10K Chipotle

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{\*\bkmkstart filing_1}{\*\bkmkend filing_1}{\*\bkmkstart doc_1_1}{\*\bkmkend do
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f52\fs16\b\ql Table of Contents}}\par\pard\plain\brdrb\brdrs\cf1\f51\fs20\ql \~\
par\pard\plain\brdrb\brdrs\sa22\cf1\f51\fs20\ql \~\par\pard\plain\sb44\cf1\f51\f
s28\b\qc UNITED STATES\par\pard\plain\cf1\f51\fs28\b\qc SECURITIES AND EXCHANGE
COMMISSION\par\pard\plain\cf1\f51\fs20\b\qc WASHINGTON, D.C. 20549\par\pard\plai
n\cf1\f51\fs7\ql \~\par\pard\plain\brdrb\brdrs\sa22\cf1\f51\fs20\qc \~\par\pard\
plain\sb66\cf1\f51\fs28\b\qc FORM 10-K\par\pard\plain\cf1\f51\fs7\ql \~\par\pard
\plain\brdrb\brdrs\sa22\cf1\f51\fs20\qc \~\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
{\trowd\cellx323\cellx10480\trrh206
\pard\plain\intbl\cf1\f54\fs16\ql x\cell\pard\plain\intbl\cf1\f51\fs16\b\ql ANNU
AL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
\cell{
{\trowd\cellx323\cellx10480\trrh206\row}}}\pard\plain\sb66\cf1\f51\fs16\b\qc For
the fiscal year ended December\~31, 2013\par\pard\plain\sb66\cf1\f51\fs16\b\qc
or\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
\pard\plain\intbl\cf1\f54\fs16\ql \cell\pard\plain\intbl\cf1\f51\fs16\b\ql TRANSI
TION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19
34\cell{
{\trowd\cellx323\cellx10652\trrh206\row}}}\pard\plain\sb66\cf1\f51\fs16\b\qc For
the transition period from\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~ to \~\~\~\
~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\par\pard\plain\sb66\cf1\f51\fs16\b\qc Commissi
on File Number: 1-32731\par\pard\plain\cf1\f51\fs7\ql \~\par\pard\plain\brdrb\br
drs\sa22\cf1\f51\fs20\qc \~\par\pard\plain\sb66\cf1\f51\fs34\b\qc CHIPOTLE MEXIC
AN GRILL,\~INC.\par\pard\plain\cf1\f51\fs13\b\qc (Exact name of registrant as sp
ecified in its charter)\par\pard\plain\cf1\f51\fs7\ql \~\par\pard\plain\brdrb\br
drs\sa22\cf1\f51\fs20\qc \~\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
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\pard\plain\intbl\cf1\f51\fs16\b\qc Delaware\cell\pard\plain\intbl\cf1\f51\fs13\
ql \~\cell\pard\plain\intbl\cf1\f51\fs16\b\qc 84-1219301\cell{
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\pard\plain\intbl\cf1\f51\fs13\b\qc (State or other jurisdiction of\par\pard\pla
in\intbl\cf1\f51\fs13\b\qc incorporation or organization)\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc (IRS Employer\par\par
d\plain\intbl\cf1\f51\fs13\b\qc Identification No.)\cell{
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\pard\plain\intbl\cf1\f51\fs16\b\qc 1401 Wynkoop Street, Suite 500 Denver, CO\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\b\qc 8
0202\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc (Address of Principal Executive Offices)\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc (Z
ip Code)\cell{
{\trowd\cellx5364\clvertalb\cellx5652\cellx10799\trrh172\row}}}\pard\plain\sb66\
cf1\f51\fs16\b\qc Registrant\u8217?s telephone number, including area code: (303
)\~595-4000\par\pard\plain\sb66\cf1\f51\fs16\b\qc Securities registered pursuant
to Section\~12(b) of the Act:\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
}}}
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Name of each exchange on which registered\cell{
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\pard\plain\intbl\cf1\f51\fs16\b\qc Common stock, par value $0.01 per share\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\b\qc New
York Stock Exchange\cell{
{\trowd\cellx5364\clvertalb\cellx5652\cellx10799\trrh206\row}}}\pard\plain\sb66\
cf1\f51\fs16\b\qc Securities registered pursuant to Section\~12(g) of the Act: N
one\par\pard\plain\cf1\f51\fs7\ql \~\par\pard\plain\brdrb\brdrs\sa22\cf1\f51\fs2
0\qc \~\par\pard\plain\sb66\fi352\cf1\f51\fs16\ql Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule\~405 of the Secur
ities Act.\~\~\~\~Yes\~\~\plain\cf1\f54\fs16\ql x\plain\cf1\f51\fs16\ql \~\~\~\~
No\~\~\plain\cf1\f54\fs16\ql \par\pard\plain\sb66\fi352\cf1\f51\fs16\ql Indicate
by check mark if the registrant is not required to file reports pursuant to Sect
ion\~13 or Section\~15(d) of the Act.\~\~\~\~Yes\~\~\plain\cf1\f54\fs16\ql \plain
\cf1\f51\fs16\ql \~\~\~\~No\~\~\plain\cf1\f54\fs16\ql x\par\pard\plain\sb66\fi35
2\cf1\f51\fs16\ql Indicate by check mark whether the registrant: (1)\~has filed
all reports required to be filed by Section\~13 or 15(d) of the Securities Excha
nge Act of\plain\cf1\f51\fs16\ql 1934 during the preceding 12\~months (or for s
uch shorter period that the registrant was required to file such reports), and (
2)\~has been subject to such\plain\cf1\f51\fs16\ql filing requirements for the
past 90\~days.\~\~\~\~Yes\~\~\plain\cf1\f54\fs16\ql x\plain\cf1\f51\fs16\ql \~

\~\~\~No\~\~\plain\cf1\f54\fs16\ql \par\pard\plain\sb66\fi352\cf1\f51\fs16\ql In
dicate by check mark whether the registrant has submitted electronically and pos
ted on its corporate Web site, if any, every Interactive Data File\plain\cf1\f51
\fs16\ql required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (\u167?232.405 of this chapter) during the preceding 12 months (or for such
\plain\cf1\f51\fs16\ql shorter period that the registrant was required to submi
t and post such files).\~\~\~\~\plain\cf1\f54\fs16\ql x\plain\cf1\f51\fs16\ql
\~\~Yes\~\~\~\~\plain\cf1\f54\fs16\ql \plain\cf1\f51\fs16\ql \~\~No\par\pard\pl
ain\sb66\fi352\cf1\f51\fs16\ql Indicate by check mark if disclosure of delinquen
t filers pursuant to Item\~405 of Regulation\~S-K (\u167?229.405 of this chapter
) is not contained\plain\cf1\f51\fs16\ql herein, and will not be contained, to
the best of registrant\u8217?s knowledge, in definitive proxy or information sta
tements incorporated by reference in\plain\cf1\f51\fs16\ql Part\~III of this Fo
rm\~10-K or any amendment to this Form\~10-K.\~\~\plain\cf1\f54\fs16\ql x\par\p
ard\plain\sb66\fi352\cf1\f51\fs16\ql Indicate by check mark whether the registra
nt is a large accelerated filer, an accelerated filer, a non-accelerated filer,
or a smaller reporting company.\plain\cf1\f51\fs16\ql See the definitions of \u
8220?large accelerated filer,\u8221? \u8220?accelerated filer,\u8221? and \u8220
?smaller reporting company\u8221? in Rule\~12b-2\plain\cf1\f51\fs16\ql of the E
xchange Act (check one):\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
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{\trowd\cellx2607\clvertalb\cellx2730\cellx5229\clvertalb\cellx5460\cellx8067\cl
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\pard\plain\intbl\li176\fi-176\cf1\f54\fs16\ql x\plain\intbl\cf1\f51\fs16\ql \~L
arge\~accelerated\~filer\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plai
n\intbl\cf1\f54\fs16\qc \plain\intbl\cf1\f51\fs16\qc \~Accelerated\~filer\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f54\fs16\qc \plain\in
tbl\cf1\f51\fs16\qc \~Non-accelerated\~filer\par\pard\plain\intbl\cf1\f51\fs16\q
c (do\~not\~check\~if\~a\par\pard\plain\intbl\cf1\f51\fs16\qc smaller\~reporting
\par\pard\plain\intbl\cf1\f51\fs16\qc company)\cell\pard\plain\intbl\cf1\f51\fs1
3\ql \~\cell\pard\plain\intbl\cf1\f54\fs16\qc \plain\intbl\cf1\f51\fs16\qc \~Smal
ler\~reporting\~company\cell{
{\trowd\cellx2607\clvertalb\cellx2730\cellx5229\clvertalb\cellx5460\cellx8067\cl
vertalb\cellx8298\cellx10797\trrh842\row}}}\pard\plain\sb66\fi352\cf1\f51\fs16\q
l Indicate by check mark whether the registrant is a shell company (as defined i
n Rule\~12b-2 of the Act).\~\~\~\~Yes\~\~\plain\cf1\f54\fs16\ql \plain\cf1\f51\fs
16\ql \~\~\~\~No\~\~\plain\cf1\f54\fs16\ql x\par\pard\plain\sb66\fi352\cf1\f51\f
s16\ql As of June\~28, 2013, the aggregate market value of the registrant\u8217?
s outstanding common equity held by non-affiliates was $7.10 billion, based\plai
n\cf1\f51\fs16\ql on the closing price of the registrant\u8217?s common stock o
n such date, the last trading day of the registrant\u8217?s most recently comple
ted second\plain\cf1\f51\fs16\ql fiscal quarter. For purposes of this calculati
on, shares of common stock held by each executive officer and director and by ho
lders of more than 5% of the\plain\cf1\f51\fs16\ql outstanding common stock hav
e been excluded since those persons may under certain circumstances be deemed to
be affiliates. This determination of\plain\cf1\f51\fs16\ql affiliate status is
not necessarily a conclusive determination for other purposes.\par\pard\plain\s
b66\fi352\cf1\f51\fs16\ql As of January\~30, 2014, there were 31,024,168 shares
of the registrant\u8217?s common stock, par value of $0.01 per share outstanding
.\par\pard\plain\sb66\cf1\f51\fs16\b\qc DOCUMENTS INCORPORATED BY REFERENCE{\*\b
kmkstart part_1_2_1}{\*\bkmkend part_1_2_1}\par\pard\plain\sb66\fi352\cf1\f51\fs

16\ql Part\~III incorporates certain information by reference from the registran
t\u8217?s definitive proxy statement for the 2014 annual meeting of\plain\cf1\f5
1\fs16\ql shareholders, which will be filed no later than 120\~days after the c
lose of the registrant\u8217?s fiscal year ended December\~31, 2013.\par\pard\pl
ain\cf1\f51\fs6\ql \~\par\pard\plain\brdrb\brdrs\cf1\f51\fs20\ql \~\par\pard\pla
in\brdrb\brdrs\sa22\cf1\f51\fs20\ql \~
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drsp0\par\pard\plain\f0\fs4\par\par\pard\plain\ul{\field{\*\fldinst HYPERLINK \\
l "toc" }{\*\fldrslt\cf3\f52\fs16\b\ql Table of Contents}}\par\pard\plain\cf1\f5
1\fs16\b\qc TABLE{\*\bkmkstart toc}{\*\bkmkend toc}\plain\cf1\f51\fs16\b\qc OF
CONTENTS\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
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\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\
pard\plain\intbl\cf1\f51\fs16\b\qc PART I\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cel
l\pard\plain\intbl\f0\fs16\ql \~\cell{
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\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Item\~1.\cell\pard\plain\intbl\cf
1\f51\fs13\ql \~\~\cell\pard\plain\intbl\li176\ul{\field{\*\fldinst HYPERLINK \\
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\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl
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\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Item\~1A.\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\~\cell\pard\plain\intbl\li176\ul{\field{\*\fldinst HYPERLINK \
\l "tx629534_2" }{\*\fldrslt\cf3\f51\fs16\ql Risk Factors}}\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\
intbl\cf1\f51\fs16\qr 9\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Item\~1B.\cell\pard\plain\intbl\c
\l "tx629534_3" }{\*\fldrslt\cf3\f51\fs16\ql Unresolved Staff Comments}}\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cel
l\pard\plain\intbl\cf1\f51\fs16\qr 24\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
\cell{
l "tx629534_4" }{\*\fldrslt\cf3\f51\fs16\ql Properties}}\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\int
bl\cf1\f51\fs16\qr 25\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
l "tx629534_5" }{\*\fldrslt\cf3\f51\fs16\ql Legal Proceedings}}\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\pl
ain\intbl\cf1\f51\fs16\qr 26\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Item 4.\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\~\cell\pard\plain\intbl\li176\ul{\field{\*\fldinst HYPERLINK \\l
"tx629534_6" }{\*\fldrslt\cf3\f51\fs16\ql Mine Safety Disclosures}}\cell\pard\p
lain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pa
rd\plain\intbl\cf1\f51\fs16\qr 26\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
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pard\plain\intbl\cf1\f51\fs16\b\qc PART\~II\cell\pard\plain\intbl\cf1\f51\fs13\q
l \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\c
ell\pard\plain\intbl\f0\fs16\ql \~\cell{
l "tx629534_7" }{\*\fldrslt\cf3\f51\fs16\ql Market for Registrant\u8217?s Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities}}
\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\q
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l "tx629534_8" }{\*\fldrslt\cf3\f51\fs16\ql Selected Financial Data}}\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\p
ard\plain\intbl\cf1\f51\fs16\qr 29\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll{
l "tx629534_9" }{\*\fldrslt\cf3\f51\fs16\ql Management\u8217?s Discussion and An
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cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\in
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\l "tx629534_10" }{\*\fldrslt\cf3\f51\fs16\ql Quantitative and Qualitative Discl
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plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 37\cell\par
d\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
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1\f51\fs16\ql \~\~\cell{
l "tx629534_12" }{\*\fldrslt\cf3\f51\fs16\ql Changes in and Disagreements With A
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1\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf
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pard\plain\intbl\cf1\f51\fs16\b\qc PART III\cell\pard\plain\intbl\cf1\f51\fs13\q
l \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\c
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pard\plain\intbl\cf1\f51\fs16\b\qc PART IV\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\ce
ll\pard\plain\intbl\f0\fs16\ql \~\cell{
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1\f51\fs16\ql \~\~\cell{
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drslt\cf3\f51\fs16\ql Signatures}}\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 63\
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4\clvertalb\cellx10797\trrh206\row}}}\pard\plain\cf1\f51\fs13\ql \~
l "toc" }{\*\fldrslt\cf3\f52\fs16\b\ql Table of Contents}}{\*\bkmkstart part_1_2
_2}{\*\bkmkend part_1_2_2}\par\pard\plain\cf1\f51\fs16\b\qc PART I\par\pard\plai
n\cf1\f51\fs13\ql \~{\*\bkmkstart item_1_3_1}{\*\bkmkend item_1_3_1}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~1.\cell{\*\bkmkstart tx629534_1}{\*\bk
mkend tx629534_1}\pard\plain\intbl\cf1\f51\fs16\b\ql BUSINESS\cell{
{\trowd\cellx972\cellx6721\trrh206\row}}}\pard\plain\sb66\cf1\f51\fs16\b\ql Gene
ral\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Chipotle Mexican Grill, Inc. and i
ts subsidiaries (\u8220?Chipotle\u8221?, the \u8220?Company\u8221?, or \u8220?we
\u8221?) operate Chipotle\plain\cf1\f51\fs16\ql Mexican Grill restaurants, whic
h serve a focused menu of burritos, tacos, burrito bowls (a burrito without the
tortilla) and salads, made using fresh\plain\cf1\f51\fs16\ql ingredients. As of
December\~31, 2013, we operated 1,572 Chipotle restaurants throughout the Unite
d States, as well as seven in Canada, six in England,\plain\cf1\f51\fs16\ql two
in France, and one in Germany. Additionally, our restaurants include six ShopHo
use Southeast Asian Kitchen restaurants, serving Asian-inspired\plain\cf1\f51\fs
16\ql cuisine, and we are an investor in a consolidated entity that owns and op
erates one Pizzeria Locale, a fast casual pizza concept, resulting in a total of
\plain\cf1\f51\fs16\ql 1,595 restaurants as of December\~31, 2013. We focus on
trying to find the highest quality ingredients we can to make great tasting food
; on building a\plain\cf1\f51\fs16\ql special people culture that is centered o
n creating a team of top performers empowered to achieve high standards; on buil

