B Excerpts from Chipotle Mexican Grill, Inc. Form 10-K for the Fiscal Year Ended December 31, 2015 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 1SUD OF THE SECURITIES EXCHANGE ACT OF 1934 For detaljer 31,2015 O TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 OF THE SECURITIES EXCHANGE ACT OF 1954 Yure per Guide File Number 1-337 CHIPOTLE MEXICAN GRILL, INC. OF UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 1940) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year eaded December 31, 2015 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tramite period from Connea File Number 1-33731 CHIPOTLE MEXICAN GRILL, INC. a protestad is de Intere 14.1219501 www w M 1401 Wykop Street, Solte 500 Denver, CO 80201 timate ) Regler'lephoneber, including code (93) 595-4000 Securities registered porte Seele 1301 Acti 1 4 4 4 Website # Comme steck, par value 50.01 per share New York Stock Enchange Securities registered urante Section 121 of the Act No Indicate by check in the network defined is Rule 105 of the Securities. Yes No Indicate by check market led to report punt Section of Section 13(6) of the Art Yes No Indiente by check made whether the regi() has filed all reports required to desilod by Section 13 or 1914) of the Securities Echange Act of 1934 during the preceding 12mths or for och short period that the aged to lead reports and ) has been watching for the past 90 days Yes No Indicate by check whether the registrieth Widdlectronically and posted on compense Website, if any, every Incentive Duale required to be wild and posted to Rule 48 of Regulation ST232.405 of this chapter during the preceding 12 nerforch terpened dat die regte quired to and post och ) Y ON Indicely check for of delinquent files to Rent 05 of Replice SK(229.405 of this chapas) cher, will not be contained to the best of wist's knowledge, indenitive proricatement incontbyt in Put it on this Forms 10 kredit to this for 10KO Indicate by checked whether there is a large colmated file, accelented flere flere maler incomaty See the definire solenied forted flere reponicowy Rule 1262 of the Exchange Act (check one) Large scented fler Acolated filer No-one filer Smaller reporting company (do not checkia werp company) Indicate by check whether the guide company defined in Rule 12 of the Yer No sootloos 2015, digityd by ali 5112 Sef the Act Near Indicate by check mark in the registrat is a well-knows and audied is Rule 405 of the Securities Act. Yes No Indicate by check the registried to file reports to Section 13 of Section 13(6) of the Act Yes No Indicate by check mark whether the registrat) has filed allported to be led by Section 13 or 15th of the Securities Exchange Act of 1934 during the preceding 12 months or for such shorter period that the granted to file och port, and (2) has been subject to reling requirements for the past 90 days. Yes No Indicate by check whether the grant has bied electronically and posted on its compone Website, if any, every Intensive Duta File od to be wind posted on to Rule 403 or Regulation ST232.405 of this chapter during the preceding 12 months or for such short period that the girls in this pod such files) Yes No Indicate by check mark film of delinquent en una tehen 105 of Reputation SK (4229.405 of this chapter is not coated be be contained to the best of register, in deliver proxy or informations inoped by its For 10 Koranende os 10KO Indicate by check mark whether the trust in a large filer, senedler, selenied flere reporting company, Sedeflions of the colented and all reporting company Rule 123 of the change Act check Large wieder Accelented te Neler Smaller porting company Hot check it's alan company) Indice by check at the grey defined is Rale OYON Mob. 0,2015. godine pole 112 Web con chochote , ding day of the recently ompleteoal tall a papanasakalarias mothy by en el hues de pe dere he oacheerland A 29, 2016, the 30.044 cm, pl 0.01 DOCUMENTS INCORPORATED BY REFERENCE by them the 2016 ago instan of the year coded December 31, 2015 TEME SELECTED VINANCIAL DATA www.cather's Opciopet Say The New Indice 11 HELMSBELKARTESANIAL MATA Our selected combined in cialda shown below old be ad together with liom 7. "Man's Discussion and Analysis of Financial Condition and Red of Operation and our consolidated financial stats al respective roles included in in Ticial Supply Dula." The data are sot necessarily indicative of us to be proced for any stare period in hands, except per share data) TUIS Year Ended Deer. 2003 2014 2011 54501221 1301 104.720 TIENE Statement of Income Rem Food, beveraged packaging.com Libros Occupancy cost Oberpering Geolive Depreciation on Propeo Losos polo Tooling OCI 3149 250.214 1303 16922 3279780 54.108 260 $ 214.591 2.711,224 53. 