Exhibit 9 CALIFORNIA PIZZA KITCHEN Pro Forma Tax Shield Effect of Recapitalization Scenarios ( dollars in thousands , except share data figures based on end of June 2007 ) Debt Total Capital Actual Interest rate ( 6189 6.LONG 6 1690 Tax rate 32 50 3250 6 2 50 Earnings before income taxes and interest ! 20.154 1 054 30 154 30 .454 Interest expense 1301 - Earnings before taxes 30.154 28 06 2727 25 180 Income taxe 4 755 2307 8 4010 Net income 20.209 19 351 - 17.480 Book value Debt 2 547 45 , 178 67 760 Equity 275 KBS 203 290 80 71 1 156 122 Total capital 25 808 125. HER 25 ARE 298 larlet values Debell 22,580 45 , 178 67 760 Equity 643773 613259 203 0 02 Market value of capital 643 7 73 651 15 658 437 OUS TED Notes Interest rate of CPK 's credit facility with Bank of America LIBOR + 0.80 1 4 I Earnings before interest and taxes ( EQUI ) include interest income Market values of debt equal book values Actual market value of county equals the share price ( 12 10) multiplied by the current number of shares outstanding ( 29 13 million ) Source : Case writer analysis based on CPK financial data