ding restaurants that are\plain\cf1\f51\fs16\ql operationally efficient and aes
thetically pleasing; and on doing all of this with increasing awareness and resp
ect for the environment. We have grown\plain\cf1\f51\fs16\ql substantially over
the past five years, and expect to open between 180 and 195 additional restaura
nts in 2014, including a small number of ShopHouse\plain\cf1\f51\fs16\ql and/or
Pizzeria Locale restaurants.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Our vis
ion is to change the way people think about and eat fast food. We do this by avo
iding a formulaic approach when creating our restaurant\plain\cf1\f51\fs16\ql e
xperience, looking to fine-dining restaurants for inspiration. We use high-quali
ty raw ingredients, classic cooking methods and a distinctive interior\plain\cf1
\f51\fs16\ql design and have friendly people to take care of each customer\u821
2?features that are more frequently found in the world of fine dining. Our appro
ach is\plain\cf1\f51\fs16\ql also guided by our belief in an idea we call \u822
0?Food With Integrity.\u8221? Our objective is to find the highest quality ingre
dients we\plain\cf1\f51\fs16\ql can\u8212?ingredients that are grown or raised
with respect for the environment, animals and people who grow or raise the food.
\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We manage our operations and restaur
ants based on seven regions that aggregate into one reportable segment. Financia
l information about our\plain\cf1\f51\fs16\ql operations, including our revenue
s and net income for the years ended December\~31, 2013, 2012, and 2011, and our
total assets as of December\~31, 2013\plain\cf1\f51\fs16\ql and 2012, is inclu
ded in our consolidated financial statements and accompanying notes in Item\~8,
\u8220?Financial Statements and Supplementary\plain\cf1\f51\fs16\ql Data.\u8221
? Substantially all of our revenues are generated and assets are located in the
U.S. For a discussion of risks related to our international\plain\cf1\f51\fs16\q
l operations, see \u8220?\plain\cf1\f51\fs16\i\ql Risks Related to Our Growth
Strategy and Future Expansion\u8212?Our expansion into international markets may
present\plain\cf1\f51\fs16\i\ql increased risks due to lower customer awarenes
s of our brand, our unfamiliarity with those markets and other factors\plain\cf1
\f51\fs16\ql \u8221? in Item\~1A, Risk Factors.\par\pard\plain\sb220\cf1\f51\fs
16\b\ql Our Menu and Food Preparation\par\pard\plain\sb66\fi462\cf1\f51\fs16\i\q
l Food With Integrity.\plain\cf1\f51\fs16\ql Serving high quality food while st
ill charging reasonable prices is critical to our vision to change the way peopl
e think about\plain\cf1\f51\fs16\ql and eat fast food. As part of our Food With
Integrity philosophy, we believe that purchasing fresh ingredients and preparin
g them by hand are not\plain\cf1\f51\fs16\ql enough, so we spend time on farms
and in the field to understand where our food comes from and how it is raised. B
ecause our menu is so focused, we\plain\cf1\f51\fs16\ql can concentrate on the
sources of each ingredient, and this has become a cornerstone of our continuous
effort to improve our food.\par\pard\plain\sb132\sa88\fi462\cf1\f51\fs16\ql In a
ll of our restaurants, we endeavor to serve only meats that were raised without
the use of subtherapeutic antibiotics or added hormones, and in\plain\cf1\f51\fs
16\ql accordance with criteria we\u8217?ve established in an effort to improve
sustainability and promote animal welfare. We brand these meats as\plain\cf1\f51
\fs16\ql \u8220?Responsibly Raised\plain\cf1\f51\fs11\ql\super TM\plain\cf1\f5
1\fs16\ql .\u8221?\~One of our primary goals is for all of our restaurants to s
erve meats raised to meet our standards, but we have and\plain\cf1\f51\fs16\ql
will continue to face challenges in doing so. Some of our restaurants served con
ventionally raised beef and chicken for periods during 2013, and some are\plain\
cf1\f51\fs16\ql continuing to serve conventionally raised beef, due to supply c
onstraints for our Responsibly Raised meats. More of our restaurants may periodi
cally serve\plain\cf1\f51\fs16\ql conventionally raised meats in the future due
to additional supply constraints. When we become aware that one or more of our
restaurants will serve\plain\cf1\f51\fs16\ql conventionally raised meat, we cle
arly and specifically disclose this temporary change on signage in each affected
restaurant so that customers can avoid\plain\cf1\f51\fs16\ql those meats if th
ey choose to do so.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs1
6\qc 3
l "toc" }{\*\fldrslt\cf3\f52\fs16\b\ql Table of Contents}}\par\pard\plain\fi462\
cf1\f51\fs16\ql We also seek to use more sustainably grown produce, meaning prod
uce grown by suppliers who we believe respect the environment and their\plain\cf
1\f51\fs16\ql employees. A portion of some of the produce items we serve is org
anically grown, and/or sourced locally while in season (by which we mean grown\p
lain\cf1\f51\fs16\ql within 350 miles of the restaurant where it is served). A
portion of our beans is organically grown and a portion is grown using conservat
ion tillage\plain\cf1\f51\fs16\ql methods that improve soil conditions, reduce
erosion, and help preserve the environment in which the beans are grown. Our com
mitment to Food With\plain\cf1\f51\fs16\ql Integrity extends to the dairy produ
cts we serve as well. The sour cream and cheese we buy is made with milk that co
mes from cows that are not given\plain\cf1\f51\fs16\ql rBGH (recombinant bovine
growth hormone). Also, milk used to make much of our cheese and sour cream is s
ourced from pasture-based dairies that\plain\cf1\f51\fs16\ql provide an even hi
gher standard of animal welfare by providing outdoor access for their cows. Furt
her, we disclose on our website which ingredients\plain\cf1\f51\fs16\ql contain
genetically modified organisms, or GMOs, and we are working to replace ingredie
nts containing GMOs in our food (not including beverages) with\plain\cf1\f51\fs1
6\ql non-GMO ingredients. While the meat and poultry we serve is not geneticall
y modified, the animals are likely fed a diet containing GMOs. Because of\plain\
cf1\f51\fs16\ql the prevalence of GMOs in a number of important feed crops, mos
t grains used as animal feed in the U.S. are genetically modified.\par\pard\plai
n\sb132\fi462\cf1\f51\fs16\ql We do face challenges associated with pursuing Foo
d With Integrity. There are higher costs and other risks associated with purchas
ing ingredients\plain\cf1\f51\fs16\ql grown or raised with an emphasis on quali
ty, environmental sustainability and other responsible practices. Growth rate an
d weight gain can be lower for\plain\cf1\f51\fs16\ql chickens, cattle and pigs
that are not fed subtherapeutic antibiotics and for cattle that are not given gr
owth hormones. Crops grown organically or using\plain\cf1\f51\fs16\ql other res
ponsible practices can take longer to grow and crop yields can be lower. It can
take longer to identify and secure relationships with suppliers that\plain\cf1\f
51\fs16\ql are able to meet our criteria for meat, dairy and produce ingredient
s. Given the costs associated with what we believe are responsible farming pract
ices,\plain\cf1\f51\fs16\ql many large suppliers have not found it economical t
o pursue business in this area. However, we believe that in addition to seeking
great tasting and\plain\cf1\f51\fs16\ql nutritious food, consumers are increasi
ngly concerned about where their food comes from and how it is raised. And we be
lieve that as consumers become\plain\cf1\f51\fs16\ql more educated about better
animal welfare and farming practices as well as social accountability, they wil
l foster greater demand for sustainably grown\plain\cf1\f51\fs16\ql foods in th
e long term. We believe that increased demand over the long term for the types o
f meat and produce items we strive to serve will continue to\plain\cf1\f51\fs16\
ql attract the interest and capital investment of larger farms and suppliers. W
e also understand that we\u8217?ll continue to be at the forefront of this trend
\plain\cf1\f51\fs16\ql and must balance our interest in advancing Food With Int
egrity with our desire to provide great food at reasonable prices. If we are abl
e to continue\plain\cf1\f51\fs16\ql growing while focusing on Food With Integri
ty, our sourcing flexibility should improve over time, though we expect that mos
t of these ingredients and\plain\cf1\f51\fs16\ql other raw materials will remai
n more expensive than conventionally raised, commodity-priced equivalents.\par\p
ard\plain\sb132\fi462\cf1\f51\fs16\i\ql A Few Things, Thousands of Ways.\plain\c
f1\f51\fs16\ql Chipotle restaurants serve only a few things: burritos, burrito
bowls, tacos and salads. But because customers\plain\cf1\f51\fs16\ql can choose
from four different meats, two types of beans and a variety of extras such as s
alsas, guacamole, cheese and lettuce, there\u8217?s enough\plain\cf1\f51\fs16\ql
variety to extend our menu to provide countless choices. We plan to keep a sim
ple menu, but we\u8217?ll consider additions that we think make sense,\plain\cf1
\f51\fs16\ql such as the recent introduction in select markets of Sofritas, our
new vegan protein option made with braised organic tofu. And if customers can\u
8217?t\plain\cf1\f51\fs16\ql find something on the menu that\u8217?s quite what

they\u8217?re after, we encourage them to let us know. If we can make it from t
he ingredients we\plain\cf1\f51\fs16\ql have, we\u8217?ll do it.\par\pard\plain
\sb132\fi462\cf1\f51\fs16\ql In preparing our food, we use stoves and grills, po
ts and pans, cutting knives, wire whisks and other kitchen utensils, walk-in ref
rigerators stocked\plain\cf1\f51\fs16\ql with a variety of fresh ingredients, h
erbs and spices and dry goods such as rice. Ingredients we use include chicken a
nd steak that is marinated and grilled\plain\cf1\f51\fs16\ql in our restaurants
, carnitas (seasoned and braised pork), barbacoa (spicy shredded beef) and veget
arian pinto and black beans. We add our rice, which is\plain\cf1\f51\fs16\ql to
ssed with lime juice and freshly chopped cilantro, as well as freshly shredded c
heese, sour cream, lettuce, peppers and onions, depending on each\plain\cf1\f51\
fs16\ql customer\u8217?s request. We use various herbs, spices and seasonings t
o prepare our meats and vegetables. We also provide a variety of extras such as\
plain\cf1\f51\fs16\ql guacamole, salsas and tortilla chips seasoned with fresh
lime juice and kosher salt. In addition to sodas, fruit drinks and organic milk,
most of our\plain\cf1\f51\fs16\ql restaurants also offer a selection of beer a
nd margaritas. Our food is prepared from scratch, with the majority prepared in
our restaurants while some is\plain\cf1\f51\fs16\ql prepared with the same fres
h ingredients in larger batches in commissaries.\par\pard\plain\cf1\f51\fs13\ql
\~\par\pard\plain\cf1\f51\fs16\qc 4
cf1\f51\fs16\i\ql Food Served Fast \u8230? So That Customers Can Enjoy It Slowly
.\plain\cf1\f51\fs16\ql Our employees spend hours preparing our food on-site, b
ut each customer\plain\cf1\f51\fs16\ql order can be ready in seconds. Customers
select exactly what they want and how they want it by speaking directly to the
employees that prepared the\plain\cf1\f51\fs16\ql food and are assembling the o
rder. While we think that our customers return because of the great-tasting food
, we also think that they like getting food\plain\cf1\f51\fs16\ql served fast w
ithout having a typical \u8220?fast-food\u8221? experience. And while our restau
rants often have lines, we try to serve customers as quickly\plain\cf1\f51\fs16\
ql as possible. We do this by focusing on what we call the \u8220?four pillars\
u8221? of throughput.\~The four pillars are having a dedicated expeditor, who\pl
ain\cf1\f51\fs16\ql works just before the cashier to get drink and side orders
and bag to-go orders; a dedicated linebacker, to make sure the serving line is s
tocked with all\plain\cf1\f51\fs16\ql our ingredients so the employees on the l
ine can focus on each customer\u8217?s order; proper\plain\cf1\f51\fs16\i\ql m
ise en place\plain\cf1\f51\fs16\ql ; and ensuring that we have \u8220?aces in\p
lain\cf1\f51\fs16\ql their places\u8221?, or the best employees at each positio
n during all of our peak periods.\~When we do this our customers are served quic
kly without\plain\cf1\f51\fs16\ql feeling rushed.\~We\u8217?ve even been able t
o serve more than 300 customers an hour at some locations. The natural flow of o
ur restaurant layout,\plain\cf1\f51\fs16\ql including the floor plan and the de
sign of our serving line, are designed to make the food ordering process intuiti
ve and, we believe, more efficient. And\plain\cf1\f51\fs16\ql we constantly str
ive to improve the speed of service in all of our restaurants, so that we can ac
commodate more customers and larger orders without\plain\cf1\f51\fs16\ql disrup
ting restaurant traffic. For instance, our restaurants accept orders by fax, onl
ine or through an iPhone or Android ordering application in order to\plain\cf1\f
51\fs16\ql provide a more convenient experience by allowing customers to avoid
standing in line. By emphasizing speed of service without compromising the\plain
\cf1\f51\fs16\ql genuine interactions between our customers and our crews, and
by continually making improvements to our restaurant operations, we believe that
we can\plain\cf1\f51\fs16\ql provide a high quality experience to more and mor
e customers.\par\pard\plain\sb132\fi462\cf1\f51\fs16\i\ql Quality Assurance and
Food Safety.\plain\cf1\f51\fs16\ql We are committed to serving safe, high quali
ty food to our customers. Quality and food safety is integrated\plain\cf1\f51\fs
16\ql throughout our supply chain and everything we do; from the farms that sup
ply our food all the way through to our front line. We have established close\pl
ain\cf1\f51\fs16\ql relationships with some of the top suppliers in the industr
y, and we actively maintain a limited list of approved suppliers from whom our d
istributors must\plain\cf1\f51\fs16\ql purchase. Our quality assurance departme
nt establishes and monitors our quality and food safety programs for our supply
chain. Our training and risk\plain\cf1\f51\fs16\ql management departments devel
op and implement operating standards for food quality, preparation, cleanliness
and safety in the restaurants. Our food\plain\cf1\f51\fs16\ql safety programs a
re also designed to ensure that we comply with applicable federal, state and loc
al food safety regulations.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Restaurant Ma
nagement and Operations\par\pard\plain\sb66\fi462\cf1\f51\fs16\i\ql Culture of T
op Performers.\plain\cf1\f51\fs16\ql In addition to our focus on the food we se
rve, we have a similarly focused people culture with an emphasis on\plain\cf1\f5
1\fs16\ql identifying, hiring and empowering top performing employees. We are c
ommitted to creating a performance based culture that leads to the best restaura
nt\plain\cf1\f51\fs16\ql experience possible for our employees and our customer
s. The foundation of that culture starts with hiring the best people in our rest
aurants. We make an\plain\cf1\f51\fs16\ql effort to hire employees who share a
passion for food and who will operate our restaurants in a way that is consisten
t with our high standards, yet allows\plain\cf1\f51\fs16\ql each of their uniqu
e personalities and strengths to contribute to our success. We believe we provid
e attractive career opportunities to crew and managers\plain\cf1\f51\fs16\ql wh
o are committed to work hard, provide great customer service and have the abilit
y to lead and empower a team of top performers. We provide hands\plain\cf1\f51\f
s16\ql on, shoulder-to-shoulder training to develop the full potential of our r
estaurant employees. We are committed to developing our people and promoting\pla
in\cf1\f51\fs16\ql from within, with about 85% of salaried management and about
96% of hourly management coming from internal promotions. Our best general mana
gers,\plain\cf1\f51\fs16\ql who run great restaurants and develop strong, empow
ered restaurant teams, are promoted to Restaurateur and in that role can earn bo
nuses for developing\plain\cf1\f51\fs16\ql people. We\u8217?ve leveraged our ou
tstanding Restaurateurs\u8217? leadership by giving many Restaurateurs responsib
ility for mentoring one or more\plain\cf1\f51\fs16\ql nearby restaurants. This
provides an opportunity for Restaurateurs to develop field leadership roles one
restaurant at a time. Restaurateurs who have shown\plain\cf1\f51\fs16\ql they c
an successfully run four restaurants by developing teams of all top performers (
including at least one Restaurateur), thereby creating a culture of\plain\cf1\f5
1\fs16\ql high standards, constant improvement and empowerment in each of their
restaurants, can be promoted to apprentice team leaders.\par\pard\plain\sb132\f
i462\cf1\f51\fs16\i\ql Importance of Methods and Culture.\plain\cf1\f51\fs16\ql
Although we have many restaurants, we believe that our departure from the autom
ated cooking techniques and\plain\cf1\f51\fs16\ql microwaves used by many tradi
tional fast-food and fast-casual restaurants helps to set us apart. Our crews us
e classic cooking methods: they marinate\plain\cf1\f51\fs16\ql and grill meats,
hand-cut\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 5
1\fs16\ql produce and herbs, make fresh salsa and guacamole, and cook rice in sm
all batches throughout the day. They work in kitchens that more closely resemble
\plain\cf1\f51\fs16\ql those of high-end restaurants than they do a typical fas
t-food place. Despite our more labor-intensive method of food preparation, our f
ocused menu\plain\cf1\f51\fs16\ql creates efficiencies which allow us to serve
high quality food made from ingredients typically found in fine dining restauran
ts.\par\pard\plain\sb132\fi462\cf1\f51\fs16\i\ql The Front Line is Key\plain\cf1
\f51\fs16\ql . Our restaurant and kitchen designs intentionally place crew membe
rs up front with customers to reinforce our focus on\plain\cf1\f51\fs16\ql serv
ice, and our open kitchen design allows customers to see that we prepare our foo
d fresh, each and every day. All of our restaurant employees are\plain\cf1\f51\f
s16\ql encouraged to interact with customers no matter their job, whether prepa
ring food or serving customers during our busiest period. We focus on attracting
\plain\cf1\f51\fs16\ql and retaining people who can deliver that experience for
each customer. We provide each customer with individual attention and make ever
y effort to\plain\cf1\f51\fs16\ql respond to customer suggestions and concerns
in a personal and hospitable way. We believe our focus on creating a positive an
d interactive experience\plain\cf1\f51\fs16\ql helps build loyalty and enthusia
sm for our brand among general managers, crew members and customers alike.\par\p
ard\plain\sb132\fi462\cf1\f51\fs16\i\ql The Basics.\plain\cf1\f51\fs16\ql Each
restaurant typically has a general manager (a position we\u8217?ve characterized
as the most important in the company), an\plain\cf1\f51\fs16\ql apprentice man
ager (in more than three-quarters of our restaurants), one to three hourly servi
ce managers, one or two hourly kitchen managers and an\plain\cf1\f51\fs16\ql av
erage of 23 full and part-time crew members. We generally have two shifts at our
restaurants, which simplifies scheduling and provides stability for our\plain\c
f1\f51\fs16\ql employees. We tend to have more employees in our busier restaura
nts. We cross-train our people so that each can work a variety of stations, allo
wing us\plain\cf1\f51\fs16\ql to work efficiently during our busiest times, whi
le giving our people the opportunity to develop a wider array of skills. Consist
ent with our emphasis on\plain\cf1\f51\fs16\ql customer service, we encourage o
ur general managers and crew members to welcome and interact with customers thro
ughout the day. In addition to the\plain\cf1\f51\fs16\ql employees serving our
customers at each restaurant, we also have a field support system that includes
apprentice team leaders, team leaders or area\plain\cf1\f51\fs16\ql managers, t
eam directors, executive team directors or regional directors, and restaurant su
pport officers.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Supply Chain\par\pard\pla
in\sb66\fi462\cf1\f51\fs16\i\ql Close Relationships with Suppliers.\plain\cf1\f5
1\fs16\ql Maintaining the high levels of quality we expect in our restaurants d
epends in part on our ability to acquire\plain\cf1\f51\fs16\ql high-quality, fr
esh ingredients and other necessary supplies that meet our specifications from r
eliable suppliers. Our 23 independently owned and operated\plain\cf1\f51\fs16\ql
regional distribution centers purchase from various suppliers we carefully sel
ect based on quality and their understanding of our mission, and we seek to\plai
n\cf1\f51\fs16\ql develop mutually beneficial long-term relationships with supp
liers. We work closely with our suppliers and use a mix of forward, fixed and fo
rmula\plain\cf1\f51\fs16\ql pricing protocols, and our distribution centers pur
chase within the pricing guidelines and protocols we have established with the s
uppliers. We\u8217?ve\plain\cf1\f51\fs16\ql tried to increase, where necessary,
the number of suppliers for our ingredients, which we believe can help mitigate
pricing volatility and supply shortages,\plain\cf1\f51\fs16\ql and we follow i
ndustry news, trade issues, weather, exchange rates, foreign demand, crises and
other world events that may affect our ingredient prices.\plain\cf1\f51\fs16\ql
Certain key ingredients (beef, pork, chicken, beans, rice, sour cream, cheese,
and tortillas) are purchased from a small number of suppliers.\par\pard\plain\sb
132\fi462\cf1\f51\fs16\i\ql Distribution Arrangements.\plain\cf1\f51\fs16\ql In
gredients and other supplies are delivered to our restaurants by our independent
ly owned and operated regional\plain\cf1\f51\fs16\ql distribution centers.\par\
pard\plain\sb220\cf1\f51\fs16\b\ql Marketing\par\pard\plain\sb66\fi462\cf1\f51\f
s16\ql A great dining experience in our restaurants is our most powerful marketi
ng of all. But there is still a need to introduce our brand to consumers,\plain\
cf1\f51\fs16\ql and to help them understand what makes Chipotle different than
other restaurants. So we pay close attention to all of these details, monitoring
customer\plain\cf1\f51\fs16\ql sentiment and awareness of Chipotle and keeping
our communications closely aligned with the ways our customers experience our b
rand. Our advertising\plain\cf1\f51\fs16\ql and promotional programs, in-store
communications, and other design elements all help to communicate something abou
t what makes Chipotle different\plain\cf1\f51\fs16\ql from other fast food comp
anies. Whether it\u8217?s engaging with our company via social media, participat
ing in our local events or simply eating a\plain\cf1\f51\fs16\ql burrito at one
of our restaurants, each interaction with a customer affords us an important op
portunity to build our brand.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Our adv
ertising has generally included print, outdoor, transit and radio ads, but we ar
e also incorporating online advertising into the mix, and adding\plain\cf1\f51\f
s16\ql strategic promotions that demonstrate how Chipotle is different than\par
\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 6
1\fs16\ql other restaurant concepts, or that connect us to like-minded individua
ls or organizations. Beyond these traditional means, we are continuing to explor
e and\plain\cf1\f51\fs16\ql pioneer new avenues of branded content aimed at edu
cating consumers about issues that are important to us, and explaining why we ar
e working to drive\plain\cf1\f51\fs16\ql positive change in the nation\u8217?s
food supply. In addition, we continue to generate considerable media coverage, w
ith scores of publications writing\plain\cf1\f51\fs16\ql favorably about our fo
od, restaurant concept and business.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
We also recognize the need for our marketing to evolve, much as we have evolved
our food culture and our unique people culture. To this end, we\plain\cf1\f51\fs
16\ql have been developing more \u8220?owned media,\u8221? including new video
and music programs, and a more visible event strategy that includes our\plain\cf
1\f51\fs16\ql \u8220?Cultivate\u8221? festivals of food, music and ideas, and p
articipation in relevant events in markets around the country. Many of these new
er\plain\cf1\f51\fs16\ql programs allow us to tell our story with more nuance t
han is afforded by traditional advertising, and help forge stronger emotional co
nnections with our\plain\cf1\f51\fs16\ql customers. We are also increasing our
use of digital, mobile, and social media to our overall marketing mix, giving cu
stomers greater opportunity to\plain\cf1\f51\fs16\ql access Chipotle in ways th
at are convenient for them, and broadening our ability to engage with our custom
ers individually.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Collectively, these
efforts and our excellent restaurant teams have helped us create considerable w
ord-of-mouth publicity, with our customers\plain\cf1\f51\fs16\ql learning about
us and telling others, allowing us to build awareness and loyalty with relative
ly low advertising expenditures, even in a competitive\plain\cf1\f51\fs16\ql ca
tegory, and to differentiate Chipotle as a company that is committed to doing th
e right things in every facet of our business.\par\pard\plain\sb220\cf1\f51\fs16
\b\ql Competition\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The fast-casual, qui
ck-service and casual dining segments of the restaurant industry are highly comp
etitive with respect to, among other things,\plain\cf1\f51\fs16\ql taste, price
, food quality and presentation, service, location and the ambience and conditio
n of each restaurant. Our competition includes a variety of\plain\cf1\f51\fs16\q
l restaurants in each of these segments, including locally owned restaurants an
d national and regional chains. Many of our competitors offer dine-in,\plain\cf1
\f51\fs16\ql carry-out and delivery services. Among our main competitors are a
number of multi-unit, multi-market Mexican food or burrito restaurant concepts,\
plain\cf1\f51\fs16\ql some of which are expanding nationally. Unlike us, a numb
er of our competitors grow through franchising.\par\pard\plain\sb132\fi462\cf1\f
51\fs16\ql Several of our competitors compete by offering menu items that are sp
ecifically identified as low in carbohydrates, better for customers or otherwise
\plain\cf1\f51\fs16\ql targeted at particular consumer preferences. Many of our
competitors in the fast-casual and quick-service segments of the restaurant ind
ustry also\plain\cf1\f51\fs16\ql emphasize lower-cost, \u8220?value meal\u8221?
menu options, a strategy we do not currently pursue.\par\pard\plain\sb132\fi462
\cf1\f51\fs16\ql Moreover, we may also compete with companies outside the fast c
asual and quick service and casual dining segments of the restaurant industry. F
or\plain\cf1\f51\fs16\ql example, competitive pressures can come from deli sect
ions and in-store caf\u233?s of several major grocery store chains, including th
ose targeted at\plain\cf1\f51\fs16\ql customers who want higher-quality food, a
s well as from convenience stores and casual dining outlets. These competitors m
ay have, among other things,\plain\cf1\f51\fs16\ql a more diverse menu, lower o
perating costs, better locations, better facilities, better management, more eff
ective marketing and more efficient operations\plain\cf1\f51\fs16\ql than we ha
ve.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We believe we are well-positioned

