Item 5. Market for Registrant’s Common Equity
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on The Nasdaq Global Select Market under the symbol CAKE. There were approximately 1,375 holders of record of our common stock at February 14, 2022, and we estimate there were approximately 172,200 beneficial stockholders on that date.
Under authorization by our Board to repurchase up to 56.0 million shares of our common stock, we have cumulatively repurchased 53.1 million shares at a total cost of $1,702.5 million through December 28, 2021 with 13,098 shares repurchased at a cost of $0.5 million during the fourth quarter of fiscal 2021 to satisfy tax withholding obligations on vested restricted share awards. Our share repurchase authorization does not have an expiration date, does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time. To preserve liquidity during the COVID-19 pandemic and in conjunction with the terms of our credit facility, in March 2020, our Board suspended share repurchases. Our Board is actively evaluating share repurchase strategies for fiscal 2022. The timing and number of shares repurchased are also subject to legal constraints and financial covenants under our credit facility that limit share repurchases based on a defined ratio.
The following table presents our purchases of our common stock during the fiscal quarter ended December 28, 2021:
Total
Total Number of Shares
Maximum Number of
Number
Average
Purchased as Part of
Shares that May Yet
of Shares
Price Paid
Publicly Announced
Be Purchased Under the
Period
Purchased (1)
per Share
Plans or Programs
Plans or Programs
September 29— November 2, 2021
406
$
41.91
—
2,869,770
November 3 — November 30, 2021
12,692
40.00
—
2,857,078
December 1 — December 28, 2021
—
—
—
2,857,078
Total
13,098
—
(1) The total number of shares purchased includes 13,098 shares withheld upon vesting of restricted share awards to satisfy tax withholding obligations.
To preserve liquidity during the COVID-19 pandemic and in conjunction with the terms of our credit facility, in March 2020, our Board suspended the quarterly dividend on our common stock. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements, limitations on cash distributions pursuant to the terms and conditions of our credit facility and applicable law, and such other factors that the Board considers relevant. Our Board is considering the reinstatement of our dividend program in fiscal 2022. However, the decision to reinstate the dividend as well as the amount of any dividend have yet to be determined. (See Item 1A — Risk Factors — “ Our stock price could be adversely affected if we continue to be unable to pay dividends or, if paid, if we are unable to increase dividends.”)
(See Note 12 of Notes to Consolidated Financial Statements in Part IV, Item 15 of this report for further discussion of our credit facility.)
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Price Performance Graph
The following graph compares the cumulative five-year total return provided to stockholders on the Company’s common stock relative to the S&P 400 Midcap Index, the NASDAQ US Benchmark TR Index and the S&P 600 Restaurants Index. The graph assumes a $100 initial investment and the reinvestment of dividends in each of the indices. The measurement points utilized in the graph consist of the last trading day in each calendar year, which closely approximates the last day of the respective fiscal year of the Company. The historical stock performance presented below is not intended to and may not be indicative of future stock performance.
12/31/16
12/31/17
12/31/18
12/31/19
12/31/20
12/31/21
The Cheesecake Factory Incorporated
$
100
$
82
$
79
$
70
$
68
$
71
S&P 400 Midcap Index
$
100
$
114
$
100
$
124
$
139
$
171
NASDAQ US Benchmark TR Index (1)
$
100
$
121
$
115
$
151
$
183
$
220
S&P 600 Restaurants Index (2)
$
100
$
105
$
114
$
127
$
160
$
153
(1) Underlying data provided by Nasdaq Global Indexes.
(2) The S&P 600 Restaurants Index is a comprehensive restaurant industry index that includes casual dining, fast casual and quick-service constituents.
This graph shall not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such Acts.
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ITEM 6. [RESERVED]