciation and amortization included below		22,406			24,322

		84,725			87,962
Selling, general and administrative		16,281			16,132
Depreciation and amortization		10,300			10,666
Provision for impairment of long-lived assets		88			—

		111,394			114,760

Other operating income, net		277			18

Income from operations		18,029			21,739

Interest expense		8,282			9,804
Interest income		(203	)		(284	)

Net interest expense		8,079			9,520

Income before income taxes		9,950			12,219
Provision for income taxes		2,471			3,877

Net income - including noncontrolling interests		7,479			8,342
Net income - noncontrolling interests		237			2,112

Net income - attributable to Sonic Corp.	$	7,242		$	6,230


Basic income per share	$	0.12		$	0.10


Diluted income per share	$	0.12		$	0.10

The accompanying notes are an integral part of the consolidated financial statements.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SONIC CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three months ended November 30,
	2010			2009
Cash flows from operating activities:
Net income - including noncontrolling interests	$	7,479		$	8,342
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,300			10,666
Stock-based compensation expense		1,578			1,924
Amortization of debt costs to interest expense		824			1,049
Noncontrolling interests		(237	)		(2,112	)
Provision for impairment of long-lived assets		88			—
Other		(729	)		(806	)
Decrease in operating assets:
Restricted cash		2,136			4,676
Accounts receivable and other assets		3,306			3,083
Increase (decrease) in operating liabilities:
Accounts payable		2,361			1,567
Deposits from franchisees		153			(140	)
Accrued and other liabilities		(3,436	)		(3,398	)
Income taxes		1,299			(5,407	)

Total adjustments		17,643			11,102

Net cash provided by operating activities		25,122			19,444

Cash flows from investing activities:
Purchases of property and equipment		(4,275	)		(3,158	)
Proceeds from disposition of assets		1,643			8,961
Other		393			224

Net cash (used in) provided by investing activities		(2,239	)		6,027

Cash flows from financing activities:
Payments on and purchases of debt		(13,162	)		(15,566	)
Restricted cash for securitization obligations		1,637			1,531
Proceeds from exercise of stock options		43			63
Proceeds from sale of noncontrolling interests		40			254
Purchases of noncontrolling interests		(33	)		(1,818	)
Other		(868	)		(778	)

Net cash used in financing activities		(12,343	)		(16,314	)


Net increase in cash and cash equivalents		10,540			9,157
Cash and cash equivalents at beginning of period		86,036			137,597

Cash and cash equivalents at end of period	$	96,576		$	146,754

The accompanying notes are an integral part of the consolidated financial statements.

Sonic Corp.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)


					Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Noncontrolling Interests			Total Stockholders’ Equity(Deficit)
	Common Stock
	Shares		Amount
	(Amounts in thousands)
Balance at August 31, 2010		118,313	$	1,183	$	224,453		$	670,488		$	(843	)	$	(872,937	)	$	222		$	22,566
Comprehensive income:
Net income		—		—		—			7,242			—			—			237			7,479
Net change in deferred hedging losses, net of tax of $68		—		—		—			—			110			—			—			110

Total comprehensive income, net of income taxes																					7,589
Purchases of noncontrolling interests in Company-owned Drive-Ins		—		—		—			—			—			—			—			—
Proceeds from sale of noncontrolling interests in Company-owned Drive-Ins		—		—		1			—			—			—			—			1
Changes to noncontrolling interests		—		—		—			—			—			—			(198	)		(198	)
Stock-based compensation expense		—		—		1,578			—			—			—			—			1,578
Deferred tax benefit from stock-based compensation		—		—		6			—			—			—			—			6
Exercise of stock options		—		—		—			(50	)		—			93			—			43

Balance at November 30, 2010		118,313	$	1,183	$	226,038		$	677,680		$	(733	)	$	(872,844	)	$	261		$	31,585


Balance at August 31, 2009		117,781	$	1,178	$	219,736		$	649,398		$	(1,500	)	$	(873,080	)	$	1,916		$	(2,352	)
Comprehensive income:
Net income		—		—		—			6,230			—			—			2,112			8,342
Net change in deferred hedging losses, net of tax of $87		—		—		—			—			141			—			—			141

Total comprehensive income, net of income taxes																					8,483
Purchases of noncontrolling interests in Company-owned Drive-Ins		—		—		(1,145	)		—			—			—			—			(1,145	)
Proceeds from sale of noncontrolling interests in Company-owned Drive-Ins		—		—		408			—			—			—			—			408
Changes to noncontrolling interests		—		—		—			—			—			—			(2,159	)		(2,159	)
Stock-based compensation expense		—		—		1,924			—			—			—			—			1,924
Deferred tax shortfall from stock-based compensation		—		—		(9	)		—			—			—			—			(9	)
Exercise of stock options		10		—		62			—			—			—			—			62

Balance at November 30, 2009		117,791	$	1,178	$	220,976		$	655,628		$	(1,359	)	$	(873,080	)	$	1,869		$	5,212

The accompanying notes are an integral part of these financial statements.

SONIC CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except per share data)

(Unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements of Sonic Corp. (the “Company”). In the opinion of management, these financial statements reflect all adjustments of a normal recurring nature, including recurring accruals, necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. In certain situations, recurring accruals, including franchise royalties, are based on more limited information at interim reporting dates than at the Company’s fiscal year end due to the abbreviated reporting period. Actual results may differ from these estimates. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended August 31, 2010 included in the Company’s Annual Report on Form 10-K filed with the SEC on October 29, 2010. Interim results are not necessarily indicative of the results that may be expected for a full year or any other interim period.

Principles of Consolidation

The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and its Company-owned Drive-Ins. All significant intercompany accounts and transactions have been eliminated.

Reclassifications

The Company buys and sells Company-owned Drive-Ins as a part of its ongoing business operations. Gains and losses derived from these transactions have historically been reported net in other revenues on the Consolidated Statements of Income. Beginning in the third quarter of fiscal year 2010, the Company reported these net gains and losses in other operating income. The Company has reclassified amounts previously reported in prior fiscal periods to conform to the current presentation.

The Company has historically classified bonuses related to management at Company-owned Drive-Ins as a component of other operating expenses within costs and expenses for Company-owned Drive-Ins on the Consolidated Statements of Income. Beginning in the fourth quarter of fiscal year 2010, the Company reported these amounts in payroll and other employee benefits. The Company has reclassified amounts previously reported in prior fiscal periods to conform to the current presentation.

2. Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share:


	Three months ended November 30,
	2010		2009
Numerator:
Net income – attributable to Sonic Corp.	$	7,242	$	6,230
Denominator:
Weighted average common shares outstanding – basic		61,639		61,086
Effect of dilutive employee stock options and unvested restricted stock units		114		329

Weighted average common shares – diluted		61,753		61,415

Net income per common share – basic	$	0.12	$	0.10

Net income per common share – diluted	$	0.12	$	0.10

SONIC CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(continued)

(In thousands, except per share data)

(Unaudited)

For the three months ended November 30, 2010 and 2009, there were approximately 7,000 and 6,800 stock options and unvested restricted stock units that were not included in the computation of diluted earnings per share because either the exercise price of the options were greater than the average market price of the common stock or the total assumed proceeds under the treasury stock method resulted in negative incremental shares, and thus the inclusion would have been anti-dilutive.

3. Income Taxes

As of November 30, 2010, the Company had $4,555 of unrecognized tax benefits, including $892 of interest and penalties. During the first quarter of fiscal year 2011, the liability for unrecognized tax benefits decreased by $1,073. The majority of the change was due to the settlement of a state tax audit which resulted in a decrease to state unrecognized tax positions from prior years. The Company recognizes estimated interest and penalties as a component of its income tax expense, net of federal benefit. If recognized, $2,818 of unrecognized tax benefits would favorably impact the effective tax rate.

The Company or one of its subsidiaries is subject to U.S. federal income tax and income tax in multiple U.S. state jurisdictions. The Company is currently undergoing examinations or appeals by various state and federal authorities. The Company anticipates that the finalization of these examinations or appeals, combined with the expiration of applicable statutes of limitations and the additional accrual of interest related to unrecognized benefits on various return positions taken in years still open for examination, could result in a change to the liability for unrecognized tax benefits during the next 12 months ranging from a decrease of $277 to a decrease of $2,710 depending on the timing and terms of the examination resolutions.

After the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 – “Consolidation,” noncontrolling interests are presented pre-tax as “net income-noncontrolling interests” on the consolidated statements of income and no longer as a component of operating income. This presentation gives the appearance of a lower effective tax rate than the Company’s actual effective tax rate. The following table reconciles the difference in the effective tax rate as a result of this presentation:


	Three months ended November 30, 2010			Three months ended November 30, 2009
Effective tax rate (including income from noncontrolling interests)		24.8	%		31.7	%
Book income attributable to noncontrolling interests		0.6			6.7

Effective tax rate (excluding income from noncontrolling interests)		25.4	%		38.4	%

4. Impairment of Long-Lived Assets and Goodwill

Long-Lived Assets

The Company assesses long-lived assets used in operations for possible impairment when events and circumstances indicate that such assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount. The Company assesses the recoverability of its Company-owned Drive-Ins by estimating the undiscounted net cash flows expected to be generated over the remaining life of the Company-owned Drive-Ins. This involves estimating same-store sales and margins for the cash flows period. The amount of impairment, if any, is measured based on projected discounted future net cash flows. When impairment exists, the carrying value of the asset is written down to fair value. Projecting the cash flows for the impairment analysis involves significant estimates with regard to the performance of each drive-in, and it is reasonably possible that the estimates of cash flows may change in the near term resulting in the need to write down operating assets to fair value.

Goodwill

Goodwill represents the excess of the cost of an acquired business over the net of the amounts assigned to

SONIC CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(continued)

(In thousands, except per share data)

(Unaudited)

assets acquired and liabilities assumed. Under the provisions of ASC Topic 350 – “Intangibles – Goodwill and Other,” goodwill is required to be tested for impairment on an annual basis and between annual tests whenever indications of impairment arise. In assessing the recoverability of goodwill, the Company estimates the fair value of its reporting units, Company-owned Drive-Ins and Franchise Operations, using a discounted cash flow analysis and a market multiple approach. These valuation methods incorporate significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. In addition, the market multiple approach includes significant assumptions such as the use of recent historical market multiples to estimate future market pricing. These assumptions are significant factors in calculating the value of the reporting units and can be affected by changes in consumer demand, commodity pricing, labor and other operating costs, the Company’s cost of capital and its ability to identify buyers in the market. There are inherent uncertainties related to these factors and management’s judgment in applying them. As of November 30, 2010, the Company had $81.5 million of goodwill, of which $75.5 million was attributable to the Company-owned Drive-Ins segment and $6.0 million was attributable to the Franchise Operations segment. For more information regarding the Company’s goodwill and other intangible assets information, see note 1 - Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended August 31, 2010.

5. Contingencies

The Company is involved in various legal proceedings and has certain unresolved claims pending. Based on the information currently available, management believes that all claims currently pending are either covered by insurance or would not have a material adverse effect on the Company’s business or financial condition.

The Company initiated an agreement with First Franchise Capital Corporation (“FFCC”) in September 2006, pursuant to which existing Sonic franchisees may qualify with FFCC to finance drive-in retrofit projects. The agreement provides that Sonic will guarantee at least $250 of such financing, limited to 5% of the aggregate amount of loans, not to exceed $3,750. As of November 30, 2010, the total amount guaranteed under the FFCC agreement was $543. The agreement provides for release of Sonic’s guarantee on individual loans under the program that meet certain payment history criteria at the mid-point of each loan’s term. Existing loans under the program have terms through 2016. In the event of default by a franchisee, the Company is obligated to pay FFCC the outstanding balances plus limited interest and charges up to Sonic’s guarantee limitation. FFCC is obligated to pursue collections as if Sonic’s guarantee were not in place, therefore, providing recourse with the franchisee under the notes. At this time, the Company has no reason to anticipate any material defaults under this program. The Company’s liability for this guarantee, which is based on fair value, was $205 as of November 30, 2010.

The Company has an agreement with GE Capital Franchise Finance Corporation (“GEC”), pursuant to which GEC made loans to existing Sonic franchisees who met certain underwriting criteria set by GEC. Under the terms of the agreement with GEC, the Company provided a guarantee of 10% of the outstanding balance of loans from GEC to the Sonic franchisees, limited to a maximum amount of $5,000. As of November 30, 2010, the total amount guaranteed under the GEC agreement was $0.8 million. The Company ceased guaranteeing new loans under the program during fiscal year 2002 and has not recorded a liability for guarantees under the program. Existing loans under guarantee will expire through 2013. In the event of default by a franchisee, the Company has the option to fulfill the franchisee’s obligations under the note or to become the note holder, which would provide an avenue of recourse with the franchisee under the notes. At this time, the Company has no reason to anticipate any material defaults under this program.

