(Mark One) |
[X]
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Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2011
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[ ]
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Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from _______________ to _________________
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Commission File Number: 0-21660 |
A. Full title of the plan and the address of the plan, if different from that of the issuer named below: |
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
1 | ||||
Financial Statements
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2 | ||||
3 | ||||
4 | ||||
Schedule
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16 | ||||
17 | ||||
18 |
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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2011
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2010
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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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$ | 1,609,136 | $ | 1,202,049 | ||||
Mutual funds
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4,891,038 | 6,839,500 | ||||||
Pooled separate accounts
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11,317,966 | 17,295,350 | ||||||
Common collective trusts
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9,500,044 | 2,057,479 | ||||||
Total investments
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27,318,184 | 27,394,378 | ||||||
Receivables:
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Contributions receivable from employer
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389,553 | - | ||||||
Notes receivable from participants
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1,219,357 | 1,118,698 | ||||||
Total receivables
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1,608,910 | 1,118,698 | ||||||
Net assets available for benefits at fair value
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28,927,094 | 28,513,076 | ||||||
Adjustments from fair value to contract value for fully
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||||||||
benefit-responsive investment contracts
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(53,364 | ) | (41,182 | ) | ||||
Net assets available for benefits
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$ | 28,873,730 | $ | 28,471,894 |
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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2011
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2010
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Additions (deductions):
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||||||||
Investment income:
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Net (depreciation) appreciation in fair value of investments
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$ | (156,157 | ) | $ | 3,308,211 | |||
Interest and dividend income
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214,595 | 208,360 | ||||||
Total investment income
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58,438 | 3,516,571 | ||||||
Contributions:
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Participant
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2,341,407 | 2,375,485 | ||||||
Rollover
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23,839 | 315,703 | ||||||
Employer
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389,553 | 340 | ||||||
Total contributions
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2,754,799 | 2,691,528 | ||||||
Benefits paid to participants
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(2,301,957 | ) | (2,118,640 | ) | ||||
Administrative fees
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(109,444 | ) | (101,356 | ) | ||||
Net increase
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401,836 | 3,988,103 | ||||||
Net assets available for benefits at beginning of year
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28,471,894 | 24,483,791 | ||||||
Net assets available for benefits at end of year
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$ | 28,873,730 | $ | 28,471,894 | ||||
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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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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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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Large U.S. equity: Seeks to provide long-term growth of capital by primarily investing in companies with large market capitalizations.
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Mid U.S. equity: Seeks to provide long-term growth of capital by primarily investing in companies with medium market capitalizations.
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Small U.S. equity: Seeks to provide long-term growth of capital by primarily investing in companies with small market capitalizations.
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International equity: Invests the majority of assets in securities of companies with small to medium market capitalizations that meet the following criteria: (1) principal place of business or principal office is located in emerging market countries or outside of the United States; (2) principal securities are traded in an emerging market or on a foreign exchange; and (3) derive 50 percent or more of their total revenue from goods or services produced in emerging market countries or produced or sold outside of the United States.
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December 31, 2011
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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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$ | 1,609,136 | $ | - | $ | - | $ | 1,609,136 | ||||||||
Mutual funds:
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Large U.S. equity
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477,511 | - | - | 477,511 | ||||||||||||
Small U.S. equity
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1,311,204 | - | - | 1,311,204 | ||||||||||||
Fixed Income
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3,102,323 | - | - | 3,102,323 | ||||||||||||
Pooled separate accounts:
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Large U.S. equity
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- | 6,050,723 | - | 6,050,723 | ||||||||||||
Mid U.S. equity
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- | 2,835,974 | - | 2,835,974 | ||||||||||||
Small U.S. equity
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- | 285,312 | - | 285,312 | ||||||||||||
International equity
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- | 2,145,957 | - | 2,145,957 | ||||||||||||
Common collective trusts
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- | 9,500,044 | - | 9,500,044 | ||||||||||||
Total investments
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$ | 6,500,174 | $ | 20,818,010 | $ | - | $ | 27,318,184 |
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,
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2011
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2010
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Common stock
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$ | 421,735 | $ | 182,223 | ||||
Mutual funds
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(15,664 | ) | 517,020 | |||||
Pooled separate accounts
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(124,586 | ) | 2,571,083 | |||||
Common collective trusts
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(437,642 | ) | 37,885 | |||||
Net (depreciation) appreciation in fair value of investments
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$ | (156,157 | ) | $ | 3,308,211 |
December 31,
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2011
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2010
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Common stock: | ||||||||
Papa John’s International, Inc. common stock
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$ | 1,609,136 | $ | 1,202,049 | * | |||
Mutual fund: | ||||||||
American Funds Growth Fund of America
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- | 2,085,265 | ||||||
Pooled separate accounts:
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Principal Capital Appreciation Separate Account
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3,738,583 | 3,921,948 | ||||||
Principal Large-Cap Growth I Separate Account
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1,865,814 | - | ||||||
Principal Mid-Cap Growth Separate Account
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1,795,282 | 1,977,387 | ||||||
Principal Diversified International Separate Account
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1,471,060 | 1,731,646 | ||||||
Principal LifeTime 2030 Separate Account
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- | 2,799,379 | ||||||
Common collective trusts:
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Principal Trust Target 2020 Fund
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1,583,581 | - | ||||||
Principal Trust Target 2030 Fund
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2,738,701 | - | ||||||
Principal Trust Target 2040 Fund
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1,466,306 | - | ||||||
Principal Stable Value Fund
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2,348,444 | 2,057,479 |
*
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Investment balance is less than 5 percent of the Plan’s net assets and is presented for comparison purposes only.
