|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 28,412 |
$ 20,824 |
| Adjustments to reconcile net income to cash flows provided by operating activities: |
|
|
| Depreciation and amortization |
7,815 |
8,783 |
| Non-cash interest expense |
755 |
1,642 |
| Deferred income taxes |
(10,378) |
(10,031) |
| Non-cash stock-based compensation expense |
2,432 |
3,143 |
| Tax benefit from stock-based compensation |
4,696 |
3,524 |
| Excess tax benefit from stock-based compensation |
(4,526) |
(4,455) |
| Closure and impairment charges |
1,827 |
200 |
| (Gain) loss on disposition of assets |
(9) |
927 |
| Other |
31 |
(396) |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable, net |
(2,742) |
(9,767) |
| Current income tax receivables and payables |
22,341 |
18,020 |
| Gift card receivables and payables |
5,623 |
2,982 |
| Prepaid expenses and other current assets |
(1,638) |
(751) |
| Accounts payable |
1,034 |
9,175 |
| Accrued employee compensation and benefits |
(14,810) |
(14,857) |
| Other accrued expenses |
267 |
23,877 |
| Cash flows provided by operating activities |
41,130 |
52,840 |
| Cash flows from investing activities: |
|
|
| Additions to property and equipment |
(2,617) |
(2,039) |
| Proceeds from sale of property and equipment |
0 |
681 |
| Principal receipts from notes, equipment contracts and other long-term receivables |
4,442 |
3,415 |
| Other |
(40) |
(55) |
| Cash flows provided by investing activities |
1,785 |
2,002 |
| Cash flows from financing activities: |
|
|
| Repayment of long-term debt |
0 |
(1,200) |
| Principal payments on capital lease and financing obligations |
(3,165) |
(2,695) |
| Repurchase of DineEquity common stock |
(15,003) |
(15,002) |
| Dividends paid on common stock |
(16,598) |
(14,293) |
| Repurchase of restricted stock |
(2,961) |
(1,831) |
| Proceeds from stock options exercised |
8,206 |
6,623 |
| Excess tax benefit from stock-based compensation |
4,526 |
4,455 |
| Change in restricted cash |
11,561 |
(3,692) |
| Other |
(15) |
0 |
| Cash flows used in financing activities |
(13,449) |
(27,635) |
| Net change in cash and cash equivalents |
29,466 |
27,207 |
| Cash and cash equivalents at beginning of period |
104,004 |
106,011 |
| Cash and cash equivalents at end of period |
133,470 |
133,218 |
| Supplemental disclosures: |
|
|
| Interest paid in cash |
28,387 |
8,901 |
| Income taxes paid in cash |
$ 1,172 |
$ 2,294 |