The Company has obligations under various lease agreements with third-party lessors related to the real estate for Company-owned Drive-In operations that were sold to franchisees. Under these agreements, the Company remains secondarily liable for the lease payments for which it was responsible as the original lessee. As of November 30, 2010, the amount remaining under the guaranteed lease obligations for which no liability has been provided totaled $10,283. At this time, the Company has no reason to anticipate any material defaults under the foregoing leases; therefore, no liability has been provided as of November 30, 2010. In addition, capital lease obligations totaling $929 are still reflected as liabilities as of November 30, 2010 for operations sold to franchisees. At this time, the Company also has no reason to anticipate any material defaults under these leases.

SONIC CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(continued)

(In thousands, except per share data)

(Unaudited)

6. Debt

The Company continues to monitor Ambac Assurance Corporation (“Ambac”), the third-party insurance company that provides credit enhancements in the form of financial guaranties of our fixed and variable rate note payments. There were no material changes affecting our insurance policy during the first fiscal quarter of 2011. For information regarding Ambac and the potential consequences if our insurance policy were to be included in a delinquency, rehabilitation or similar proceeding against Ambac, see Part I, Item IA, “Risk Factors” in our Annual Report on Form 10-K for the year ended August 31, 2010.

In August 2006, the Company entered into a forward starting swap agreement with a financial institution to hedge part of the exposure to changing interest rates for debt until it was settled in conjunction with financing closed in December 2006. The forward starting swap was designated as a cash flow hedge. The loss resulting from settlement was recorded in accumulated other comprehensive income and is being amortized to interest expense over the expected term of the related debt.

7. Comprehensive Income

The components of comprehensive income, net of income tax, are as follows:


	Three months ended November 30,
	2010		2009
Net income - attributable to Sonic Corp.	$	7,242	$	6,230
Net income - noncontrolling interests⁽¹⁾		237		2,112
Change in deferred hedging loss, net of tax⁽²⁾		110		141

Total comprehensive income	$	7,589	$	8,483

(1)	See the Operating Expenses section in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for an explanation of the decline in Net income – noncontrolling interests.

(2)	Change in deferred hedging loss is recorded net of tax of $0.1 million for both the three months ending November 30, 2010 and 2009.

8. Fair Value of Financial Instruments

The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. The Company has no financial liabilities that are required to be measured at fair value on a recurring basis.

The Company categorizes its assets and liabilities recorded at fair value based upon the following fair value hierarchy established by the FASB:

•

Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•

Level 2 valuations use inputs other than actively quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•

Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

SONIC CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(continued)

(In thousands, except per share data)

(Unaudited)

The table below sets forth our fair value hierarchy for financial assets measured at fair value on a recurring basis as of November 30, 2010 (in thousands):

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Total

Assets:

Cash equivalents

96,576

—

96,576

Restricted cash (current)

8,993

—

8,993

Restricted cash (noncurrent)

9,465

—

9,465

Total

115,034

—

115,034

At November 30, 2010 the fair value of the Company’s fixed rate notes was estimated to approximate their carrying value of $390.7 million (including accrued interest). The fair value of the Company’s variable funding notes at November 30, 2010 was estimated at $171 million versus a carrying value of $187.3 million (including accrued interest).

The table below sets forth our fair value hierarchy for financial assets measured at fair value on a recurring basis as of August 31, 2010 (in thousands):


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash equivalents	$	86,036	$	—	$	—	$	86,036
Restricted cash (current)		12,546		—		—		12,546
Restricted cash (noncurrent)		9,685		—		—		9,685

Total	$	108,267	$	—	$	—	$	108,267

At August 31, 2010 the fair value of the Company’s fixed rate notes was estimated at $388 million versus a carrying value of carrying value of $404.0 million (including accrued interest). The fair value of the Company’s variable funding notes at August 31, 2010 was estimated at $164 million versus a carrying value of $187.3 million (including accrued interest).

9. Segment Information

ASC Topic 280 – “Segment Reporting” establishes annual and interim reporting standards for an enterprise’s operating segments. Operating segments are generally defined as components of an enterprise about which separate discrete financial information is available as the basis for management to allocate resources and assess performance.

Based on internal reporting and management structure, the Company has two reportable segments: Company-owned Drive-Ins and Franchise Operations. The Company-owned Drive-Ins segment consists of the drive-in operations in which the Company owns a controlling ownership interest and derives its revenues from operating drive-in restaurants. The Franchise Operations segment consists of franchising activities and derives its revenues from royalties and initial franchise fees received from franchisees. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in our most recent Annual Report on Form 10-K. Segment information for total assets and capital expenditures is not presented as such information is not used in measuring segment performance or allocating resources between segments.

SONIC CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(continued)

(In thousands, except per share data)

(Unaudited)

The following table presents the revenues and income from operations for each reportable segment, along with reconciliation to reported revenue and income from operations:


	Three months ended November 30,
	2010			2009
Revenues:
Company-owned Drive-Ins	$	97,274		$	103,584
Franchise Operations		29,381			30,142
Unallocated revenues		2,491			2,755

	$	129,146		$	136,481

Income from Operations:
Company-owned Drive-Ins	$	12,549		$	15,622
Franchise Operations		29,381			30,142
Unallocated income		2,768			2,773
Unallocated expenses:
Selling, general and administrative		(16,281	)		(16,132	)
Depreciation and amortization		(10,300	)		(10,666	)
Provision for impairment of long-lived assets		(88	)		—

	$	18,029		$	21,739

10. Subsequent Event

On December 16, 2010, the Company repurchased $62.5 million of its Class A-1 variable funding notes in a privately negotiated transaction. After the completion of this transaction, $12.5 million of the unfunded portion of the facility was terminated, resulting in an outstanding balance of $124.5 million, with $0.5 million available for funding. The Company expects to recognize a gain of approximately $5 million on the extinguishment of the notes during the second fiscal quarter of 2011. Following this transaction, the Company’s total outstanding debt was approximately $520 million, and Sonic had $30 million to $40 million of unrestricted cash available for general corporate uses. As a result of the repurchase, the Company anticipates saving interest expense of approximately $1 million annually. The Company has reclassified the $62.5 million notes that were repurchased from “long-term debt due after one year” to “current maturities of long-term debt and capital leases” on its condensed consolidated balance sheet at November 30, 2010.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In the Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms “Sonic Corp.,” “the Company,” “we,” “us,” and “our” refer to Sonic Corp. and its subsidiaries.

Overview

Sales for the quarter ended November 30, 2010 reflected continued weak consumer sentiment accompanying the general business recession. However, trends showed signs of improvement as system-wide same-store sales declined 2.4% during the quarter as compared to a decline of 6.4% in the fourth quarter of fiscal year 2010 and a decline of 6.5% in the first quarter of fiscal year 2010. In addition, same-store sales at Company-owned Drive-Ins declined 1.9% for the quarter as compared to a decline of 6.1% in the fourth quarter of fiscal year 2010 and a decline of 9.1% in the first quarter of fiscal year 2010. We believe these results show the initiatives implemented in fiscal year 2010, including a greater emphasis on personalized service with skating Carhops and the introduction of premium quality ingredients and products, are beginning to gain traction.

Revenues declined 5.4% to $129.1 million for the first quarter of fiscal year 2011 from $136.5 million for the same period last year. This decrease was primarily attributable to the impact of refranchising 16 Company-owned Drive-Ins in the second quarter of fiscal year 2010 and, to a lesser extent, same-store sales declines at Company-owned and Franchise Drive-Ins. Margins at Company-owned Drive-Ins, adjusted for noncontrolling interests, remained steady while net interest expense declined $1.4 million or 15.1% as a result of debt repurchases and scheduled principal repayments since the first quarter of fiscal year 2010. Net income was $7.2 million or $0.12 per diluted share for the first quarter of fiscal year 2011 versus $6.2 million or $0.10 per diluted share for the same period last year. Excluding a tax benefit of $0.02 per diluted share recognized during the quarter relating to the favorable settlement of state tax matters, net income and dilutive earnings per share remained relatively flat quarter over quarter.

The following table provides information regarding the number of Company-owned Drive-Ins and Franchise Drive-Ins operating as of the end of the periods indicated as well as the system-wide change in sales and average unit volume. System-wide information includes both Company-owned Drive-In and Franchise Drive-In information, which we believe is useful in analyzing the growth of the brand as well as the Company’s revenues, since franchisees pay royalties based on a percentage of sales.

System-wide Performance

($ in thousands)


	Three months ended November 30,
	2010			2009
Percentage increase (decrease) in sales		(1.8	%)		(2.3	%)
System-wide drive-ins in operation ⁽¹⁾:
Total at beginning of period		3,572			3,544
Opened		9			25
Closed (net of re-openings)		(23	)		(9	)

Total at end of period		3,558			3,560

Average sales per drive-in:		245			250

Change in same-store sales ⁽²⁾:		(2.4	%)		(6.5	%)

(1)	Drive-ins that are temporarily closed for various reasons (repairs, remodeling, relocations, etc.) are not considered closed unless the Company determines that they are unlikely to reopen within a reasonable time.

(2)	Represents percentage change for drive-ins open for a minimum of 15 months.

System-wide same-store sales decreased during the first quarter as a result of a decline in average check and, to a lesser extent, a decrease in traffic (number of transactions per drive-in). The decrease in average check is consistent with an industry trend of consumers purchasing fewer items per transaction and purchasing lower-priced items. The Company implemented a number of initiatives in fiscal year 2010 designed to provide a unique and high quality customer service experience with the goal of improving same-store sales by driving both traffic and average check. These initiatives include focusing on customer service, offering differentiated high quality food and drink products, a new value strategy, new commercials and implementation of a new media strategy. System-wide same-store sales decreased by 2.4% during the first quarter of fiscal year 2011, an improving trend as compared to a decrease of 6.5% for the same period last year, which we believe is directly attributable to these initiatives. During the first quarter of fiscal year 2011, 23 lower-volume stores were closed. We believe these closures combined with financial restructuring activities will put the affected franchisees in a stronger financial position and allow them to focus on improving same-store sales for existing stores. As part of our ongoing operations we will continue to evaluate our lower performing stores.

The following table provides information regarding drive-in development across the system.


	Three months ended November 30,
	2010		2009
New drive-ins:
Company-owned		—		3
Franchise		9		22

System-wide		9		25

Rebuilds/relocations:
Company-owned		1		—
Franchise		3		5

System-wide		4		5

Results of Operations

Revenues. The following table sets forth the components of revenue for the reported periods and the relative change between the comparable periods.


	Revenues ($ in thousands)
	Three months ended							Percent
	November 30,				Increase			Increase
	2010		2009		(Decrease)			(Decrease)
Revenues:
Company-owned Drive-In sales	$	97,274	$	103,584	$	(6,310	)		(6.1	%)
Franchise revenues:
Franchise royalties		29,012		29,450		(438	)		(1.5	%)
Franchise fees		369		692		(323	)		(46.7	%)
Lease revenue		1,367		1,575		(208	)		(13.2	%)
Other		1,124		1,180		(56	)		(4.7	%)

Total revenues	$	129,146	$	136,481	$	(7,335	)		(5.4	%)

The following table reflects the changes in Company-owned Drive-In sales and comparable drive-in sales. It also presents information about average unit volumes and the number of Company-owned Drive-Ins, which is useful in analyzing the growth of Company-owned Drive-In sales.

Company-owned Drive-In Sales

($ in thousands)


	Three months ended November 30,
	2010			2009
Company-owned Drive-In sales	$	97,274		$	103,584
Percentage increase (decrease)		(6.1	%)		(32.3	%)

Company-owned Drive-Ins in operation ⁽¹⁾:
Total at beginning of period		455			475
Opened		—			3
Acquired from (sold to) franchisees		(2	)		—
Closed		(1	)		(2	)

Total at end of period		452			476


Average sales per drive-in	$	216		$	218
Percentage increase (decrease)		(0.9	%)		(3.5	%)

Change in same-store sales ⁽²⁾		(1.9	%)		(9.1	%)

(1)	Drive-ins that are temporarily closed for various reasons (repairs, remodeling, relocations, etc.) are not considered closed unless the Company determines that they are unlikely to reopen within a reasonable time.

(2)	Represents percentage change for drive-ins open for a minimum of 15 months.

