1
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Financial Statements
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2
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3
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4
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Schedule
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17
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18
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19
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Exhibit 23 – Consent of Independent Registered Public Accounting Firm
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Papa John's International, Inc. 401(k) Plan
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Statements of Net Assets Available for Benefits
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December 31,
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2010
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2009
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Assets
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Investments at fair value:
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Papa John's International, Inc. common stock
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$ | 1,202,049 | $ | 1,002,489 | ||||
Mutual funds
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6,839,500 | 8,404,336 | ||||||
Pooled separate accounts
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17,295,350 | 10,787,707 | ||||||
Common collective trust
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2,057,479 | 1,973,029 | ||||||
Total investments
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27,394,378 | 22,167,561 | ||||||
Receivables:
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Contributions receivable from participants
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- | 880,016 | ||||||
Contributions receivable from employer
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- | 576,975 | ||||||
Notes receivable from participants
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1,118,698 | 872,482 | ||||||
Total receivables
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1,118,698 | 2,329,473 | ||||||
Net assets available for benefits at fair value
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28,513,076 | 24,497,034 | ||||||
Adjustments from fair value to contract value for fully
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benefit-responsive investment contracts
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(41,182 | ) | (13,243 | ) | ||||
Net assets available for benefits
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$ | 28,471,894 | $ | 24,483,791 | ||||
See accompanying notes.
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Papa John's International, Inc. 401(k) Plan
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Statements of Changes in Net Assets Available for Benefits
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Year ended December 31,
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2010
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2009
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Additions (deductions):
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Investment income:
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Net appreciation in fair value of investments
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$ | 3,308,211 | $ | 4,864,989 | ||||
Interest and dividend income
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208,360 | 190,939 | ||||||
Total investment income
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3,516,571 | 5,055,928 | ||||||
Contributions:
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Participant
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2,375,485 | 3,255,847 | ||||||
Rollover
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315,703 | 118,665 | ||||||
Employer
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340 | 577,140 | ||||||
Total contributions
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2,691,528 | 3,951,652 | ||||||
Benefits paid to participants
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(2,118,640 | ) | (3,268,918 | ) | ||||
Administrative fees
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(101,356 | ) | (14,156 | ) | ||||
Net increase
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3,988,103 | 5,724,506 | ||||||
Net assets available for benefits at beginning of year
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24,483,791 | 18,759,285 | ||||||
Net assets available for benefits at end of year
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$ | 28,471,894 | $ | 24,483,791 | ||||
See accompanying notes.
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●
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Level 1: Quoted market prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which the transaction for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis.
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●
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Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data, such as quoted prices for similar assets or liabilities or model-derived valuations.
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●
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Level 3: Unobservable inputs that are not corroborated by market data. These inputs reflect a company’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
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December 31, 2010
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Fair Value Measurements
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Description
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Level 1
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Level 2
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Level 3
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Total
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Papa John’s International, Inc.
common stock
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$ | 1,202,049 | $ | - | $ | - | $ | 1,202,049 | ||||||||
Mutual funds:
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Large U.S. equity
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2,551,030 | - | - | 2,551,030 | ||||||||||||
Small U.S. equity
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1,518,828 | - | - | 1,518,828 | ||||||||||||
Fixed Income
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2,769,642 | - | - | 2,769,642 | ||||||||||||
Pooled separate accounts:
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Large U.S. equity
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- | 4,357,870 | - | 4,357,870 | ||||||||||||
Mid U.S. equity
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- | 3,106,702 | - | 3,106,702 | ||||||||||||
Small U.S. equity
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- | 290,847 | - | 290,847 | ||||||||||||
International equity
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- | 2,586,377 | - | 2,586,377 | ||||||||||||
Balanced / Asset Allocation
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- | 6,953,554 | - | 6,953,554 | ||||||||||||
Common collective trust
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- | 2,057,479 | - | 2,057,479 | ||||||||||||
Total investments
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$ | 8,041,549 | $ | 19,352,829 | $ | - | $ | 27,394,378 |
December 31, 2009
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Fair Value Measurements
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Description
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Level 1
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Level 2
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Level 3
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Total
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Papa John’s International, Inc.