to continue to grow our market position in existing and new markets given curre
nt consumer trends, including\plain\cf1\f51\fs16\ql increasing awareness and co
ncern among consumers about what they eat and how it is prepared and the increas
ing prevalence of the fast-casual segment.\plain\cf1\f51\fs16\ql Some of our co
mpetitors have formats that might resemble ours, but we believe that Chipotle ha
s become one of the most recognized fast-casual\plain\cf1\f51\fs16\ql restauran
ts and that we are known for our focus on having teams of top-performing employe
es prepare food using a variety of fresh ingredients in an\plain\cf1\f51\fs16\ql
open restaurant kitchen to create delicious food, as well as our commitment to
\u8220?Food With Integrity\u8221?, which we think adds up to a high\plain\cf1\f
51\fs16\ql quality customer experience in our restaurants. We believe these ele
ments represent significant competitive advantages in the segment in which we\pl
ain\cf1\f51\fs16\ql operate.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Restaurant
Site Selection\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We believe that site se
lection is critical to our success and thus we devote substantial time and effor
t to evaluating each potential location. Our site\plain\cf1\f51\fs16\ql selecti
on process includes the use of external real estate brokers with\par\pard\plain\
cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 7
1\fs16\ql expertise in specific markets, taking direction from our internal team
of real estate managers. Locations proposed by real estate managers are reviewe
d by\plain\cf1\f51\fs16\ql development management and at times leaders from ope
rations as part of a formal site ride, as well as in a written real estate packa
ge. We study the\plain\cf1\f51\fs16\ql surrounding trade area, demographic and
business information within that area, and available information on competitors.
Based on this analysis, including\plain\cf1\f51\fs16\ql utilization of predict
ive modeling using proprietary formulas, we determine projected sales and target
ed return on investment. We have been successful in\plain\cf1\f51\fs16\ql a num
ber of different types of locations, such as in-line or end-cap locations in str
ip or power centers, in regional malls and downtown business districts,\plain\cf
1\f51\fs16\ql free-standing buildings, food courts, and airports. Our new resta
urant development activity has broadened to incorporate trade areas or restauran
t sites in\plain\cf1\f51\fs16\ql which we have little or no prior experience, i
ncluding smaller or more economically mixed communities, highway sites, outlet c
enters, and on military\plain\cf1\f51\fs16\ql sites.\par\pard\plain\sb220\cf1\f
51\fs16\b\ql ShopHouse Southeast Asian Kitchen and Pizzeria Locale\par\pard\plai
n\sb66\fi462\cf1\f51\fs16\ql We believe that the fundamental principles on which
our restaurants are based\u8212?finding the very best sustainably raised ingred
ients, prepared\plain\cf1\f51\fs16\ql and cooked using classical methods in fro
nt of the customer, and served in an interactive format by special people dedica
ted to providing a great dining\plain\cf1\f51\fs16\ql experience\u8212?can be a
dapted to cuisines other than the food we serve at Chipotle.\par\pard\plain\sb13
2\fi462\cf1\f51\fs16\ql In order to see how our model works when we use differen
t ingredients and a different style of food, we opened our first ShopHouse South
east\plain\cf1\f51\fs16\ql Asian Kitchen during 2011 and we opened five additio
nal ShopHouse restaurants during 2013. ShopHouse serves a menu that, like at Chi
potle, is focused;\plain\cf1\f51\fs16\ql main dishes consist of rice or noodle
bowls made with steak, chicken, meatballs made with pork and chicken, or tofu. F
urther, during 2013, we invested\plain\cf1\f51\fs16\ql in a consolidated entity
that owns and operates one Pizzeria Locale, a fast casual pizza concept serving
a menu that includes classic pizzas and salads,\plain\cf1\f51\fs16\ql from a s
election of high-quality ingredients.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
Notwithstanding our opening of ShopHouse and investment in Pizzeria Locale, and
our plans in 2014 for a small number of additional ShopHouse\plain\cf1\f51\fs16
\ql and/or Pizzeria Locale restaurants, our immediate focus will remain on thou
ghtfully growing the Chipotle brand.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Seas
onality\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Seasonal factors cause our pro
fitability to fluctuate from quarter to quarter. Historically, our average daily

restaurant sales and profits are lower in\plain\cf1\f51\fs16\ql the first and
fourth quarters due, in part, to the holiday season and because fewer people eat
out during periods of inclement weather (the winter months)\plain\cf1\f51\fs16\
ql than during periods of mild or warm weather (the spring, summer and fall mon
ths). Other factors also have a seasonal effect on our results. For example,\pla
in\cf1\f51\fs16\ql restaurants located near colleges and universities generally
do more business during the academic year.\par\pard\plain\sb220\cf1\f51\fs16\b\
ql Our Intellectual Property and Trademarks\par\pard\plain\sb66\fi462\cf1\f51\fs
16\ql \u8220?Chipotle,\u8221? \u8220?Chipotle Mexican Grill,\u8221? \u8220?Unbur
ritable,\u8221? \u8220?Food With Integrity,\u8221? \u8220?Fresh Is\plain\cf1\f51
\fs16\ql Not Enough, Anymore,\u8221? \u8220?The Gourmet Restaurant Where You Ea
t With Your Hands,\u8221? \u8220?Responsibly Raised,\u8221?\plain\cf1\f51\fs16\q
l \u8220?ShopHouse\u8221? and a number of related designs and logos are U.S. re
gistered trademarks of Chipotle. We have filed trademark applications for\plain\
cf1\f51\fs16\ql a number of other marks in the U.S. In addition to our U.S. reg
istrations, we have registered trademarks for \u8220?Chipotle\u8221? and a numbe
r of\plain\cf1\f51\fs16\ql other marks in Canada, the European Union and variou
s other countries, and have filed trademark applications for \u8220?Chipotle Mex
ican Grill,\u8221?\plain\cf1\f51\fs16\ql \u8220?Chipotle\u8221? and a number of
other marks in various countries as well.\par\pard\plain\sb132\fi462\cf1\f51\fs
16\ql We also believe that the design of our restaurants is our proprietary trad
e dress. From time to time we have taken action against other restaurants\plain\
cf1\f51\fs16\ql that we believe are misappropriating our trademarks, restaurant
designs or advertising. Although our policy is to protect and defend vigorously
our rights\plain\cf1\f51\fs16\ql to our intellectual property, we may not be a
ble to adequately protect our intellectual property, which could harm the value
of our brand and adversely\plain\cf1\f51\fs16\ql affect our business.\par\pard\
plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 8
1\fs16\b\ql Information Systems\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We use
an integrated information system to manage the flow of information within each
restaurant and between the restaurants and our corporate\plain\cf1\f51\fs16\ql
offices and which is accessible remotely by our field staff. This system include
s a point-of-sales local area network that helps facilitate the operations of\pl
ain\cf1\f51\fs16\ql the restaurant by recording sales transactions and printing
orders in the appropriate locations within the restaurant. Additionally, the po
int-of-sales system\plain\cf1\f51\fs16\ql is used to authorize, batch and trans
mit credit card transactions, to record employee time clock information, and to
produce a variety of management\plain\cf1\f51\fs16\ql reports. Select informati
on that is captured from this system is transmitted to our corporate offices on
a daily basis, which enables management to\plain\cf1\f51\fs16\ql continually mo
nitor operating results. We believe that our current point-of-sales systems will
be an adequate platform to support our continued expansion.\plain\cf1\f51\fs16\
ql See \u8220?Risk Factors\u8212?General Business Risks\u8212?\plain\cf1\f51\fs
16\i\ql We may incur costs resulting from security risks we face in connection
with our electronic\plain\cf1\f51\fs16\i\ql processing and transmission of conf
idential customer and employee information\plain\cf1\f51\fs16\ql \u8221? below
for a discussion of certain risks associated with our\plain\cf1\f51\fs16\ql poi
nt-of-sales systems.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Employees\par\pard\p
lain\sb66\fi462\cf1\f51\fs16\ql As of December\~31, 2013, we had about 45,340 em
ployees, including about 3,740 salaried employees and about 41,600 hourly employ
ees. None of\plain\cf1\f51\fs16\ql our employees are unionized or covered by a
collective bargaining agreement.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Availabl
e Information\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We maintain a website at
www.chipotle.com, including an investor relations section at ir.chipotle.com in
which we routinely post important\plain\cf1\f51\fs16\ql information, such as w
ebcasts of quarterly earnings calls and other investor events in which we partic
ipate or host, and any related materials. Our Code of\plain\cf1\f51\fs16\ql Con
duct is also available in this section of our website. You may access our annual
reports on Form\~10-K, quarterly reports on Form\~10-Q, current\plain\cf1\f51\f
s16\ql reports on Form\~8-K and amendments to those reports, as well as other r
eports relating to us that are filed with or furnished to the SEC, free of charg
e in\plain\cf1\f51\fs16\ql the investor relations section of our website as soo
n as reasonably practicable after such material is electronically filed with or
furnished to the SEC. The\plain\cf1\f51\fs16\ql public may also read and copy m
aterials we file with the SEC at the SEC\u8217?s Public Reference Room, which is
located at 100 F Street, NE, Room\plain\cf1\f51\fs16\ql 1580, Washington, DC 2
0549. You can obtain information on the operation of the Public Reference Room b
y calling the SEC at 1-800-SEC-0330. The\plain\cf1\f51\fs16\ql SEC also maintai
ns a website that contains reports, proxy and information statements and other i
nformation regarding issuers that file electronically with\plain\cf1\f51\fs16\ql
the SEC at www.sec.gov.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The content
s of the websites mentioned above are not incorporated into and should not be co
nsidered a part of this report. The references to the\plain\cf1\f51\fs16\ql URL
s for these websites are intended to be inactive textual references only.\par\pa
rd\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_2}{\*\bkmkend item_1_3_2}
\par\pard\plain
{\*\bkmkstart tx445653_2}{\*\bkmkend tx445653_2}\pard\plain\intbl\cf1\f51\fs16\b
\ql ITEM\~1A.\cell{\*\bkmkstart tx629534_2}{\*\bkmkend tx629534_2}\pard\plain\in
tbl\cf1\f51\fs16\b\ql RISK FACTORS\cell{
{\trowd\cellx1080\cellx7041\trrh206\row}}}\pard\plain\li132\sb66\cf1\f51\fs16\b\
i\ql Cautionary Note Regarding Forward-Looking Statements\par\pard\plain\sb66\fi
462\cf1\f51\fs16\ql This report includes statements of our expectations, intenti
ons, plans and beliefs that constitute \u8220?forward-looking statements\u8221?
within\plain\cf1\f51\fs16\ql the meaning of Section\~27A of the Securities Act
of 1933 and Section\~21E of the Securities Exchange Act of 1934 and are intended
to come within the\plain\cf1\f51\fs16\ql safe harbor protection provided by th
ose sections. These statements, which involve risks and uncertainties, relate to
the discussion of our business\plain\cf1\f51\fs16\ql strategies and our expect
ations concerning future operations, margins, profitability, liquidity and capit
al resources and to analyses and other information\plain\cf1\f51\fs16\ql that a
re based on forecasts of future results and estimates of amounts not yet determi
nable. Forward-looking statements include our projections of the\plain\cf1\f51\f
s16\ql number of restaurants we expect to open in 2014, our expected comparable
restaurant sales results during 2014, our expectations for food cost inflation\
plain\cf1\f51\fs16\ql and food costs as a percentage of revenue in 2014, statem
ents about potential menu price increases in 2014, projections of restaurant dev
elopment costs\plain\cf1\f51\fs16\ql and other expenses, statements of our inte
ntion to open restaurants in one or more specified locations, statements regardi
ng the potential impact of\plain\cf1\f51\fs16\ql ongoing economic uncertainty o
n our business, statements about possible repurchases of our common stock, forec
asts of\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 9
1\fs16\ql marketing and promotional spending and general and administrative expe
nses as a percentage of revenue in 2014, and our projections of our effective ta
x\plain\cf1\f51\fs16\ql rate for 2014, and other statements of our expectations
and plans. We have used words such as \u8220?may,\u8221? \u8220?will,\u8221?\pl
ain\cf1\f51\fs16\ql \u8220?should,\u8221? \u8220?expect,\u8221? \u8220?intend,\
u8221? \u8220?plan,\u8221? \u8220?anticipate,\u8221? \u8220?believe,\u8221?\plai
n\cf1\f51\fs16\ql \u8220?think,\u8221? \u8220?estimate,\u8221? \u8220?seek,\u82
21? \u8220?expect,\u8221? \u8220?predict,\u8221? \u8220?could,\u8221?\plain\cf1\
f51\fs16\ql \u8220?project,\u8221? \u8220?potential\u8221? and other similar te
rms and phrases, including references to assumptions, in this report to identify
\plain\cf1\f51\fs16\ql forward-looking statements. These forward-looking statem
ents are made based on expectations and beliefs concerning future events affecti
ng us and are\plain\cf1\f51\fs16\ql subject to uncertainties, risks and factors
relating to our operations and business environments, all of which are difficul
t to predict and many of which are\plain\cf1\f51\fs16\ql beyond our control, th
at could cause our actual results to differ materially from those matters expres
sed or implied by these forward-looking statements.\plain\cf1\f51\fs16\ql Such
risks and other factors include those listed in this Item\~1A. \u8220?Risk Facto
rs,\u8221? and elsewhere in this report.\par\pard\plain\sb132\fi462\cf1\f51\fs16
\ql When considering forward-looking statements in this report or that we make i
n other reports or statements, you should keep in mind the cautionary\plain\cf1\
f51\fs16\ql statements in this report and future reports we file with the SEC.
New risks and uncertainties arise from time to time, and we cannot predict when
they\plain\cf1\f51\fs16\ql may arise or how they may affect us. We assume no ob
ligation to update any forward-looking statements after the date of this report
as a result of new\plain\cf1\f51\fs16\ql information, future events or other de
velopments, except as required by applicable laws and regulations.\par\pard\plai
n\sb220\cf1\f51\fs16\b\i\ql Risks Related to our Growth Strategy and Future Expa
nsion\par\pard\plain\sb66\fi462\cf1\f51\fs16\b\i\ql Our sales and profit growth
could be adversely affected if comparable restaurant sales increases are less th
an we expect, and we may not\plain\cf1\f51\fs16\b\i\ql successfully increase co
mparable restaurant sales or they may decrease.\par\pard\plain\sb66\fi462\cf1\f5
1\fs16\ql While future sales growth will depend substantially on our opening new
restaurants, changes in comparable restaurant sales (which represent the\plain\
cf1\f51\fs16\ql change in period-over-period sales for restaurants beginning in
their 13th full month of operations) will also affect our sales growth and will
continue to\plain\cf1\f51\fs16\ql be a critical factor affecting profit growth
. This is because the profit margin on comparable restaurant sales is generally
higher, as comparable restaurant\plain\cf1\f51\fs16\ql sales increases enable f
ixed costs to be spread over a higher sales base. Conversely, declines in compar
able restaurant sales can have a significant adverse\plain\cf1\f51\fs16\ql effe
ct on profitability due to the loss of the positive impact on profit margins ass
ociated with comparable restaurant sales increases. We expect comparable\plain\c
f1\f51\fs16\ql restaurant sales increases in 2014 to be in the low to mid-singl
e digits, excluding any menu price increases, due in part to difficult compariso
ns with\plain\cf1\f51\fs16\ql 2013.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
Our ability to increase comparable restaurant sales depends on many factors, inc
luding:\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
{\trowd\clvertalc\cellx540\cellx1097\cellx1205\cellx10800\trrh413
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \u822
6?\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\q
l changes in consumer preferences and discretionary spending, including weaker c
onsumer spending during periods of economic difficulty\plain\intbl\cf1\f51\fs16\
ql or uncertainty;\cell{
{\trowd\clvertalc\cellx540\cellx1097\cellx1205\cellx10800\trrh413\row}}}\pard\pl
ain\cf1\f51\fs7\ql \~
\par\pard\plain
l consumer understanding and acceptance of the Chipotle experience and perceptio
ns of the Chipotle brand;\cell{
\par\pard\plain
l our ability to increase menu prices without adversely impacting transaction co
unts to such a degree that the impact from lower\plain\intbl\cf1\f51\fs16\ql tr
ansactions equals or exceeds the benefit of the menu price increase;\cell{