Company-owned Drive-In sales decreased $6.3 million, or 6.1%, to $97.3 million for the first quarter of fiscal year 2011 from $103.6 million for the same period last year. Approximately $4.7 million of this decrease was attributable to Company-owned Drive-Ins that were sold or closed since the first quarter of fiscal year 2010. We had 24 fewer Company-owned Drive-Ins at the end of our first fiscal quarter 2011 as compared to the same period last year primarily due to the refranchising of 16 Company-owned Drive-Ins discussed earlier. Additionally, $1.9 million of the decrease in Company-owned Drive-In sales related to same-store sales decreases for existing drive-ins, partially offset by an increase of $0.3 million in sales from new stores. In addition to implementation of system-wide initiatives in fiscal year 2010, we restructured management of our Company-owned Drive-In operations to reduce excess management layers, revised the compensation program at the drive-in level, and implemented a customer service initiative to improve sales and profits. During the first quarter of fiscal year 2011, sales at Company-owned Drive-Ins outperformed Franchise Drives-Ins. Same-store sales for Company-owned Drive-Ins decreased 1.9% for the first quarter of fiscal year 2011, an improving trend as compared to a decrease of 9.1% for the same period in the prior year, which we attribute to the initiatives we have implemented. These efforts are expected to have a continued positive impact on Company-owned Drive-In sales going forward.

The following table reflects the change in franchise income (franchise royalties and franchise fees) as well as franchise sales, average unit volumes and the number of Franchise Drive-Ins. While we do not record Franchise Drive-In sales as revenues, we believe this information is important in understanding our financial performance since these sales are the basis on which we calculate and record franchise royalties. This information is also indicative of the financial health of our franchisees.

Franchise Information

($ in thousands)


	Three months ended November 30,
	2010			2009
Franchise fees and royalties ⁽¹⁾	$	29,381		$	30,142
Percentage increases (decrease)		(2.5	%)		(0.3	%)

Franchise Drive-Ins in operation: ⁽²⁾
Total at beginning of period		3,117			3,069
Opened		9			22
Acquired from (sold to) company		2			—
Closed		(22	)		(7	)

Total at end of period		3,106			3,084


Franchise Drive-In sales	$	776,598		$	786,344

Percentage change		(1.2	%)		3.8	%

Effective royalty rate		3.74	%		3.75	%

Average sales per Franchise Drive-In		249			255

Change in same-store sales ⁽³⁾		(2.5	%)		(6.0	%)

(1)	See Revenue Recognition Related to Franchise Fees and Royalties in the Critical Accounting Policies and Estimates section of Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended August 31, 2010.

(2)	Drive-ins that are temporarily closed for various reasons (repairs, remodeling, relocations, etc.) are not considered closed unless the Company determines that they are unlikely to reopen within a reasonable time.

(3)	Represents percentage change for drive-ins open for a minimum of 15 months.

Franchise royalties decreased $0.5 million, or 1.5%, to $29.0 million for the first quarter of fiscal year 2011 from $29.5 million for the same period last year. A decline in same-store sales combined with a lower effective royalty rate resulted in a decrease in royalties of $0.7 million, which was partially offset by $0.2 million in incremental royalties from newly constructed and refranchised drive-ins.

Franchise fees decreased $0.3 million, or 46.7%, to $0.4 million for the first quarter of fiscal year 2011 from $0.7 million for the same period last year. The decline primarily resulted from fewer Franchise Drive-In openings during the first quarter of fiscal year 2011 as compared to the same period last year.

Operating Expenses. The following table presents the overall costs of drive-in operations as a percentage of Company-owned Drive-In sales. Other operating expenses include direct operating costs such as marketing, telephone and utilities, repair and maintenance, rent, property tax and other controllable expenses. Noncontrolling interests of Company-owned Drive-Ins are no longer included as part of cost of sales in the consolidated income statement. We have included noncontrolling interests for comparative purposes in the table below because we believe it is helpful in understanding the impact our new partner compensation program, which was implemented in the third quarter of fiscal year 2010, had on Company-owned Drive-In margins.

Restaurant-Level Margins

Three months ended
November 30,

Percentage points
Increase

2010

2009

(Decrease)

Costs and expenses⁽¹⁾:

Company-owned Drive-Ins:

Food and packaging

27.8

27.7

0.1

Payroll and other employee benefits

36.3

33.7

2.6

Other operating expenses

23.0

23.5

(0.5

)

Cost of sales, as reported

87.1

84.9

2.2

Noncontrolling interests

0.2

2.0

(1.8

)

Pro forma cost of sales, including noncontrolling interests

87.3

86.9

0.4

(1)	Calculated as a percentage of Company-owned Drive-In Sales.

Restaurant-level operating costs increased overall for the first fiscal quarter 2011 as compared to the same period in 2010. This increase primarily resulted from higher labor costs driven by increased compensation costs associated with our new partner compensation program which was effective April 1, 2010, combined with the de-leveraging of lower same-store sales. As a result of our new compensation program introduced as an alternative to traditional ownership, compensation costs that were formerly reflected as noncontrolling interests are now included in payroll and other employee benefits. In addition, manager and supervisor bonuses have been reclassified from other operating expenses to payroll and other employee benefits.

Selling, General and Administrative (“SG&A”). SG&A expenses remained relatively flat increasing by 0.9% to $16.3 million for the first quarter of fiscal year 2011 from $16.1 million for the same period in fiscal year 2010.

Depreciation and Amortization. Depreciation and amortization expense decreased $0.4 million, or 3.4%, to $10.3 million for the first quarter of fiscal year 2011 from $10.7 million for the same period in fiscal year 2010. This decrease was primarily attributable to the refranchising of 16 Company-owned Drive-Ins in fiscal year 2010. Capital expenditures during the first three months of fiscal year 2011 were $4.3 million.

Interest Expense, Net. Net interest expense decreased $1.4 million, or 15.1%, to $8.1 million for the first quarter of fiscal year 2011 from $9.5 million for the same period in fiscal year 2010. This decrease was primarily attributable to the $58.0 million debt buy-back that occurred during the third quarter of fiscal 2010, as well as the scheduled principal payments of $51.7 million made since the first quarter of fiscal year 2010. See “Liquidity and Sources of Capital” and “Item 3. Quantitative and Qualitative Disclosures About Market Risk” below for additional information on factors that could impact interest expense.

Income Taxes. The provision for income taxes reflects an effective tax rate of 25.4% for the first quarter of fiscal year 2011 as compared to 38.4% for the same period in 2010. This decrease was primarily attributable to a decrease in our liability for unrecognized tax benefits resulting from the settlement of state tax audits during the quarter. Our tax rate may continue to vary significantly from quarter to quarter depending on the timing of option exercises and dispositions by option-holders and as circumstances on individual tax matters change. For further discussion see note 3 - Income Taxes in the Notes to Condensed Consolidated Financial Statements.

Net Income - Noncontrolling Interests. As a result of the change to our new compensation program for Company-owned Drive-Ins, compensation costs that were formerly reflected as noncontrolling interests are now included in payroll and other employee benefits. Primarily due to this change, net income - noncontrolling interests decreased $1.9 million, or 88.8%, to $0.2 million for the first quarter of fiscal year 2011 from $2.1 million for the same period in fiscal year 2010.

Financial Position

Total assets decreased $5.6 million, or 0.8%, to $731.7 million during the first quarter of fiscal year 2011 from $737.3 million at the end of fiscal year 2010. This decrease was primarily the result of an $8.3 million

reduction of net property, equipment and capital leases resulting from depreciation during the quarter, which was partially offset by a $6.8 million increase in cash.

Total liabilities decreased $14.6 million, or 2.0%, to $700.2 million during the first quarter of fiscal year 2011 from $714.8 million at the end of fiscal year 2010. This decrease was primarily the result of scheduled principal repayments of $13.2 million during the quarter. The Company has reclassified $62.5 million of notes that were repurchased subsequent to the end of the first quarter from “long-term debt due after one year” to “current maturities of long-term debt and capital leases” on its condensed consolidated balance sheet at November 30, 2010. See the “Liquidity and Sources of Capital” section below for additional information on this repurchase.

Total stockholders’ equity increased $9.0 million, or 40.0%, to $31.6 million during the first quarter of fiscal year 2011 from $22.6 million at the end of fiscal year 2010. This increase was largely attributable to current year earnings.

Liquidity and Sources of Capital

Operating Cash Flows. Net cash provided by operating activities increased $5.7 million to $25.1 million for the first three months of fiscal year 2011 as compared to $19.4 million for the same period in fiscal year 2010. This increase primarily resulted from a reduction in income tax payments in the first quarter of fiscal year 2011 as compared to the same period in the prior year.

Investing Cash Flows. Cash used in investing activities was $2.2 million for the first three months of fiscal year 2011 compared to cash provided by investing activities of $6.0 million for the same period in fiscal year 2010. The $8.2 million decrease primarily relates to a $7.3 million decrease of proceeds from the disposition of assets that were sold in fiscal year 2009 and became unrestricted in the first quarter of fiscal year 2010. The following table sets forth the components of our investments in capital additions for the first three months of fiscal year 2011 (in millions):


Replacement equipment for existing drive-ins and other	$	2.7
Rebuilds, relocations and remodels of existing drive-ins		1.4
New Company-owned Drive-Ins, including drive-ins under construction		0.2

Total investing cash flows for capital additions	$	4.3

Financing Cash Flows. Net cash used in financing activities decreased $4.0 million to $12.3 million for the first three months of fiscal year 2011 from $16.3 million for the same period in fiscal year 2010. The decrease primarily relates to a $2.4 million decrease of payments on and purchases of debt as a result of a reduction of short-term bank advances that occurred during the first quarter of fiscal year 2010, partially offset by incremental principal payments during the first quarter of fiscal year 2011. Additionally, $1.8 million of the decrease in cash used in financing activities was attributable to a decrease in purchases of noncontrolling interests as our new partner compensation program was completed April 1, 2010.

At November 30, 2010, the Company had a securitized financing facility of Class A-1 variable funding notes that provided for the issuance of up to $200.0 million in borrowings and certain other credit instruments, including letters of credit. Our outstanding balance under the variable funding notes totaled $187.3 million with an effective borrowing rate of 1.9% at November 30, 2010.

During the first quarter of fiscal year 2011, the credit rating for the Company’s variable and fixed rate notes was downgraded by Standard & Poor’s. As a result of the downgrade, effective October 19, 2010, the Company is required to pay an additional 0.5% premium to the insurer that guarantees payment of the debt. The Company anticipates an increase in interest expense ranging from $2.5 million to $3.0 million annually, as a result of the downgrade. See note 10 - Long-Term Debt in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2010 for additional information regarding our long-term debt.

Subsequent to the end of the first quarter, on December 16, 2010, the Company repurchased $62.5 million of its Class A-1 variable funding notes in a privately negotiated transaction. After the completion of this transaction, $12.5 million of the unfunded portion of the facility was terminated, resulting in an outstanding balance of $124.5 million, with $0.5 million available for funding. The Company expects to recognize a gain of approximately $5 million on the extinguishment of the notes during the second fiscal quarter of 2011. Following this transaction,

the Company’s total outstanding debt was approximately $520 million, and Sonic had $30 million to $40 million of unrestricted cash available for general corporate uses. The Company anticipates saving interest expense of approximately $1 million annually as a result of the repurchase and is scheduled to make principal payments on its fixed rate notes of approximately $50 million over the remainder of fiscal year 2011. The Company has reclassified the $62.5 million notes that were repurchased from “long-term debt due after one year” to “current maturities of long-term debt and capital leases” on its condensed consolidated balance sheet at November 30, 2010. There have been no significant changes in our contractual obligations since August 31, 2010 except as described above relating to our note repurchase.

We plan capital expenditures of approximately $20 to $25 million in fiscal year 2011. These capital expenditures primarily relate to the retrofit of existing Company-owned Drive-Ins and other drive-in level expenditures, technology infrastructure expenditures and the development of additional Company-owned Drive-Ins. We expect to fund these capital expenditures through cash flow from operations as well as cash on hand.

As of November 30, 2010, our total cash balance of $115.0 million ($96.6 million of unrestricted and $18.4 million of restricted cash balances) reflected the impact of the cash generated from operating activities, borrowing activity, refranchising and capital expenditures mentioned above. We believe that existing cash and funds generated from operations will meet our needs for the foreseeable future.

Critical Accounting Policies and Estimates

Critical accounting policies are those the Company believes are most important to portraying its financial conditions and results of operations and also require the greatest amount of subjective or complex judgments by management. Judgments and uncertainties regarding the application of these policies may result in materially different amounts being reported under various conditions or using different assumptions. There have been no material changes to the critical accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2010.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Sonic’s use of debt directly exposes the Company to interest rate risk. Floating rate debt, where the interest rate fluctuates periodically, exposes the Company to short-term changes in market interest rates. Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes the Company to changes in market interest rates reflected in the fair value of the debt and to the risk that the Company may need to refinance maturing debt with new debt at a higher rate. Sonic is also exposed to market risk from changes in commodity prices. Sonic does not utilize financial instruments for trading purposes. Sonic manages its debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps as a tool to achieve that goal in the future.