1430.994 1072314 591,001 72720 901401 799.00 641.236 543,119 20 199.101 171.435 147,274 44344 147,401 216.10 251,203 27. 203.733 183,400 142416 110,414 04 14.975 15.com 11.99 3493 K226 097 1000 350730 50 OS 1251 1220 7130 57411 47 10205 LUNA EST TISSI TWO WE WXTY X WON with tex Pool Na perare SLOW TOT w OVEO 19 15.10 16 HE CITI $ $ 1054 10.41 5 5 5 5 6 78 696 D Wigging MIE 31011 31313 LICI 31.51 3.70 312 31.775 Derrete 2017 Balance Sheet Tale Total To Talen 5 1147 52.735.00 559.511 SOOVIS CUESTS CHOSES 51,093 337,105 54 STA $ 199,262 $137453 5457.710 5413x 5364 34.936 51 026 5305310 5514 5590 RECEITE Mbwa Sana Accomandate 2015-17 This free ch AN wendencia ITEM FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of lidependent Registered Public Accounting Firm Consolidated Balance Sheet as of December 31, 2015 and 2014 Consolidated Statement of Income and Compechensive Income for the year ended December 31, 2015, 2014 m. 2013 Consolidated Sutement of Sharolden Equity for the years ended December 31, 2015, 2014 and 2013 Corolidated Statement of Cash Flows for the years oled Domber 31, 2015, 2014 and 2013 Notes to Consolidated Financial Statement Report of Independent Registered Public Accounting Firm The lord of Directors and Shareholders of Chipotle Media Grill, Inc. We have to the accompanying consolidated balance sheets of Chipodle Merican Grill, Inche Compty as of December 31, 2015 2014 and the red consolidated statements of income and comprehensive income, adders equity and cu fosfor each of the these years in the period endod December 31, 2015. These financial statements are the responsibility of the Company's management. Our responsibility is to expression on the financial statements had We conducted in accordance with the standards of the Public Company Accounting Oversight Bound (Tied Stol These are that we plan and perform their race out whether the financial se rereftermont. A bilincluding thesis, evidence reporting the end diadores de financial An sodit also includes ning the accounting principles weddificates aby w saling metal financial statement presentation. We believe that our sadits provides bus orci In oa opinion, the facilis referred to be present y all reports, the comidated facial position of Chipotle Mexion Grill, Inc. December 31, 2015 and 2014, and the consolidated out of its operacions and its shows for each of the three years the pointed December 31, 2015. in ommity w US enlly We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Chipotle Mexican Grill, Inc. December 31, 2015 and 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles We also have audited, in accordance with the standards of the Public Company Accounting Oversight toard (United States), Chipotle Mexican Grill, Inc. internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control Integrated Promework issued by the Committee of Sponsoring Organisations of the Treadway Commission 2013 framework) and curreport dated February 4, 2016 expressed an unqualified opinion theroon WErnst & Young LLP Denver, Colorado February 4, 2016 CHIPOTLE MEXICAN GRILL INC. CONSOLIDATED BALANCE SHEET (in thousands, except per share data) December 31 2015 2014 (as adjusted) 5 248.00$ 5 419,465 Assets Carentals Cash and cash equivalents Accounts receivable net of allowance for doubtful accounts of S1,176 and 1,199 of December 31, 2015 and December , 2014, respectively Inventory Prepaid pese and other current assets Income tax receivable Investments Total current 38,283 15.04 39.965 58.152 415,199 *14.647 34.839 15,332 14.795 16.488 333.592 859511 AA 4 Tocal current at 814,647 839.501 