<SEC-DOCUMENT>0001157523-18-000428.txt : 20180227
<SEC-HEADER>0001157523-18-000428.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180227162618
ACCESSION NUMBER:		0001157523-18-000428
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180227
DATE AS OF CHANGE:		20180227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAPA JOHNS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000901491
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				611203323
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21660
		FILM NUMBER:		18645437

	BUSINESS ADDRESS:	
		STREET 1:		2002 PAPA JOHNS BOULEVARD
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40299-2334
		BUSINESS PHONE:		5022617272

	MAIL ADDRESS:	
		STREET 1:		P O BOX 99900
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40269-9990
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51765201.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt">Washington,
      D.C. 20549</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Current Report</font><br><font style="font-size: 12pt">Pursuant
      to Section 13 or 15(d) of</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">The
      Securities Exchange Act of 1934</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Date of Report (Date of earliest event
      reported):</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">February
      27, 2018</font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Commission
      File Number: &#160;0-21660</font>
    </p>
    <p style="white-space: nowrap; text-align: center">
      <font style="font-size: 16pt"><b>PAPA JOHN&#8217;S INTERNATIONAL, INC.</b></font><br>&#160;(Exact
      name of registrant as specified in its charter)
    </p>
    <p style="white-space: nowrap; text-align: center">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 60%; font-family: Times New Roman; font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td valign="top" style="width: 50%; padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>61-1203323</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(State or other jurisdiction of</font>
          </p>
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(I.R.S. Employer Identification</font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">incorporation or organization)</font>
          </p>
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">Number)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>2002 Papa Johns Boulevard</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Louisville,
      Kentucky&#160;&#160;40299-2367</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Address
      of principal executive offices)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>(502) 261-7272</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Registrant&#8217;s
      telephone number, including area code)</font>
    </p>
    <p>
      <font style="font-size: 12pt">Check the appropriate box below if the
      Form 8-K filing is intended to simultaneously satisfy the filing
      obligation of the registrant under any of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      <font style="font-size: 12pt">Indicate by check mark whether the
      registrant is an emerging growth company as defined in Rule 405 of the
      Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
      Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font>
    </p>
    <p style="white-space: nowrap">
      <font style="font-size: 12pt">Emerging growth company [ ]&#160;&#160;</font>
    </p>
    <p>
      <font style="font-size: 12pt">If an emerging growth company, indicate by
      check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial
      accounting standards provided pursuant to Section 13(a) of the Exchange
      Act. [ ]&#160;&#160;</font>
    </p>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Section 2 &#8211; Financial Information</b>
    </p>
    <p>
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On February 27, 2018, Papa John&#8217;s International, Inc. issued a press
      release announcing fourth quarter 2017 financial results.
    </p>
    <p>

    </p>
    <p>
      <b>Section 9 &#8211; Financial Statements and Exhibits</b>
    </p>
    <p>
      <b>Item 9.01 Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;&#160;Exhibits
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 9%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td valign="bottom" style="width: 91%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 9%">

        </td>
        <td style="width: 91%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 9%; padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          99.1
        </td>
        <td valign="bottom" style="width: 91%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Papa John&#8217;s International, Inc. press release dated February 27,
            2018.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: left">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: left">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.
    </p>
    <p style="text-align: left">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <p style="font-size: 10pt">
            <u><b>PAPA JOHN&#8217;S INTERNATIONAL, INC.</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <p style="font-size: 10pt">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 60%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:&#160;February 27, 2018
          </p>
        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Lance F. Tucker</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          Lance F. Tucker
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President, Chief Financial<br>Officer and&#160;Chief
            Administrative Officer<br>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 10%; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td valign="bottom" style="width: 2%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="bottom" style="width: 88%; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51765201ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 88%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51765201ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated February 27, 2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51765201ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Papa
      John&#8217;s Announces Fourth Quarter 2017 Results and Provides 2018 Outlook</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--February 27, 2018--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the three months and full year ended December 31, 2017.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>GAAP earnings per diluted share of $0.81 and adjusted earnings per
        diluted share of $0.65 in the fourth quarter of 2017, excluding
        Special items; adjusted earnings per diluted share down 6% from the
        fourth quarter 2016</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>GAAP earnings per diluted share of $2.83 and adjusted earnings per
        diluted share of $2.62 for full year 2017, excluding Special items;
        adjusted earnings per diluted share up 3% over 2016</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>System-wide North America comparable sales decrease of 3.9% for the
