XML 80 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
 12 Months Ended
Dec. 25, 2013
Stockholders' Equity Attributable to Parent [Abstract]  
Shareholders' Equity
Share Repurchases

Our Old Credit Facility permitted and our New Credit Facility permits the payment of cash dividends and the purchase of Denny’s Corporation Common Stock subject to certain limitations. Over the past several years, our Board of Directors has approved share repurchase programs authorizing us to repurchase up to a set amount of shares of our Common Stock. Under the programs, we could, from time to time, purchase shares in the open market (including pre-arranged stock trading plans in accordance with guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934) or in privately negotiated transactions, subject to market and business conditions.

During 2013, 2012 and 2011, the Board approved share repurchase programs for 10.0 million, 6.0 million and 6.0 million shares, respectively. During 2013, 2012 and 2011, we repurchased 4.2 million, 4.8 million and 5.7 million shares for a total of $24.7 million, $22.2 million and $21.6 million, respectively, thus completing the 2010, 2011 and 2012 repurchase programs. As of December 25, 2013, there are 9.2 million shares remaining to be repurchased under the 2013 repurchase program.

Repurchased shares are included as treasury stock in the Consolidated Balance Sheets and the Consolidated Statements of Shareholders' Equity.

Accumulated Other Comprehensive Loss

The components of the change in accumulated other comprehensive loss were as follows:

 
Pensions
 
Derivatives
 
Accumulated Other Comprehensive Loss
 
(In thousands)
Balance as of December 29, 2010
$
(19,199
)
 
$
—

 
$
(19,199
)
Benefit obligation actuarial loss
(7,424
)
 
—

 
(7,424
)
Net loss
(2,841
)
 
—

 
(2,841
)
Amortization of net loss
1,036

 
—

 
1,036

Income tax benefit related to items of other comprehensive loss
3,615

 
—

 
3,615

Balance as of December 28, 2011
$
(24,813
)
 
$
—

 
$
(24,813
)
Benefit obligation actuarial loss
(4,802
)
 
—

 
(4,802
)
Net gain
2,610

 
—

 
2,610

Amortization of net loss
1,815

 
—

 
1,815

Income tax benefit related to items of other comprehensive loss
191

 
—

 
191

Balance as of December 26, 2012
$
(24,999
)
 
$
—

 
$
(24,999
)
Benefit obligation actuarial gain
7,873

 
—

 
7,873

Net gain
876

 
—

 
876

Amortization of net loss
1,724

 
—

 
1,724

Net change in fair value of derivatives
—

 
3,032

 
3,032

Income tax expense related to items of other comprehensive income
(4,164
)
 
(1,184
)
 
(5,348
)
Balance as of December 25, 2013
$
(18,690
)
 
$
1,848

 
$
(16,842
)


During the years ended December 25, 2013, December 26, 2012 and December 28, 2011, before-tax amortization of net losses of $1.7 million, $1.8 million and $1.0 million, respectively, were reclassified from accumulated other comprehensive loss and included as a component of pension expense within general and administrative expenses in our Consolidated Statements of Income. The tax effect of the reclassifications was expense of $0.7 million, $0.7 million and $0.4 million, respectively. See Note 11 for additional details.