Leasehold improvement property and equipment, net 1.217.220 1,106,984 Long term investments 622,939 46.106 Others 48,321 42,777 Boots 21,919 21.939 Total 2.723.0665 2.527317 Liabilities and shareholders equity Current liabilities Acupable 3.7095 69,613 Amad payroll and benefits 64.958 73.894 crvod fisies 129275 102,203 ation| 279,042 245,710 Deferred rose 251.96 219,414 Deferred income bilty 32.305 21,561 Obre 33 26.263 Tools 59702 SL49 Shouly Puterede, 001.600.000 hrs who, no shades of December 31, 2015 December 31, 2014 respectively Cock 5001 , 230,000 sure who 35,780 35.34 whosember 11, 2015 December 31, 2014, respectively 330 354 All 1.172.00 TOR.912 Trwy wodo. 5, 2016 4,67 common shares December 31, 2015 December 1, 2014. respectively (124612) 64.1999 Accued the convencome (lon) (273) 1439 2.1917 12211 Tuhan 2127.974 2012.369 Toha 22:56 27-32 Sex tonguying otesto otes to comodedom CHIPOTLE MEXICAN GRILL INC CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME stopper share data CHIPOTLE MEXICAN GRILL INC. CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (in thousands, except per share data) Yearded December 31, 2015 2014 2013 4.501,221 54.108 269 3214.591 4 Revenge Restaurant operating costs exclusive of depreciation and mortization shown separately below) Food, beverage od packaging Labor Occupancy Oher operating General in die speses Depreciation and met Pre-opening cours Lowon disposal of Telep Income from pois Interest the incomplet Income before Proin force Not income Other comprche come one of income ones Forriconensyon adam stosowe, 50 Other comprensive income one of income Conhece 5 tarighae 5 5 Weight 1,503,335 1.045,726 262412 314,90 250,714 130.168 16.922 11.194 3.237414 763.52 278 700.357 1.420,994 904,407 230,368 434.24 273,197 110,474 15.6.09 6026 JAME 71000 1.561 71403 1,073,314 739,800 199,107 347,401 203.733 98,054 15,511 6.751 27681 319,720 1,281 534471 207010 473.02 445.45 0.01 (6.322) (1.593) C14 467.2555 C.009 43255 506 3034 15.25 15.10 5 1055 14.15 TO 10.41 Ded 10,097 31092 31.494 3101 31.512 Die CHIPOTLE MEXICAN GRILL, INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (in thousands) Accumulated Costek Adidal Track Other PA Retailed Comebase Shurn A Capital At Earlag I Total 34,012 $300 5 161 319 3201315 9424595 1,0045 130.26 In December 2012 5 IN 19 Sexchat 333 97 100 xos benefit on co SP 3150 OS MC 393 CURRI Net Oro 377430 UR 327 418 De 2013 35305352 5 5 99.11.) 5 L. YM 5 I SVI HIV 1 2 (101) ) 1.6) 3146 155 43314 48334 Other 200 BD 33. 34 L23 5.5 05 2012 SWS Socket Este 7440 10 can COP . AA tavery 2 Prepaid expenses and other current assets (5.259 (658) Other assets (6.805) (5,619) 1,071 (354) Accounts payable 19.533 2,161 2,052 Accrued liabilities (1.440) 35,019 12.020 Income tax payable receivable 32,756 81 44,334 Deferred 32,911 27,025 25,715 Other long-term abilities M 4.545 3857 Net cash provided by operating activities 61.116 62.0157 528780 Investing activities Neces of choinprovements, property and equipment (2574189 Murchases of less (257.590) (199.926) (5593723 Maws of love (521.000) 087439) 1597650 254,750 159250 Netcash wiedning activities (14 0513.84) (628315) Financing this Acquisitions of stock (40,6753 (11) (13.001) Eros benefits of compati 74442 21.667 319 Stock plans the financing 202 Neth 40 17 (100,00 Eftere che non vale (4.19 (234) 335 Net ges (171.40 16 650 Codehusets to your 4194 21,201 22:55 Chodou BARCOS 419.05.2012 Supplemental discores of the flow information Ice 52435475 475 03 for decrease in pove, pety and que creed in die $ 2870) 5 94345 (1.7%) Increia query or scored as 535.178 See accompanying notes to consolidwood financial statements CHIPOTLE MEXICAN GRILL INC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (doller shares that we helpecife Lirio Summary of Significa con Micles Cipe Menina Decor with wooded AA 1. Descriptive of Business and Summary of Significant Accounting Policies Chipotle Maui Grill, Inc., Deware corporation, together with its des follectively the Company decks and operates at fish Mexic food restaurants. As of December 31, 2015, the Company operated 1971 Chipod Tents throughout the United States. The Company also il