        fourth quarter and increase of 0.1% for the full year</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>International comparable sales increases of 2.6% for the fourth
        quarter and 4.4% for the full year</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>98 net unit openings in the fourth quarter and 102 for the full
        year, of which all 102 were International</b>
      </li>
    </ul>
    <p>
      &#8220;We know our potential is so much greater than our results, and we are
      taking significant steps to reinvigorate our record of profitable growth
      and value creation,&#8221; said Steve Ritchie, CEO and President of Papa
      John&#8217;s. &#8220;Actions are underway to improve our brand proposition, how we
      connect with customers, and how we operate at the unit level. These
      actions build on all the strengths of the Papa John&#8217;s brand and include
      a fresh perspective around marketing driven by new media and creative
      partnerships, hiring a new PR partner, and bringing online a new engine
      to drive our Papa Rewards loyalty system. Based on these initiatives, we
      expect to see marked improvements in sales later in 2018. Our franchise
      partners in the US are fully aligned with our initiatives and are
      excited about this next chapter of the Papa John&#8217;s brand.&#8221;
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      GAAP and adjusted net income and diluted earnings per share results
      excluding Special items are summarized below. All highlights are
      compared to the same period of the prior year, unless otherwise noted on
      both a 53 week basis as well as a 52 week basis.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" colspan="29" style="padding-left: 0.0px; text-align: left">
          (In thousands, except per share amounts)
        </td>
      </tr>
      <tr>
        <td colspan="29">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="12" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="12" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 31,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 25,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>%</b><br><b>Change</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 31,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 25,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>%</b><br><b>Change</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          GAAP net income- 53 weeks
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          28,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -12.6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,820
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -0.5
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Special items(*)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (5,716
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (7,022
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -18.6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (7,576
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (7,022
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          7.9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted net income- 53 weeks
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          22,793
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          25,608
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -11.0
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          94,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          95,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -1.1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          53rd week
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (3,900
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (3,900
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted net income- 52 weeks
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,893
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          25,608
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -26.2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          90,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          95,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -5.2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          GAAP diluted EPS- 53 weeks
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -8.0
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.74
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Special items (*)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.16
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.19
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -15.8
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.21
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.19
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          10.5
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted diluted EPS- 53 weeks
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -5.8
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.7
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          53rd week
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.11
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.11
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted diluted EPS- 52 weeks
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -21.7
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.51
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -1.6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="29" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (*) <i>See Special items detail in &#8220;Items Impacting Comparability
            - Non-GAAP Presentation&#8221; table.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="29">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Revenue and Operating Highlights</b></u>
    </p>
    <p>
      Consolidated revenues for the fourth quarter were $467.6 million,
      increasing $27.9 million, or 6.4%, compared to the fourth quarter of
      2016. The fourth quarter and full year 2017 results include the benefit
      of the 53<sup>rd</sup> week of operations which contributed
      approximately $31.0 million. Excluding the 53<sup>rd</sup> week, the
      revenues for the fourth quarter of 2017 decreased $2.9 million or 0.7%.
      This decrease is primarily due to the decrease in company-owned
      restaurant sales due to negative comparable sales of 4.7% and the impact
      of refranchising 42 Domestic company-owned restaurants in the fourth
      quarter of 2016. These decreases were somewhat offset by increases in
      International revenues due to higher comparable sales of 2.6% and an
      increase in equivalent units as well as an increase in North America
      commissary sales due to higher commodity prices. Foreign currency
      exchange rates during the fourth quarter of 2017 favorably impacted
      International revenues by approximately $1.8 million.
    </p>
    <p>
      Consolidated revenues for the full year 2017 were $1.78 billion,
      increasing $69.7 million, or 4.1%, compared to 2016. Excluding the 53<sup>rd</sup>
      week, 2017 revenues increased $38.8 million, or 2.3%, compared to 2016.
