−Removed: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
+Added: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Market Information
15 unchanged sentences
Performance Graph
−Removed: The graph below matches Biglari Holdings Inc.'s cumulative 5-year total shareholder return on its Class A common stock and Class B common stock (on an equivalent Class A common stock basis) with the cumulative total returns of the S&P 500 Index and the S&P Restaurants Index.
+Added: The graph below compares Biglari Holdings Inc.’s cumulative 5-year total shareholder return on its Class A common stock and Class B common stock (on an equivalent Class A common stock basis) with the cumulative total returns of the S&P 500 Index and the S&P Restaurants Index.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2016 to December 31, 2021.
9 unchanged sentences
2021 2020 2019 2018 2017
+Added: Restaurant operations $ 271,290 $ 350,666 $ 610,220 $ 775,690 $ 807,153
+Added: Insurance premiums and other 58,609 52,679 30,083 27,628 24,943
+Added: Oil and gas 33,004 26,255 24,436 — —
+Added: Licensing and media 3,203 4,083 4,099 6,576 7,708
Total revenues $ 366,106 $ 433,683 $ 668,838 $ 809,894 $ 839,804
3 unchanged sentences
Total assets $ 894,807 $ 1,017,968 $ 1,139,309 $ 1,029,493 $ 1,063,584
−Removed: Long-term notes payable and other borrowings $ 75,182 $ 263,182 $ 240,001 $ 256,994 $ 281,555
+Added: Notes payable $ — $ 152,261 $ 180,264 $ 181,521 $ 182,990
Biglari Holdings Inc.
1 unchanged sentence
Earnings per share of common stock is based on the weighted average number of shares outstanding during the period.
−Removed: The issuance of dual class common stock on April 30, 2018 is applied to years 2016 and 2017 on a retrospective basis for the calculation of earnings per share.
The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification 260, “Earnings Per Share.”
−Removed: As of January 1, 2018, franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees.
−Removed: Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned.
−Removed: Franchise royalties are billed on a monthly basis.
−Removed: Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.
−Removed: This represents a change in methodology under the January 1, 2018 adoption of Accounting Standards Codification 606 for we have historically recognized initial franchise fees upon the opening of a franchise restaurant.
−Removed: Comparative prior periods have not been adjusted.
−Removed: As of December 31, 2020, long-term notes payable and other borrowings of $75,182 were financial lease obligations.
−Removed: The Company’s note payable on December 31, 2020, was classified as current and was repaid in full on February 19, 2020.
+Added: We adopted ASC 606 "Revenue" on January 1, 2018, which resulted in recording initial franchise fees as deferred revenue.
+Added: These fees are recognized as revenue over the term of the franchise agreement.
+Added: 2017 has not been adjusted.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.