restaurants in Canada in England for in and one in Germany. Further, the Company operated 13 Shopllous Southeast Asian Kitchen restaurants in Alan inspired comes will as isvesi in accidated entity that owned and operated three Puroria Locale restaurants cara pra comcopt. The Company manages its operations based on intrepies and stod is opention to e reportable segment Principles of Consolation and Basis of Prestation The consolidated financial sements include the conta of the Company, including wholly and marry oumed wid. All company balance debe died Management Estimates The proportion of facilitatement is conformitywid S. sccepted conting principles roques management to make mistate the reported edities of conds Che date of the financial and the represes dering the reporting perial Actual cor from the interior conditions Rey Region womes second when the The Company porce of sected from commodo in The Company was ich door de dos de gefes itt and The Company recue from the orded by the Company the dood of the card begraded by the owner and there goice to the well and the determination bo popecified and is one is the on hideghe date of the called suded in the wind come come The Company had the office will be remo will be red by the Company recogida de 3015 3014 and 2013 Chcete TO yopiwowww They will with alcool The company experienced and the conduce Acts Recht Ascomych dotype the The with my best of preview of the event recured Isvatory Inventory consisting principally of food, beverages and supplies, is valued at the lower offis, fi contrakt Certainly ingrediente por cidade com hentais) are purchased from manber of uppliers Investments lives and discutie curiod it faire with my red pain of being recorded in de consolidated since and comprehensive incomes classified as able-for-salecido market value wieder dado as component of other comprensive cool Hy we medic. The Companying charges od of med.com come whest bieden in the the Lubold Ingwer Property Lach, prydered to do with the devondoriofa reconn.554, 57, 5. fordynded December 2015 2014 2013 diely Expressione per replaces and neel. Der schwer coles Les homicily Includes all on the intellines of the words of rooted decided perifwylated post Alles when the delivering property The dimeves dades del period. The yan - Fur Equipo Good Cadillo of the world die med the Costa wishes of the cance de brother's wat we can produir the year December , 2015 2014 2013 Other Oherwyl 522.572 519 December 25 2014 rapidly describe for inspired cromolepido e properties Rated Imports of AA you 1-10 y Furniture and fixtures Equipment Goodwill Goodwill represents the cent of contever fair value of needs of the businessed Goodwill is not to mio buted is tested for impact and the Company is required to record yeriment de Impress the excess of the carrying value over value of the pool Based on the Company's analysis, impairment charges were recopilado podwill for the year ended December 31, 2015, 2014 2013 Other Arts Oher comply of restricches (522.572 and 519.9 of December 31, 2015 2014 repety decided her i Note 7 more welcomes wide are carried below and real deposits led led properties. Rosto che prinarily related orido Impairmat of the Arts viewed for improvinciale de carrying of the role of Man die potem werpol the theoretice or do level. The yitaal palatia flowers independs of the market.com helmed by the coming of speedoen byde concedidos, crochet which the where you del Deceber, 2014 2013 durf.67% 01.22.ovely rose como reyes of Decem holly developed of certain that from empty's well as che form were all the best. Forstofa . Landwinder Men as a tendars IT The Code acted in exercices et de facilities My clients of changes inden for comes in the period of the defendine impact of credits red con When your portion or a deferred Willis Coping new muy especie do bytu who records best ones with oty The Copy WE AA reme Company measures of tax bocht om te potion record the largest catx besef dat is exter than likely of being red after sent with a tothority. The Company's policy is to record interest to be paid onderpant of income taxes is not related rypens in the provision for Income is the