      This increase was primarily due to higher North America commissary sales
      from commodity price increases and higher volumes. International
      revenues also increased due to higher comparable sales of 4.4% and an
      increase in equivalent units. The increased revenues from International
      were somewhat offset by the impact of unfavorable foreign currency
      exchange rates approximating $4.1 million. North America franchise
      revenues also increased primarily due to the impact of refranchising 42
      Domestic company-owned restaurants in the fourth quarter of 2016; this
      increase was more than offset by a related decrease in Domestic
      company-owned restaurant sales.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Consolidated income before income taxes of $32.1 million for the fourth
      quarter of 2017 decreased $18.5 million, or 36.6%, compared to the
      fourth quarter of 2016. Excluding the impact of Special items, adjusted
      income before income taxes was $33.7 million for the fourth quarter of
      2017, a decrease of $5.7 million, or 14.5%, compared to the fourth
      quarter of 2016 as detailed below. Adjusted income before income taxes
      as a percentage of consolidated revenues was 7.2% for the fourth quarter
      of 2017, a decrease of 1.8% compared to the fourth quarter of fiscal
      2016. See &#8220;Items Impacting Comparability - Non-GAAP Presentation&#8221; table
      for more details.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic company-owned restaurant operating income decreased $6.1
        million, or as a percentage of related revenues decreased 3.3%. This
        was primarily attributable to the impact of negative comparable sales,
        higher vehicle and workers&#8217; compensation insurance costs and higher
        commodities prices. The higher labor costs from higher minimum wages
        were offset by lower restaurant bonuses due to the lower sales and
        operating results. The decrease in operating income was somewhat
        offset by the benefit from the 53<sup>rd</sup> week of operations of
        approximately $2.4 million.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary and other operating income increased
        approximately $500,000 but as a percentage of related revenues,
        decreased 0.4%. The benefit from the 53<sup>rd</sup> week of
        operations was approximately $2.0 million. The operating income
        decrease excluding the benefit of the 53<sup>rd</sup> week was due
        primarily to higher online operating costs due to digital initiatives
        as well as lower operating income in our print and promotions
        subsidiary from lower revenues. North America commissary operating
        income approximated the prior year.
      </li>
      <li style="margin-bottom: 10.0px">
        International operating income increased $3.3 million, or 1.5% as a
        percentage of related international revenues. The benefit from the 53<sup>rd</sup>
        week of operations was approximately $700,000. The additional increase
        in operating income was primarily due to both higher revenues on
        higher comparable sales and equivalent units and the favorable timing
        of marketing spend in the United Kingdom, which had no impact on full
        year results.
      </li>
      <li style="margin-bottom: 10.0px">
        General and administrative costs increased $450,000, improving 0.5% as
        a percentage of consolidated revenues. Excluding the impact of the 53<sup>rd</sup>
        week of $900,000, general and administrative costs were down $450,000
        primarily attributable to lower management incentive costs of $4.7
        million, substantially offset by higher salaries and benefits.
      </li>
      <li style="margin-bottom: 10.0px">
        Interest expense increased $2.9 million, or 154.2%, for the fourth
        quarter. This increase was attributable to both an increase in average
        outstanding debt, which is primarily due to share repurchases, as well
        as higher interest rates.
      </li>
    </ul>
    <p>
      Consolidated income before income taxes was $140.3 million, a decrease
      of $18.5 million, or 11.6%, for the year ended December 31, 2017.
      Excluding the impact of Special items, adjusted income before income
      taxes was $142.0 million, a decrease of $5.7 million, or 3.8% for the
      year ended December 31, 2017, which was driven by the fourth quarter
      results, as previously discussed. Adjusted income before income taxes as
      a percentage of consolidated revenues was 8.0%, a decrease of 0.6% for
      the full year.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The effective income tax rates were 9.6% and 24.1% for the fourth
      quarter and full year 2017, respectively, representing decreases of
      22.6% and 7.2% from the prior year comparable periods. The decreases in
      the effective income tax rates for the fourth quarter and full year are
      primarily attributable to the impact of the &#8220;Tax Cuts and Jobs Act,&#8221;
      (the &#8220;Tax Act&#8221;) which was signed into law on December 22, 2017. The Tax
      Act contains substantial changes to the Internal Revenue Code including
      a reduction of the U.S. corporate tax rate from 35% to 21% effective
      January 1, 2018. As a result of the enactment of this tax legislation in
      2017, deferred tax assets and liabilities were remeasured. This
      remeasurement yielded a one-time benefit of approximately $7 million in
      the fourth quarter of 2017. See &#8220;Items Impacting Comparability-Non-GAAP
      Presentation&#8221; table for more details. Given the substantial changes
      associated with the Tax Act, the estimated remeasurement of deferred
      taxes for fourth quarter and the full year 2017 are provisional and
      subject to further interpretation and clarification of the Tax Act.
    </p>
    <p>
      Diluted earnings per share (&#8220;EPS&#8221;) decreased 8.0% for the fourth quarter
      of 2017 and increased 3.3% for the full year. Excluding Special items,
      adjusted diluted EPS was $0.65 for the fourth quarter, a decrease of
      5.8%. The decrease is primarily attributable to the lower operating
      income results previously discussed, which more than offset the
      favorable impact of the 53<sup>rd</sup> week. The 2017 full year
      adjusted diluted EPS was $2.62, an increase of 2.7% over 2016 EPS of
      $2.55. This full year increase includes the $0.11 favorable impact of
      the 53<sup>rd</sup> week, a favorable tax rate and lower share count.
