Description of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 25, 2011

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities that were measured at fair value on a recurring basis as of December 25, 2011 and December 26, 2010 are as follows:

	Carrying		Fair Value Measurements
(In thousands)	Value		Level 1		Level 2		Level 3
December 25, 2011
Financial assets:
Cash surrender value of life insurance policies *	$	11,387	$	11,387	$	-	$	-
Interest rate swap		11		-		11		-
December 26, 2010
Financial assets:
Cash surrender value of life insurance policies *	$	12,455	$	12,455	$	-	$	-
Financial liabilities:
Interest rate swaps		313		-		313		-
* Represents life insurance held in our non-qualified deferred compensation plan.

Calculations of Basic Earnings per Common Share and Earnings per Common Share - Assuming Dilution

The calculations of basic earnings per common share and earnings per common share – assuming dilution for the years ended December 25, 2011, December 26, 2010 and December 27, 2009 are as follows (in thousands, except per share data):

	2011		2010		2009
	(As Restated)		(As Restated)		(As Restated)
Basic earnings per common share:
Net income, net of redeemable noncontrolling interests	$	54,735	$	52,578	$	53,729
Weighted average shares outstanding		25,043		26,328		27,738
Basic earnings per common share	$	2.19	$	2.00	$	1.94
Earnings per common share - assuming dilution:
Net income, net of redeemable noncontrolling interests	$	54,735	$	52,578	$	53,729
Weighted average shares outstanding		25,043		26,328		27,738
Dilutive effect of outstanding equity awards		267		140		171
Diluted weighted average shares outstanding		25,310		26,468		27,909
Earnings per common share - assuming dilution	$	2.16	$	1.99	$	1.93

Schedule of Joint Venture Arrangements

Papa John’s controlled two joint venture arrangements as of December 25, 2011, December 26, 2010 and December 27, 2009, which were as follows:

				Noncontrolling
	Restaurants as of	Restaurant	Papa John's	Interest
	December 25, 2011 *	Locations	Ownership *	Ownership *
Star Papa, LP	76	Texas	51%	49%
Colonel's Limited, LLC	52	Maryland and Virginia	70%	30%

Schedule of Income Before Income Tax Attributable to Joint Ventures

The income before income tax attributable to the joint ventures for the last three years is as follows:

	Year Ended
(In thousands)	2011		2010		2009
Papa John's International, Inc.	$	6,184	$	5,658	$	6,171
Noncontrolling interests		3,732		3,485		3,756
Total income before income tax	$	9,916	$	9,143	$	9,927