Print Page  |  Close Window

SEC Filings

10-K
CHIPOTLE MEXICAN GRILL INC filed this Form 10-K on 02/08/2018
Entire Document
 << Previous Page | Next Page >>



The unrecognized tax benefits are as follows:





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



2017

 

2016

 

2015

Beginning of year

$

4,211 

 

$

3,776 

 

$

1,342 

Increase resulting from prior year tax position

 

 -

 

 

 -

 

 

402 

Increase resulting from current year tax position

 

4,726 

 

 

435 

 

 

2,032 

End of year

$

8,937 

 

$

4,211 

 

$

3,776 



During the years ended December 31, 2017, 2016, and 2015, we recognized $364,  $430, and $0, respectively, in interest expense related to uncertain tax positions.  We have $794 and $430 for the payment of interest accrued at December 31, 2017, and 2016, respectively.  We are open to federal and state tax audits until the applicable statutes of limitations expire. Tax audits by their very nature are often complex and can require several years to complete. We are no longer subject to U.S. federal tax examinations by tax authorities for tax years before 2014. For the majority of states where we have a significant presence, we are no longer subject to tax examinations by tax authorities for tax years before 2014.  As of December 31, 2017, we had cumulative gross foreign net operating losses of $50,292, which have no expiration date.



5. Shareholders’ Equity

Through December 31, 2017,  we had announced authorizations by our Board of Directors of repurchases of shares of common stock, which in the aggregate, authorized expenditures of up to $2,400,000. Under the remaining repurchase authorizations, shares may be purchased from time to time in open market transactions, subject to market conditions.

The following table summarizes common stock repurchases under authorized programs:





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Year ended December 31,



2017

 

2016

 

2015

Shares of common stock repurchased

 

805 

 

 

1,811 

 

 

839 

Total cost of common stock repurchased

$

284,318 

 

$

813,881 

 

$

485,841 



As of December 31, 2017, $118,274 was available to be repurchased under the authorized programs. The shares repurchased are being held in treasury until such time as they are reissued or retired, at the discretion of the Board of Directors.

During 2017, 2016, and 2015, shares of common stock were netted and surrendered as payment for minimum statutory tax withholding obligations in connection with the exercise and vesting of outstanding stock awards. We deem shares surrendered by the participants in accordance with the applicable award agreements and plan as repurchased, but do not deem such shares to be part of publicly announced share repurchase programs.

 

6. Stock-Based Compensation

We issue shares in connection with stock-based compensation pursuant to the Amended and Restated Chipotle Mexican Grill, Inc. 2011 Stock Incentive Plan. For purposes of counting the shares remaining available under the 2011 Incentive Plan, each share issuable pursuant to outstanding full value awards, such as restricted stock units and performance shares, counts as two shares used, whereas each share underlying a stock appreciation right or stock option counts as one share used. Under the 2011 Incentive Plan, 5,560 shares of common stock have been authorized and reserved for issuance to eligible participants, of which 1,786 represent shares that were authorized for issuance but not issued or subject to outstanding awards at December 31, 2017. The 2011 Incentive Plan is administered by the Compensation Committee of the Board of Directors, which has the authority to select the individuals to whom awards will be granted or to delegate its authority under the plan to make grants (subject to certain legal and regulatory restrictions), to determine the type of awards and when the awards are to be granted, the number of shares to be covered by each award, the vesting schedule and all other terms and conditions of the awards. The exercise price for stock awards granted under the 2011 Incentive Plan cannot be less than fair market value at the date of grant.

54

 


 

 << Previous Page | Next Page >>