      These favorable items were somewhat offset by other decreases in income,
      as previously discussed.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant and Comparable Sales Information</b></u>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="6" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="6" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 31,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 25,</b><br><b>2016</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 31,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 25,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Global restaurant sales growth (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          9.9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          5.3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          5.8
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          5.2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Global restaurant sales growth, excluding the impact of foreign
            currency (a)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          9.6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          7.0
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          6.3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          6.8
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Comparable sales growth (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Domestic company-owned restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4.7
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4.8
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4.4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          North America franchised restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (3.5
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          3.4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          3.1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 4.0px">
          System-wide North America restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          (3.9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          3.8
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          3.5
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 4.0px">
          System-wide international restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2.6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          5.6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          4.4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          6.0
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (a)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Includes both company-owned and franchised restaurant sales.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (b)
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Represents the change in year-over-year sales for the same base of
          restaurants for the same fiscal periods. Comparable sales results
          for restaurants operating outside of the United States are reported
          on a constant dollar basis, which excludes the impact of foreign
          currency translation.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We believe global restaurant and comparable sales growth information, as
      defined in the table above, is useful in analyzing our results since our
      franchisees pay royalties that are based on a percentage of franchise
      sales. Franchise sales generate commissary revenue in the United States
      and in certain international markets. Global restaurant and comparable
      sales growth information is also useful in analyzing industry trends and
      the strength of our brand. Management believes the presentation of
      global restaurant sales growth excluding the impact of foreign currency
      provides investors with useful information regarding underlying sales
      trends by presenting sales growth excluding the external factor of
      foreign currency exchange. Franchise restaurant sales are not included
      in company revenues.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Free Cash Flow</b></u>
    </p>
    <p>
      The company&#8217;s free cash flow, a non-GAAP financial measure, for the full
      year of 2017 and 2016 was as follows (in thousands):
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="8" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Full Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: center">
          <b>Dec. 31</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: center">
          <b>Dec. 25</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net cash provided by operating activities (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          134,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          150,257
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (52,594
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (55,554
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Free cash flow
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          82,381
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          94,703
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (a) The decrease of $15.3 million was primarily due to changes in
            working capital amounts.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We define free cash flow as net cash provided by operating activities
      (from the consolidated statements of cash flows) less the amounts spent
      on the purchase of property and equipment. We view free cash flow as an
      important measure because it is a factor that management uses in
      determining the amount of cash available for discretionary investment.
      Free cash flow is not a term defined by GAAP, and as a result, our
      measure of free cash flow might not be comparable to similarly titled
      measures used by other companies. Free cash flow should not be construed
      as a substitute for or a better indicator of the company&#8217;s liquidity or
      performance than the company&#8217;s GAAP measures.
    </p>
    <p>
      See the Management&#8217;s Discussion and Analysis of Financial Condition and
      Results of Operations section of our Annual Report on Form 10-K filed
      with the Securities and Exchange Commission (SEC) for additional
      information concerning our operating results and cash flow for the full
      year ended December 31, 2017.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant Unit Data</b></u>
    </p>
    <p>
      At December 31, 2017, there were 5,199 Papa John&#8217;s restaurants operating
      in all 50 states and in 44 international countries and territories, as
      follows:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Domestic</b><br><b>Company-</b><br><b>owned</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Franchised</b><br><b>North</b><br><b>America</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total North</b><br><b>America</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>International</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>System-wide</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Fourth Quarter</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Beginning - September 24, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,441
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,660
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,101
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Opened
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          160
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Closed
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (41
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (42
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (20
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (62
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Ending - December 31, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          708
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2,733
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          3,441
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          1,758
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          5,199
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Year-to-date</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Beginning - December 25, 2016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          702
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,739
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,441
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,097
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Opened
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          119
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          376
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Closed
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (116
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (119
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (155
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (274
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Ending - December 31, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          708
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2,733
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          3,441
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          1,758
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          5,199
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Unit growth (decline)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          6
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          (6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          102
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          102
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          % increase (decrease)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          (0.2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          6.2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2.0
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The 2017 International franchise closures include 66 India closures for
      the year ended December 31, 2017. There was no significant impact on our
      2017 operating results from the closure of the market.
