CHIPOTLE:

PANERA BREAD:

2. One of the accounts on each company's income statement is "General and administrative expenses." For each of the two most recent years, compute the ratio of this expense to Total revenues for each company. If required, round your answers to one decimal place. Year Chipotle Panera Bread Most recent year % % Prior year % % (in thousands, except per share data) Years ended December 31 2014 2013 2012 Revenue $ 4,108,269 $ 3,214,591 $ 2,731,224 Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 1,420,994 1,073,514 891,003 Labor 904,407 739,800 641,836 Occupancy 230,868 199,107 171,435 Other operating costs 434,244 347,401 286,610 General and administrative expenses 273,897 203,733 183,409 Depreciation and amortization 110,474 96,054 84,130 Pre-opening costs 15,609 15,511 11,909 Loss on disposal of assets 6,976 6,751 5,027 Total operating expenses 3,397,469 2,681,871 2,275,359 Income from operations 710,800 532,720 455,865 Interest and other income (expense), net 3,503 1,751 1,820 Income before income taxes 714,303 534,471 457,685 Provision for income taxes (268,929) (207,033) (179,685) Net income $ 445,374 $ 327,438 278,000 Other comprehensive income: Foreign currency translation adjustments (2,049) 596 827 Comprehensive income $ 443,325 $ 328,034 $ 278,827 Earnings per share: Basic $ 14.35 $ 10.58 S 8.82 Diluted 14.13 S 10.47 $ 8.75 Weighted average common shares outstanding: Basic 31,038 30,957 31,513 Diluted 31,512 31,281 31,783 A Operations and our consolidated financial statements and notes thereto. For the fiscal year ended (1) (in thousands, except per share and percentage information) December 30, December 31, December 25, December 27, December 28, 2014 2013 2012 2011 2010 Revenues: Bakery-cafe sales, net $ 2,230,370 $ 2,108,908 $ 1,879,280 $ 1,592,951 $ 1,321,162 Franchise royalties and fees 123,686 112,641 102,076 92,793 86,195 Fresh dough and other product sales to franchisees 175,139 163,453 148,701 136,288 135,132 Total revenues 2,529,195 2,385,002 2,130,057 1,822,032 1,542,489 Costs and expenses: Bakery-cafe expenses: Cost of food and paper products S 669,860 $ 625,622 S 552,580 470,398 $ 374,816 Labor 685,576 625,457 559,446 484,014 419,140 Occupancy 159,794 148,816 130,793 115,290 100,970 Other operating expenses 314,879 295,539 256,029 216,237 177,059 Total bakery-cafe expenses 1,830,109 1,695,434 1,498,848 1,285,939 1,071,985 Fresh dough and other product cost of sales to franchisees 152,267 142,160 131,006 116,267 110,986 Depreciation and amortization 124,109 106,523 90,939 79,899 68,673 General and administrative expenses 138,060 123,335 117,932 113,083 101,494 Pre-opening expenses 8,707 7,794 8,462 6,585 4,282 Total costs and expenses 2,253,252 2,075,246 1.847,187 1,601,773 1,357,420 Operating profit 275,943 309,756 282,870 220,259 185,069 Interest expense 1,824 1,053 1,082 822 675 Other (income) expense, net (3,175) (4,017) (1,208) (466) 4,232 Income before income taxes 277,294 312,720 282,996 219,903 180,162 Income taxes 98,001 116,551 109,548 83,951 68,563 Net income 179,293 196,169 173,448 135,952 111,599 Less: net loss attributable to noncontrolling interest (267) Net income attributable to Panera Bread Company $ 179,293 $ 196,169 S 173,448 S 135,952 $ 111,866 Earnings per common share attributable to Panera Bread Company: Basic 6.67 S 6.85 S 5.94 S 4.59 S 3.65 Diluted S 6.64 $ 6.81 $ 5.89 S 4.55 S 3.62 Weighted average shares of common and common equivalent shares outstanding: Basic 26,881 28,629 29,217 29,601 30,614 Diluted 26,999 28,794 29,455 29,903 30,922 $ 3. Compute the ratio of income tax expense (Chipotle uses the term "Provision for income taxes') to income before income taxes for the two most recent years for each company. If required, round your answers to one decimal place. Year Chipotle Panera Bread Most recent year % % Prior year % % Is the ratio the same for Chipotle for both years