Biglari Holdings Inc. 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Biglari Holdings’ Class A common stock and Class B common stock are listed for trading on the NYSE, trading symbol: BH.A and BH, respectively. Shareholders Biglari Holdings had 2,104 beneficial shareholders of its Class A common stock and 4,100 beneficial shareholders of its Class B common stock as of February 16, 2022. Dividends Biglari Holdings has never declared a dividend. Issuer Purchases of Equity Securities From November 22, 2021 through December 17, 2021, The Lion Fund II, L.P. purchased 198 shares of Class A common stock and 39,776 shares of Class B common stock. The Lion Fund II, L.P. may be deemed to be an “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended. The purchases were made through open market transactions. Total Number of Class A Shares Purchased Average Price Paid per Class A Share Total Number of Class B Shares Purchased Average Price Paid per Class B Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs October 1, 2021 – October 31, 2021 — $ — — $ — — — November 1, 2021 – November 30, 2021 198 $ 720.77 28,768 $ 143.25 — — December 1, 2021 – December 31, 2021 — $ — 11,008 $ 148.30 — — Total 198 39,776 — 11 Table of Contents Performance Graph 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. *$100 invested on 12/31/16 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. Copyright© 2022 Standard & Poor’s, a division of S&P Global. All rights reserved. The preceding stock price performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filings under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that we specifically incorporate it by reference into such filings. Securities Authorized for Issuance Under Equity Compensation Plans Biglari Holdings does not have any equity compensation plans. 12 Table of Contents Item 6. Selected Financial Data (dollars in thousands except per share data) 2021 2020 2019 2018 2017 Revenue: Restaurant operations $ 271,290 $ 350,666 $ 610,220 $ 775,690 $ 807,153 Insurance premiums and other 58,609 52,679 30,083 27,628 24,943 Oil and gas 33,004 26,255 24,436 — — 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 Earnings: Net earnings (loss) $ 35,478 $ (37,989) $ 45,380 $ 19,392 $ 50,071 Net earnings (loss) per equivalent Class A share $ 111.83 $ (110.05) $ 131.64 $ 55.71 $ 136.01 Year-end data: Total assets $ 894,807 $ 1,017,968 $ 1,139,309 $ 1,029,493 $ 1,063,584 Notes payable $ — $ 152,261 $ 180,264 $ 181,521 $ 182,990 Biglari Holdings Inc. shareholders’ equity $ 587,696 $ 564,828 $ 616,298 $ 570,455 $ 571,328 Earnings per share of common stock is based on the weighted average number of shares outstanding during the period. The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification 260, “Earnings Per Share.” We adopted ASC 606 "Revenue" on January 1, 2018, which resulted in recording initial franchise fees as deferred revenue. These fees are recognized as revenue over the term of the franchise agreement. 2017 has not been adjusted. 13 Table of Contents