    </p>
    <p>
      Our development pipeline as of December 31, 2017 includes 1,190
      restaurants (200 units in North America and 990 units internationally),
      the majority of which are scheduled to open over the next six years.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Items Impacting Comparability &#8211; Non-GAAP Presentation</b></u>
    </p>
    <p>
      The following table reconciles our GAAP financial results to our
      adjusted financial results, which are non-GAAP measures, for the fourth
      quarter and full year ended December 31, 2017 and December 25, 2016:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="8" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="8" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Full Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>Dec. 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>Dec. 25,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>Dec. 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>Dec. 25,</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          (In thousands, except per share amounts)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          GAAP income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          50,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          140,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          158,809
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Special items:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Refranchising and impairment (gains)/losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,674
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (10,222
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,674
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (10,222
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Legal settlement
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (898
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (898
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Adjusted income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>33,738</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>39,453</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>142,016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>147,689</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          53rd week
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (5,900
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (5,900
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Adjusted income before income taxes - 52 weeks</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>27,838</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>39,453</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>136,116</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>147,689</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          GAAP net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          28,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,820
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Special items, net of income taxes:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Refranchising and impairment (gains)/losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6,455
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6,455
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Legal settlement
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (567
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (567
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          U.S. tax legislation effect on deferred taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7,020
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7,020
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Equity compensation tax benefit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (19
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1,879
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Adjusted net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>22,793</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>25,608</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>94,716</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>95,798</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          53rd week
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (3,900
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (3,900
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Adjusted net income - 52 weeks</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>18,893</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>25,608</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>90,816</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>95,798</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          GAAP diluted earnings per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.74
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Special items:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Refranchising and impairment (gains)/losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.17
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.17
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Legal settlement
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.02
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.02
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          U.S. tax legislation effect on deferred taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.20
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.20
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Equity compensation tax benefit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.05
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Adjusted diluted earnings per share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>0.65</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>0.69</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2.62</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2.55</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          53rd week
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.11
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (0.11
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Adjusted diluted earnings per share - 52 weeks</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>0.54</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>0.69</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>2.51</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>2.55</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Refranchising and impairment (gains)/losses includes impairment charges
      in 2016 and 2017 related to our company-owned stores in China that are
      held for sale. 2016 also includes a refranchising gain from the sale of
      the company&#8211;owned Phoenix market with 42 restaurants to a franchisee.
    </p>
    <p>
      The legal settlement represents the favorable 2016 finalization related
      to the collective and class action litigation, <i>Perrin v. Papa John&#8217;s
      International, Inc. and Papa John&#8217;s USA, Inc</i>.
    </p>
    <p>
      U.S. tax legislation effect on deferred taxes is related to the
      remeasurement of the net deferred tax liability due to the Tax Cuts and
      Jobs Act.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      2017 also includes the favorable impact of adopting the new guidance for
      accounting for share-based compensation. This guidance requires excess
      tax benefits recognized on stock based awards to be recorded as a
      reduction of income tax expense rather than stockholders&#8217; equity.
    </p>
    <p>
      The non-GAAP adjusted results shown should not be construed as a
      substitute for or a better indicator of the company&#8217;s performance than
      the company&#8217;s GAAP results. Management believes presenting the financial
      information excluding these items is important for purposes of
      comparison to prior year results. In addition, management uses these
      metrics to evaluate the company&#8217;s underlying operating performance, to
      analyze trends, and to determine compensation.
    </p>
    <p>
      <u><b>Share Repurchase Activity</b></u>
    </p>
    <p>
      The following table reflects our repurchases for the fourth quarter and
      full year 2017 and subsequent repurchases through February 20, 2018 (in
      thousands):
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Period</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b><br><b>of Shares</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Cost</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Fourth Quarter 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          87,881
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Full Year 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          209,586
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          January 1, 2018 through February 20, 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,713
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      There were 35.1 million and 36.5 million diluted weighted average shares
      outstanding for the fourth quarter and full year ended December 31,
      2017, representing decreases of 6.1% and 2.9%, respectively, over the
      prior year comparable periods. Approximately 34.1 million actual shares
      of the company&#8217;s common stock were outstanding as of December 31, 2017.
    </p>
    <p>
      The Company expects to repurchase shares in an amount equal to the
      remaining authorization by the end of 2019. The timing and volume of
      share repurchases may be executed at the discretion of management on an
      opportunistic basis, or pursuant to trading plans or other arrangements.
      Any share repurchase under this program may be made in the open market,
      in privately negotiated transactions, or otherwise. The Company
      continues to evaluate the use of an accelerated share repurchase program
      to execute a portion of the share repurchase authorization. There can be
      no assurance as to the amount, timing or prices of repurchases, whether
      through an accelerated share repurchase program or otherwise. The
      specific timing and amount of repurchases will vary based on prevailing
      market conditions and other factors. Repurchases under the Company&#8217;s
      share repurchase program may be commenced or suspended from time to time
      at the Company&#8217;s discretion without prior notice.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      We paid a cash dividend of approximately $7.8 million ($0.225 per common
      share) during the fourth quarter of 2017. Subsequent to the fourth
      quarter, on February 2, 2018, our Board of Directors declared a fourth
      quarter dividend of $0.225 per common share (approximately $7.6 million
      based on the current number of shares outstanding). The dividend was
      paid on February 23, 2018 to shareholders of record as of the close of
      business on February 12, 2018. The declaration and payment of any future
      dividends will be at the discretion of our Board of Directors, subject
      to the company&#8217;s financial results, cash requirements, and other factors
      deemed relevant by our Board of Directors.