\par\pard\plain
l any \u8220?trade down\u8221? by customers or other reduction in average check
in response to price increases, which could reduce or\plain\intbl\cf1\f51\fs16\q
l eliminate the benefit of the price increase on comparable restaurant sales;\c
ell{
\par\pard\plain
l competition, either from our competitors in the restaurant industry, or from o
ur own restaurants in the event customers who frequent one\plain\intbl\cf1\f51\f
s16\ql of our restaurants begin to visit one of our new restaurants instead;\ce
ll{
\par\pard\plain
l executing our strategies effectively, including our development strategy, our
marketing and branding strategies, our initiatives to increase\plain\intbl\cf1\f
51\fs16\ql the speed at which our crew serves each customer, expanded use of fa
x service lines and online and other electronic ordering, and\plain\intbl\cf1\f5
1\fs16\ql introductions of catering options and new menu items, each of which w
e may not be able to accomplish or which may not have the\plain\intbl\cf1\f51\fs
16\ql impact we expect;\cell{
\par\pard\plain
l initial sales performance of new restaurants, which is subject to the risks de
scribed below under \u8220?\plain\intbl\cf1\f51\fs16\i\ql Our new restaurants, o
nce\plain\intbl\cf1\f51\fs16\i\ql opened, may not be profitable, and may advers
ely impact the sales of our existing restaurants\plain\intbl\cf1\f51\fs16\ql \u
8221?;\cell{
ain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 10
l "toc" }{\*\fldrslt\cf3\f52\fs16\b\ql Table of Contents}}
\par\pard\plain
l weather, road construction and other factors limiting access to our restaurant
s; and\cell{
{\trowd\clvertalc\cellx540\cellx1097\cellx1205\cellx8767\trrh206\row}}}\pard\pla
in\cf1\f51\fs7\ql \~
\par\pard\plain

l changes in government regulation.\cell{
in\sb132\fi462\cf1\f51\fs16\ql As a result of these factors it is possible that
we will not achieve our targeted comparable restaurant sales or that the change
in comparable\plain\cf1\f51\fs16\ql restaurant sales could be negative. A numbe
r of these factors are beyond our control, and therefore we cannot assure that w
e will be able to sustain\plain\cf1\f51\fs16\ql comparable restaurant sales inc
reases.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Past declines in our comparab
le restaurant sales increases have significantly impacted our stock price. Begin
ning in the second quarter of 2012,\plain\cf1\f51\fs16\ql prior to which we had
been experiencing strong comparable restaurant sales growth momentum, our compa
rable restaurant sales increases decelerated and\plain\cf1\f51\fs16\ql the pric
e of our stock declined significantly in the wake of this deceleration, includin
g a decline of nearly 22% on the trading day following our second\plain\cf1\f51\
fs16\ql quarter 2012 earnings release. Any future deceleration in or failure to
meet market expectations for our comparable restaurant sales increases would li
kely\plain\cf1\f51\fs16\ql result in another significant decline in the price o
f our common stock.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Increasing ou
r sales and profitability depends substantially on our ability to open new resta
urants in sites and on terms attractive to us, which is\plain\cf1\f51\fs16\b\i\q
l subject to many unpredictable factors.\par\pard\plain\sb66\fi462\cf1\f51\fs16
\ql There were 1,595 restaurants in operation as of December\~31, 2013. We plan
to increase the number of our restaurants significantly in the next\plain\cf1\f5
1\fs16\ql three years, and plan to open between 180 and 195 new restaurants in
2014. However, we have in the past experienced delays in opening some\plain\cf1\
f51\fs16\ql restaurants and that could happen again as a result of any of the f
ollowing factors:\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
l our potential inability to locate and secure new restaurant sites in locations
that we believe to be attractive;\cell{
\par\pard\plain
l obstacles to hiring and training qualified operating personnel in the local ma
rket;\cell{
\par\pard\plain
l delay or cancellation of new site development by developers and landlords, whi
ch may become increasingly common during periods of\plain\intbl\cf1\f51\fs16\ql
economic uncertainty or tight credit;\cell{
\par\pard\plain
l difficulty managing construction and development costs of new restaurants at a
ffordable levels, particularly in competitive markets;\cell{
\par\pard\plain
l difficulty negotiating leases with acceptable terms;\cell{
\par\pard\plain
l any shortages of construction materials and labor;\cell{
\par\pard\plain
l lack of availability of, or inability to obtain, adequate supplies of ingredie
nts that meet our quality standards;\cell{
\par\pard\plain
l failures or delays in securing required governmental approvals (including cons
truction, parking and other permits); and\cell{
\par\pard\plain
l the impact of inclement weather, natural disasters and other calamities.\cell{
in\sb132\fi462\cf1\f51\fs16\ql One of our biggest challenges in opening new rest
aurants is staffing. We seek to hire only top-performing employees and to promot
e general\plain\cf1\f51\fs16\ql managers from our crew, which may make it more
difficult for us to staff all the restaurants we intend to open. Constraints on
our hiring new employees\plain\cf1\f51\fs16\ql are described further below unde
r \u8220?\plain\cf1\f51\fs16\i\ql Risks Related to Operating in the Restaurant
Industry\plain\cf1\f51\fs16\ql \u8212?\plain\cf1\f51\fs16\i\ql Our business co
uld be adversely affected by\plain\cf1\f51\fs16\i\ql increased labor costs or d
ifficulties in finding the right employees for our restaurants and the right fie
ld leaders\plain\cf1\f51\fs16\ql .\u8221?\par\pard\plain\sb132\fi462\cf1\f51\fs
16\ql Another significant challenge is locating and securing an adequate supply
of suitable new restaurant sites. Competition for suitable new restaurant\plain\
cf1\f51\fs16\ql sites in our target markets can be intense, and development and
leasing costs are increasing, particularly for urban locations. These factors m
ay be\plain\cf1\f51\fs16\ql exacerbated by any ongoing economic uncertainty, as
developers may continue to delay or be unable to finance new projects. Delays o
r failures in\plain\cf1\f51\fs16\ql opening new restaurants due to any of the r
easons set forth above could materially and adversely affect our growth strategy
and our expected results.\plain\cf1\f51\fs16\ql Moreover, as we open and opera
te more restaurants our rate of expansion relative to the size of our restaurant
base will decline, which may in turn slow\plain\cf1\f51\fs16\ql our sales and
profitability growth.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\f
s16\qc 11
cf1\f51\fs16\ql Our progress in opening new restaurants from quarter to quarter
may also occur at an uneven rate, which may result in quarterly sales and profit
\plain\cf1\f51\fs16\ql growth falling short of market expectations in some peri
ods. Similarly, our growth strategy and the substantial investment associated wi
th the development\plain\cf1\f51\fs16\ql of each new restaurant (as well as the
impact of our new restaurants on the sales of our existing restaurants) may cau
se our operating results to fluctuate\plain\cf1\f51\fs16\ql and be unpredictabl
e or adversely affect our profits.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\q
l Our new restaurants, once opened, may not be profitable, and may adversely imp
act the sales of our existing restaurants.\par\pard\plain\sb66\fi462\cf1\f51\fs1
6\ql Historically, many of our new restaurants have opened with an initial rampup period typically lasting 24\~months or more, during which they\plain\cf1\f51\
fs16\ql generated sales and income below the levels at which we expect them to
normalize. This is in part due to the time it takes to build a customer base in
a\plain\cf1\f51\fs16\ql new area, higher fixed costs relating to increased labo
r and other start-up inefficiencies that are typical of new restaurants, and a l
arger proportion of our\plain\cf1\f51\fs16\ql recent openings being in higher r
ent sites than we have historically targeted. It may also be difficult for us to
attract a customer base if we are not able to\plain\cf1\f51\fs16\ql staff our
restaurants with employees who perform to our high standards. If we are unable t
o build the customer base that we expect for new restaurant\plain\cf1\f51\fs16\q
l locations or overcome the higher fixed costs associated with new restaurant l
ocations, new restaurants may not have similar results as our existing\plain\cf1
\f51\fs16\ql restaurants and may not be profitable. We also have lowered the av
erage development cost, net of landlord reimbursements, for new Chipotle restaur
ants\plain\cf1\f51\fs16\ql in the U.S. significantly in recent years, from abou
t $916,000 in 2008 to about $800,000 in 2013. In 2014, we expect average develop
ment costs to\plain\cf1\f51\fs16\ql increase about 5%. In the event we are not
able to achieve the average development costs we expect for 2014 or sustain the
benefits achieved in prior\plain\cf1\f51\fs16\ql years, which could result from
inflation, project mismanagement or other reasons, our new restaurant locations
could also result in decreased profitability.\plain\cf1\f51\fs16\ql Additional
ly, our new restaurant development activity has broadened recently to incorporat
e trade areas or restaurant sites in which we have little or no\plain\cf1\f51\fs
16\ql prior experience, including smaller or more economically mixed communitie
s, highway sites, outlet centers, and restaurants in airports, food courts, or o
n\plain\cf1\f51\fs16\ql military sites. The risks relating to building a custom
er base and managing development and operating costs may be more significant in
some or all of\plain\cf1\f51\fs16\ql these types of trade areas or restaurant s
ites.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql In addition, we have now opened
restaurants in nearly all major metropolitan areas across the U.S. New restaura
nts opened in existing markets may\plain\cf1\f51\fs16\ql adversely impact sales
in previously-opened restaurants in the same market as customers who frequent o
ur established restaurants begin to visit a\plain\cf1\f51\fs16\ql newly-opened
restaurant instead. This impact could worsen as we open additional restaurants,
and could make it more difficult for us to increase\plain\cf1\f51\fs16\ql compa
rable restaurant sales and profitability. Existing restaurants could also make i
t more difficult to build the customer base for newly-opened\plain\cf1\f51\fs16\
ql restaurants in the same market.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\
ql Our expansion into international markets may present increased risks due to l
ower customer awareness of our brand, our unfamiliarity with\plain\cf1\f51\fs16\
b\i\ql those markets and other factors.\par\pard\plain\sb66\fi462\cf1\f51\fs16\
ql In 2008, we opened our first restaurant outside the U.S., in Toronto, Canada.
In 2010 we opened our first restaurant in the United Kingdom in\plain\cf1\f51\f
s16\ql London, in 2012 we opened our first restaurant in France in Paris, and i
n 2013 we opened our first restaurant in Germany in Frankfurt. As of\plain\cf1\f
51\fs16\ql December\~31, 2013, 16 of our restaurants were located outside of th