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December 31,
|
||||||||
2011
|
2010
|
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Net assets available for benefits per the Form 5500
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$ | 28,927,094 | $ | 28,513,076 | ||||
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts
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(53,364 | ) | (41,182 | ) | ||||
Net assets available for benefits per the financial statements
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$ | 28,873,730 | $ | 28,471,894 |
December 31,
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||||||||
2011
|
2010
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Net income per the Form 5500
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$ | 414,018 | $ | 4,016,043 | ||||
Change in adjustment from fair value to contract value for
fully benefit-responsive investment contracts
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(12,182 | ) | (27,940 | ) | ||||
Net increase per the financial statements
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$ | 401,836 | $ | 3,988,103 |
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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42,705 shares
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$ | 1,609,136 | ||
Mutual funds:
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American Century Investments
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Diversified Bond A Fund
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109,235 shares
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1,200,494 | |||
American Century Investments
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Inflation Adjusted Bond A Fund
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6,223 shares
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78,966 | |||
Columbia Management Advisors
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Small Cap Value A Fund
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24,906 shares
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974,074 | |||
Invesco AIM
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Small Cap Growth R Fund
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12,537 shares
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337,130 | |||
Putnam Investment Management
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Equity Income A Fund
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31,813 shares
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477,511 | |||
Franklin Advisors
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U.S. Government Securities A Fund
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79,325 shares
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550,515 | |||
Franklin Advisors
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High Income A Fund
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655,849 shares
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1,272,348 | |||
4,891,038 | ||||||
Pooled separate accounts:
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*Principal Life Insurance Company
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Principal Capital Appreciation Separate Account
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263,630 shares
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3,738,583 | |||
*Principal Life Insurance Company
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Principal Mid-Cap Growth Separate Account
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83,749 shares
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1,795,282 | |||
*Principal Life Insurance Company
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Principal Diversified International Separate Account
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28,543 shares
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1,471,060 | |||
*Principal Life Insurance Company
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Principal International Emerging Markets Separate Account
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14,031 shares
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674,897 | |||
*Principal Life Insurance Company
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Principal Mid-Cap S&P 400 Index Separate Account
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19,234 shares
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472,474 | |||
*Principal Life Insurance Company
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Principal Large-Cap S&P 500 Index Separate Account
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8,430 shares
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446,326 | |||
*Principal Life Insurance Company
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Principal Small-Cap S&P 600 Index Separate Account
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11,347 shares
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285,312 | |||
*Principal Life Insurance Company
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Principal Mid-Cap Value I Separate Account
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16,067 shares
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568,218 | |||
*Principal Life Insurance Company
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Principal Large-Cap Growth I Separate Account
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168,603 shares
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1,865,814 | |||
11,317,966 | ||||||
Common collective trusts:
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*Principal Trust Company
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Principal Trust Target 2010 Fund
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37,889 shares
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515,449 | |||
*Principal Trust Company
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Principal Trust Target 2020 Fund
|
114,152 shares
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1,583,581 | |||
*Principal Trust Company
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Principal Trust Target 2030 Fund
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191,537 shares
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2,738,701 | |||
*Principal Trust Company
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Principal Trust Target 2040 Fund
|
103,644 shares
|
1,466,306 | |||
*Principal Trust Company
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Principal Trust Target 2050 Fund
|
55,476 shares
|
795,530 | |||
*Principal Trust Company
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Principal Trust Income Fund
|
4,126 shares
|
52,033 | |||
*Union Bond & Trust Company
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Principal Stable Value Fund
|
130,769 shares
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2,348,444 | |||
9,500,044 | ||||||
Participant Loans
|
4.25% to 9.25% per annum | 1,219,357 | ||||
$ |
28,537,541
|
PAPA JOHN’S INTERNATIONAL, INC. 401(k) PLAN
|
|||
Date: June 27, 2012
|
/s/ Lance F. Tucker | ||
Lance F. Tucker
|
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Senior Vice President and Chief | |||
Financial Officer |
Exhibit
Number
|
|
Description
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23
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Consent of Independent Registered Public Accounting Firm
|
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