condidated set of income and comprehensive income Restaurant Pre-Opening Costs Peping costing ton, wapo beses and towel for de training and opening team food and other perating periods incurred to ang for busine Internet The Compliance workers comployee health penalty wolpety durant to these policies, the complete folosest to certain required by the free to those. This is based on ma Mies of the whole the police reports of he ble hende. They discover of conce Nichicon diferentes, the cold padol of December 1, 2013 2014 2. pectoralidade in pode se included in the lance at Minggu Articole dineded 2.257, 552.290 for younded Deel. 015 2014 2013 povely, the word de comes in Chartered in where the hero 30 years from TH Company has the opporty typy wy The proposer co che si present Arty's from the pdate rondo Pale Via The current and shall come and counts payable & AA Fair Vale Measures Fair value is the price the Company would receive to sell or pay to transfora lubiyet price) in orderly transaction between market participants for recorded or closed valoring boss, Company determinale based on the following Lored price is for identical to lies that they use ability to set Level 2: Observable per the price included in Led I, che prices formes and listes nito prices for identical Nam that were hp ser can be corroborated with markedet Led Liberale inputs the period by nemalectivity and ificanto the air of the This isdedecernig delicted cash flowchodologies and imilar lehet For Cry Translation The Cagay statematikalpanaamiyaalaraga natalan Aanaalae wegende het die che pate in paattaathe Rewed Standards In May 2014. TAS AS CASU) 201408 Carid city principles top USOPR The other repopold be December 2017. The did of ASU 2014 by the Commenti 04. FASASUNA 2014-12 Casa Con The let metal pay ever The fective for beginning Decembris 2015 The SU3016-12 pecto de Compo til 2015, FASASUNA 2015-05, Goods - The Sow 350.0"The concentrenadoo.com Themis effective producers The ASUS apaalaila Capattai tamil part 2015. TASASUN2015-11. Tople 1301. The che francofom ofco. This prie for being trees 2016 The ASUS Cycle D AA Gift card liblity Traction to payable Treasury stock bly Other crepes December 31 2015 2014 5. 31.035 54103 1564 22,929 25,178 0 37.408 1. 51129275 102 203 3. Invest As of December 31, 2015. he's coming US wirts up to approximately 1 years were before. As of December 1, 2014. Composites CARS.com of depositplaced the country was poprosimy o years and we did US med sin bosis based Led I pusmele CDARS de cuisine inputs are described in Note de Vie Me The Company de este preciso de hold eyewe.2015. dece mo by to bolo to wiped ideeded to increased purchases of the Copy The right to feed to for sale in the yowded Decebe 31. 2015 was www of those we were to SIRI holinos 2.712 Comoded 52.408 1.521. fordi cal compowyw34 lape com The Commission files of December, 2014 verf the years 2014 The Company has decedere compte de che NR Tom a Towe The commerce income Yer De 2018 US US 5 340 17.957 113 $3219 12 $ 1730 D AA Gift card liblity Traction to payable Treasury stock bly Other crepes December 31 2015 2014 5. 31.035 54103 1564 22,929 25,178 0 37.408 1. 51129275 102 203 3. Invest As of December 31, 2015. he's coming US wirts up to approximately 1 years were before. As of December 1, 2014. Composites CARS.com of depositplaced the country was poprosimy o years and we did US med sin bosis based Led I pusmele CDARS de cuisine inputs are described in Note de Vie Me The Company de este preciso de hold eyewe.2015. dece mo by to bolo to wiped ideeded to increased purchases of the Copy The right to feed to for sale in the yowded Decebe 31. 