Interest Rate Risk. Our exposure to interest rate risk at November 30, 2010 is primarily based on the fixed rate notes with an effective rate of 6.2%, before amortization of debt-related costs. At November 30, 2010, the fair value of the fixed rate notes was estimated to approximate their carrying value of $390.7 million (including accrued interest). Management used market information available for public debt transactions for companies with ratings that are at or below our ratings (without consideration for the third-party credit enhancement). Management believes this fair value is a reasonable estimate with the information that is available. Should interest rates and/or credit spreads increase or decrease by one percentage point, the estimated fair value of the fixed rate notes would decrease or increase by approximately $6.5 million, respectively. The fair value estimate required significant assumptions by management as there are few, if any, securitized loan transactions occurring in the current market.

The variable funding notes outstanding at November 30, 2010 totaled $187.3 million, with a variable rate of 1.9%. The annual impact on our results of operations of a one-point interest rate change for the balance outstanding would be approximately $1.9 million before tax. At November 30, 2010, the fair value of the variable funding notes was estimated at $171.0 million, or a discount of 8.7%, versus a carrying value of $187.3 million (including accrued interest) which is supported by our December 16, 2010 debt repurchase described above under “Liquidity and Sources of Capital.” The difference between fair value and carrying value is attributable to the increase in credit spreads required by issuers of similar debt instruments in the current market. Should credit spreads increase or decrease by one percentage point, the estimated fair value of the variable funding notes would decrease or increase by approximately $3.5 million, respectively. The Company used similar assumptions to value the variable funding notes as were used for the fixed rate notes.

As a result of the downgrade of our credit rating during the quarter described above under “Liquidity and Sources of Capital,” the Company anticipates an increase in interest expense ranging from $2.5 million to $3.0 million annually.

For further discussion of our exposure to market risk, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2010.

Item 4. Controls and Procedures

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-14 under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective. There were no significant changes in the Company’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

The Company is involved in various legal proceedings and has certain unresolved claims pending. Based on information currently available, management believes that all claims currently pending are either covered by insurance or would not have a material adverse effect on the Company’s business or financial condition.

Item 1A. Risk Factors

Except as disclosed above, there has been no material change in the risk factors set forth in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended August 31, 2010.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. (Removed and Reserved)

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibits.
31.01		Certification of Chief Executive Officer Pursuant to SEC Rule 13a-14

31.02		Certification of Chief Financial Officer Pursuant to SEC Rule 13a-14

32.01		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350

32.02		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350

101		The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal 2011, filed with the SEC on January 7, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the condensed consolidated balance sheets at November 30, 2010 and August 31, 2010, (ii) the condensed consolidated statements of income for the three months ended November 30, 2010 and 2009, (iii) the condensed consolidated statements of cash flows for the three months ended November 30, 2010 and 2009, (iv) the consolidated statements of stockholders’ equity (deficit) at November 30, 2010 and 2009, and (v) the notes to condensed consolidated financial statements.⁽¹⁾

⁽¹⁾

The XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the Company has caused the undersigned, duly authorized, to sign this report on behalf of the Company.


		SONIC CORP.

By:		/s/ Stephen C. Vaughan
		Stephen C. Vaughan, Executive Vice President
		and Chief Financial Officer

Date: January 7, 2011

EXHIBIT INDEX

Exhibit Number and Description


31.01		Certification of Chief Executive Officer Pursuant to SEC Rule 13a-14

31.02		Certification of Chief Financial Officer Pursuant to SEC Rule 13a-14

32.01		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350

32.02		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350

101		The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal 2011, filed with the SEC on January 7, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the condensed consolidated balance sheets at November 30, 2010 and August 31, 2010, (ii) the condensed consolidated statements of income for the three months ended November 30, 2010 and 2009, (iii) the condensed consolidated statements of cash flows for the three months ended November 30, 2010 and 2009, (iv) the consolidated statements of stockholders’ equity (deficit) at November 30, 2010 and 2009, and (v) the notes to condensed consolidated financial statements.⁽¹⁾

⁽¹⁾

EX-31.01 2 dex3101.htm SECTION 302 CEO CERTIFICATION Section 302 CEO Certification

EXHIBIT 31.01

CERTIFICATION PURSUANT TO

SEC RULE 13a-14

I, J. Clifford Hudson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Sonic Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 7, 2011

/s/ J. Clifford Hudson

J. Clifford Hudson

Chief Executive Officer

EX-31.02 3 dex3102.htm SECTION 302 CFO CERTIFICATION Section 302 CFO Certification

EXHIBIT 31.02

CERTIFICATION PURSUANT TO

SEC RULE 13a-14

I, Stephen C. Vaughan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Sonic Corp.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 7, 2011

/s/ Stephen C. Vaughan

Stephen C. Vaughan

Chief Financial Officer

EX-32.01 4 dex3201.htm SECTION 906 CEO CERTIFICATION Section 906 CEO Certification

EXHIBIT 32.01

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

The undersigned hereby certifies that to his knowledge the quarterly report of Sonic Corp. (the “Company”) filed with the Securities and Exchange Commission on the date hereof fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly represents, in all material respects, the financial condition and results of operations of the Company.

Date: January 7, 2011

/s/ J. Clifford Hudson

J. Clifford Hudson

Chief Executive Officer

EX-32.02 5 dex3202.htm SECTION 906 CFO CERTIFICATION Section 906 CFO Certification

EXHIBIT 32.02

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

Date: January 7, 2011

/s/ Stephen C. Vaughan

Stephen C. Vaughan

Chief Financial Officer

EX-101.INS 6 sonc-20101130.xml XBRL INSTANCE DOCUMENT 0000868611 us-gaap:CommonStockMember 2009-09-01 2009-11-30 0000868611 us-gaap:TreasuryStockMember 2010-11-30 0000868611 us-gaap:RetainedEarningsMember 2010-11-30 0000868611 us-gaap:NoncontrollingInterestMember 2010-11-30 0000868611 us-gaap:AdditionalPaidInCapitalMember 2010-11-30 0000868611 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-11-30 0000868611 us-gaap:TreasuryStockMember 2010-08-31 0000868611 us-gaap:RetainedEarningsMember 2010-08-31 0000868611 us-gaap:NoncontrollingInterestMember 2010-08-31 0000868611 us-gaap:AdditionalPaidInCapitalMember 2010-08-31 0000868611 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-08-31 0000868611 us-gaap:TreasuryStockMember 2009-11-30 0000868611 us-gaap:RetainedEarningsMember 2009-11-30 0000868611 us-gaap:NoncontrollingInterestMember 2009-11-30 0000868611 us-gaap:AdditionalPaidInCapitalMember 2009-11-30 0000868611 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-11-30 0000868611 us-gaap:TreasuryStockMember 2009-08-31 0000868611 us-gaap:RetainedEarningsMember 2009-08-31 0000868611 us-gaap:NoncontrollingInterestMember 2009-08-31 0000868611 us-gaap:AdditionalPaidInCapitalMember 2009-08-31 0000868611 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-08-31 0000868611 us-gaap:CommonStockMember 2010-11-30 0000868611 us-gaap:CommonStockMember 2010-08-31 0000868611 us-gaap:CommonStockMember 2009-11-30 0000868611 us-gaap:CommonStockMember 2009-08-31 0000868611 us-gaap:RetainedEarningsMember 2009-09-01 2009-11-30 0000868611 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-09-01 2009-11-30 0000868611 us-gaap:TreasuryStockMember 2010-09-01 2010-11-30 0000868611 us-gaap:RetainedEarningsMember 2010-09-01 2010-11-30 0000868611 us-gaap:CommonStockMember 2010-09-01 2010-11-30 0000868611 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-09-01 2010-11-30 0000868611 2009-11-30 0000868611 2009-08-31 0000868611 us-gaap:AdditionalPaidInCapitalMember 2010-09-01 2010-11-30 0000868611 us-gaap:AdditionalPaidInCapitalMember 2009-09-01 2009-11-30 0000868611 2010-08-31 0000868611 us-gaap:NoncontrollingInterestMember 2010-09-01 2010-11-30 0000868611 us-gaap:NoncontrollingInterestMember 2009-09-01 2009-11-30 0000868611 2009-09-01 2009-11-30 0000868611 2011-01-03 0000868611 2010-11-30 0000868611 2010-09-01 2010-11-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --08-31 Q1 2011 2010-11-30 10-Q 0000868611 61643134 Accelerated Filer SONIC CORP -2159000 -2159000 -198000 -198000 6176000 5352000 3299000 3530000 692000 369000 <div> 4.     Impairment of Long-Lived Assets and Goodwill   Long-Lived Assets   The Company assesses long-lived assets used in operations for possible impairment when events and circumstances indicate that such assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount.  The Company assesses the recoverability of its Company-owned Drive-Ins by estimating the undiscounted net cash flows expected to be generated over the remaining life of the Company-owned Drive-Ins.  This involves estimating same-store sales and margins for the cash flows period. The amount of impairment, if any, is measured based on projected discounted future net cash flows. When impairment exists, the carrying value of the asset is writte n down to fair value.  Projecting the cash flows for the impairment analysis involves significant estimates with regard to the performance of each drive-in, and it is reasonably possible that the estimates of cash flows may change in the near term resulting in the need to write down operating assets to fair value.   Goodwill   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">Goodwill represents the excess of the cost of an acquired business over the net of the amounts assigned to assets acquired and liabilities assumed.  Under the provisions of ASC Topic 350 – "Intangibles – Goodwill and Other," goodwill is required to be tested for impairment on an annual basis and between annual tests whenever indications of impairment arise.  In assessing the recoverability of goodwill, the Company estimates the fair value of its reporting units, Company-owned Drive-Ins and Franchise Operations, using a discounted cash flow analysis and a market multiple approach.  These valuation methods incorporate significant management assumpt ions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions.  In addition, the market multiple approach includes significant assumptions such as the use of recent historical market multiples to estimate future market pricing.  These assumptions are significant factors in calculating the value of the reporting units and can be affected by changes in consumer demand, commodity pricing, labor and other operating costs, the Company's cost of capital and its ability to identify buyers in the market.  There are inherent uncertainties related to these factors and management's judgment in applying them.  As of November 30, 2010, the Company had $81.5 million of goodwill, of which $75.5 million was attributable to the Company-owned Drive-Ins segment and $6.0 million was attributable to the Franchise Operations segment.  For more information regarding the Company's goodwill and other intangible assets information, see note 1 - Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended August 31, 2010. </div> 6209000 6021000 408000 408000 1000 1000 895281000 904168000 87962000 84725000

25463000

22444000

11772000

13558000

5072000

6371000

33332000

29764000

267214000

275538000

-843000

-733000

224453000

226038000

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824000

88000

737320000

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<div> 7.     Comprehensive Income   The components of comprehensive income, net of income tax, are as follows:   <div align="center"> <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="619"> <tr style="height: 9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="360">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 2.7in; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="259" colspan="2"> Three months ended</td></tr> <tr style="height: 11.25pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="360">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 2.7in; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="259" colspan="2"> November 30,</td></tr> <tr style="height: 17.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 17.1pt; padding-top: 0in;" valign="top" width="360">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 17.1pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="130"> 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 17.1pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="129"> 2009</td></tr> <tr style="height: 9.15pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 9.15pt; padding-top: 0in;" valign="top" width="360"> Net income - attributable to Sonic Corp. </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 9.15pt; padding-top: 0in;" valign="top" width="130"> $          7,242</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 9.15pt; padding-top: 0in;" valign="top" width="129"> $          6,230</td></tr> <tr style="height: 4pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" valign="top" width="360"> Net income - noncontrolling interests(1) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" width="130"> 237 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" width="129"> 2,112 </td></tr> <tr style="height: 4pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" valign="top" width="360"> Change in deferred hedging loss, net of tax(2) </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="130"> 110</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="129"> 141</td></tr> <tr style="height: 13.9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 13.9pt; padding-top: 0in;" valign="top" width="360"> Total comprehensive income</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="130"> $          7,589</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="129"> $          8,483</td></tr></table></div> ————————— <p style="text-indent: -0.25in; margin: 6pt 0in 0pt 27.35pt; font-family: 'Arial','sans-serif'; text-autospace: ideograph-numeric; font-size: 12pt; punctuation-wrap: hanging;" class="MsoListParagraphCxSpFirst">(1) See the Operating Expenses section in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for an explanation of the decline in Net income – noncontrolling interests. <p style="text-indent: -0.25in; margin: 6pt 0in 0pt 27.35pt; font-family: 'Arial','sans-serif'; text-autospace: ideograph-numeric; font-size: 12pt; punctuation-wrap: hanging;" class="MsoListParagraphCxSpLast">(2) Change in deferred hedging loss is recorded net of tax of $0.1 million for both the three months ending November 30, 2010 and 2009. </div>

