Texas Roadhouse, Inc. and SubsidiariesNotes to Consolidated Financial Statements(Tabular amounts in thousands, except share and per share data)F-23
(10) Preferred Stock
Our Board of Directors is authorized, without further vote or action by the holders of common stock, to issue from
time to time up to an aggregate of 1,000,000 shares of preferred stock in one or more series. Each series of preferred
stock will have the number of shares, designations, preferences, voting powers, qualifications and special or relative
rights or privileges as shall be determined by the Board of Directors, which may include, but are not limited to, dividend
rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive
rights. There were no shares of preferred stock outstanding at December 31, 2019 and December 25, 2018.
(11) Stockholders’ Equity
On May 31, 2019, our Board of Directors approved a stock repurchase program under which we may repurchase up
to $250.0 million of our common stock. This stock repurchase program has no expiration date and replaced a previous
stock repurchase program which was approved on May 22, 2014. All repurchases to date under our stock repurchase
programs have been made through open market transactions. The timing and the amount of any repurchases are
determined by management under parameters established by our Board of Directors, based on an evaluation of our stock
price, market conditions and other corporate considerations.
For the year ended December 31, 2019, we paid $139.8 million to repurchase 2,625,245 shares of our common
stock. This includes repurchases of $89.6 million under the new repurchase program and repurchases of $50.2 million
under the previous stock repurchase program. We did not repurchase any shares of common stock during the years ended
December 25, 2018 and December 26, 2017. As of December 31, 2019, we had $160.4 million remaining under our
authorized stock repurchase program.
(12) Earnings Per Share
The share and net income per share data for all periods presented are based on the historical weighted-average
shares outstanding. The diluted earnings per share calculations show the effect of the weighted-average restricted stock
units and stock options outstanding from our equity incentive plans. Performance stock units are not included in the
diluted earnings per share calculation until the performance-based criteria have been met. See note 14 for further
discussion of our equity incentive plans. For all years presented, shares of non-vested stock that were not included
because they would have had an anti-dilutive effect were not significant.
The following table sets forth the calculation of earnings per share and weighted average shares outstanding
(in thousands) as presented in the accompanying consolidated statements of income and comprehensive income:
Fiscal Year Ended
December 31, December 25, December 26,
2019 2018 2017
Net income attributable to Texas
Roadhouse, Inc. and subsidiaries........... $ 174,452 $ 158,225 $ 131,526
Basic EPS:
Weighted-average common shares
outstanding ............................ 70,509 71,467 70,989
Basic EPS ............................. $ 2.47 $ 2.21 $ 1.85
Diluted EPS:
Weighted-average common shares
outstanding ............................ 70,509 71,467 70,989
Dilutive effect of nonvested stock .......... 407 497 538
Shares-diluted .......................... 70,916 71,964 71,527Diluted EPS ............................ $ 2.46 $ 2.20 $ 1.84