TAST » Topics » 17. Subsequent Events

These excerpts taken from the TAST 10-K filed Mar 9, 2009.

17. Subsequent Events

On January 15, 2009, the Company granted in the aggregate options to purchase 521,900 shares of its common stock, consisting of 160,000 shares of non-qualified stock options and 361,900 shares of incentive stock options, and issued 6,300 shares of restricted stock. The non-qualified stock options and ISO’s granted are exercisable for up to one-fifth of the total number of options granted on or after the first anniversary of the grant date and as of the first day of each month thereafter are exercisable for an additional one-sixtieth of the total number of options granted until fully exercisable. The options expire seven years from the date of the grant and were issued with an exercise price equal to the fair market value of the stock price, or $2.60 per share of common stock, on the date of grant. The restricted stock awards vest 100% on the third anniversary of the award date.

 

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CARROLS RESTAURANT GROUP, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Years Ended December 31, 2008, 2007 and 2006

(in thousands of dollars, except share and per share amounts)

 

17. Subsequent Events

FACE="Times New Roman" SIZE="2">On January 15, 2009, the Company granted in the aggregate options to purchase 521,900 shares of its common stock, consisting of 160,000 shares of non-qualified stock options and 361,900 shares of incentive stock
options, and issued 6,300 shares of restricted stock. The non-qualified stock options and ISO’s granted are exercisable for up to one-fifth of the total number of options granted on or after the first anniversary of the grant date and as of the
first day of each month thereafter are exercisable for an additional one-sixtieth of the total number of options granted until fully exercisable. The options expire seven years from the date of the grant and were issued with an exercise price equal
to the fair market value of the stock price, or $2.60 per share of common stock, on the date of grant. The restricted stock awards vest 100% on the third anniversary of the award date.

SIZE="1"> 


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CARROLS RESTAURANT GROUP, INC. AND SUBSIDIARY

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

FACE="Times New Roman" SIZE="2">Years Ended December 31, 2008, 2007 and 2006

(in thousands of dollars, except share and per share
amounts)

 


17. Subsequent Events

On January 15, 2009, Carrols Restaurant Group granted in the aggregate options to purchase 521,900 shares of its common stock, consisting of 160,000 shares of non-qualified stock options and 361,900 shares of ISO’s, and issued 6,300 shares of restricted stock. The non-qualified stock options and ISO’s granted are exercisable for up to one-fifth of the total number of options granted on or after the first anniversary of the grant date and as of the first day of each month thereafter are exercisable for an additional one-sixtieth of the total number of options granted until fully exercisable. The options expire seven years from the date of the grant and were issued with an exercise price equal to the fair market value of Carrols Restaurant Group’s stock price, or $2.60 per share of common stock, on the date of grant. The restricted stock awards vest 100% on the third anniversary of the award date.

These excerpts taken from the TAST 10-K filed Mar 11, 2008.

17. Subsequent Events

On January 15, 2008, Carrols Restaurant Group granted options to purchase 517,820 shares of its common stock, consisting of 160,000 shares of non-qualified stock options and 357,820 shares of ISO’s, and issued 7,100 shares of restricted stock. The non-qualified stock options and ISO’s granted are exercisable for up to one-fifth of the total number of option shares on or after the first anniversary of the grant date and as of the first day of each month thereafter are exercisable for an additional one-sixtieth of the total number of option shares until fully exercisable. The options expire seven years from the date of the grant and were issued with an exercise price equal to the fair market value of Carrols Restaurant Group’s stock price, or $8.08 per share of common stock, on the date of grant. The restricted stock awards vest 100% on the third anniversary of the award date.

17. Subsequent Events

FACE="Times New Roman" SIZE="2">On January 15, 2008, Carrols Restaurant Group granted options to purchase 517,820 shares of its common stock, consisting of 160,000 shares of non-qualified stock options and 357,820 shares of ISO’s, and
issued 7,100 shares of restricted stock. The non-qualified stock options and ISO’s granted are exercisable for up to one-fifth of the total number of option shares on or after the first anniversary of the grant date and as of the first day of
each month thereafter are exercisable for an additional one-sixtieth of the total number of option shares until fully exercisable. The options expire seven years from the date of the grant and were issued with an exercise price equal to the fair
market value of Carrols Restaurant Group’s stock price, or $8.08 per share of common stock, on the date of grant. The restricted stock awards vest 100% on the third anniversary of the award date.

STYLE="margin-top:18px;margin-bottom:0px">18. Selected Quarterly Financial Data (Unaudited)

 




































































































































































































   2007 
   First
Quarter
  Second
Quarter
  Third
Quarter
  Fourth
Quarter
 

Revenue

  $188,203  $200,449  $203,509  $197,248 

Gross profit (1)

   25,409   29,074   28,536   27,546 

Income from operations

   12,312(2)  15,362   14,350(2)  13,427(2)

Net income

   1,579   5,099   4,865   3,516 
   2006 
   First
Quarter
  Second
Quarter
  Third
Quarter
  Fourth
Quarter
 

Revenue

  $182,543  $190,581  $189,597  $188,705 

Gross profit (1)

   26,514   29,773   29,127   28,535 

Income from operations

   13,675   17,590   17,926(3)  15,062(4)

Net income

   1,527   3,090   5,130   3,683 

 





(1)Gross profit is defined as total revenues less cost of sales, restaurant wages and related expenses, restaurant rent expense, other restaurant operating expenses and advertising
expenses.




(2)The Company recorded $0.3 million of other income related to the sale of one of its Taco Cabana restaurant properties in the first quarter of 2007, $0.3 million of other income
related to the sale of one of its non-operating Burger King restaurant properties in the third quarter of 2007 and $0.5 million of other income related to the sale of one of its non-operating Burger King restaurant properties in the fourth quarter
of 2007 (See Note 9).




(3)In the third quarter of 2006, the Company recorded $1.4 million of other income related to a reduction of exit cost reserves (See Note 5).




(4)In the fourth quarter of 2006, the Company recorded $1.4 million of other income related to a lease termination gain (See Note 9).
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CARROLS CORPORATION AND SUBSIDIARIES

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