e U.S. As a result of our small number of restaurants outside the U.S. and the\p
lain\cf1\f51\fs16\ql relatively short time we have been operating those restaur
ants, we have lower brand awareness, lower sales and/or transaction counts, and
less operating\plain\cf1\f51\fs16\ql experience in these markets. The markets i
n which we\u8217?ve opened restaurants outside the U.S., and any additional new
markets we enter outside the\plain\cf1\f51\fs16\ql U.S. in the future, have dif
ferent competitive conditions, consumer tastes and discretionary spending patter
ns than our U.S. markets. As a result, new\plain\cf1\f51\fs16\ql restaurants ou
tside the U.S. may be less successful than restaurants in our existing markets.
Specifically, due to lower consumer familiarity with the\plain\cf1\f51\fs16\ql
Chipotle brand, differences in customer tastes or spending patterns, or for othe
r reasons, sales at restaurants opened outside the U.S. may take longer to\plain
\cf1\f51\fs16\ql ramp up and reach expected sales and profit levels, and may ne
ver do so, thereby affecting our overall profitability. To build brand awareness
in\plain\cf1\f51\fs16\ql international markets, we may need to make greater in
vestments in advertising and promotional activity than we originally planned, wh
ich could\plain\cf1\f51\fs16\ql negatively impact the profitability of our oper
ations in those markets.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f5
1\fs16\qc 12
cf1\f51\fs16\ql We may also find it more difficult in international markets to h
ire, motivate and keep qualified employees who can project our vision, passion a
nd\plain\cf1\f51\fs16\ql culture. In addition, restaurants outside the U.S. hav
e had higher construction, occupancy and operating costs than restaurants in exi
sting markets, and we\plain\cf1\f51\fs16\ql may have difficulty finding reliabl
e suppliers or distributors or ones that can provide us, either initially or ove
r time, with adequate supplies of ingredients\plain\cf1\f51\fs16\ql meeting our
quality standards. Markets outside the U.S. may also have regulatory difference
s with the U.S. with which we are not familiar, or that subject\plain\cf1\f51\fs
16\ql us to significant additional expense or to which we are not able to succe
ssfully adapt, which may have a particularly adverse impact on our sales or\plai
n\cf1\f51\fs16\ql profitability in those markets and could adversely impact our
overall results. Our overall results may also be affected by currency risk on t
he transactions\plain\cf1\f51\fs16\ql in other currencies and translation adjus
tments resulting from the conversion of our international financial results into
the U.S. dollar.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql ShopHouse South
east Asian Kitchen and Pizzeria Locale may not contribute to our growth.\par\par
d\plain\sb66\fi462\cf1\f51\fs16\ql We believe that the fundamental principles on
which Chipotle restaurants are based\u8212?finding the very best sustainably ra
ised ingredients,\plain\cf1\f51\fs16\ql prepared and cooked using classical met
hods in front of the customer, and served in an interactive format by special pe
ople dedicated to providing a great\plain\cf1\f51\fs16\ql dining experience\u82
12?can be adapted to cuisines other than the food we serve at Chipotle. In order
to see how our model works when we use different\plain\cf1\f51\fs16\ql ingredi
ents and a different style of food, we opened ShopHouse Southeast Asian Kitchen
during 2011 and now have a total of six ShopHouse restaurants,\plain\cf1\f51\fs1
6\ql in Washington D.C. and the Los Angeles area. We also announced in late 201
3 that we have invested in a company operating a new fast casual Pizzeria\plain\
cf1\f51\fs16\ql Locale restaurant in Denver, Colorado, and that we plan to inve
st in and assist with the expansion of Pizzeria Locale in the future. ShopHouse
and\plain\cf1\f51\fs16\ql Pizzeria Locale are new brands and they have lower br
and awareness, lower sales and less operating experience than most Chipotle rest
aurants, and may\plain\cf1\f51\fs16\ql not achieve the same restaurant economic
s as Chipotle restaurants. Notwithstanding our opening of ShopHouse and investme
nt in Pizzeria Locale, our\plain\cf1\f51\fs16\ql immediate focus will remain on
thoughtfully growing the Chipotle brand. As a result, we do not expect ShopHous
e or Pizzeria Locale to contribute to our\plain\cf1\f51\fs16\ql growth in a mea
ningful way for at least the next several years, and we may determine not to mov
e forward with any further expansion of ShopHouse or\plain\cf1\f51\fs16\ql Pizz
eria Locale. This would limit our overall growth over the long term.\par\pard\pl
ain\sb220\fi462\cf1\f51\fs16\b\i\ql Our failure to manage our growth effectively
could harm our business and operating results.\par\pard\plain\sb66\fi462\cf1\f5
1\fs16\ql As described elsewhere in this report, our plans call for a significan
t number of new restaurants. Our existing restaurant management systems,\plain\c
f1\f51\fs16\ql financial and management controls, information systems and perso
nnel may be inadequate to support our expansion. Managing our growth effectively
will\plain\cf1\f51\fs16\ql require us to continue to enhance these systems, pr
ocedures and controls and to hire, train and retain general managers, crew and c
orporate staff. We also\plain\cf1\f51\fs16\ql are continuing to attempt to impr
ove our field management in an effort to develop additional top-performing gener
al managers more quickly. We may not\plain\cf1\f51\fs16\ql respond quickly enou
gh to the changing demands that our expansion will impose on management, crew an
d existing infrastructure, and changes to our\plain\cf1\f51\fs16\ql operating s
tructure may result in increased costs or inefficiencies that we cannot currentl
y anticipate. Changes as we grow may have a negative impact on\plain\cf1\f51\fs1
6\ql the operation of our restaurants, and cost increases resulting from our in
ability to effectively manage our growth could adversely impact our profitabilit
y.\plain\cf1\f51\fs16\ql We also place a lot of importance on our culture, whic
h we believe has been an important contributor to our success. As we grow, we ma
y have\plain\cf1\f51\fs16\ql difficulty maintaining our culture or adapting it
sufficiently to meet the needs of our operations. Our failure to foster and main
tain our corporate culture\plain\cf1\f51\fs16\ql could also harm our business a
nd operating results.\par\pard\plain\sb220\cf1\f51\fs16\b\i\ql Risks Related to
Operating in the Restaurant Industry\par\pard\plain\sb66\fi462\cf1\f51\fs16\b\i\
ql Changes in food and supply costs could adversely affect our results of operat
ions.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Our profitability depends in par
t on our ability to anticipate and react to changes in food and supply costs. Li
ke all restaurant companies, we are\plain\cf1\f51\fs16\ql susceptible to increa
ses in food costs as a result of factors beyond our control, such as general eco
nomic conditions, seasonal fluctuations, weather\plain\cf1\f51\fs16\ql conditio
ns, global demand, food safety concerns, generalized infectious diseases, fluctu
ations of the U.S. dollar, product recalls and government\plain\cf1\f51\fs16\ql
regulations. The cost of many basic foods for humans and animals, including cor
n, wheat, rice and cooking oils, has increased markedly in some years,\plain\cf1
\f51\fs16\ql resulting in upward pricing pressures on almost all of our raw ing
redients including chicken, beef, tortillas and rice, increasing our food costs.
Food prices\plain\cf1\f51\fs16\ql for a number of our key\par\pard\plain\cf1\f
51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 13
1\fs16\ql ingredients escalated markedly at various points during 2013 and we ex
pect that there will be additional pricing pressures on some of those ingredient
s,\plain\cf1\f51\fs16\ql including avocados, beef, dairy and chicken during 201
4. We could also be adversely impacted by price increases specific to meats rais
ed in accordance\plain\cf1\f51\fs16\ql with our sustainability and responsibili
ty criteria or other food items we buy as part of our Food With Integrity focus,
the markets for which are generally\plain\cf1\f51\fs16\ql smaller and more con
centrated than the markets for commodity food products. Weather related issues,
such as freezes or drought, may also lead to\plain\cf1\f51\fs16\ql temporary sp
ikes in the prices of some ingredients such as produce or meats. For instance, t
wo years of drought conditions in parts of the U.S. have\plain\cf1\f51\fs16\ql
resulted in significant increases in beef prices during late 2013 and early 2014
. Increasing weather volatility or other long-term changes in global weather\pla
in\cf1\f51\fs16\ql patterns, including any changes associated with global clima
te change, could have a significant impact on the price or availability of some
of our\plain\cf1\f51\fs16\ql ingredients. Any increase in the prices of the ing
redients most critical to our menu, such as chicken, beef, cheese, avocados, bea
ns, rice, tomatoes and\plain\cf1\f51\fs16\ql pork, would adversely affect our o
perating results. Alternatively, in the event of cost increases with respect to
one or more of our raw ingredients, we\plain\cf1\f51\fs16\ql may choose to temp
orarily suspend serving menu items, such as guacamole or one or more of our sals
as, rather than paying the increased cost for the\plain\cf1\f51\fs16\ql ingredi
ents. Any such changes to our available menu may negatively impact our restauran
t traffic and comparable restaurant sales, and could also have an\plain\cf1\f51\
fs16\ql adverse impact on our brand.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\
i\ql Our business could be adversely affected by increased labor costs or diffic
ulties in finding the right employees for our restaurants and the right\plain\cf
1\f51\fs16\b\i\ql field leaders.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Labo
r is a primary component of our operating costs, and we believe good managers an
d crew are a key part of our success. We devote significant\plain\cf1\f51\fs16\q
l resources to recruiting and training our general managers and crew. Increased
labor costs due to factors like additional taxes or requirements to incur\plain
\cf1\f51\fs16\ql additional employee benefits costs, including the requirements
of the Patient Protection and Affordable Care Act, or the Affordable Care Act,
(discussed\plain\cf1\f51\fs16\ql further under \u8220?\plain\cf1\f51\fs16\i\ql
Regulatory and Legal Risks\plain\cf1\f51\fs16\ql \u8212?\plain\cf1\f51\fs16\i\
ql The effect of recent changes to U.S. healthcare laws may increase our health
care costs and\plain\cf1\f51\fs16\i\ql negatively impact our financial results,
\plain\cf1\f51\fs16\ql \u8221?), as well as competition, increased minimum wage
requirements, paid sick leave or vacation accrual\plain\cf1\f51\fs16\ql mandat
es, and any changes in our restaurant staffing structure would adversely impact
our operating costs. Our success also depends in part on the energy\plain\cf1\f5
1\fs16\ql and skills of our employees and our ability to hire, motivate and kee
p qualified employees, especially general managers and crew members. As we grow,
\plain\cf1\f51\fs16\ql we believe we will need to promote or hire additional to
p-performing field leaders to ensure we hire and motivate good managers and crew
, and it may\plain\cf1\f51\fs16\ql be difficult to identify and keep those fiel
d leaders. Our failure to find and keep enough employees who are a good fit with
our culture could delay\plain\cf1\f51\fs16\ql planned restaurant openings, res
ult in higher employee turnover or erode our employee and restaurant cultures, a
ny of which could have a material adverse\plain\cf1\f51\fs16\ql effect on our b
usiness and results of operations. Restaurant operators have traditionally exper
ienced relatively high employee turnover rates. Any increase\plain\cf1\f51\fs16\
ql in our turnover rates for managers or crew could be costly and could negativ
ely impact our operations.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Various st
ates in which we operate are considering or have already adopted new immigration
laws, and the U.S. Congress and Department of\plain\cf1\f51\fs16\ql Homeland S
ecurity from time to time consider or implement changes to Federal immigration l
aws, regulations or enforcement programs as well. Changes\plain\cf1\f51\fs16\ql
in immigration or work authorization laws may increase our obligations for comp
liance and oversight, which could subject us to additional costs and make\plain\
cf1\f51\fs16\ql our hiring process more cumbersome, or reduce the availability
of potential employees. Although we require all workers to provide us with\plain
\cf1\f51\fs16\ql government-specified documentation evidencing their employment
eligibility, some of our employees may, without our knowledge, be unauthorized\
plain\cf1\f51\fs16\ql workers. We currently participate in the \u8220?E-Verify\
u8221? program, an Internet-based, free program run by the U.S. government, to v
erify\plain\cf1\f51\fs16\ql employment eligibility for all employees throughout
our company. However, use of E-Verify does not guarantee that we will properly
identify all\plain\cf1\f51\fs16\ql applicants who are ineligible for employment
. Unauthorized workers may subject us to fines or penalties, and we could experi
ence adverse publicity that\plain\cf1\f51\fs16\ql negatively impacts our brand
and may make it more difficult to hire and keep qualified employees. For example
, following an audit by the Department of\plain\cf1\f51\fs16\ql Homeland Securi
ty of the work authorization documents of our restaurant employees in Minnesota
during 2010, we lost approximately 450 employees,\plain\cf1\f51\fs16\ql resulti
ng in a temporary increase in labor costs and disruption of our operations, incl

uding slower throughput, as we trained new employees, as well as\plain\cf1\f51\f
s16\ql some degree of negative publicity. The resulting broad-based civil and c
riminal investigations by the U.S. Attorney for\par\pard\plain\cf1\f51\fs13\ql \
~\par\pard\plain\cf1\f51\fs16\qc 14
1\fs16\ql the District of Columbia and U.S. Securities and Exchange Commission o
f our compliance with work authorization requirements and related disclosures\pl
ain\cf1\f51\fs16\ql and statements are ongoing. See Note 9 \u8220?Commitments a
nd Contingencies\u8221? in our consolidated financial statements included in Ite
m\~8.\plain\cf1\f51\fs16\ql \u8220?Financial Statements and Supplementary Data.
\u8221? Termination of a significant number of employees in specific markets or
across our\plain\cf1\f51\fs16\ql company would disrupt our operations including
slowing our throughput, and could also cause additional adverse publicity and t
emporary increases in our\plain\cf1\f51\fs16\ql labor costs as we train new emp
loyees. We could also become subject to fines, penalties and other costs related
to claims that we did not fully comply\plain\cf1\f51\fs16\ql with all recordke
eping obligations of federal and state immigration compliance laws. Our financia
l performance may be materially harmed as a result of\plain\cf1\f51\fs16\ql any
of these factors.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Because we do not
franchise, risks associated with hiring and maintaining a large workforce, inclu
ding increases in wage rates or the cost of\plain\cf1\f51\fs16\ql employee bene
fits, compliance with laws and regulations related to the hiring, payment and te
rmination of employees, and employee-related litigation,\plain\cf1\f51\fs16\ql
may be more pronounced for us than for restaurant companies at which some or all
of these risks are borne by franchisees or other operating contractors.\par\par
d\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Instances of food-borne or localized ill
nesses could cause the temporary closure of some restaurants or result in negati
ve publicity, thereby\plain\cf1\f51\fs16\b\i\ql resulting in a decline in our s
ales, and could adversely affect the price and availability of the meat, produce
or dairy we use to prepare our food.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql
Instances of food-borne illnesses, real or perceived, whether at our restaurants
or those of our competitors, may subject us to liability to affected\plain\cf1\
f51\fs16\ql customers, and could result in negative publicity about us or the r
estaurant industry that adversely affects our sales. For instance, on a small nu
mber of\plain\cf1\f51\fs16\ql occasions a Chipotle restaurant has been associat
ed with customer illness, and on those occasions our sales have been adversely i
mpacted, at times even in\plain\cf1\f51\fs16\ql markets beyond those impacted b
y the illness. We may be at a higher risk for food-borne illness outbreaks than
some competitors due to our use of fresh\plain\cf1\f51\fs16\ql produce and meat
s rather than frozen, and our reliance on employees cooking with traditional met
hods rather than automation. If our customers become ill\plain\cf1\f51\fs16\ql
from food-borne or localized illnesses or if an illness is attributed to our foo
d, even incorrectly, we could also be forced to temporarily close some\plain\cf1
\f51\fs16\ql restaurants. In addition, reports linking nationwide or regional o
utbreaks of food-borne illnesses have caused us to temporarily suspend serving s
ome\plain\cf1\f51\fs16\ql produce items in our foods or to otherwise alter our
menu. Similarly, past outbreaks of E. coli relating to certain food items caused
consumers to avoid\plain\cf1\f51\fs16\ql certain products and restaurant chain
s, Asian and European countries have experienced outbreaks of avian flu, and inc
idents of \u8220?mad cow\u8221?\plain\cf1\f51\fs16\ql disease have occurred in
Canadian and U.S. cattle herds. These problems, other food-borne illnesses (such
as hepatitis A or norovirus) and injuries caused\plain\cf1\f51\fs16\ql by food
tampering have had in the past, and could have in the future, an adverse affect
on the price and availability of affected ingredients. A decrease in\plain\cf1\
f51\fs16\ql customer traffic as a result of these health concerns or negative p
ublicity, or as a result of a change in our menu or dining experience or a tempo
rary\plain\cf1\f51\fs16\ql closure of any of our restaurants, would adversely i
mpact our restaurant sales and profitability. Furthermore, if we react to these

problems by changing\plain\cf1\f51\fs16\ql our menu or other key aspects of the
Chipotle experience, we may lose customers who do not accept those changes, and
may not be able to attract\plain\cf1\f51\fs16\ql enough new customers to gener
ate sufficient revenue to make our restaurants profitable. Customers may also sh
ift away from us if we choose to pass\plain\cf1\f51\fs16\ql along to consumers
any higher ingredient costs resulting from supply problems associated with outbr
eaks of food-borne illnesses, which would also have\plain\cf1\f51\fs16\ql a neg
ative impact on our sales and profitability. The risk of illnesses associated wi
th our food might increase in connection with an expansion of our\plain\cf1\f51\
fs16\ql catering business or other situations in which our food is served in co
nditions we cannot control.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Compe
tition could adversely affect us.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The
fast-casual, quick-service and casual dining segments of the restaurant industry
are highly competitive with respect to, among other things,\plain\cf1\f51\fs16\
ql taste, price, food quality and presentation, service, location and the ambie
nce and condition of each restaurant. Our competition includes a variety of\plai
n\cf1\f51\fs16\ql restaurants in each of these segments, including locally owne
d restaurants and national and regional chains. Many of our competitors offer di
ne-in,\plain\cf1\f51\fs16\ql carry-out and delivery services. Many of our compe
titors have existed longer than we have and may have a more established market p
resence with\plain\cf1\f51\fs16\ql substantially greater financial, marketing,
personnel and other resources than\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\pl
ain\cf1\f51\fs16\qc 15
1\fs16\ql we have. Among our main competitors are a number of multi-unit, multimarket Mexican food or burrito restaurant concepts, some of which are\plain\cf1\
f51\fs16\ql expanding nationally. Some of these competitors, and other fast cas
ual concepts, have sought to duplicate various elements of our business operatio
ns, and\plain\cf1\f51\fs16\ql more chains may copy us to varying degrees in the
future. Additionally, our newer concepts, ShopHouse Southeast Asian Kitchen and
Pizzeria Locale,\plain\cf1\f51\fs16\ql operate in markets in which there are n
umerous competitors, including a number of large and well-known brands. A number
of other companies or\plain\cf1\f51\fs16\ql individuals in the restaurant indu
stry have recently opened or invested in fast-casual pizza concepts. In addition
, our strategy includes opening additional\plain\cf1\f51\fs16\ql restaurants in
existing markets, and as we do so sales may decline in our previously-opened re
staurants as customers who frequent our established\plain\cf1\f51\fs16\ql resta
urants begin to visit a newly-opened restaurant instead.\par\pard\plain\sb132\fi
462\cf1\f51\fs16\ql Several of our competitors compete by offering menu items th
at are specifically identified as low in carbohydrates, better for customers or
otherwise\plain\cf1\f51\fs16\ql targeted at particular consumer preferences. Ma
ny of our competitors in the fast-casual and quick-service segments of the resta
urant industry also\plain\cf1\f51\fs16\ql emphasize lower-cost, \u8220?value me
al\u8221? menu options, a strategy we do not currently pursue. Our sales may be
adversely affected by these\plain\cf1\f51\fs16\ql products and price competitio
n.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Moreover, we may also compete with
companies outside the fast casual and quick service and casual dining segments
of the restaurant industry. For\plain\cf1\f51\fs16\ql example, competitive pres
sures can come from deli sections and in-store caf\u233?s of several major groce
ry store chains, including those targeted at\plain\cf1\f51\fs16\ql customers wh
o want higher-quality food, as well as from convenience stores and casual dining
outlets. These competitors may have, among other things,\plain\cf1\f51\fs16\ql
a more diverse menu, lower operating costs, better locations, better facilities
, better management, more effective marketing and more efficient operations\plai
n\cf1\f51\fs16\ql than we have.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Any
of these competitive factors may adversely affect us and reduce our sales and pr
ofits.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Failure to receive frequen
t deliveries of higher-quality food ingredients and other supplies could harm ou