34969000

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14981000

14888000

10666000

10300000

0.10

0.12

0.10

0.12

<div> 2.     Earnings Per Share   The following table presents the calculation of basic and diluted earnings per share:   <div align="center"> <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="590"> <tr style="height: 11.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 11.7pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175.65pt; padding-right: 5.4pt; height: 11.7pt; padding-top: 0in;" valign="top" width="234" colspan="2"> Three months ended</td></tr> <tr style="height: 10.35pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 10.35pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175.65pt; padding-right: 5.4pt; height: 10.35pt; padding-top: 0in;" valign="top" width="234" colspan="2"> November 30,</td></tr> <tr style="height: 9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> 2009</td></tr> <tr style="height: 7.8pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="355"> Numerator: </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="113">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="121">  </td></tr> <tr style="height: 9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="355">     Net income – attributable to Sonic Corp.</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="113"> $           7,242</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="121"> $           6,230</td></tr> <tr style="height: 11.25pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="355"> Denominator:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="113">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="121">  </td></tr> <tr style="height: 8.55pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 8.55pt; padding-top: 0in;" valign="top" width="355">     Weighted average common shares outstanding – basic</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 8.55pt; padding-top: 0in;" valign="top" width="113"> 61,639</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 8.55pt; padding-top: 0in;" valign="top" width="121"> 61,086</td></tr> <tr style="height: 0.15in;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="355">     Effect of dilutive employee stock options and unvested               restricted stock units</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="113"> 114</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="121"> 329</td></tr> <tr style="height: 7.8pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="355">     Weighted average common shares – diluted</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 7.8pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> 61,753</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 7.8pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> 61,415</td></tr> <tr style="height: 2.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 2.7pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 2.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 2.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121">  </td></tr> <tr style="height: 11.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 11.7pt; padding-top: 0in;" valign="top" width="355"> Net income per common share – basic</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 11.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> $              0.12</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 11.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> $              0.10</td></tr> <tr style="height: 0.15in;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="355"> Net income per common share – diluted</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> $              0.12</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> $              0.10</td></tr></table></div>                   For the three months ended November 30, 2010 and 2009, there were approximately 7,000 and 6,800 stock options and unvested restricted stock units that were not included in the computation of diluted earnings per share because either the exercise price of the options were greater than the average market price of the common stock or the total assumed proceeds under the treasury stock method resulted in negative incremental shares, and thus the inclusion would have been anti-diluti ve. </div>

<div> 8.     Fair Value of Financial Instruments   The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties.  The Company has no financial liabilities that are required to be measured at fair value on a recurring basis.   The Company categorizes its assets and liabilities recorded at fair value based upon the following fair value hierarchy established by the FASB:   •      Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.   •      Level 2 valuations use inputs other than actively quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corrobor ated by observable market data by correlation or other means.   •      Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.       The table below sets forth our fair value hierarchy for financial assets measured at fair value on a recurring basis as of November 30, 2010 (in thousands):   <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; margin-left: 5.4pt; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Assets: </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Cash equivalents </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">      $   96,576 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">    $         — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69"> $ 96,576 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (current) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">              8,993 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">               — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">                — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">      8,993 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (noncurrent) </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">              9,465 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">               — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">                — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69">     9,465 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Total</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">      $ 115,034 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">    $         —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> $115,034 </td></tr></table>   At November 30, 2010 the fair value of the Company's fixed rate notes was estimated to approximate their carrying value of $390.7 million (including accrued interest).  The fair value of the Company's variable funding notes at November 30, 2010 was estimated at $171 million versus a carrying value of $187.3 million (including accrued interest).   The table below sets forth our fair value hierarchy for financial assets measured at fair value on a recurring basis as of August 31, 2010 (in thousands):   <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; margin-left: 5.4pt; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Assets: </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Cash equivalents </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">      $   86,036 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">    $         — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69"> $ 86,036 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (current) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">            12,546</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">               —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">                —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">    12,546 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (noncurrent) </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">              9,685 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">               — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">                — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69">      9,685 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Total</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">      $ 108,267</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">    $         —</td> <td style="padding-bottom: 0in; 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<div> 3.     Income Taxes   As of November 30, 2010, the Company had $4,555 of unrecognized tax benefits, including $892 of interest and penalties.  During the first quarter of fiscal year 2011, the liability for unrecognized tax benefits decreased by $1,073.  The majority of the change was due to the settlement of a state tax audit which resulted in a decrease to state unrecognized tax positions from prior years. The Company recognizes estimated interest and penalties as a component of its income tax expense, net of federal benefit.  If recognized, $2,818 of unrecognized tax benefits would favorably impact the effective tax rate.   The Company or one of its subsidiaries is subject to U.S. federal income tax and income tax in multiple U.S. state jurisdictions.  The Company is currently undergoing examinations or appeals by various state and federal authorities.  The Company anticipates that the finalization of these examinations or appeals, combined with the expiration of applicable statutes of limitations and the additional accrual of interest related to unrecognized benefits on various return positions taken in years still open for examination, could result in a change to the liability for unrecognized tax benefits during the next 12 months ranging from a decrease of $277 to a decrease of $2,710 depending on the timing and terms of the examination resolutions.<fo nt style="font-family: 'Times New Roman','serif';" class="_mt">   After the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 – "Consolidation," noncontrolling interests are presented pre-tax as "net income-noncontrolling interests" on the consolidated statements of income and no longer as a component of operating income.  This presentation gives the appearance of a lower effective tax rate than the Company's actual effective tax rate. The following table reconciles the difference in the effective tax rate as a result of this presentation:   <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; margin-left: 5.4pt; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="588"> <tr style="height: 11.25pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="bottom" width="384">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.25pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="102"> Three months ended November 30, 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.25pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="102"> Three months ended November 30, 2009</td></tr> <tr style="height: 13.95pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 13.95pt; padding-top: 0in;" width="384"> Effective tax rate (including income from noncontrolling interests) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.95pt; padding-top: 0in;" width="102">          24.8%</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.95pt; padding-top: 0in;" width="102">          31.7%</td></tr> <tr style="height: 3.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 3.7pt; padding-top: 0in;" width="384"> Book income attributable to noncontrolling interests    </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 3.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102">                0.6   </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 3.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102">                6.7   </td></tr> <tr style="height: 13.9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 13.9pt; padding-top: 0in;" width="384"> Effective tax rate (excluding income from noncontrolling interests) </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102"> 25.4%</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102"> 38.4%</td></tr></table>   </div>

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<div> 1.     Basis of Presentation   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") and with the rules and regulations of the Securities and Exchange Commission (the "SEC").  Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements of Sonic Corp. (the "Company).  In the opinion of management, these financial statements reflect all adjustments of a normal recurring nature, including recurring accruals, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. In certain situations, recurring accruals, including franchise royalties, are based on more limited information at interim reporting dates than at the Company's fiscal year end due to the abbreviated reporting period.  Actual results may differ from these estimates.  These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended August 31, 2010 included in the Company's Annual Report on Form 10-K filed with the SEC on October 29, 2010.  Interim results are not necessarily indicative of the results that may be expected for a full year or any other interim period. <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">   <h2 style="text-align: left; margin: 0in 0in 0pt; font-family: 'Arial','sans-serif'; font-size: 10pt; punctuation-wrap: simple;" align="left">                Principles of Consolidation</h2>   The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and its Company-owned Drive-Ins.  All significant intercompany accounts and transactions have been eliminated. <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">   Reclassifications   The Company buys and sells Company-owned Drive-Ins as a part of its ongoing business operations.  Gains and losses derived from these transactions have historically been reported net in other revenues on the Consolidated Statements of Income.  Beginning in the third quarter of fiscal year 2010, the Company reported these net gains and losses in other operating income.  The Company has reclassified amounts previously reported in prior fiscal periods to conform to the current presentation.   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">The Company has historically classified bonuses related to management at Company-owned Drive-Ins as a component of other operating expenses within costs and expenses for Company-owned Drive-Ins on the Consolidated Statements of Income.  Beginning in the fourth quarter of fiscal year 2010, the Company reported these amounts in payroll and other employee benefits.  The Company has reclassified amounts previously reported in prior fiscal periods to conform to the current presentation. </div>