    </p>
    <p>
      <u><b>2018 Key Operating Assumptions and Financial Outlook</b></u>
    </p>
    <p>
      In 2018, the Company is targeting the following performance:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Diluted EPS of $2.40 to $2.60 in comparison to the $2.83 2017 GAAP
        EPS. Excluding the $0.11 impact of the 53<sup>rd</sup> week in 2017,
        EPS decrease is 4.5% to 12.0% on adjusted 2017 EPS of $2.72. 2018
        Diluted EPS outlook also includes the following assumptions:

        <ul>
          <li style="margin-bottom: 10.0px">
            EPS will decrease $0.30 to $0.40 due to lower operating results,
            primarily from expected continued pressure on Domestic
            restaurants&#8217; sales, higher delivery and insurance costs for our
            company-owned restaurants and the higher costs for technology and
            marketing investments.
          </li>
          <li style="margin-bottom: 10.0px">
            EPS will decrease $0.05 to $0.10 related to the impact of the new
            revenue recognition standard.
          </li>
          <li style="margin-bottom: 10.0px">
            EPS will increase an additional $0.04 to $0.10 for the favorable
            impact of U.S. tax legislation above the $0.20 favorable impact in
            2017. Our preliminary 2018 income tax rate estimates are 20% to
            24%. These estimates are provisional and subject to further
            interpretation and clarification of the legislation. The tax rate
            excludes any tax impact from a potential divestiture of our China
            company-owned operations.
          </li>
          <li style="margin-bottom: 10.0px">
            EPS will increase $0.05 to $0.10 due to share repurchases.
          </li>
        </ul>
      </li>
      <li style="margin-bottom: 10.0px">
        North America comparable sales of negative 3% to flat
      </li>
      <li style="margin-bottom: 10.0px">
        International comparable sales of 3.0% - 5.0%
      </li>
      <li style="margin-bottom: 10.0px">
        Net global new unit growth of 3.0% - 5.0%
      </li>
      <li style="margin-bottom: 10.0px">
        Block cheese prices are projected to be in the low $1.60&#8217;s
      </li>
      <li style="margin-bottom: 10.0px">
        Capital expenditures of $45 - $55 million
      </li>
      <li style="margin-bottom: 10.0px">
        Total Debt/EBITDA ratio of 3.0x to 3.5x
      </li>
    </ul>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Conference Call and Website Information</b></u>
    </p>
    <p>
      A conference call is scheduled for February 27, 2018 at 5:00 p.m.
      Eastern Time to review our fourth quarter and full year 2017 earnings
      results. The call can be accessed from the company&#8217;s web page at <u>www.papajohns.com</u>
      in a listen-only mode, or dial 877-312-8816 (U.S. and Canada) or
      253-237-1189 (international). The conference call will be available for
      replay, including by downloadable podcast, from the company&#8217;s web site
      at <u>www.papajohns.com</u>. The Conference ID is 24776789.
    </p>
    <p>
      Investors and others should note that we announce material financial
      information to our investors using our investor relations website, press
      releases, SEC filings and public conference calls and webcasts. We
      intend to use our investor relations website as a means of disclosing
      information about our business, our financial condition and results of
      operations and other matters and for complying with our disclosure
      obligations under Regulation FD. The information we post on our investor
      relations website, including information contained in investor
      presentations, may be deemed material. Accordingly, investors should
      monitor our investor relations website, in addition to following our
      press releases, SEC filings and public conference calls and webcasts. We
      encourage investors and others to sign up for email alerts at our
      investor relations page under Shareholder Tools at the bottom right side
      of the page. These email alerts are intended to help investors and
      others to monitor our investor relations website by notifying them when
      new information is posted on the site.