r operations.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Our ability to maintain
our menu depends in part on our ability to acquire ingredients that meet our spe
cifications from reliable suppliers. Shortages\plain\cf1\f51\fs16\ql or interru
ptions in the supply of ingredients caused by unanticipated demand, problems in
production or distribution, food contamination, inclement\plain\cf1\f51\fs16\ql
weather, a supplier ceasing operations or other conditions could adversely affe
ct the availability, quality and cost of our ingredients, which could harm our\p
lain\cf1\f51\fs16\ql operations. We have almost no long-term contracts with sup
pliers, and we have relied largely on a third party distribution network with a
limited number\plain\cf1\f51\fs16\ql of distribution partners. If any of our di
stributors or suppliers performs inadequately, or our distribution or supply rel
ationships are disrupted for any\plain\cf1\f51\fs16\ql reason, our business, fi
nancial condition, results of operations or cash flows could be adversely affect
ed. We currently depend on a limited number of\plain\cf1\f51\fs16\ql suppliers
for some of our key ingredients, including beef, pork, chicken, beans, rice, sou
r cream, cheese, and tortillas. Due to the unique nature of the\plain\cf1\f51\fs
16\ql products we receive from our Food With Integrity suppliers and as describ
ed in more detail below under \u8220?\plain\cf1\f51\fs16\i\ql Risks Related to
our Unique Business\plain\cf1\f51\fs16\i\ql Strategy\u8212?We may not persuade
customers of the benefits of paying our prices for higher-quality food,\plain\cf
1\f51\fs16\ql \u8221? these suppliers could be more\plain\cf1\f51\fs16\ql diff
icult to replace if we were no longer able to rely on them. If we have to seek n
ew suppliers and service providers we may be subject to pricing or\plain\cf1\f51
\fs16\ql other terms less favorable than those we currently enjoy. If we cannot
replace or engage distributors or suppliers who meet our specifications in a sh
ort\plain\cf1\f51\fs16\ql period of time, that could increase our expenses and
cause shortages of food and other items at our restaurants, which could cause a
restaurant to remove\plain\cf1\f51\fs16\ql items from its menu. If that were to
happen and customers change their dining habits as a result, affected restauran
ts could experience significant\plain\cf1\f51\fs16\ql reductions in sales durin
g the shortage or thereafter. Our focus on a limited menu would make the consequ
ences of a shortage of a key ingredient more\plain\cf1\f51\fs16\ql severe.\par\
pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Changes in customer tastes and prefer
ences, spending patterns and demographic trends could cause sales to decline.\pa
r\pard\plain\sb66\fi462\cf1\f51\fs16\ql Changes in customer preferences, general
economic conditions, discretionary spending priorities, demographic trends, tra
ffic patterns and the type,\plain\cf1\f51\fs16\ql number and location of compet
ing restaurants affect the\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\
f51\fs16\qc 16
1\fs16\ql restaurant industry. Our sales could be impacted by changes in consume
r preferences in response to dietary concerns, including preferences regarding\p
lain\cf1\f51\fs16\ql items such as calories, sodium, carbohydrates or fat. Thes
e changes could result in consumers avoiding our menu items in favor of other fo
ods, and our\plain\cf1\f51\fs16\ql focus on a limited menu could make the conse
quences of a change in consumer preferences more severe than our competitors may
face. Our success also\plain\cf1\f51\fs16\ql depends to a significant extent o
n consumer confidence, which is influenced by general economic conditions and di
scretionary income levels. Our average\plain\cf1\f51\fs16\ql restaurant sales m
ay decline during economic downturns or periods of uncertainty, which can be cau
sed by various factors such as high unemployment,\plain\cf1\f51\fs16\ql increas
ing taxes, interest rates, or other changes in fiscal or monetary policy, high g
asoline prices, declining home prices, tight credit markets or foreign\plain\cf1
\f51\fs16\ql political or economic unrest. Any material decline in consumer con
fidence or a decline in family \u8220?food away from home\u8221? spending could\
plain\cf1\f51\fs16\ql cause our sales, operating results, profits, business or
financial condition to decline. If we fail to adapt to changes in customer prefe
rences and trends, we\plain\cf1\f51\fs16\ql may lose customers and our sales ma
y deteriorate.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql If we were to expe
rience widespread difficulty renewing existing leases on favorable terms, our re
venue or occupancy costs could be adversely\plain\cf1\f51\fs16\b\i\ql affected.
\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We lease substantially all of the pro
perties on which we operate restaurants, and some of our leases are due for rene
wal or extension options in the\plain\cf1\f51\fs16\ql next several years. Some
leases are subject to renewal at fair market value, which could involve substant
ial increases and a smaller number expire without\plain\cf1\f51\fs16\ql any ren
ewal option. While we currently expect to pursue the renewal of substantially al
l of our expiring restaurant leases, any difficulty renewing a\plain\cf1\f51\fs1
6\ql significant number of such leases, or any substantial increase in rents as
sociated with lease renewals, could adversely impact us. If we have to close any
\plain\cf1\f51\fs16\ql restaurants due to difficulties in renewing leases, we w
ould lose revenue from the affected restaurants and may not be able to open suit
able replacement\plain\cf1\f51\fs16\ql restaurants. Substantial increases in re
nts associated with lease renewals would increase our occupancy costs, reducing
our restaurant margins.\par\pard\plain\sb220\cf1\f51\fs16\b\i\ql Regulatory and
Legal Risks\par\pard\plain\sb66\fi462\cf1\f51\fs16\b\i\ql Governmental regulatio
n in one or more of the following areas may adversely affect our existing and fu
ture operations and results, including by\plain\cf1\f51\fs16\b\i\ql harming our
ability to open new restaurants or increasing our operating costs.\par\pard\pla
in\li88\sb220\cf1\f51\fs16\i\ql Employment and Immigration Regulations\par\pard\
plain\sb66\fi462\cf1\f51\fs16\ql We are subject to various federal and state law
s governing our relationship with and other matters pertaining to our employees,
including wage and\plain\cf1\f51\fs16\ql hour laws, requirements to provide me
al and rest periods or other benefits, family leave mandates, requirements regar
ding working conditions and\plain\cf1\f51\fs16\ql accommodations to certain emp
loyees, citizenship or work authorization and related requirements, insurance an
d workers\u8217? compensation rules and\plain\cf1\f51\fs16\ql anti-discriminati
on laws. Complying with these rules subjects us to substantial expense and can b
e cumbersome, and can also expose us to liabilities from\plain\cf1\f51\fs16\ql
claims for non-compliance. For example, a number of lawsuits have been filed aga
inst us alleging violations of federal and state laws regarding employee\plain\c
f1\f51\fs16\ql wages and payment of overtime, meal and rest breaks, employee re
cord-keeping and related practices with respect to our employees. We could suffe
r\plain\cf1\f51\fs16\ql losses from, and we incur legal costs to defend, these
or similar cases, and the amount of such losses or costs could be significant. I
n addition, several\plain\cf1\f51\fs16\ql states and localities in which we ope
rate and the federal government have from time to time enacted minimum wage incr
eases, paid sick leave and\plain\cf1\f51\fs16\ql mandatory vacation accruals, a
nd similar requirements and these changes could increase our labor costs. In add
ition, see \u8220?\plain\cf1\f51\fs16\i\ql The effect of recent\plain\cf1\f51\f
s16\i\ql changes to U.S. healthcare laws may increase our healthcare costs and
negatively impact our financial results\plain\cf1\f51\fs16\ql \u8221? below for
a discussion of risks\plain\cf1\f51\fs16\ql related to recent changes in U.S.
healthcare laws.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We also are audited
from time to time for compliance with citizenship or work authorization requirem
ents as well, and recent audit activity and\plain\cf1\f51\fs16\ql federal crimi
nal and civil investigations in this area are described in more detail above und
er \u8220?\plain\cf1\f51\fs16\i\ql Risks Related to Operating in the Restaurant
\plain\cf1\f51\fs16\i\ql Industry\plain\cf1\f51\fs16\ql \u8212?\plain\cf1\f51\
fs16\i\ql Our business could be adversely affected by increased labor costs or
difficulties in finding the right employees for our restaurants and the\plain\cf
1\f51\fs16\i\ql right field leaders,\plain\cf1\f51\fs16\ql \u8221? as well as
in Note 9 \u8220?Commitments and Contingencies\u8221? in our consolidated financ
ial statements\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc
17

1\fs16\ql included in Item\~8. \u8220?Financial Statements and Supplementary Dat
a.\u8221? Unauthorized workers may subject us to fines or penalties, and if any
of\plain\cf1\f51\fs16\ql our workers are found to be unauthorized our business
may be disrupted as we try to replace lost workers with additional qualified emp
loyees. On the\plain\cf1\f51\fs16\ql other hand, in the event we wrongfully rej
ect work authorization documents, or if our compliance procedures are found to h
ave a disparate impact on a\plain\cf1\f51\fs16\ql protected class such as a rac
ial minority or based on the citizenship status of applicants, we could be found
to be in violation of anti-discrimination laws.\plain\cf1\f51\fs16\ql We could
experience adverse publicity arising from enforcement activity related to work
authorization compliance, anti-discrimination compliance, or\plain\cf1\f51\fs16\
ql both, that negatively impacts our brand and may make it more difficult to hi
re and keep qualified employees. Moreover, in addition to the criminal and\plain
\cf1\f51\fs16\ql civil investigations mentioned above under \u8220?\plain\cf1\f
51\fs16\i\ql Risks Related to Operating in the Restaurant Industry\plain\cf1\f5
1\fs16\ql \u8212?\plain\cf1\f51\fs16\i\ql Our business could be adversely affe
cted\plain\cf1\f51\fs16\i\ql by increased labor costs or difficulties in findin
g the right employees for our restaurants and the right field leaders,\plain\cf1
\f51\fs16\ql \u8221? the office of the U.S.\plain\cf1\f51\fs16\ql Attorney for
the District of Columbia and the U.S. Securities and Exchange Commission have i
nformed us that they are conducting parallel investigations\plain\cf1\f51\fs16\q
l into possible criminal and civil securities law violations relating to our em
ployee work authorization compliance and related disclosures and statements as\p
lain\cf1\f51\fs16\ql well. All of the foregoing investigations will continue to
be expensive and distracting, and could subject us to fines, reputational damag
e, and other\plain\cf1\f51\fs16\ql liabilities that could be significant.\par\p
ard\plain\sb132\fi462\cf1\f51\fs16\ql Additionally, while we do not currently ha
ve any unionized employees, union organizers have engaged in efforts to organize
employees of other\plain\cf1\f51\fs16\ql restaurant companies. If a significan
t portion of our employees were to become union organized, our labor costs could
increase and our efforts to maintain\plain\cf1\f51\fs16\ql a culture appealing
only to top performing employees could be impaired. Potential changes in labor
laws, including the possible passage of legislation\plain\cf1\f51\fs16\ql desig
ned to make it easier for employees to unionize, could increase the likelihood o
f some or all of our employees being subjected to greater organized\plain\cf1\f5
1\fs16\ql labor influence, and could have an adverse effect on our business and
financial results by imposing requirements that could potentially increase our
costs,\plain\cf1\f51\fs16\ql reduce our flexibility and impact our employee cul
ture.\par\pard\plain\li88\sb220\cf1\f51\fs16\i\ql Americans with Disabilities Ac
t and Similar State Laws\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We are subjec
t to the U.S. Americans with Disabilities Act, or ADA, and similar state laws th
at give civil rights protections to individuals with\plain\cf1\f51\fs16\ql disa
bilities in the context of employment, public accommodations and other areas. We
have incurred substantial legal fees in connection with ADA-related\plain\cf1\f
51\fs16\ql complaints in the past, and we may in the future have to modify rest
aurants, for example by adding access ramps or redesigning certain architectural
\plain\cf1\f51\fs16\ql features, to provide service to or make reasonable accom
modations for disabled persons under these laws. The expenses associated with th
ese\plain\cf1\f51\fs16\ql modifications, or any damages, legal fees and costs a
ssociated with litigating or resolving claims under the ADA or similar state law
s, could be material.\par\pard\plain\li88\sb220\cf1\f51\fs16\i\ql Nutrition and
Food Regulation\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql In recent years, there
has been an increased legislative, regulatory and consumer focus at the federal
, state and municipal levels on the food industry\plain\cf1\f51\fs16\ql includi
ng nutrition and advertising practices. Restaurants operating in the quick-servi
ce and fast-casual segments have been a particular focus. For\plain\cf1\f51\fs16
\ql example, the State of California, New York City and a number of other juris
dictions around the U.S. have adopted regulations requiring that chain\plain\cf1
\f51\fs16\ql restaurants include calorie information on their menu boards or ma
ke other nutritional information available. The U.S. health care reform law incl
uded\plain\cf1\f51\fs16\ql nation-wide menu labeling and nutrition disclosure r
equirements as well, and our restaurants will be covered by these national requi
rements when they go\plain\cf1\f51\fs16\ql into effect, which may be as early a
s 2014. Initiatives in the area of nutrition disclosure or advertising, such as
requirements to provide information about\plain\cf1\f51\fs16\ql the nutritional
content of our food, may increase our expenses or slow customers as they move t
hrough the line, decreasing our throughput. These\plain\cf1\f51\fs16\ql initiat
ives may also change customer buying habits in a way that adversely impacts our
sales.\par\pard\plain\li88\sb220\cf1\f51\fs16\i\ql Local Licensure, Zoning and O
ther Regulation\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Each of our restaurant
s is also subject to state and local licensing and regulation by health, alcohol
ic beverage, sanitation, food and workplace safety\plain\cf1\f51\fs16\ql and ot
her agencies. We may experience material difficulties or failures in obtaining t
he necessary licenses or approvals for new restaurants, which could\plain\cf1\f5
1\fs16\ql delay planned\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f5
1\fs16\qc 18
1\fs16\ql restaurant openings. In addition, stringent and varied requirements of
local regulators with respect to zoning, land use and environmental factors cou
ld\plain\cf1\f51\fs16\ql delay or prevent development of new restaurants in par
ticular locations.\par\pard\plain\li88\sb220\cf1\f51\fs16\i\ql Environmental Law
s\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We are subject to federal, state and
local environmental laws and regulations concerning the discharge, storage, han
dling, release and disposal of\plain\cf1\f51\fs16\ql hazardous or toxic substan
ces, as well as local ordinances restricting the types of packaging we can use i
n our restaurants. We have not conducted a\plain\cf1\f51\fs16\ql comprehensive
environmental review of our properties or operations. We have, however, conducte
d investigations of some of our properties and identified\plain\cf1\f51\fs16\ql
contamination caused by third-party operations. We believe any such contaminati
on has been or should be addressed by the third party. If the relevant\plain\cf1
\f51\fs16\ql third party does not address or has not addressed the identified c
ontamination properly or completely, then under certain environmental laws, we c
ould be\plain\cf1\f51\fs16\ql held liable as an owner or operator to address an
y remaining contamination, sometimes without regard to whether we knew of, or we
re responsible for,\plain\cf1\f51\fs16\ql the release or presence of hazardous
or toxic substances. Any such liability could be material. Further, we may not h
ave identified all of the potential\plain\cf1\f51\fs16\ql environmental liabili
ties at our properties, and any such liabilities could have a material adverse e
ffect on our operations or results of operations. We also\plain\cf1\f51\fs16\ql
cannot predict what environmental laws will be enacted in the future, how exist
ing or future environmental laws will be administered or interpreted, or the\pla
in\cf1\f51\fs16\ql amount of future expenditures that we may need to make to co
mply with, or to satisfy claims relating to, environmental laws.\par\pard\plain\
li88\sb220\cf1\f51\fs16\i\ql Other Aspects of Regulatory Risk\par\pard\plain\sb6
6\fi462\cf1\f51\fs16\ql From time to time we are the target of litigation in con
nection with various laws and regulations that cover our business. Much of this
litigation\plain\cf1\f51\fs16\ql occurs in California even though currently onl
y about 18% of our restaurants are located there. As we continue to expand in Ca
lifornia, or if we are not\plain\cf1\f51\fs16\ql able to effectively manage the
increased litigation risks and expenses we have experienced in California, our
business may be adversely impacted to a\plain\cf1\f51\fs16\ql greater extent th
an if we did not operate in, or minimized our operations in, California.\par\par
d\plain\sb132\fi462\cf1\f51\fs16\ql Because we do not franchise, the costs of co
mpliance and other risks associated with government regulation of our business,
as described above,\plain\cf1\f51\fs16\ql may be more pronounced for us than fo
r restaurant companies at which some or all of these risks are borne by franchis
ees or other operating contractors.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\
ql The effect of recent changes to U.S. healthcare laws may increase our healthc
are costs and negatively impact our financial results.\par\pard\plain\sb66\fi462
\cf1\f51\fs16\ql We offer eligible full-time and part-time U.S. employees the op
portunity to enroll in healthcare coverage subsidized by us. For various reasons
,\plain\cf1\f51\fs16\ql many of our eligible employees currently choose not to
participate in our healthcare plans. However, under the comprehensive U.S. healt
h care reform law\plain\cf1\f51\fs16\ql enacted in 2010, the Affordable Care Ac
t, changes that become effective in 2014, and especially the employer mandate an
d employer penalties that are\plain\cf1\f51\fs16\ql scheduled to become effecti
ve in 2015, may increase our labor costs significantly. Changes in the law for 2
014, including the imposition of a penalty on\plain\cf1\f51\fs16\ql individuals
who do not obtain healthcare coverage, may result in employees who are currentl
y eligible but elect not to participate in our healthcare plans\plain\cf1\f51\fs
16\ql now finding it more advantageous to do so, which may increase our healthc
are costs. In 2015, we will either adopt a qualifying plan under the Affordable\
plain\cf1\f51\fs16\ql Care Act for our full-time hourly employees, which will l
ikely increase our healthcare expenses significantly, or we will be subject to e
mployer penalties,\plain\cf1\f51\fs16\ql which could also significantly increas
e our labor costs. It is also possible that making changes or failing to make ch
anges in the healthcare plans we offer\plain\cf1\f51\fs16\ql will make us less
attractive to our current or potential employees. And in any event, implementing
the requirements of the Affordable Care Act is likely\plain\cf1\f51\fs16\ql to
impose some additional administrative costs on us. The costs and other effects
of these new healthcare requirements cannot be determined with\plain\cf1\f51\fs1
6\ql certainty, but they may have a material adverse effect on our financial an
d operating results.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql We could be
party to litigation that could adversely affect us by distracting management, in
creasing our expenses or subjecting us to material\plain\cf1\f51\fs16\b\i\ql mo
ney damages and other remedies.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We\u82
17?re subject to numerous claims alleging violations of federal and state laws r
egarding workplace and employment matters, including\plain\cf1\f51\fs16\ql wage
s, work hours, overtime, vacation and family leave, discrimination,\par\pard\pla
in\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 19
1\fs16\ql wrongful termination, and similar matters, and we could become subject
to class action or other lawsuits related to these or different matters in the
future.\plain\cf1\f51\fs16\ql Our customers also occasionally file complaints o
r lawsuits against us alleging that we\u8217?re responsible for some illness or
injury they suffered at or\plain\cf1\f51\fs16\ql after a visit to our restauran
ts, or that we have problems with food quality, operations or our food related d
isclosure or advertising practices. See\plain\cf1\f51\fs16\ql \u8220?\plain\cf1
\f51\fs16\i\ql Governmental regulation in one or more of the following areas ma
y adversely affect our existing and future operations and results, including by\
plain\cf1\f51\fs16\i\ql harming our ability to open new restaurants or increasi
ng our operating costs\plain\cf1\f51\fs16\ql \u8221? above, for additional disc
ussion of these types of claims. From\plain\cf1\f51\fs16\ql time to time, we al
so face claims alleging that technology we use in our business infringes patents
held by third parties. In addition, the restaurant\plain\cf1\f51\fs16\ql indus
try has been subject to a growing number of claims based on the nutritional cont
ent of food products sold and disclosure and advertising practices.\plain\cf1\f5
1\fs16\ql We have been subject to a number of these actions and may be subject
to additional actions of this type in the future. We are also undergoing\plain\c
f1\f51\fs16\ql government investigations as described elsewhere in this report,
including in Note 9 \u8220?Commitments and Contingencies\u8221? in our consolid
ated\plain\cf1\f51\fs16\ql financial statements included in Item\~8. \u8220?Fin
ancial Statements and Supplementary Data.\u8221?\par\pard\plain\sb132\fi462\cf1\
f51\fs16\ql We believe the number of many of the foregoing types of claims has i
ncreased as our business has grown and we have become more visible to\plain\cf1\
f51\fs16\ql potential plaintiffs and their lawyers, particularly in California.