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M)+GP\,NO*/4>7F\,LTNRT]NPNVE-H4I3PH'RTGC+RE%\7ZK!!H@@T0 *0:((-$$&B"/_V3\_ ` end XML 13 R11.xml IDEA: Impairment of Long-Lived Assets and Goodwill 2.2.0.25falsefalse10401 - Disclosure - Impairment of Long-Lived Assets and Goodwilltruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0sonc_ImpairmentOfLongLivedAssetsAndGoodwillAbstractsoncfalsenadurationImpairment Of Long-Lived Assets And Goodwill [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringImpairment Of Long-Lived Assets And Goodwill [Abstract]falsefalseImpairment of Long-Lived Assets and Goodwill3false0sonc_ImpairmentOfLongLivedAssetsAndGoodwillTextBlocksoncfalsenadurationImpairment of Long-Lived Assets and Goodwill Text Blockfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<div> 4.     Impairment of Long-Lived Assets and Goodwill   Long-Lived Assets   The Company assesses long-lived assets used in operations for possible impairment when events and circumstances indicate that such assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount.  The Company assesses the recoverability of its Company-owned Drive-Ins by estimating the undiscounted net cash flows expected to be generated over the remaining life of the Company-owned Drive-Ins.  This involves estimating same-store sales and margins for the cash flows period. The amount of impairment, if any, is measured based on projected discounted future net cash flows. When impairment exists, the carrying value of the asset is writte n down to fair value.  Projecting the cash flows for the impairment analysis involves significant estimates with regard to the performance of each drive-in, and it is reasonably possible that the estimates of cash flows may change in the near term resulting in the need to write down operating assets to fair value.   Goodwill   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">Goodwill represents the excess of the cost of an acquired business over the net of the amounts assigned to assets acquired and liabilities assumed.  Under the provisions of ASC Topic 350 – "Intangibles – Goodwill and Other," goodwill is required to be tested for impairment on an annual basis and between annual tests whenever indications of impairment arise.  In assessing the recoverability of goodwill, the Company estimates the fair value of its reporting units, Company-owned Drive-Ins and Franchise Operations, using a discounted cash flow analysis and a market multiple approach.  These valuation methods incorporate significant management assumpt ions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions.  In addition, the market multiple approach includes significant assumptions such as the use of recent historical market multiples to estimate future market pricing.  These assumptions are significant factors in calculating the value of the reporting units and can be affected by changes in consumer demand, commodity pricing, labor and other operating costs, the Company's cost of capital and its ability to identify buyers in the market.  There are inherent uncertainties related to these factors and management's judgment in applying them.  As of November 30, 2010, the Company had $81.5 million of goodwill, of which $75.5 million was attributable to the Company-owned Drive-Ins segment and $6.0 million was attributable to the Franchise Operations segment.  For more information regarding the Company's goodwill and other intangible assets information, see note 1 - Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended August 31, 2010. </div>4.     Impairment of Long-Lived Assets and Goodwill   Long-Lived Assets   The Company assesses long-lived assets used infalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringImpairment of Long-Lived Assets and Goodwill Text BlockNo authoritative reference available.falsefalseImpairment of Long-Lived Assets and Goodwill12Impairment of Long-Lived Assets and GoodwillUnKnownUnKnow nUnKnownUnKnownfalsetrue XML 14 R10.xml IDEA: Income Taxes 2.2.0.25falsefalse10301 - Disclosure - Income Taxestruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_IncomeTaxExpenseBenefitAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseIncome Taxes3false0 us-gaap_IncomeTaxDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 3.     Income Taxes   As of November 30, 2010, the Company had $4,555 of unrecognized tax benefits, including $892 of interest and penalties.  During the first quarter of fiscal year 2011, the liability for unrecognized tax benefits decreased by $1,073.  The majority of the change was due to the settlement of a state tax audit which resulted in a decrease to state unrecognized tax positions from prior years. The Company recognizes estimated interest and penalties as a component of its income tax expense, net of federal benefit.  If recognized, $2,818 of unrecognized tax benefits would favorably impact the effective tax rate.   The Company or one of its subsidiaries is subject to U.S. federal income tax and income tax in multiple U.S. state jurisdictions.  The Company is currently undergoing examinations or appeals by various state and federal authorities.  The Company anticipates that the finalization of these examinations or appeals, combined with the expiration of applicable statutes of limitations and the additional accrual of interest related to unrecognized benefits on various return positions taken in years still open for examination, could result in a change to the liability for unrecognized tax benefits during the next 12 months ranging from a decrease of $277 to a decrease of $2,710 depending on the timing and terms of the examination resolutions.<fo nt style="font-family: 'Times New Roman','serif';" class="_mt">   After the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 – "Consolidation," noncontrolling interests are presented pre-tax as "net income-noncontrolling interests" on the consolidated statements of income and no longer as a component of operating income.  This presentation gives the appearance of a lower effective tax rate than the Company's actual effective tax rate. The following table reconciles the difference in the effective tax rate as a result of this presentation:   <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; margin-left: 5.4pt; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="588"> <tr style="height: 11.25pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="bottom" width="384">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.25pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="102"> Three months ended November 30, 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.25pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="102"> Three months ended November 30, 2009</td></tr> <tr style="height: 13.95pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 13.95pt; padding-top: 0in;" width="384"> Effective tax rate (including income from noncontrolling interests) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.95pt; padding-top: 0in;" width="102">          24.8%</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.95pt; padding-top: 0in;" width="102">          31.7%</td></tr> <tr style="height: 3.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 3.7pt; padding-top: 0in;" width="384"> Book income attributable to noncontrolling interests    </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 3.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102">                0.6   </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 3.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102">                6.7   </td></tr> <tr style="height: 13.9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 4in; padding-right: 5.4pt; height: 13.9pt; padding-top: 0in;" width="384"> Effective tax rate (excluding income from noncontrolling interests) </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102"> 25.4%</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" width="102"> 38.4%</td></tr></table>   </div>3.     Income Taxes   As of November 30, 2010, the Company had $4,555 of unrecognized tax benefits, including $892 of interest andfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, a nd tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 falsefalseIncome Taxes12Income TaxesUnKnownUnKnownUnKnownUnKnownfalsetrue XML 15 R8.xml IDEA: Basis of Presentation 2.2.0.25falsefalse10101 - Disclosure - Basis of Presentationtruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0sonc_BasisOfPresentationAbstractsoncfalsenadurationBasis of Presentation [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringBasis of Presentation [Abstract]falsefalseBasis of Presentation3false 0us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 1.     Basis of Presentation   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") and with the rules and regulations of the Securities and Exchange Commission (the "SEC").  Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements of Sonic Corp. (the "Company).  In the opinion of management, these financial statements reflect all adjustments of a normal recurring nature, including recurring accruals, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. In certain situations, recurring accruals, including franchise royalties, are based on more limited information at interim reporting dates than at the Company's fiscal year end due to the abbreviated reporting period.  Actual results may differ from these estimates.  These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended August 31, 2010 included in the Company's Annual Report on Form 10-K filed with the SEC on October 29, 2010.  Interim results are not necessarily indicative of the results that may be expected for a full year or any other interim period. <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">   <h2 style="text-align: left; margin: 0in 0in 0pt; font-family: 'Arial','sans-serif'; font-size: 10pt; punctuation-wrap: simple;" align="left">                Principles of Consolidation</h2>   The accompanying financial statements include the accounts of the Company, its wholly owned subsidiaries and its Company-owned Drive-Ins.  All significant intercompany accounts and transactions have been eliminated. <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">   Reclassifications   The Company buys and sells Company-owned Drive-Ins as a part of its ongoing business operations.  Gains and losses derived from these transactions have historically been reported net in other revenues on the Consolidated Statements of Income.  Beginning in the third quarter of fiscal year 2010, the Company reported these net gains and losses in other operating income.  The Company has reclassified amounts previously reported in prior fiscal periods to conform to the current presentation.   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">The Company has historically classified bonuses related to management at Company-owned Drive-Ins as a component of other operating expenses within costs and expenses for Company-owned Drive-Ins on the Consolidated Statements of Income.  Beginning in the fourth quarter of fiscal year 2010, the Company reported these amounts in payroll and other employee benefits.  The Company has reclassified amounts previously reported in prior fiscal periods to conform to the current presentation. </div>1.     Basis of Presentation   The accompanying unaudited condensed consolidated financial statements have been prepared infalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restriction s on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. 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Based on the information currently available, management believes that all claims currently pending are either covered by insurance or would not have a material adverse effect on the Company's business or financial condition.     <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">The Company initiated an agreement with First Franchise Capital Corporation ("FFCC") in September 2006, pursuant to which existing Sonic franchisees may qualify with FFCC to finance drive-in retrofit projects.  The agreement provides that Sonic will guarantee at least $250 of such financing, limited to 5% of the aggregate amount of loans, not to exceed $3,750.  As of November 30, 2010, the total amount guaranteed under the FFCC agreement was $543. The agreement provides for release of Sonic's guarantee on individual loans under the program that meet certain payment history criteria at the mid-point of each loan's term.  Existing loans under the program have terms through 2016.  In the event of default by a franchis ee, the Company is obligated to pay FFCC the outstanding balances plus limited interest and charges up to Sonic's guarantee limitation.  FFCC is obligated to pursue collections as if Sonic's guarantee were not in place, therefore, providing recourse with the franchisee under the notes.  At this time, the Company has no reason to anticipate any material defaults under this program.  The Company's liability for this guarantee, which is based on fair value, was $205 as of November 30, 2010.   The Company has an agreement with GE Capital Franchise Finance Corporation ("GEC"), pursuant to which GEC made loans to existing Sonic franchisees who met certain underwriting criteria set by GEC.  Under the terms of the agreement with GEC, the Company provided a guarantee of 10% of the outstanding balance of loans from GEC to the Sonic franchisees, limited to a maximum amount of $5,000.  As of November 30, 2010, the total amount guaranteed under the GEC agreement was $0.8 million.  The Company ceased guaranteeing new loans under the program during fiscal year 2002 and has not recorded a liability for guarantees under the program. Existing loans under guarantee will expire through 2013.  In the event of default by a franchisee, the Company has the option to fulfill the franchisee's obligations under the note or to become the note holder, which would provide an avenue of recourse with the franchisee under the notes.  At this time, the Company has no reason to anticipate any material defaults under this program.   The Company has obligations under various lease agreements with third-party lessors related to the real estate for Company-owned Drive-In operations that were sold to franchisees. Under these agreements, the Company remains secondarily liable for the lease payments for which it was responsible as the original lessee. As of November 30, 2010, the amount remaining under the guaranteed lease obligations for which no liability has been provided totaled $10,283.  At this time, the Company has no reason to anticipate any material defaults under the foregoing leases; therefore, no liability has been provided as of November 30, 2010.  In addition, capital lease obligations totaling $929 are still reflected as liabilities as of November 30, 2010 for operations sold to franchisees.  At this time, the Company also has no reason to anticipate any material defaults under these leases. </div>5.     Contingencies   The Company is involved in various legal proceedings and has certain unresolved claims pending. Based on thefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. 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This stock has no voting rights and receives no dividends.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 falsefalseTreasury stock, shares28Condensed Consolidated Balance Sheets (Parenthetical) (USD $)UnKnownThousandsNoRoundingUnKnownfalsetrue XML 19 R14.xml IDEA: Comprehensive Income 2.2.0.25falsefalse10701 - Disclosure - Comprehensive Incometruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ComprehensiveIncomeNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseComprehensive Income3false0 us-gaap_ComprehensiveIncomeNoteTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 7.     Comprehensive Income   The components of comprehensive income, net of income tax, are as follows:   <div align="center"> <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="619"> <tr style="height: 9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="360">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 2.7in; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="259" colspan="2"> Three months ended</td></tr> <tr style="height: 11.25pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="360">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 2.7in; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="259" colspan="2"> November 30,</td></tr> <tr style="height: 17.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 17.1pt; padding-top: 0in;" valign="top" width="360">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 17.1pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="130"> 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 17.1pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="129"> 2009</td></tr> <tr style="height: 9.15pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 9.15pt; padding-top: 0in;" valign="top" width="360"> Net income - attributable to Sonic Corp. </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 9.15pt; padding-top: 0in;" valign="top" width="130"> $          7,242</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 9.15pt; padding-top: 0in;" valign="top" width="129"> $          6,230</td></tr> <tr style="height: 4pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" valign="top" width="360"> Net income - noncontrolling interests(1) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" width="130"> 237 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" width="129"> 2,112 </td></tr> <tr style="height: 4pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 4pt; padding-top: 0in;" valign="top" width="360"> Change in deferred hedging loss, net of tax(2) </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="130"> 110</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="129"> 141</td></tr> <tr style="height: 13.9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 269.9pt; padding-right: 5.4pt; height: 13.9pt; padding-top: 0in;" valign="top" width="360"> Total comprehensive income</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 97.65pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="130"> $          7,589</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 96.75pt; padding-right: 5.4pt; height: 13.9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="129"> $          8,483</td></tr></table></div> ————————— <p style="text-indent: -0.25in; margin: 6pt 0in 0pt 27.35pt; font-family: 'Arial','sans-serif'; text-autospace: ideograph-numeric; font-size: 12pt; punctuation-wrap: hanging;" class="MsoListParagraphCxSpFirst">(1) See the Operating Expenses section in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for an explanation of the decline in Net income – noncontrolling interests. <p style="text-indent: -0.25in; margin: 6pt 0in 0pt 27.35pt; font-family: 'Arial','sans-serif'; text-autospace: ideograph-numeric; font-size: 12pt; punctuation-wrap: hanging;" class="MsoListParagraphCxSpLast">(2) Change in deferred hedging loss is recorded net of tax of $0.1 million for both the three months ending November 30, 2010 and 2009. </div>7.     Comprehensive Income   The components of comprehensive income, net of income tax, are as follows:     ThreefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effecti ve as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14-26 falsefalseComprehensive Income12Comprehensive IncomeUnKnownUnKnownUnKnownUnKnownfalsetrue XML 20 R15.xml IDEA: Fair Value of Financial Instruments 2.2.0.25falsefalse10801 - Disclosure - Fair Value of Financial Instrumentstruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0sonc_FairValueOfFinancialInstrumentsAbstractsoncfalsenadurationFair Value Of Financial Instruments [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringFair Value Of Financial Instruments [Abstract]falsefalseFair Value of Financial Instruments3< /Id>false0us-gaap_FairValueDisclosuresTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 8.     Fair Value of Financial Instruments   The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties.  The Company has no financial liabilities that are required to be measured at fair value on a recurring basis.   The Company categorizes its assets and liabilities recorded at fair value based upon the following fair value hierarchy established by the FASB:   •      Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.   •      Level 2 valuations use inputs other than actively quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corrobor ated by observable market data by correlation or other means.   •      Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.       The table below sets forth our fair value hierarchy for financial assets measured at fair value on a recurring basis as of November 30, 2010 (in thousands):   <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; margin-left: 5.4pt; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Assets: </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Cash equivalents </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">      $   96,576 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">    $         — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69"> $ 96,576 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (current) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">              8,993 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">               — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">                — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">      8,993 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (noncurrent) </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">              9,465 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">               — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">                — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69">     9,465 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Total</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">      $ 115,034 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">    $         —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> $115,034 </td></tr></table>   At November 30, 2010 the fair value of the Company's fixed rate notes was estimated to approximate their carrying value of $390.7 million (including accrued interest).  