    </p>
    <p>
      <u><b>Forward-Looking Statements</b></u>
    </p>
    <p>
      Certain matters discussed in this press release and other company
      communications constitute forward-looking statements within the meaning
      of the federal securities laws. Generally, the use of words such as
      &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221;
      &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; or similar words identify forward-looking
      statements that we intend to be included within the safe harbor
      protections provided by the federal securities laws. Such
      forward-looking statements may relate to projections or guidance
      concerning business performance, revenue, earnings, cash flow,
      contingent liabilities, resolution of litigation, commodity costs,
      profit margins, unit growth, unit level performance, capital
      expenditures, share repurchases, dividends, effective tax rates, the
      impact of the Tax Cuts and Job Act and the adoption of new accounting
      standards, and other financial and operational measures. Such statements
      are not guarantees of future performance and involve certain risks,
      uncertainties and assumptions, which are difficult to predict and many
      of which are beyond our control. Therefore, actual outcomes and results
      may differ materially from those matters expressed or implied in such
      forward-looking statements. The risks, uncertainties and assumptions
      that are involved in our forward-looking statements include, but are not
      limited to:
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        aggressive changes in pricing or other marketing or promotional
        strategies by competitors, which may adversely affect sales and
        profitability; and new product and concept developments by food
        industry competitors;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in consumer preferences or consumer buying habits, including
        the growing popularity of delivery aggregators, as well as changes in
        general economic conditions or other factors that may affect consumer
        confidence and discretionary spending;
      </li>
      <li style="margin-bottom: 10.0px">
        the adverse impact on the company or our results caused by product
        recalls, food quality or safety issues, incidences of foodborne
        illness, food contamination and other general public health concerns
        about our company-owned or franchised restaurants or others in the
        restaurant industry;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to maintain our brand strength, quality reputation and
        consumer enthusiasm for our better ingredients marketing and
        advertising strategy, or our ability to manage social media and shift
        to more effective digital marketing strategies;
      </li>
      <li style="margin-bottom: 10.0px">
        the ability of the company and its franchisees to meet planned growth
        targets and operate new and existing restaurants profitably, including
        difficulties finding qualified franchisees, store level employees or
        suitable sites;
      </li>
      <li style="margin-bottom: 10.0px">
        increases in food costs or sustained higher other operating costs.
        This could include increased employee compensation, benefits,
        insurance, tax rates, new regulatory requirements or increasing
        compliance costs;
      </li>
      <li style="margin-bottom: 10.0px">
        increases in insurance claims and related costs for programs funded by
        the company up to certain retention limits, including medical, owned
        and non-owned vehicles, workers&#8217; compensation, general liability and
        property;
      </li>
      <li style="margin-bottom: 10.0px">
        disruption of our supply chain or commissary operations which could be
        caused by our sole source of supply of cheese or limited source of
        suppliers for other key ingredients or more generally due to weather,
        natural disasters including drought, disease, or geopolitical or other
        disruptions beyond our control;
      </li>
      <li style="margin-bottom: 10.0px">
        increased risks associated with our international operations,
        including economic and political conditions, instability or
        uncertainty in our international markets, especially emerging markets,
        fluctuations in currency exchange rates, difficulty in meeting planned
        sales targets and new store growth, and;
      </li>
      <li style="margin-bottom: 10.0px">
        the impact of current or future claims and litigation, including labor
        and employment-related claims;
      </li>
      <li style="margin-bottom: 10.0px">
        current, proposed or future legislation that could impact our business;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to effectively execute succession planning;
      </li>
      <li style="margin-bottom: 10.0px">
        disruption of critical business or information technology systems, or
        those of our suppliers, and risks associated with systems failures and
        data privacy and security breaches, including theft of confidential
        company, employee and customer information, including payment cards;
        and
      </li>
      <li style="margin-bottom: 10.0px">
        changes in Federal or state income, general and other tax laws, rules
        and regulations, including changes from the Tax Cuts and Jobs Act and
        any related Treasury regulations, rules or interpretations if and when
        issued; and
      </li>
      <li style="margin-bottom: 10.0px">
        changes in generally accepted accounting principles including new
        standards for revenue recognition and leasing.
      </li>
    </ul>
    <p>
      These and other risk factors are discussed in detail in &#8220;Part I. Item
      1A. &#8211; Risk Factors&#8221; in our Annual Report on Form 10-K for the fiscal
      year ended December 31, 2017. We undertake no obligation to update
      publicly any forward-looking statements, whether as a result of future
      events, new information or otherwise, except as required by law.