Regardless of whether any claims against us are valid, or whether we\u8217?re u
ltimately\plain\cf1\f51\fs16\ql held liable for such claims, they may be expens
ive to defend and may divert time and money away from our operations and hurt ou
r performance. A\plain\cf1\f51\fs16\ql significant judgment for any claims agai
nst us could materially and adversely affect our financial condition or results
of operations. Any adverse publicity\plain\cf1\f51\fs16\ql resulting from these
allegations, whether directed at us or at fast casual or quick-service restaura
nts generally, may also materially and adversely affect\plain\cf1\f51\fs16\ql o
ur reputation or prospects, which in turn could adversely affect our results.\pa
r\pard\plain\sb220\cf1\f51\fs16\b\i\ql Risks Related to our Unique Business Stra
tegy\par\pard\plain\sb66\fi462\cf1\f51\fs16\b\i\ql We may not persuade customers
of the benefits of paying our prices for higher-quality food.\par\pard\plain\sb
66\fi462\cf1\f51\fs16\ql Our success depends in large part on our ability to per
suade customers that food made with higher-quality ingredients is worth the pric
es they will\plain\cf1\f51\fs16\ql pay at our restaurants relative to prices of
fered by some of our competitors, particularly those in the quick-service restau
rant segment. We may not\plain\cf1\f51\fs16\ql successfully educate customers a
bout the quality of our food, and customers may not care even if they do underst
and our approach. That could require us\plain\cf1\f51\fs16\ql to change our pri
cing, advertising or promotional strategies, which could materially and adversel
y affect our results of operations or the brand identity that\plain\cf1\f51\fs16
\ql we have tried to create. Consumers may also be more price-sensitive during
periods of economic difficulty or uncertainty, and we experienced some\plain\cf1
\f51\fs16\ql decrease in traffic during late 2008 and throughout 2009 that we a
ttribute in part to menu price increases. Recent reports have indicated continue
d\plain\cf1\f51\fs16\ql consumer uncertainty that may persist during 2014, so o
ur ability to increase menu prices or customer visits may be significantly hampe
red for the\plain\cf1\f51\fs16\ql foreseeable future. We have announced that we
are likely to increase menu prices during 2014, and if we do so it may adversel
y impact our customer\plain\cf1\f51\fs16\ql traffic.\par\pard\plain\sb220\fi462
\cf1\f51\fs16\b\i\ql Our Food With Integrity philosophy subjects us to risks.\pa
r\pard\plain\sb66\fi462\cf1\f51\fs16\ql The principle of Food With Integrity con
stitutes a significant part of our business strategy. We use a substantial amoun
t of ingredients grown or\plain\cf1\f51\fs16\ql raised with an emphasis on prac
tices we believe to be more sustainable or responsible than some conventional pr
actices, and try to make food as fresh as\plain\cf1\f51\fs16\ql we can. We do,
however, face challenges associated with pursuing Food With Integrity. There are
higher costs and other risks associated with purchasing\plain\cf1\f51\fs16\ql
ingredients grown or raised with an emphasis on quality, sustainability and othe
r responsible practices. Growth rate and weight gain can be lower for\plain\cf1\
f51\fs16\ql chickens, cattle and pigs that are not fed sub-therapeutic antibiot
ics and for cattle that are not given growth hormones. Crops grown organically o
r using\plain\cf1\f51\fs16\ql other responsible practices can take longer to gr
ow and crop yields can be lower. It can take longer to identify and secure relat
ionships with suppliers that\plain\cf1\f51\fs16\ql are able to meet our criteri
a for meat, dairy and produce ingredients. Given the costs associated with what
we believe are more responsible farming\plain\cf1\f51\fs16\ql practices, and in
some years due to decreased demand as a result of the weak economic environment
, many large suppliers have not found it economical\plain\cf1\f51\fs16\ql to pu
rsue business in this area. Although all of our restaurants generally serve meat
from animals raised in accordance with criteria we\u8217?ve\plain\cf1\f51\fs16\
ql established in an effort to improve sustainability and promote animal\par\pa
rd\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 20
1\fs16\ql welfare, we may experience shortages of meat, particularly chicken or
steak, meeting these criteria due to suppliers suspending production, market\pla
in\cf1\f51\fs16\ql conditions, or other forces beyond our control. A few of our
markets have reverted to temporarily serving conventionally raised beef or chic

ken due to\plain\cf1\f51\fs16\ql supply shortages, including ongoing shortages
of beef meeting our protocols during 2013 and early 2014.\~Furthermore, as we gr
ow, the ability of our\plain\cf1\f51\fs16\ql suppliers to expand output or othe
rwise increase their supplies to meet our needs may be constrained. Moreover, we
have made a significant commitment\plain\cf1\f51\fs16\ql to serving local or o
rganic produce when seasonally available, and a small portion of our restaurants
also serves produce purchased from farmers markets\plain\cf1\f51\fs16\ql seaso
nally as well. These produce initiatives may make it more difficult to keep qual
ity consistent, and present additional risk of food-borne illnesses\plain\cf1\f5
1\fs16\ql given the greater number of suppliers involved in such a system and t
he difficulty of imposing our quality assurance programs on all such suppliers.\
plain\cf1\f51\fs16\ql Quality variations and food-borne illness concerns could
adversely impact public perceptions of Food With Integrity or our brand generall
y.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql If as a result of any of these fac
tors we are unable to obtain a sufficient and consistent supply of these ingredi
ents on a cost-effective basis, our\plain\cf1\f51\fs16\ql food costs could incr
ease, adversely impacting our operating margins. These factors could also cause
us difficulties in aligning our brand with Food With\plain\cf1\f51\fs16\ql Inte
grity, which could make us less popular among our customers and cause sales to d
ecline. Our commitment to Food With Integrity may also leave us\plain\cf1\f51\fs
16\ql open to actions against us or criticism from special interest groups whos
e ideas regarding food issues differ from ours or who believe we should pursue\p
lain\cf1\f51\fs16\ql different or additional goals with our Food With Integrity
approach. Any adverse publicity that results from such criticism could damage o
ur brand and\plain\cf1\f51\fs16\ql adversely impact customer traffic at our res
taurants. We may also face adverse publicity or liability for false advertising
claims if suppliers do not adhere\plain\cf1\f51\fs16\ql to all of the elements
of our Food With Integrity programs, such as responsible meat protocols, require
ments for organic or sustainable growing methods,\plain\cf1\f51\fs16\ql and sim
ilar criteria on which we base our purchasing decisions. If any such supplier fa
ilures occur and are publicized, our reputation would be harmed\plain\cf1\f51\fs
16\ql and our sales may be adversely impacted.\par\pard\plain\sb132\fi462\cf1\f
51\fs16\ql Additionally, in response to increasing customer awareness and demand
, some competitors have also begun to advertise their use of meats raised\plain\
cf1\f51\fs16\ql without the use of antibiotics or growth hormones, dairy produc
ts from cows not treated with rBGH, and other ingredients similar to those we se
ek as part\plain\cf1\f51\fs16\ql of our Food With Integrity philosophy. If comp
etitors become known for using these types of higher-quality or more sustainable
ingredients, it could\plain\cf1\f51\fs16\ql further limit our supply of these
ingredients, and may make it more difficult for us to differentiate Chipotle and
our restaurants, which could adversely\plain\cf1\f51\fs16\ql impact our operat
ing results.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Our success may depe
nd on the continued service and availability of key personnel.\par\pard\plain\sb
66\fi462\cf1\f51\fs16\ql Our Chairman and co-Chief Executive Officer Steve Ells
founded our company, has been the principal architect of our business strategy,
and has\plain\cf1\f51\fs16\ql led our growth from a single restaurant in 1993 t
o over 1,500 restaurants today. Monty Moran, our co-Chief Executive Officer, and
Jack Hartung, our\plain\cf1\f51\fs16\ql Chief Financial Officer, have also ser
ved with us for several years and much of our growth has occurred under their di
rection as well. We believe our\plain\cf1\f51\fs16\ql executive officers, each
of whom is an at-will employee without any employment contract, have created an
employee culture, food culture and business\plain\cf1\f51\fs16\ql strategy at o
ur company that has been critical to our success and that may be difficult to re
plicate under another management team. We also believe that\plain\cf1\f51\fs16\q
l it may be difficult to locate and retain executive officers who are able to g
rasp and implement our unique strategic vision. If our company culture were to\p
lain\cf1\f51\fs16\ql deteriorate following a change in leadership, or if a new
management team were to be unsuccessful in executing our strategy or were to cha
nge important\plain\cf1\f51\fs16\ql elements of our current strategy, our growt
h prospects or future operating results may be adversely impacted.\par\pard\plai

n\sb220\fi462\cf1\f51\fs16\b\i\ql Our marketing and advertising strategies may n
ot be successful, which could adversely impact our business.\par\pard\plain\sb66
\fi462\cf1\f51\fs16\ql We have developed a marketing and advertising strategy th
at we believe is unique in the restaurant industry. We have not generally advert
ised on\plain\cf1\f51\fs16\ql television and engage in very limited price or va
lue-based promotions. Instead we invest in marketing and advertising strategies
that we believe will\plain\cf1\f51\fs16\ql increase customers\u8217? connection
with our brand. If these marketing and advertising investments do not drive inc
reased restaurant sales, the\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf
1\f51\fs16\qc 21
1\fs16\ql expense associated with these programs will adversely impact our finan
cial results, and we may not generate the levels of comparable restaurant sales
we\plain\cf1\f51\fs16\ql expect. In addition, our marketing has increasingly in
corporated elements intended to encourage customers to question sources or produ
ction methods\plain\cf1\f51\fs16\ql commonly used to produce food. These elemen
ts of our marketing could alienate food suppliers and other food industry groups
and may potentially lead\plain\cf1\f51\fs16\ql to an increased risk of dispute
s or litigation if suppliers or other constituencies believe our marketing is un
fair or misleading. Increased costs in connection\plain\cf1\f51\fs16\ql with an
y such issues, or any deterioration in our relationships with existing suppliers
, could adversely impact us or our reputation. Furthermore, if these\plain\cf1\f
51\fs16\ql messages do not resonate with our customers or potential customers,
the value of our brands may be eroded.\par\pard\plain\sb132\fi462\cf1\f51\fs16\q
l We have also implemented strategies such as remote ordering and catering optio
ns in an effort to increase overall sales. Our catering program, in\plain\cf1\f5
1\fs16\ql particular, is new and untested and may not increase our sales to the
degree we expect, or at all. Catering and other out-of-restaurant sales options
also\plain\cf1\f51\fs16\ql introduce new operating procedures to our restauran
ts and we may not successfully execute these procedures, which could adversely i
mpact the customer\plain\cf1\f51\fs16\ql experience in our restaurants and ther
eby harm our sales and customer perception of our brand.\par\pard\plain\sb220\cf
1\f51\fs16\b\i\ql General Business Risks\par\pard\plain\sb66\fi462\cf1\f51\fs16\
b\i\ql We may be harmed by security risks we face in connection with our electro
nic processing and transmission of confidential customer and\plain\cf1\f51\fs16\
b\i\ql employee information.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We accep
t electronic payment cards for payment in our restaurants. During 2013 approxima
tely 64% of our sales were attributable to credit and\plain\cf1\f51\fs16\ql deb
it card transactions, and credit and debit card usage could continue to increase
. A number of retailers have experienced actual or potential security\plain\cf1\
f51\fs16\ql breaches in which credit and debit card information may have been s
tolen, including a number of highly publicized incidents with well-known retaile
rs in\plain\cf1\f51\fs16\ql late 2013 and early 2014. In August\~2004, the merc
hant bank that processed our credit and debit card transactions informed us that
we may have been the\plain\cf1\f51\fs16\ql victim of a possible theft of card
data. As a result, we recorded losses and related expenses totaling $4.3 million
from 2004 through 2006.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We may in th
e future become subject to additional claims for purportedly fraudulent transact
ions arising out of the actual or alleged theft of credit\plain\cf1\f51\fs16\ql
or debit card information, and we may also be subject to lawsuits or other proc
eedings in the future relating to these types of incidents. Proceedings\plain\cf
1\f51\fs16\ql related to theft of credit or debit card information may be broug
ht by payment card providers, banks and credit unions that issue cards, cardhold
ers (either\plain\cf1\f51\fs16\ql individually or as part of a class action law
suit) and federal and state regulators. Any such proceedings could distract our
management from running our\plain\cf1\f51\fs16\ql business and cause us to incu
r significant unplanned losses and expenses. Consumer perception of our brand co
uld also be negatively affected by these\plain\cf1\f51\fs16\ql events, which co

uld further adversely affect our results and prospects.\par\pard\plain\sb132\fi4
62\cf1\f51\fs16\ql We also are required to collect and maintain personal informa
tion about our employees, and we collect information about customers as part of
some\plain\cf1\f51\fs16\ql of our marketing programs as well. The collection an
d use of such information is regulated at the federal and state levels, and the
regulatory environment\plain\cf1\f51\fs16\ql related to information security an
d privacy is increasingly demanding. At the same time, we are relying increasing
ly on cloud computing and other\plain\cf1\f51\fs16\ql technologies that result
in third parties holding significant amounts of customer or employee information
on our behalf. If the security and information\plain\cf1\f51\fs16\ql systems o
f ours or of outsourced third party providers we use to store or process such in
formation are compromised or if we or such third parties\plain\cf1\f51\fs16\ql
otherwise fail to comply with these laws and regulations, we could face litigati
on and the imposition of penalties, which could adversely affect our\plain\cf1\f
51\fs16\ql financial performance. Our reputation as a brand or as an employer c
ould also be adversely affected, which could impair our sales or ability to attr
act and\plain\cf1\f51\fs16\ql keep qualified employees.\par\pard\plain\sb220\fi
462\cf1\f51\fs16\b\i\ql Our insurance coverage and self-insurance reserves may n
ot cover future claims.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We maintain va
rious insurance policies for employee health, worker\u8217?s compensation, gener
al liability, property damage and auto liability. We\plain\cf1\f51\fs16\ql are
self-insured for our employee health plans but have third party insurance covera
ge to limit exposure for both individual and aggregate claim costs.\~We\plain\cf
1\f51\fs16\ql are also responsible for losses up to a certain limit for worker\
u8217?s compensation, general liability, property damage and auto liability insu
rance.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 22
cf1\f51\fs16\ql For policies under which we are responsible for losses, we recor
d a liability that represents our estimated cost of claims incurred and unpaid a
s of\plain\cf1\f51\fs16\ql the balance sheet date. Our estimated liability is n
ot discounted and is based on a number of assumptions and factors, including his
torical trends, actuarial\plain\cf1\f51\fs16\ql assumptions and economic condit
ions, and is closely monitored and adjusted when warranted by changing circumsta
nces. Our history of claims experience\plain\cf1\f51\fs16\ql is short and our s
ignificant growth rate could affect the accuracy of estimates based on historica
l experience. If a greater amount of claims occurs\plain\cf1\f51\fs16\ql compar
ed to what we estimated, or if medical costs increase beyond what we expected, o
ur accrued liabilities might not be sufficient and we may be\plain\cf1\f51\fs16\
ql required to record additional expense. Unanticipated changes may also produc
e materially different amounts of expense than reported under these\plain\cf1\f5
1\fs16\ql programs, which could adversely impact our results of operations.\par
\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Negative publicity relating to our r
estaurants or our company could adversely impact our reputation, which may signi
ficantly harm us.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We depend in part on
customers\u8217? perception of and connection to our brand. We may experience n
egative publicity from time to time\plain\cf1\f51\fs16\ql relating to food qual
ity, customer complaints, restaurant facilities, advertising and other business
practices, litigation alleging illness or injury, regulatory\plain\cf1\f51\fs16\
ql issues, our suppliers\u8217? potential failure to adhere to elements of our
Food With Integrity protocols, other issues regarding the integrity of our\plain
\cf1\f51\fs16\ql suppliers\u8217? food processing, employee relationships, or o
ther matters, regardless of whether the allegations are valid or whether we are
held to be\plain\cf1\f51\fs16\ql responsible. The negative impact of adverse pu
blicity relating to one or more restaurants or any of the foregoing topics may e
xtend far beyond the\plain\cf1\f51\fs16\ql restaurant(s) involved and affect ma
ny more, or even all, of our restaurants. The considerable expansion in the use
of social media over recent years can\plain\cf1\f51\fs16\ql further amplify any
negative publicity that may be generated. A similar risk exists with respect to
unrelated food service businesses, if consumers\plain\cf1\f51\fs16\ql associat
e those businesses with our own operations.\par\pard\plain\sb132\fi462\cf1\f51\f
s16\ql Negative publicity may adversely impact customers\u8217? perception of us
, which could adversely impact our sales. If the impact of any such\plain\cf1\f5
1\fs16\ql negative publicity is particularly long-lasting, the value of our bra
nd may suffer and our ability to grow could be diminished. Additionally, negativ
e\plain\cf1\f51\fs16\ql publicity about our employment practices may affect our
reputation among employees and potential employees, which could make it more di
fficult for us\plain\cf1\f51\fs16\ql to attract and retain top-performing emplo
yees. That could adversely impact the quality of the customer experience we can
offer and our operations\plain\cf1\f51\fs16\ql generally, and may increase our
labor costs as well.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql We may not b
e able to adequately protect our intellectual property, which could harm the val
ue of our brands and adversely affect our business.\par\pard\plain\sb66\fi462\cf
1\f51\fs16\ql Our ability to successfully implement our business plan depends in
part on our ability to further build brand recognition using our trademarks,\pl
ain\cf1\f51\fs16\ql service marks, trade dress and other proprietary intellectu
al property, including our name and logos, our Food With Integrity strategy and
the unique\plain\cf1\f51\fs16\ql ambience of our restaurants. If our efforts to
protect our intellectual property are inadequate, or if any third party misappr
opriates or infringes on our\plain\cf1\f51\fs16\ql intellectual property, eithe
r in print or on the internet, the value of our brands may be harmed, which coul
d have a material adverse effect on our business\plain\cf1\f51\fs16\ql and migh
t prevent our brands from achieving or maintaining market acceptance. We are awa
re of restaurants in foreign jurisdictions using menu items,\plain\cf1\f51\fs16\
ql logos and other branding that we believe are based on our intellectual prope
rty, and our ability to halt these restaurants from using these elements may be\
plain\cf1\f51\fs16\ql limited in jurisdictions in which we are not operating. T
his could have an adverse impact on our ability to successfully expand into othe
r jurisdictions in\plain\cf1\f51\fs16\ql the future. We may also encounter clai
ms from prior users of similar intellectual property in areas where we operate o
r intend to conduct operations. This\plain\cf1\f51\fs16\ql could harm our image
, brand or competitive position and cause us to incur significant penalties and
costs.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Our quarterly results may
fluctuate significantly and could fall below the expectations of securities anal
ysts and investors due to various factors.\par\pard\plain\sb66\fi462\cf1\f51\fs1
6\ql Our quarterly results may fluctuate significantly and could fail to meet th
e expectations of securities analysts and investors because of various\plain\cf1
\f51\fs16\ql factors, including:\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
l changes in comparable restaurant sales and customer visits, including as a res
ult of changes in consumer confidence;\cell{
\par\pard\plain
l our ability to raise menu prices without adversely impacting customer traffic;
\cell{
in\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 23
\par\pard\plain
l changes in consumer preferences and discretionary spending;\cell{
\par\pard\plain
l labor availability and wages of restaurant management and crew, as well as tem
porary fluctuations in labor costs as a result of\plain\intbl\cf1\f51\fs16\ql l
arge-scale changes in workforce;\cell{
\par\pard\plain
l fluctuations in supply costs, particularly for our most significant food items
;\cell{
\par\pard\plain
l the timing of new restaurant openings and related revenues and expenses;\cell{
\par\pard\plain
l operating costs at newly opened restaurants, which are often materially greate
r during the first several months of operation;\cell{
\par\pard\plain
l the impact of inclement weather, natural disasters and other calamities, such
as freezes that have impacted produce crops and droughts\plain\intbl\cf1\f51\fs1
6\ql that have impacted livestock and the supply of certain meats;\cell{
\par\pard\plain
l variations in general economic conditions, including the impact of declining i
nterest rates on our interest income;\cell{
\par\pard\plain
l negative publicity about the ingredients we use or the occurrence of food-born
e illnesses or other problems at our restaurants;\cell{