2015 was www of those we were to SIRI holinos 2.712 Comoded 52.408 1.521. fordi cal compowyw34 lape com The Commission files of December, 2014 verf the years 2014 The Company has decedere compte de che NR Tom a Towe The commerce income Yer De 2018 US US 5 340 17.957 113 $3219 12 $ 1730 UM Ferip or AA 37.39 172 20.599 156 282.600 4,130 61 2019:30 Deferred US. Federal US Sate Porci 11.000 899 Valuation allows Proin for (3x) (6,700) 23.079 23.205) 2.034 5 24929 5.238 03.105) (10 101 1.100 5207001 22:55 5 29425 Maalam patirat as partial ameters canar temaleated compof94,42 521.47, 533dring beyond December 1, 2013 2012 2013 respectively The effective is to be Story US. Theo Secondo land onder om te besef Ober Year ended December 2014 15.05 30 16 19 100 2013 JSON 42 09 2015 2014 2013 desen bong 2013 dicem Diinal ethaanaapayapaanar pala nilaimalar www.products in periode Deferred when the of Defence December 2014 (adjad La derma La coperty and God Tato de come 5192135 1.52 PALIS 1111 December 31 2015 2014 tas adjusted Lengterm deferred income tax liability Leuchold improvement property and equipment $ 192.125 $ 175.800 Goodwill not . 1319 Prepaid cancer 27 6091 Tolong term deferred income tax liability AIR Long-term deferred income Deferred God 37.716 3,171 1451 Cipired 502 503 Soch based competidor employee bende 23.058 87.913 Foreign curry 11.402 268 Sisters 4,753 4 Allow |ute 13377 14656 Vio OD 0512 Tolong-term deel con 169 16257 Netcom deferred in 532.100 $21.561 Aldebodi Noel. they decedury dot FASB ASU 2015-17 com o comber 31.2015 seguidance revely to all pradeded so the correndo de la commedie period of STR. determin office defend come to Bye me perial The ecognised when we 2015 2011 egingo 1:30 Lootorious 400 your position 2012 326 323 They feel liefies by the very en comencle The por by year before 2012. For the force by white for years before 2012 Jeg 2015 Sharqiy Th December 2015 Comedy of Defender 1.100.000 de Comes The Company has de Dih 0.000601602.2016 whether V yer E AA www Directors authorized the expenditure of up to an additional $300.000 s Mary 6, 2016 $300,000 Fary 2, 2016 repurchase share of its commock. Under the remaining representi, maybed from time to time in open market transactions, je to marketi The shares of common stock repurchased under the programs were $79, 154 and 336 for a tal cost of 5485,841; $87.9% and 5109.987 during 2015, 2014 and 2013, respectively. As of December 31, 2015, 5116,19 was will to be repurchased under the whorised programs. The Company repurchased shares of comme Mock formal cow of $270,015 freemary 1, 2016 through February 2016 under programmenced on December 4, 2015 and Jocary 6, 2016. The are repurchased are being held time as they are rretid the discretion of Board of Directions Durin 2015, 2014 2013 shares of wedded syllory with long ligtinction with the car and outstanding stock wa Shures arrendered by the participants in cordance with the applicatie waarde deemed repurchased by the Court of public are reports for the year anded Dec.2013, 2014, 2015, Company's repurchases in connect with under were less than the land for cost of 512, 50, 1956 Stock They spenden Route Chipotle Mexican Grill, loc. 2011 Stockfoto 2011 novel there in May 2015. Suresowe the newest to previous ac plans for sig som wilde 2011 nove och har et goed socki she will share her endring appreciation optie contoh Under the 1 teas.com chave been thered for to de participathich 2.0 presets were forcedor www December 31, 2015. The 2011 Incentive Manised by the Congo Coord of Directors which she way to let the town and will dorto degewyder planeth Cotive is to make for dette of terhero share to bed by chance theduled There are partmentarents hamma taste Se only wade (SOA)only vestlye deye yetech.com gays for a pro Competicies digestive disco which is what period. The Company SOSARS sporo couco SOSARS to pomeni heropper par which is on the towards the Company has decorados gogoro perfonard Componi by for somewhere is provided recognized by forwards subject to market conditions regardless of whether the market conditionis fit, provided that the requiservice has been provided of AA Stock-based compensation record as capitale development is included in whold improvement property and equipment in the condutod balance sheet. The following ble sets for tech-based compensation expens, including SOSARI deck wwards Stock- bution Stock-based composto Stock-based composer des Year ended December 2015 2014 2013 35945 $97.615 564781 36.66 60,044 39,443 1.354 1.178 The bow per dare the SOSAR der the sack the land then you and 2015 We Are Eur Price Per Share 2014 WMA EP Share Wage Errer Sharee Obec God 39546 2017 35 (71) 15 764 