The fair value of the Company's variable funding notes at November 30, 2010 was estimated at $171 million versus a carrying value of $187.3 million (including accrued interest).   The table below sets forth our fair value hierarchy for financial assets measured at fair value on a recurring basis as of August 31, 2010 (in thousands):   <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; margin-left: 5.4pt; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> <p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; color: black; font-size: 11pt; vertical-align: baseline; punctuation-wrap: simple;" class="NoteText" align="center">Total</td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Assets: </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">  </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Cash equivalents </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">      $   86,036 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">    $         — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69"> $ 86,036 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (current) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="90">            12,546</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="72">               —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="84">                —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="69">    12,546 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Restricted cash (noncurrent) </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">              9,685 </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">               — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">                — </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69">      9,685 </td></tr> <tr><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 193.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="258"> Total</td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 67.5pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="90">      $ 108,267</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 0.75in; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="72">    $         —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="84">       $       —</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; padding-top: 0in;" valign="bottom" width="18">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 51.65pt; padding-right: 5.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="69"> $108,267</td></tr></table>   At August 31, 2010 the fair value of the Company's fixed rate notes was estimated at $388 million versus a carrying value of carrying value of $404.0 million (including accrued interest).  The fair value of the Company's variable funding notes at August 31, 2010 was estimated at $164 million versus a carrying value of $187.3 million (including accrued interest). </div>8.     Fair Value of Financial Instruments   The fair value of financial instruments is the amount at which the instrument could befalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. 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Operating segments are generally defined as components of an enterprise about which separate discrete financial information is available as the basis for management to allocate resources and assess performance.    Based on internal reporting and management structure, the Company has two reportable segments: Company-owned Drive-Ins and Franchise Operations.  The Company-owned Drive-Ins segment consists of the drive-in operations in which the Company owns a controlling ownership interest and derives its revenues from operating drive-in restaurants.  The Franchise Operations segment consists of franchising activities and derives its revenues from royalties and initial franchise fees received from franchisees.  The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in our most recent Annual Report on Form 10-K.  Segment information for total assets and capital expenditures is not pre sented as such information is not used in measuring segment performance or allocating resources between segments.   The following table presents the revenues and income from operations for each reportable segment, along with reconciliation to reported revenue and income from operations:   <div align="center"> <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="594"> <tr style="height: 15.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="345">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.45pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="249" colspan="2"> Three months ended</td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 186.45pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="249" colspan="2"> November 30,</td></tr> <tr style="height: 15.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="345">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 15.1pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="126"> 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 15.1pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="123"> 2009</td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345"> Revenues:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="126">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="123">  </td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345"> Company-owned Drive-Ins</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="126"> $      97,274</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="123"> $      103,584</td></tr> <tr style="height: 15.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="345"> Franchise Operations</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="126"> 29,381</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="123"> 30,142</td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345"> Unallocated revenues</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="126"> 2,491</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="123"> 2,755</td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="126"> $      129,146</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="123"> $      136,481</td></tr> <tr style="height: 10.4pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 10.4pt; padding-top: 0in;" valign="top" width="345">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 10.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="126">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 10.4pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="123">  </td></tr> <tr style="height: 15.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="345"> Income from Operations:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="126">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="123">  </td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345"> Company-owned Drive-Ins</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="126"> $        12,549</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="123"> $        15,622</td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345"> Franchise Operations</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="126"> 29,381</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="123"> 30,142</td></tr> <tr style="height: 15.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="345"> Unallocated income</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="126"> 2,768</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="123"> 2,773</td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345"> Unallocated expenses:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="126">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="123">  </td></tr> <tr style="height: 15.1pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="345"> Selling, general and administrative</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="126"> (16,281)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 15.1pt; padding-top: 0in;" valign="top" width="123"> (16,132)</td></tr> <tr style="height: 16.65pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 16.65pt; padding-top: 0in;" valign="top" width="345"> Depreciation and amortization</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 16.65pt; padding-top: 0in;" valign="top" width="126"> (10,300)</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 16.65pt; padding-top: 0in;" valign="top" width="123"> (10,666)</td></tr> <tr style="height: 16.65pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 16.65pt; padding-top: 0in;" valign="top" width="345"> Provision for impairment of long-lived assets</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 16.65pt; padding-top: 0in;" valign="top" width="126"> (88) </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 16.65pt; padding-top: 0in;" valign="top" width="123"> − </td></tr> <tr style="height: 14.2pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 258.95pt; padding-right: 5.4pt; height: 14.2pt; padding-top: 0in;" valign="top" width="345">  </td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 94.25pt; padding-right: 5.4pt; height: 14.2pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="126"> $        18,029</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 92.2pt; padding-right: 5.4pt; height: 14.2pt; border-top: windowtext 1pt solid; border-right: medium none; padding-top: 0in;" valign="top" width="123"> $        21,739</td></tr></table></div>   </div>9.     Segment Information   ASC Topic 280 – "Segment Reporting" establishes annual and interim reporting standards for anfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 falsefalseSegment Information12Segment InformationUnKnownUnKnownUnKnownUnKnownfalsetrue XML 23 R9.xml IDEA: Earnings Per Share 2.2.0.25falsefalse10201 - Disclosure - Earnings Per Sharetruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_EarningsPerShareAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalse< IsEndingBalance>falsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseEarnings Per Share3false0< ElementName>us-gaap_EarningsPerShareTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 2.     Earnings Per Share   The following table presents the calculation of basic and diluted earnings per share:   <div align="center"> <table style="border-collapse: collapse; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="590"> <tr style="height: 11.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 11.7pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175.65pt; padding-right: 5.4pt; height: 11.7pt; padding-top: 0in;" valign="top" width="234" colspan="2"> Three months ended</td></tr> <tr style="height: 10.35pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 10.35pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 175.65pt; padding-right: 5.4pt; height: 10.35pt; padding-top: 0in;" valign="top" width="234" colspan="2"> November 30,</td></tr> <tr style="height: 9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> 2010</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 9pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> 2009</td></tr> <tr style="height: 7.8pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="355"> Numerator: </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="113">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="121">  </td></tr> <tr style="height: 9pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="355">     Net income – attributable to Sonic Corp.</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="113"> $           7,242</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 9pt; padding-top: 0in;" valign="top" width="121"> $           6,230</td></tr> <tr style="height: 11.25pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="355"> Denominator:</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="113">  </td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 11.25pt; padding-top: 0in;" valign="top" width="121">  </td></tr> <tr style="height: 8.55pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 8.55pt; padding-top: 0in;" valign="top" width="355">     Weighted average common shares outstanding – basic</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 8.55pt; padding-top: 0in;" valign="top" width="113"> 61,639</td> <td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 8.55pt; padding-top: 0in;" valign="top" width="121"> 61,086</td></tr> <tr style="height: 0.15in;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="355">     Effect of dilutive employee stock options and unvested               restricted stock units</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="113"> 114</td> <td style="border-bottom: windowtext 1pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="121"> 329</td></tr> <tr style="height: 7.8pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 7.8pt; padding-top: 0in;" valign="top" width="355">     Weighted average common shares – diluted</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 7.8pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> 61,753</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 7.8pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> 61,415</td></tr> <tr style="height: 2.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 2.7pt; padding-top: 0in;" valign="top" width="355">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 2.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113">  </td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 2.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121">  </td></tr> <tr style="height: 11.7pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 11.7pt; padding-top: 0in;" valign="top" width="355"> Net income per common share – basic</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 11.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> $              0.12</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 11.7pt; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> $              0.10</td></tr> <tr style="height: 0.15in;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 266.5pt; padding-right: 5.4pt; height: 0.15in; padding-top: 0in;" valign="top" width="355"> Net income per common share – diluted</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 84.8pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="113"> $              0.12</td> <td style="border-bottom: windowtext 3px double; border-left: medium none; padding-bottom: 0in; padding-left: 5.4pt; width: 90.85pt; padding-right: 5.4pt; height: 0.15in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="top" width="121"> $              0.10</td></tr></table></div>                   For the three months ended November 30, 2010 and 2009, there were approximately 7,000 and 6,800 stock options and unvested restricted stock units that were not included in the computation of diluted earnings per share because either the exercise price of the options were greater than the average market price of the common stock or the total assumed proceeds under the treasury stock method resulted in negative incremental shares, and thus the inclusion would have been anti-diluti ve. </div>2.     Earnings Per Share   The following table presents the calculation of basic and diluted earnings per share: falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to an entity's earnings per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 falsefalseEarnings Per Share12Earnings Per ShareUnKnownUnKnownUnKnownUnKnownfalsetrue XML 24 R6.xml IDEA: Consolidated Statements of Stockholders' Equity (Deficit) 2.2.0.25truefalse00400 - Statement - Consolidated Statements of 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It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A5 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a truefalseTotal comprehensive income, net of income taxes22false0us-gaap_MinorityInterestDecreaseFromRedemptionsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1false falsefalse00  falsefalsefalsetruefalse2falsefalsefalse00  falsefalsefalsetruefalse3falsefalsefalse00  falsefalsefalsetruefalse4falsefalsefalse00  falsefalsefalsetruefalse5falsefalsefalse00  falsefalsefalsetruefalse6falsefalsefalse00  falsefalsefalsetruefalse7falsefalsefalse00  falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDecrease in noncontrolling interest as a result of redeeming or purchasing the interests of noncontrolling shareholders.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(2) falsefalsePurchases of noncontrolling interests in Company-owned Drive-Ins23false0sonc_ProceedsFromSaleOfNoncontrollingInterestsInCompanyOwnedDriveInssoncfalsecreditdurationProceeds From Sale Of Noncontrolling Interests In Company Owned Drive Insfalsefalsefalsefalsefalsefalsefalsefalsefalsefalsela 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198falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryChanges to noncontrolling interestsNo authoritative reference available.falsefalseChanges to noncontrolling interests25false0us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValueus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00falsefalsefalsetruefalse2truefalsefalse15780001578falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7truefalsefalse15780001578falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).Reference 1: 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The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit t hat exceeds the previously recognized deferred tax asset (excess tax benefits).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 62 falsefalseDeferred tax benefit (shortfall) from stock-based compensation27false0us-gaap_StockIssuedDuringPeriodValueStockOptionsExercisedus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel 1falsefalsefalse00falsefalsefalsetruefalse2falsefalsefalse00falsefalsefalsetruefalse3< IsNumeric>truefalsefalse-50000-50falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetruefalse5truefalsefalse9300093falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7truefalsefalse4300043falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue stock issued during the period as a result of the exercise of stock options.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 falsefalseExercise of stock options28false0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditinstantNo definition available.falsefalsefalsetruefalsefalsefalsefalsetruefalseperiodendlabelinstant< StartDate>2010-11-30T00:00:000001-01-01T00:00:001truefalsefalse11830001183falsetruefalsetruefalse2truefalsefalse226038000226038falsetruefalsetruefalse3truefalsefalse677680000677680falsetruefalsetruefalse4truefalsefalse-733000-733falsetruefalsetruefalse5truefalsefalse-872844000-872844falsetruefalsetruefalse6truefalsefalse261000261falsetruefalsetruefalse7truefalsefalse3158500031585falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the pa rent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A falsefalseBalance at Nov. 30, 201029false0us-gaap_SharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsetruefalsefalsefalsefalsetruefalseperiodendlabelinstant2010-11-30T00:00:000001-01-01T00 :00:001truefalsefalse118313000118313falsefalsefalsetruefalse2falsefalsefalse00falsefalsefalsetruefalse3falsefalsefalse00falsefalsefalsetruefalse4falsefalsefalse00falsefalsefalsetrue< /hasSegments>false5falsefalsefalse00falsefalsefalsetruefalse6falsefalsefalse00falsefalsefalsetruefalse7falsefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.No authoritative reference available.falsefalseBalance, shares at Nov. 30, 2010729Consolidated Statements of Stockholders' Equity (Deficit) (USD $)ThousandsThousandsUnKnownUnKnownfalsetrue XML 25 R5.xml IDEA: Condensed Consolidated Statements of Cash Flows 2.2.0.25falsefalse00300 - Statement - Condensed Consolidated Statements of Cash FlowstruefalseIn Thousandsfalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse9/1/2009 - 11/30/2009 USD ($) USD ($) / shares $Duration_9_1_2009_To_11_30_2009http://www.sec.gov/CIK0000868611duration2009-09-01T00:00:002009-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$3true0us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsef alsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringThe net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities include all transactions and events that are not defined as investing or financing activities. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income.falsefalseCash flows from operating activities:4false0us-gaap_ProfitLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse74790007479falsetruefalsefalsefalse2truefalsefalse83420008342falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontro lling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) falsefalseNet income - including noncontrolling interests5true0us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseAdjustments to reconcile net income to net cash provided by operating activities:6false0us-gaap_DepreciationAndAmortizationus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse1030000010300falsefalsefalsefalsefalse2truefalsefalse1066600010666false falsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 falsefalseDepreciation and amortization7false0us-gaap_ShareBasedCompensationus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse15780001578falsefalsefalsefalsefalse2truefalsefalse19240001924falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseStock-based compensation expense8false0us-gaap_AmortizationOfFinancingCostsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsef alse824000824falsefalsefalsefalsefalse2truefalsefalse10490001049falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 8 -Article 9 falsefalseAmortization of debt costs to interest expense9false0us-gaap_NetIncomeLossAttributableToNoncontrollingInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1 truefalsefalse-237000-237falsefalsefalsefalsefalse2truefalsefalse-2112000-2112falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 falsefalseNoncontrolling interests10false0us-gaap_AssetImpairmentChargesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse8800088falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemType monetaryThe charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 45, 46, 47 falsefalseProvision for impairment of long-lived assets11false0us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOtherus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-729000-729falsefalsefalsefalsefalse2truefalsefalse-806000-806falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTransactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseOther12true0us-gaap_IncreaseDecreaseInOperatingAssetsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseDecrease in operating assets:13false0us-gaap_IncreaseDecreaseInRestrictedCashus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse21360002136falsefalsefalsefalsefalse2truefalsefalse46760004676falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15, 16, 17 falsefalseRestricted cash14false0us-gaap_IncreaseDecreaseInAccountsAndOtherReceivablesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse33060003306falsefalsefalsefalsefalse2truefalsefalse30830003083falsefalsefalsefalsefalseMo netaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseAccounts receivable and other assets15true0us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalse false00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseIncrease (decrease) in operating liabilities:16false0us-gaap_IncreaseDecreaseInAccountsPayableus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse23610002361falsefalsefalsefalsefalse2truefalsefalse15670001567falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseAccounts payable17false0us-gaap_IncreaseDecreaseInDeferredRevenueus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalse< DisplayZeroAsNone>false153000153falsefalsefalsefalsefalse2truefalsefalse-140000-140falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseDeposits from franchisees18false0us-gaap_IncreaseDecreaseInAccruedLiabilitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse-3436000-3436falsefalsefalsefalsefalse2truefalsefalse-3398000-3398falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate amount of expenses incurred but not yet paid.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseAccrued and other liabilities19false0us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayableus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse12990001299falsefalsefalsefalsefalse2truefalsefalse-5407000-5407falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 falsefalseIncome taxes20false0us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1tr uefalsefalse1764300017643falsefalsefalsefalsefalse2truefalsefalse1110200011102falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 truefalseTotal adjustments21false0us-gaap_NetCashProvidedByUsedInOperatingActivitiesus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse2512200025122falsefalsefalsefalsefalse2truefalsefalse1944400019444falsefalsefalsefalsefalse Monetaryxbrli:monetaryItemTypemonetaryThe net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet cash provided by operating activities22true0us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseCash flows from investing activities:23false0us-gaap_PaymentsToAcquirePropertyPlantAndEquipmentus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetrue negated1truefalsefalse-4275000-4275falsefalsefalsefalsefalse2truefalsefalse-3158000-3158falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c falsefalsePurchases of property and equipment24false0us-gaap_ProceedsFromSaleOfProductiveAssetsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truef alsefalse16430001643falsefalsefalsefalsefalse2truefalsefalse89610008961falsefalsefalsefalsefalse< Unit>Monetaryxbrli:monetaryItemTypemonetaryThe cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph c falsefalseProceeds from disposition of assets25false0us-gaap_PaymentsForProceedsFromOtherInvestingActivitiesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse393000393falsefalsefalsefalsefalse2truefalsefalse224000224falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash outflow (inflow) from other investing activities. 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This element does not include dividends paid to noncontrolling shareholders.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a falsefalsePurchases of noncontrolling interests33false0us-gaap_ProceedsFromPaymentsForOtherFinancingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse-868000-868falsefalsefalsefalsefalse2truefalsefalse-778000-778falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18, 19, 20 falsefalseOther34false0us-gaap_NetCashProvidedByUsedInFinancingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-12343000-12343falsefalsefalsefalsefalse2truefalsefalse-16314000-16314falsefalsefalsefalsefalseMone taryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) from financing activity for the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet cash used in financing activities35false0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse1054000010540falsefalsefalsefalsefalse2truefalsefalse91570009157falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change between the beginning and ending balance of cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 truefalseNet increase in cash and cash equivalents36false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsetruefalsefalseperiodstartlabel1truefalsefalse8603600086036falsefalsefalsefalsefalse2truefalsefalse137597000137597falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents at beginning of period37false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsetruefalseperiodendlabel1tru efalsefalse9657600096576falsetruefalsefalsefalse2truefalsefalse146754000146754falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents at end of period235Condensed Consolidated Statements of Cash Flows (USD $)ThousandsUnKnownUnKnownUnKnownfalsetrue XML 26 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. 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Proceeds From Sale Of Noncontrolling Interests In Company Owned Drive Ins No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Stockholder's Equity before treasury stock and noncontrolling interests No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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XML 27 R13.xml IDEA: Debt 2.2.0.25falsefalse10601 - Disclosure - Debttruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_LineOfCreditFacilityAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseDebt3false0us-gaap_DebtDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 6.     Debt   <p style="text-align: left; line-height: normal; text-indent: 0.5in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt; punctuation-wrap: simple;" class="MsoBodyText2" align="left">The Company continues to monitor Ambac Assurance Corporation ("Ambac"), the third-party insurance company that provides credit enhancements in the form of financial guaranties of our fixed and variable rate note payments.  There were no material changes affecting our insurance policy during the first fiscal quarter of 2011.  For information regarding Ambac and the potential consequences if our insurance policy were to be included in a delinquency, rehabilitation or similar proceeding against Ambac, see Part I, Item IA, "Risk Factors" in our Annual Report on Form 10-K for the year ended August 31, 2010.   In August 2006, the Company entered into a forward starting swap agreement with a financial institution to hedge part of the exposure to changing interest rates for debt until it was settled in conjunction with financing closed in December 2006.  The forward starting swap was designated as a cash flow hedge.  The loss resulting from settlement was recorded in accumulated other comprehensive income and is being amortized to interest expense over the expected term of the related debt. </div>6.     Debt   The Company continues to monitor Ambac Assurance Corporation ("Ambac"), the third-party insurance company thatfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInformation about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and acti vities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 falsefalseDebt12DebtUnKnownUnKnownUnKnownUnKnownfalsetrue XML 28 R1.xml IDEA: Document and Entity Information 2.2.0.25falsefalse00090 - Document - Document and Entity Informationtruefalsefalse1falsefalseUSDfalsefalse9/1/2010 - 11/30/2010 USD ($) USD ($) / shares $Duration_9_1_2010_To_11_30_2010http://www.sec.gov/CIK0000868611duration2010-09-01T00:00:002010-11-30T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalsefalsefalse1/3/2011 As_Of_1_3_2011http://www.sec.gov/CIK0000868611instant2011-01-03T00:00:000001-01-01T00:00:00Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli02true0sonc_DocumentAndEntityInformationAbstractsoncfalsenadurationDocument and Entity Information [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringDocument and Entity Information [Abstract]falsefalseDocument and Entity Information3false0dei_ DocumentTypedeifalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse0010-Q10-Qfalsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherus-types:SECReportItemTypenaThe type of document being provided (such as 10-K, 10-Q, N-1A, etc). 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It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as mar ketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention w ith regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseCash and cash equivalents5false0us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse89930008993falsefalsefalsefalsefalse2truefalsefalse1254600012546falsefalsefalsefalsefalseMonetary< ElementDataType>xbrli:monetaryItemTypemonetaryThe carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-BRD -Chapter 4 -Paragraph 80 -Subparagraph Exhibit 4-8, 3 -IssueDate 2006-05-01 falsefalseRestricted cash6false0us-gaap_AccountsNotesAndLoansReceivableNetCurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse2244400022444falsefalsefalsefalsefalse2truefalsefalse2546300025463falsefalsefalsefalsefalseM onetaryxbrli:monetaryItemTypemonetaryThe aggregate of amounts due from customers or clients, within one year of the balance sheet date (or one operating cycle, if longer), for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date within one year of the balance sheet, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 falsefalseAccounts and notes receivable, net7false0us-gaap_InventoryNetus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse35860003586falsefalsefalsefalsefalse2truefalsefalse36740003674falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).No authoritative reference available.falsefalseInventories8false0sonc_PrepaidExpensesAndOthersoncfalsedebitinstantPrepaid expenses and otherfalsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse60210006021falsefalsefalsefalsefalse2truefalsefalse62090006209falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryPrepaid expenses and otherNo authoritative reference available.falsefalsePrepaid expenses and other9false0us-gaap_AssetsCurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse137620000137620falsefalsefalsefalsefalse2truefalsefalse133928000133928falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 truefalseTotal current assets10false0us-gaap_RestrictedCashAndCashEquivalentsNoncurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalse false94650009465falsefalsefalsefalsefalse2truefalsefalse96850009685falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 falsefalseNoncurrent restricted cash11false0us-gaap_NotesAndLoansReceivableNetNoncurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefals efalse89100008910falsefalsefalsefalsefalse2truefalsefalse88240008824falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAn amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 falsefalseNotes receivable, net12false0us-gaap_PropertyPlantAndEquipmentGrossus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse757443000757443falsefalsefalsefalsefalse2truefalsefalse756478000756478falsefalsefalsefalsefalseMoneta ryxbrli:monetaryItemTypemonetaryCarrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 falsefalseProperty, equipment and capital leases13false0us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1 truefalsefalse-275538000-275538falsefalsefalsefalsefalse2truefalsefalse-267214000-267214falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -Subparagraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 14 -Article 5 falsefalseLess accumulated depreciation and amortization14false0us-gaap_PropertyPlantAndEquipmentNetus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1true< IsRatio>falsefalse481905000481905falsefalsefalsefalsefalse2truefalsefalse489264000489264falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 12 -Paragraph 5 -Subparagraph b, c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7 truefalseProperty, equipment and capital leases, net15false0us-gaap_Goodwillus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse8149600081496falsefalsefalsefalsefalse2truefalsefalse8208900082089falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 43 falsefalseGoodwill16false0us-gaap_IntangibleAssetsNetExcludingGoodwillus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse43910004391falsefalsefalsefalsefalse2truefalsefalse47100004710falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 45 falsefalseOther intangibles, net17false0sonc_DebtOriginationCostsNetsoncfalsedebitinstantDebt origination costs, netfalsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse53520005352falsefalsefalsefalsefalse2truefalsefalse61760006176falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDebt origination costs, netNo authoritative reference available.falsefalseDebt origination costs, net18false0us-gaap_OtherAssetsNoncurrentus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse26010002601falsefalsefalsefalsefalse2truefalsefalse26440002644falsefalse falsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 falsefalseOther assets, net19false0us-gaap_Assetsus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse731740000731740falsefalsefalsefalsefalse2truefalsefalse737320000737320falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 truefalseTotal assets20true0us-gaap_LiabilitiesAndStockholdersEquityAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseLIABILITIES AND STOCKHOLDERS' EQUITY21false0us-gaap_AccountsPayableCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1355800013558falsefalsefalsefalsefalse2truefalsefalse1177200011772falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 falsefalseAccounts payable22false0sonc_DepositsFromFranchiseessoncfalsecreditinstantDeposits From Franchiseesfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse35300003530falsefalsefalsefalsefalse2truefalsefalse32990003299falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDeposits From FranchiseesNo authoritative reference available.falsefalseDeposits from franchisees23false0us-gaap_AccruedLiabilitiesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse2976400029764falsefalsefalsefalsefalse2truefalsefalse3333200033332falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 falsefalseAccrued liabilities24false0us-gaap_AccruedIncomeTaxesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsefalse63710006371falsefalsefalsefalsefalse2truefalsefalse50720005072falsefalsefalsefalsefalseMonetary xbrli:monetaryItemTypemonetaryCarrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph b(1) -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 15, 21 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Section Appendix E -Paragraph 289 falsefalseIncome taxes payable25false0us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalse false131939000131939falsefalsefalsefalsefalse2truefalsefalse6513300065133falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryObligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future.No authoritative reference available.falsefalseCurrent maturities of long-term debt and capital leases26false0us-gaap_LiabilitiesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse185162000185162falsefalsefalsefalsefalse2truefalsefalse118608000118608falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 truefalseTotal current liabilities27false0us-gaap_CapitalLeaseObligationsNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefal se3203500032035falsefalsefalsefalsefalse2truefalsefalse3287200032872falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAmount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 7, 10, 13 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 falsefalseObligations under capital leases due after one year28false0us-gaap_LongTermDebtNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsefalse449872000449872falsefalsefalsefalsefalse2truefalsefalse529872000529872falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 falsefalseLong-term debt due after one year29false0us-gaap_DeferredTaxLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1488800014888falsefalsefalsefalsefalse2truefalsefalse1498100014981falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryRepresents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, inclu ding deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42 falsefalseDeferred income taxes30false0us-gaap_OtherLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1819800018198falsefalsefalsefalsefalse2truefalsefalse1842100018421falsefalsefalsefalsefalseMonetaryxbrli :monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 falsefalseOther noncurrent liabilities31false0us-gaap_LiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalse< DisplayZeroAsNone>false514993000514993falsefalsefalsefalsefalse2truefalsefalse596146000596146falsefalsefalsefalsefalseMo netaryxbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22, 23, 24, 25, 26, 27 -Article 5 truefalseTotal non-current liabilities32true0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1false falsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOt herxbrli:stringItemTypestringNo definition available.falsefalseStockholders' equity:33false0us-gaap_PreferredStockValueus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00  falsefalsefalsefalsefalse2falsefalsefalse00  falsef alsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 falsefalsePreferred stock, par value $.01; 1,000 shares authorized; none outstanding34false0us-gaap_CommonStockValueus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefals efalse11830001183falsefalsefalsefalsefalse2truefalsefalse11830001183falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 falsefalseCommon stock, par value $.01; 245,000 shares authorized; 118,313 shares issued (118,313 shares issued at August 31, 2010)35false0us-gaap_AdditionalPaidInCapitalCommonStockus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse226038000226038falsefalsefalsefalsefalse2truefalsefalse224453000224453falsefalsefalsef alsefalseMonetaryxbrli:monetaryItemTypemonetaryValue received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 falsefalsePaid-in capital36false0us-gaap_RetainedEarningsAccumulatedDeficitus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalse< DisplayZeroAsNone>false677680000677680falsefalsefalsefalsefalse2truefalsefalse670488000670488falsefalsefalsefalsefalseMo netaryxbrli:monetaryItemTypemonetaryThe cumulative amount of the reporting entity's undistributed earnings or deficit.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 falsefalseRetained earnings37false0us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truef alsefalse-733000-733falsefalsefalsefalsefalse2truefalsefalse-843000-843falsefalsefalsefalsefalse< Unit>Monetaryxbrli:monetaryItemTypemonetaryAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. 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Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 falsefalseTreasury stock, at cost; 56,670 common shares (56,676 shares at August 31, 2010)40false0us-gaap_StockholdersEquityus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse3132400031324falsefalsefalsefalsefalse2truefalsefalse2234400022344falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. 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The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. 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