    </p>
    <p>
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="21" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Papa John&#8217;s International, Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="21" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="8" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="8" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>December 31, 2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>December 25, 2016</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>December 31, 2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>December 25, 2016</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (In thousands, except per share amounts)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: center">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: center">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Domestic company-owned restaurant sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          210,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          206,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          816,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          815,931
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          North America franchise royalties and fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          26,967
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          26,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          106,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,980
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          North America commissary and other sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          194,095
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          177,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          733,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          681,606
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          International
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          35,745
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          28,247
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          126,285
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          113,103
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          467,606
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          439,619
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,783,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,713,620
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Costs and expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Operating costs (excluding depreciation and amortization shown
            separately below):
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Domestic company-owned restaurant expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          174,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          165,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          664,640
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          651,536
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          North America commissary and other expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          180,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          164,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          685,206
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          631,475
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          International expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          21,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          17,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          78,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          71,509
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,393
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          158,183
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          163,812
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          11,376
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          10,598
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          43,668
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          40,987
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          429,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          398,430
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,630,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,559,319
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Refranchising and impairment gains/(losses), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1,674
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          10,222
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1,674
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          10,222
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          36,604
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          51,411
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          151,017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          164,523
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Legal settlement expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          898
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          898
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Net interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (4,540
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1,736
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (10,675
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (6,612
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          50,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          140,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          158,809
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          3,089
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          16,294
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          33,817
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          49,717
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          28,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          34,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          106,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          109,092
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (466
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (1,649
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (4,233
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (6,272
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Net income attributable to the company</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          28,509
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          32,630
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          102,292
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          102,820
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of income for earnings per share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income attributable to the company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          28,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102,820
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Change in noncontrolling interest redemption value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          225
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          567
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Net income attributable to participating securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (118
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (132
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (423
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (420
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          28,391
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          32,723
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          103,288
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          102,967
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Basic earnings per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.82
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.89
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2.86
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2.76
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Diluted earnings per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.81
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.88
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2.83
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2.74
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          34,745
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          36,892
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          36,083
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          37,253
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          35,052
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          37,311
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          36,522
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          37,608
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Dividends declared per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.225
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.750
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Papa John&#8217;s International, Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>December 25,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (In thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          22,345
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          15,563
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          64,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          59,691
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Notes receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,333
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,417
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,372
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          30,620
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          25,132
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          38,016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          33,143
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Assets held for sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          6,133
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          6,257
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          169,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          145,575
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          234,331
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          230,473
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Notes receivable, less current portion, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          15,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,141
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          86,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          85,529
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          585
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          769
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          48,183
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          40,078
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          555,553
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          512,565
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Liabilities and stockholders&#8217; equity (deficit)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          42,701
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,540
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          70,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          76,789
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          20,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          -
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          132,860
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          128,030
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,652
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,313
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Long-term debt, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          446,565
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          299,820
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,047
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          60,146
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          53,093
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          654,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          494,303
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,461
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total stockholders&#8217; equity (deficit)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (105,954
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          9,801
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total liabilities, redeemable noncontrolling interests and
            stockholders&#8217; equity (deficit)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          555,553
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          512,565
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      Note: The Condensed Consolidated Balance Sheets have been derived from
      the audited consolidated financial statements, but do not include all
      information and footnotes required by accounting principles generally
      accepted in the United States for a complete set of financial statements.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" colspan="11" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Papa John&#8217;s International, Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="middle" colspan="11" style="padding-left: 0.0px; text-align: center">
          <b>Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="8" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          (In thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>December 31, 2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>December 25, 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income before attribution to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          106,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          109,092
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Provision for uncollectible accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          409
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          43,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,987
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,624
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Stock-based compensation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,123
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Gain on refranchising
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (11,572
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Impairment loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,674
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,350
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,375
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,337
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Changes in operating assets and liabilities, net of acquisitions:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7,358
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,557
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,531
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,100
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,485
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,639
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,572
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,210
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Other assets and liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (742
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6,269
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (8,743
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (916
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,012
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7,960
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (661
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          1,235
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          134,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          150,257
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (52,593
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (55,554
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (8,103
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,210
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Repayments of loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,569
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Acquisitions, net of cash acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (21
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (13,352
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from divestitures of restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,844
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          34
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          429
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (56,498
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (46,274
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from issuance of term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          400,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Repayments of term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,000
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net (repayments) proceeds of revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (225,575
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          44,575
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Debt issuance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,181
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (30,720
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (27,896
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,428
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6,024
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,260
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,060
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Acquisition of Company common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (209,586
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (122,381
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Contributions from noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          690
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Distributions to noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,449
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,610
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          663
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          556
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net cash used in financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (72,060
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (109,030
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Effect of exchange rate changes on cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          365
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (396
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,782
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,443
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          15,563
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          21,006
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Cash and cash equivalents at end of period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          22,345
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          15,563
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Papa John&#8217;s International, Inc.<br>Lance Tucker,
      502-261-7272<br>Chief Financial Officer<br>or<br>Steve Coke, 502-261-7272<br>Vice
      President of Investor Relations and Strategy
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