5 0155 1.4 672 31244 $4566 31013 41914 35 5 5 774 1300 123 1296 For 33673 2010 15 2015 TO 5 Weigheder Welger Eur Per Year AM Create December 2013 5 1900 92.71 Vedete Dec 2015 10 1610 us 2003 bo December 3.20 2 Dhandal, 2014 empowy SOSAR 230 No SOSAR de performance E AA pont, et income out and shardholder return. The quality of shares de ranges from 0 to 2005 based on the level of achievement of the performance and market conditions minimum tarjets are met with parformance and market mere will be weighted ally, and performant is called over the year period beginning January 1, 2015 through December 31, 2017. During the year ended December 31, 2015. Company reduced me of the number of the 2015 stack and that is expects will ich resulted in a cumulative dimento conse of $1,344 529 net of tax and 5.03 to basic and it can por share The Company's measurement of the grant date this value of the 2015 ock was cluded in a More Curetice model which incorporate the door the possibility for the market condition may not be satisfied in the following 2015 streer TON Expected 20 Expected divided yield 00% Und December 31, 2015 519.511 for the Compare probelove od polyes. The colors and as the video December , 2015 2014 2013 Srpety 7. Employees The Mexican Gril 2010 (10) The Compare Eco bych plywendent paydo become roche Cory December 1, 2015 2014 2011. de 699,00 The Commons recue CES com el contrattorney Come may co to 15th we may not company's costock de ESP. 250 cock habere ne Goredilicich prethore but December 1, 2015 Porch of December 15, 2014 001, IST wers The Commode Mehed which employer of The Deferred Pused as the male x-defordrende beste Senior comes the Defend Pachetul gaya dicted by the parti. Teal and the Deferred of December 2015 2014 SUSI testintainganallaad tainer to eCompany Suche colpayed by each one the 1 da Ford December 31.05.2014 2013, they made DE AA Tollesse payments 53. LOL Millesse payment have not been reduced by minimerets of 6.217 do in the future under occable wees Real espects of the following Year Ended December 2015 2014 2013 Mums 5 227.000 5200.375 517395 Controls $ 4.3425 4,616 5 2,719 Sale 5.89 505 (126) The Company has descrie Theros de quality for sale check because of the Company's deemed coinvolvement with the buyer durfd price renewal which Mentiate anthaal. Lagnatal lita hohet dhe proceeds from each Applied podopied. The demanded by 323 of December 31, 2015 2014 with custporties of the cated in one ided in this considered an het A Earnings Per Shar Telesed by die wet olders by the weight Dinayathalalatta care vided by used were shares como indig perial hade honderlying SOSAR wande folly.com of these i porodilicho bendo o produce effect. 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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The following consolidated financial statements are included in response to this itern: A Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Comprehensive Income Consolidated Statements of Cash Flows Consolidated Statements of Changes in Equity and Redeemablo Noncontrolling Interest Notes to the Consolidated Financial Statements opertal Independent Registered As To be done educ.com of changed from for my was 23015 December 2012 chroederico cerpts from Panera Bread Com AA A financial position of Puner Bed Company and its aris De 29.2015 December 302014 of the news for each of the years in the perioaded December 29, 2015 in conformity wil principles of the dates of America is on in our opinie films hedale is the coming ide pouring under Saxe fity is lateral respect, the formation effonder who is with the Alpine Internet, telemallover Scalings of December 29, 2015, cher Fram 2013 ond by the Come of Sponsoring Organization of the The CCOO) The Commenti reference chool for the imposing and forces of mal od fancial reporting included in Manager Report on internal Care Financial Reporting under Our people there in the cathed Company's fancial prin cowowi is wide of Account Overige Thesentadoria waplon perform the When we went under fleche corporal Office withe principles et male by agent de cette prestation. 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