common stock
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$ | 1,002,489 | $ | - | $ | - | $ | 1,002,489 | ||||||||
Mutual funds:
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Large U.S. equity
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5,623,788 | - | - | 5,623,788 | ||||||||||||
Mid U.S. equity
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546,070 | - | - | 546,070 | ||||||||||||
Small U.S. equity
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229,662 | - | - | 229,662 | ||||||||||||
Fixed Income
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2,004,816 | - | - | 2,004,816 | ||||||||||||
Pooled separate accounts:
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Large U.S. equity
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- | 282,925 | - | 282,925 | ||||||||||||
Mid U.S. equity
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- | 1,832,564 | - | 1,832,564 | ||||||||||||
Small U.S. equity
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- | 1,100,397 | - | 1,100,397 | ||||||||||||
International equity
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- | 2,236,003 | - | 2,236,003 | ||||||||||||
Balanced / Asset Allocation
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- | 5,335,818 | - | 5,335,818 | ||||||||||||
Common collective trust
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- | 1,973,029 | - | 1,973,029 | ||||||||||||
Total investments
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$ | 9,406,825 | $ | 12,760,736 | $ | - | $ | 22,167,561 |
December 31,
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2010
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2009
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Common stock
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$ | 182,223 | $ | 227,041 | ||||
Mutual funds
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517,020 | 2,171,383 | ||||||
Pooled separate accounts
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2,571,083 | 2,428,234 | ||||||
Common collective trust
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37,885 | 38,331 | ||||||
Net appreciation in fair value of investments
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$ | 3,308,211 | $ | 4,864,989 |
December 31,
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2010
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2009
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Mutual funds:
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American Funds Growth Fund of America
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$ | 2,085,265 | $ | 1,921,118 | ||||
Neuberger Berman Partners Advantage Fund
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- | 3,350,198 | ||||||
Pooled separate accounts:
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Principal Capital Appreciation Separate Account
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3,921,948 | - | ||||||
Principal LifeTime 2030 Separate Account
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2,799,379 | 2,158,880 | ||||||
Principal Mid-Cap Growth Separate Account
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1,977,387 | 1,530,203 | ||||||
Principal Diversified International Separate Account
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1,731,646 | 1,482,071 | ||||||
Common collective trust:
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Principal Stable Value Fund
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2,057,479 | 1,973,029 |
December 31,
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2010
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2009
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Net assets available for benefits per Form 5500
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$ | 28,513,076 | $ | 24,497,034 | ||||
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts
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(41,182 | ) | (13,243 | ) | ||||
Net assets available for benefits per the financial statements
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$ | 28,471,894 | $ | 24,483,791 |
December 31,
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2010
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2009
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Net income per the Form 5500
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$ | 4,016,043 | $ | 5,835,533 | ||||
Change in adjustment from fair value to contract value for
fully benefit-responsive investment contracts
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(27,940 | ) | (111,027 | ) | ||||
Net increase per the financial statements
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$ | 3,988,103 | $ | 5,724,506 |
Identity of Issuer, Borrower,
Lessor, or Similar Party
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Description of Investment
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Shares Held or
Rate of Interest
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Current
Value
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Common stock:
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*Papa John’s International, Inc.
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Common Stock
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43,395 shares
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$1,202,049
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Mutual funds:
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American Funds Service Company
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Growth Fund of America
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69,555 shares
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2,085,265
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American Century Investments
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American Century Diversified Bond A Fund
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100,867 shares
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1,085,326
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Invesco AIM
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Small Cap Growth R Fund
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13,642 shares
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379,657
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Columbia Management Advisors
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Small Cap Value A Fund
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25,445 shares
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1,139,171
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Eaton Vance Management
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Large-Cap Value A Fund
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25,563 shares
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465,765
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Franklin Advisors
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US Government Securities A Fund
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69,404 shares
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469,170
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Franklin Advisors
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High Income A Fund
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607,573 shares
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1,215,146
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6,839,500
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Pooled separate accounts:
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*Principal Life Insurance Company
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Principal Capital Appreciation Separate Account
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276,965 shares
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3,921,948
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*Principal Life Insurance Company
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Principal Mid-Cap Growth Separate Account
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85,826 shares
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1,977,387
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*Principal Life Insurance Company
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Principal Diversified International Separate Account
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29,865 shares
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1,731,646
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*Principal Life Insurance Company
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Principal LifeTime 2030 Separate Account
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173,047 shares
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2,799,379
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*Principal Life Insurance Company
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Principal LifeTime 2010 Separate Account
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34,275 shares
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540,783
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*Principal Life Insurance Company
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Principal International Emerging Markets Separate Account
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14,701 shares
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854,731
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*Principal Life Insurance Company
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Principal LifeTime 2020 Separate Account
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84,572 shares
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1,386,840
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*Principal Life Insurance Company
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Principal LifeTime 2040 Separate Account
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85,478 shares
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1,384,967
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*Principal Life Insurance Company
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Principal Mid-Cap S&P 400 Index Separate Account
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19,231 shares
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482,297
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*Principal Life Insurance Company
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Principal Large-Cap S&P 500 Index Separate Account
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8,383 shares
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435,922
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*Principal Life Insurance Company
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Principal Small-Cap S&P 600 Index Separate Account
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11,631 shares
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290,847
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*Principal Life Insurance Company
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Principal LifeTime 2050 Separate Account
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48,775 shares
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759,353
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*Principal Life Insurance Company
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Principal Mid-Cap Value I Separate Account
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17,547 shares
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647,018
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*Principal Life Insurance Company
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Principal LifeTime Strategic Income Separate Account
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5,388 shares
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82,232
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17,295,350
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Common collective trust:
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*Union Bond & Trust Company
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Principal Stable Value Fund
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116,647 shares
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2,057,479
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Participant Loans
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4.25% to 9.25% per annum
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1,118,698
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$28,513,076
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PAPA JOHN’S INTERNATIONAL, INC.
401(k) PLAN
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Date: June 24, 2011
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/s/ Lance F. Tucker
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Lance F. Tucker
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Senior Vice President and Chief
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Financial Officer
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Exhibit
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Number
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Description
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23
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Consent of Independent Registered Public Accounting Firm
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