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
Market Information. Our common stock is traded on the NASDAQ Global Select Market under the symbol “JACK.”
Dividends. In fiscal 2020 and 2019, the Board of Directors declared three and four cash dividends, respectively, of $0.40 per share each. Our dividend is subject to the discretion and approval of our Board of Directors and our compliance with applicable law, and depends upon, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, and other factors that our Board of Directors may deem relevant.
Stock Repurchases. There were no share repurchases of our common stock during the fourth quarter of 2020. As of September 27, 2020, there was approximately $122.2 million remaining under Board-authorized stock buyback programs, consisting of $22.2 million which expires in November 2020 and $100.0 million that expires in November 2021.
On November 13, 2020, the Board of Directors authorized an additional $100.0 million stock buy-back program that expires on November 30, 2022.
Stockholders. As of November 12, 2020, there were 517 stockholders of record.
Securities Authorized for Issuance Under Equity Compensation Plans . The following table summarizes the equity compensation plans under which Company common stock may be issued as of September 27, 2020. Stockholders of the Company have approved all plans requiring such approval.
(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) (b) Weighted-average exercise price of outstanding options (1) (c) Number of securities remaining for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders (2) 513,522 $91.85 1,907,050
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(1) Includes shares issuable in connection with our outstanding stock options, performance share awards, nonvested stock units, and non-management director deferred stock equivalents. The weighted-average exercise price in column (b) includes the weighted-average exercise price of stock options.
(2) For a description of our equity compensation plans, refer to Note 13, Share-Based Employee Compensation , of the notes to the consolidated financial statements.
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Performance Graph. The following graph compares the cumulative return to holders of the Company’s common stock at September 30th of each year to the yearly weighted cumulative return of a Peer Group Index and to the Standard & Poor’s (“S&P”) 500 Index for the same period. The below comparison assumes $100 was invested on September 30 , 2015 in the Company’s common stock and in the comparison groups and assumes reinvestment of dividends. The Company uses a Peer Group to assess the competitive pay levels of our senior executives, and to evaluate program design elements.
2015 2016 2017 2018 2019 2020
Jack in the Box Inc. $100 $126 $136 $114 $127 $112
S&P 500 Index $100 $115 $137 $161 $168 $194
Peer Group (1) $100 $89 $89 $120 $139 $178
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(1) The Peer Group Index comprises the following companies: BJ’s Restaurants, Inc.; Bloomin’ Brands, Inc.; Brinker International, Inc.; The Cheesecake Factory Inc.; Chipotle Mexican Grill Inc.; Cracker Barrel Old Country Store, Inc.; Denny’s Corp.; Dine Brands Global Inc.; Domino’s Pizza, Inc.; Dunkin’ Brands Group, Inc.; Papa John's Int'l, Inc.; Red Robin Gourmet Burgers, Inc.; Texas Roadhouse, Inc.; and The Wendy’s Company.
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ITEM 6. SELECTED FINANCIAL DATA
Our fiscal year is 52 or 53 weeks, ending the Sunday closest to September 30. All years presented below include 52-weeks, except for 2016, which includes 53-weeks. The selected financial data reflects Qdoba Restaurant Corporation as discontinued operations for all fiscal years presented below. This selected financial data should be read in conjunction with our audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Annual Report on Form 10-K. Our consolidated financial information may not be indicative of our future performance.
Fiscal Year
2020 2019 2018 2017 2016
(dollars and shares in thousands, except per share data)
Statements of Earnings Data (1):
Total revenues (2), (3) $ 1,021,506 $ 950,107 $ 869,690 $ 1,097,291 $ 1,162,258
Operating costs and expenses (2), (3) $ 794,183 $ 749,250 $ 682,407 $ 889,912 $ 971,995
Gains on the sale of company-operated restaurants (3,261) (1,366) (46,164) (38,034) (1,230)
Total operating costs and expenses, net (2), (3) $ 790,922 $ 747,884 $ 636,243 $ 851,878 $ 970,765
Earnings from continuing operations $ 89,394 $ 91,747 $ 104,339 $ 128,573 $ 106,473
Earnings per Share and Share Data:
Earnings per share from continuing operations (1):
Basic $ 3.87 $ 3.55 $ 3.66 $ 4.20 $ 3.16
Diluted $ 3.84 $ 3.52 $ 3.62 $ 4.16 $ 3.12
Cash dividends declared per common share (1) $ 1.20 $ 1.60 $ 1.60 $ 1.60 $ 1.20
Weighted-average shares outstanding — Basic (1)(4) 23,125 25,823 28,499 30,630 33,735
Weighted-average shares outstanding — Diluted (1)(4) 23,269 26,068 28,807 30,914 34,146
Market price at year-end $ 80.24 $ 90.45 $ 83.83 $ 101.92 $ 95.94
Other Operating Data:
Company-operated average unit volume (6) $ 2,489 $ 2,465 $ 2,193 $ 1,874 $ 1,870
Franchise-operated average unit volume (5)(6) $ 1,595 $ 1,523 $ 1,488 $ 1,475 $ 1,454
System average unit volume (5)(6)(7) $ 1,651 $ 1,581 $ 1,553 $ 1,543 $ 1,530
Change in fiscal basis company-operated same-store sales (5) 3.1% 1.7% 0.6% (1.3)% —%
Change in fiscal basis franchise-operated same-store sales (5) 4.0% 1.3% 0.1% 0.9% 1.6%
Change in fiscal basis system same-store sales (5) 4.0% 1.3% 0.1% 0.5% 1.2%
Capital expenditures from continuing operations (1) $ 19,528 $ 47,649 $ 37,842 $ 38,970 $ 52,761
Balance Sheet Data (at end of period) (1):
Total assets (3) $ 1,906,494 $ 958,483 $ 823,397 $ 1,234,745 $ 1,345,012
Long-term debt, net of current maturities $ 1,376,913 $ 1,274,374 $ 1,037,927 $ 1,079,982 $ 934,972
Stockholders’ (deficit) equity (8) $ (793,361) $ (737,584) $ (591,699) $ (388,130) $ (217,206)
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(1) Financial data was extracted or derived from our audited consolidated financial statements.
(2) The Company adopted the revenue recognition guidance in the first quarter of 2019 using the modified retrospective method; therefore, periods prior to 2019 do not reflect adjustments for the guidance and are not comparable.
(3) The Company adopted the new accounting guidance for leases during the first quarter of 2020 on a modified retrospective basis using the effective date transition method; therefore, periods prior to 2020 do not reflect adjustments for the guidance and are not comparable.
(4) Weighted-average shares reflect the impact of common stock repurchases under Board-approved programs.
(5) Changes in same-store sales and average unit volumes are presented for franchise restaurants and on a system-wide basis, which includes company and franchise restaurants. Franchise sales represent sales at franchise restaurants and are revenues of our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and percentage rent revenues are calculated based on a percentage of franchise sales. We believe franchise and system sales growth and average unit volume information is useful to investors as a significant indicator of the overall strength of our business as it incorporates our significant revenue drivers, which are company and franchise same-store sales as well as net unit development. Company, franchise, and system changes in same-store sales include the results of all restaurants that have been open more than one year.
(6) 2016 average unit volume is adjusted to exclude the 53rd week for comparison purposes.
(7) 2019 system average unit volume has been revised from the previously reported $1,614 to $1,581 as a correction.
(8) In 2016, the Company began to accumulate a stockholders’ deficit related to the execution of our share repurchase programs authorized by our Board of Directors.
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