\par\pard\plain
l increases in infrastructure costs;\cell{
\par\pard\plain
l litigation, settlement costs and related legal expense;\cell{
\par\pard\plain
l tax expenses, impairment charges and other non-operating costs; and\cell{
\par\pard\plain
l potential distraction or unusual expenses associated with our expansion into i
nternational markets or initiatives to expand new concepts.\cell{
ain\sb132\fi462\cf1\f51\fs16\ql Seasonal factors also cause our results to fluct
uate from quarter to quarter. Our restaurant sales are typically lower during th
e winter months and the\plain\cf1\f51\fs16\ql holiday season and during periods
of inclement weather (because fewer people are eating out) and higher during th
e spring, summer and fall months (for\plain\cf1\f51\fs16\ql the opposite reason
). Our restaurant sales will also vary as a result of the number of trading days
\u8212?that is, the number of days in a quarter when a\plain\cf1\f51\fs16\ql re
staurant is open.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql As a result of thes
e factors, results for any one quarter are not necessarily indicative of results
to be expected for any other quarter or for any year.\plain\cf1\f51\fs16\ql Av
erage restaurant sales or comparable restaurant sales in any particular future p
eriod may decrease. In the future, operating results may fall below the\plain\cf
1\f51\fs16\ql expectations of securities analysts and investors, which could ca
use our stock price to fall. We believe the market price of our common stock, wh
ich has\plain\cf1\f51\fs16\ql generally traded at a higher price-earnings ratio
than stocks of most or all of our peer companies, reflects high market expectat
ions for our future\plain\cf1\f51\fs16\ql operating results. The trading market
for our common stock has been volatile at times as well. As a result, if we fai
l to meet market expectations for our\plain\cf1\f51\fs16\ql operating results i
n the future, any resulting decline in the price of our common stock could be si
gnificant.\par\pard\plain\sb220\fi462\cf1\f51\fs16\b\i\ql Our anti-takeover prov
isions may delay or prevent a change in control of us, which could adversely aff
ect the price of our common stock.\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Cer
tain provisions in our corporate documents and Delaware law may delay or prevent
a change in control of us, which could adversely affect the\plain\cf1\f51\fs16\
ql price of our common stock. Our amended and restated certificate of incorpora
tion and amended and restated bylaws contain some provisions that may\plain\cf1\
f51\fs16\ql make the acquisition of control of us without the approval of our b
oard of directors more difficult, including provisions relating to the nominatio
n,\plain\cf1\f51\fs16\ql election and removal of directors, the structure of th

e board of directors and limitations on actions by our shareholders. In addition
, Delaware law also\plain\cf1\f51\fs16\ql imposes some restrictions on mergers
and other business combinations between us and any holder of 15% or more of our
outstanding common stock. Any\plain\cf1\f51\fs16\ql of these provisions may dis
courage a potential acquirer from proposing or completing a transaction that may
have otherwise presented a premium to our\plain\cf1\f51\fs16\ql shareholders.\
par\pard\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_3}{\*\bkmkend item_1_3_3
}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~1B.\cell{\*\bkmkstart tx629534_3}{\*\b
kmkend tx629534_3}\pard\plain\intbl\cf1\f51\fs16\b\ql UNRESOLVED STAFF COMMENTS\
cell{
{\trowd\cellx1080\cellx7973\trrh206\row}}}\pard\plain\sb66\fi462\cf1\f51\fs16\ql
None.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 24
l "toc" }{\*\fldrslt\cf3\f52\fs16\b\ql Table of Contents}}{\*\bkmkstart item_1_3
_4}{\*\bkmkend item_1_3_4}
\par\pard\plain
mkend tx629534_4}\pard\plain\intbl\cf1\f51\fs16\b\ql PROPERTIES\cell{
As of December\~31, 2013, there were 1,595 Chipotle and other concept restaurant
s in operation. The table below sets forth the locations (by state or\plain\cf1\
f51\fs16\ql country) of all restaurants in operation.\par\pard\plain\cf1\f51\fs
13\ql \~
\par\pard\plain
{\trowd\trqc\clvertalc\cellx8961\clvertalb\cellx9355\clvertalc\cellx9416\clverta
lc\cellx9811\clvertalc\cellx9934\trrh-66
l\f0\fs16\ql \~\cell{
lc\cellx9811\clvertalc\cellx9934\trrh-66\row}}}
{\trowd\trqc\cellx8961\clvertalb\cellx9355\clvertalb\cellx9416\clvertalb\cellx98
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Alabama\cell\pard\plain\intbl\cf1
11\clvertalb\cellx9934\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Arizona\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Arkansas\cell\pard\plain\intbl\cf
1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intb
l\cf1\f51\fs16\qr 2\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql California\cell\pard\plain\intbl\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Colorado\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Connecticut\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\i
ntbl\cf1\f51\fs16\qr 14\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Delaware\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql District of Columbia\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\par
d\plain\intbl\cf1\f51\fs16\qr 17\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Florida\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Georgia\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Idaho\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\c
f1\f51\fs16\qr 2\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Illinois\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Indiana\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Iowa\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Kansas\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\
cf1\f51\fs16\qr 21\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Kentucky\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Louisiana\cell\pard\plain\intbl\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Maine\cell\pard\plain\intbl\cf1\f
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Maryland\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Massachusetts\cell\pard\plain\int
bl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain
\intbl\cf1\f51\fs16\qr 40\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Michigan\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Minnesota\cell\pard\plain\intbl\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Missouri\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Nebraska\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Nevada\cell\pard\plain\intbl\cf1\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql New Hampshire\cell\pard\plain\int
\intbl\cf1\f51\fs16\qr 5\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql New Jersey\cell\pard\plain\intbl\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql New Mexico\cell\pard\plain\intbl\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql New York\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql North Carolina\cell\pard\plain\in
tbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plai
n\intbl\cf1\f51\fs16\qr 23\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Ohio\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Oklahoma\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Oregon\cell\pard\plain\intbl\cf1\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Pennsylvania\cell\pard\plain\intb
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Rhode Island\cell\pard\plain\intb
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql South Carolina\cell\pard\plain\in
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Tennessee\cell\pard\plain\intbl\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Texas\cell\pard\plain\intbl\cf1\f

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Utah\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Virginia\cell\pard\plain\intbl\cf
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Vermont\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Washington\cell\pard\plain\intbl\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Wisconsin\cell\pard\plain\intbl\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Wyoming\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Canada\cell\pard\plain\intbl\cf1\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql France\cell\pard\plain\intbl\cf1\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Germany\cell\pard\plain\intbl\cf1
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql United Kingdom\cell\pard\plain\in
{\trowd\trqc\clvertalb\cellx8961\clvertalb\cellx9355\clvertalb\cellx9416\clverta
lb\cellx9811\clvertalc\cellx9934\trrh35
\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\~\cell\p
ard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\p
ard\plain\intbl\cf1\f51\fs1\ql \~\cell{
lb\cellx9811\clvertalc\cellx9934\trrh35\row}}}
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Total\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\qr 1,595\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
11\clvertalb\cellx9934\trrh206\row}}}\pard\plain\sb132\fi462\cf1\f51\fs16\ql We
categorize our restaurants as either end-caps (at the end of a line of retail ou
tlets), in-lines (in a line of retail outlets), free-standing or other.\plain\cf
1\f51\fs16\ql Of our restaurants in operation as of December\~31, 2013, we had
970 end-cap locations, 264 in-line locations, 283 free-standing units, and 78 ot
her. The\plain\cf1\f51\fs16\ql average restaurant size is about 2,580 square fe
et and seats about 56 people. Many of our restaurants also feature outdoor patio
space.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 25
cf1\f51\fs16\ql Our main office is located at 1401 Wynkoop Street, Suite 500, De
nver, Colorado, 80202 and our telephone number is (303)\~595-4000. We lease\plai
n\cf1\f51\fs16\ql our main office and substantially all of the properties on wh
ich we operate restaurants. For additional information regarding the lease terms
and\plain\cf1\f51\fs16\ql provisions, see Item\~7. \u8220?Management\u8217?s D
iscussion and Analysis of Financial Condition and Results of Operations\u8212?\p
lain\cf1\f51\fs16\i\ql Contractual\plain\cf1\f51\fs16\i\ql Obligations\plain\c
f1\f51\fs16\ql ,\u8221? as well as Note 7 \u8220?Leases\u8221? in our consolida
ted financial statements included in Item\~8. \u8220?Financial Statements and\pl
ain\cf1\f51\fs16\ql Supplementary Data.\u8221?\par\pard\plain\sb132\fi462\cf1\f
51\fs16\ql We own sixteen properties and operate restaurants on all of them.\par
\pard\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_5}{\*\bkmkend item_1_3_5}
\par\pard\plain
mkend tx629534_5}\pard\plain\intbl\cf1\f51\fs16\b\ql LEGAL PROCEEDINGS\cell{
For information regarding legal proceedings, see Note 9 \u8220?Commitments and C
ontingencies\u8221? in our consolidated financial statements\plain\cf1\f51\fs16\
ql included in Item\~8. \u8220?Financial Statements and Supplementary Data.\u82
21?\par\pard\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_6}{\*\bkmkend item_1
_3_6}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~4.\cell\pard\plain\intbl\cf1\f51\fs16\
b\ql MINE{\*\bkmkstart tx629534_6}{\*\bkmkend tx629534_6}\plain\intbl\cf1\f51\fs
16\b\ql SAFETY DISCLOSURES\cell{
Not applicable.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc
26
_3}{\*\bkmkend part_1_2_3}\par\pard\plain\cf1\f51\fs16\b\qc PART II\par\pard\pla
in\cf1\f51\fs7\ql \~{\*\bkmkstart item_1_3_7}{\*\bkmkend item_1_3_7}
\par\pard\plain
mkend tx629534_7}\pard\plain\intbl\cf1\f51\fs16\b\ql MARKET FOR REGISTRANT\u8217
?S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER\plain\intbl\cf1\f51\fs1
6\b\ql PURCHASES OF EQUITY SECURITIES\cell{
The following table describes the per share range of high and low sales prices
for shares of our common stock for the quarterly periods indicated,\plain\cf1\f5
1\fs16\ql as reported by the New York Stock Exchange (\u8220?NYSE\u8221?). Our
common stock trades on the NYSE under the symbol \u8220?CMG.\u8221?\par\pard\pla
\par\pard\plain
lc\cellx8418\clvertalc\cellx8541\clvertalb\cellx9024\clvertalc\cellx9165\clverta
6\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\
cell{
{\trowd\trqc\clvertalb\cellx7134\clvertalb\cellx7617\clbrdrb\brdrs\brdrcf1\clver
talb\cellx8418\clvertalb\cellx8541\clvertalb\cellx9024\clbrdrb\brdrs\brdrcf1\clv
ertalb\cellx9810\clvertalb\cellx9933\trrh172
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\
cell\pard\plain\intbl\cf1\f51\fs13\b\qc High\cell\pard\plain\intbl\cf1\f51\fs13\
ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\f
s13\b\qc Low\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell{
ertalb\cellx9810\clvertalb\cellx9933\trrh172\row}}}
{\trowd\trqc\clshdng100\clcfpat11\clcbpat11\cellx7134\clvertalb\clshdng100\clcfp
at11\clcbpat11\cellx7617\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7773\clve
rtalb\clshdng100\clcfpat11\clcbpat11\cellx8418\clvertalb\clshdng100\clcfpat11\cl
cbpat11\cellx8541\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9024\clvertalb\c
lshdng100\clcfpat11\clcbpat11\cellx9165\clvertalb\clshdng100\clcfpat11\clcbpat11
\cellx9810\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9933\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql 2012\cell\pard\plain\intbl\cf1\f5
1\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16
\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql
\cellx9810\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9933\trrh206\row}}}
18\clvertalb\cellx8541\clvertalb\cellx9024\clvertalb\cellx9165\clvertalb\cellx98
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql First Quarter\cell\pard\plain\int
bl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\
intbl\cf1\f51\fs16\qr \~\~\~\~426.57\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 336.29\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Second Quarter\cell\pard\plain\in
tbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain
\intbl\cf1\f51\fs16\qr 442.40\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell
\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~370.19\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Third Quarter\cell\pard\plain\int
intbl\cf1\f51\fs16\qr 404.59\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
d\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\
pard\plain\intbl\cf1\f51\fs16\qr 277.26\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Fourth Quarter\cell\pard\plain\in
\pard\plain\intbl\cf1\f51\fs16\qr 233.82\cell\pard\plain\intbl\cf1\f51\fs16\ql \
~\~\cell{
{\trowd\trqc\clvertalc\cellx7134\clvertalc\cellx8542\clvertalc\cellx9935\trrh-66
{\trowd\trqc\clvertalc\cellx7134\clvertalc\cellx8542\clvertalc\cellx9935\trrh-66
\row}}}
cell\pard\plain\intbl\cf1\f51\fs13\b\qc High\cell\pard\plain\intbl\cf1\f51\fs13\
s13\b\qc Low\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell{
1\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql First Quarter\cell\pard\plain\int
\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Second Quarter\cell\pard\plain\in
~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Third Quarter\cell\pard\plain\int
\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Fourth Quarter\cell\pard\plain\in
~\~\cell{
\cellx9810\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9933\trrh206\row}}}\par
d\plain\sb132\fi462\cf1\f51\fs16\ql As of January\~30, 2014, there were approxim
ately 1,100 holders of our common stock, as determined by counting our record ho
lders and the\plain\cf1\f51\fs16\ql number of participants reflected in a secur
ity position listing provided to us by the Depository Trust Company. Because suc
h \u8220?DTC\plain\cf1\f51\fs16\ql participants\u8221? are brokers and other in
stitutions holding shares of our common stock on behalf of their customers, the
actual number of unique\plain\cf1\f51\fs16\ql shareholders represented by these
record holders is not known.\par\pard\plain\sb220\cf1\f51\fs16\b\i\ql Purchases
of Equity Securities by the Issuer\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Th
e table below reflects shares of common stock we repurchased during the fourth q
uarter of 2013.\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
{\trowd\clvertalc\cellx3088\clvertalb\cellx3348\clvertalc\cellx3888\clvertalc\ce
llx4428\clvertalb\cellx4838\clvertalb\cellx5098\clvertalc\cellx5678\clvertalc\ce
llx10441\clvertalb\cellx10791\trrh-66
cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\par
d\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\
intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0
\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{

llx10441\clvertalb\cellx10791\trrh-66\row}}}
{\trowd\clvertalb\cellx3088\clvertalb\cellx3348\clbrdrb\brdrs\brdrcf1\clvertalb\
cellx4428\clvertalb\cellx4838\clvertalb\cellx5098\clbrdrb\brdrs\brdrcf1\clvertal
b\cellx6323\clvertalb\cellx6673\clvertalb\cellx6933\clbrdrb\brdrs\brdrcf1\clvert
alb\cellx8258\clvertalb\cellx8608\clvertalb\cellx8868\clbrdrb\brdrs\brdrcf1\clve
rtalb\cellx10443\clvertalb\cellx10793\trrh859
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs13\b\qc Total\~Number\~of
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Shares\~Purchased\cell
ll\pard\plain\intbl\cf1\f51\fs13\b\qc Average\~Price\~Paid
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Per\~Share\cell\pard\p
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard
\plain\intbl\cf1\f51\fs13\b\qc Total
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Number\~of\~Shares
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Purchased\~as\~Part\~o
f
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Publicly\~ Announced
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Plans\~or\~Programs\pl
ain\intbl\cf1\f51\fs11\b\qc\super (1)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc
Approximate\~Dollar
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Value\~of\~Shares\~tha
t
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc May Yet Be
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Purchased\~Under\~the
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Plans\~or\~Programs\pl
ain\intbl\cf1\f51\fs11\b\qc\super (1)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\
cell{
rtalb\cellx10443\clvertalb\cellx10793\trrh859\row}}}
{\trowd\clshdng100\clcfpat11\clcbpat11\cellx3088\clvertalb\clshdng100\clcfpat11\
clcbpat11\cellx3348\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx3888\clvertalb
\clshdng100\clcfpat11\clcbpat11\cellx4428\clvertalb\clshdng100\clcfpat11\clcbpat
11\cellx4838\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx5098\clvertalb\clshdn
g100\clcfpat11\clcbpat11\cellx5678\clvertalb\clshdng100\clcfpat11\clcbpat11\cell
x6323\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx6673\clvertalb\clshdng100\cl
cfpat11\clcbpat11\cellx6933\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7595\c
lvertalb\clshdng100\clcfpat11\clcbpat11\cellx8257\clvertalb\clshdng100\clcfpat11
\clcbpat11\cellx8607\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx8867\clvertal
b\clshdng100\clcfpat11\clcbpat11\cellx9505\clvertalb\clshdng100\clcfpat11\clcbpa
t11\cellx10441\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10791\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql October\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\c
f1\f51\fs16\qr 65,691\cell\pard\plain\intbl\cf1\f51\fs11\ql\super (2)\plain\intb
l\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\in
tbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~503.23\cell\
pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
ell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 9,
853\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
3\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs
16\qr \~\~\~\~98,391,729\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
t11\cellx10441\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10791\trrh206\row}}
}
vertalb\cellx4838\clvertalb\cellx5098\clvertalb\cellx5678\clvertalb\cellx6323\cl
vertalb\cellx8607\clvertalb\cellx8867\clvertalb\cellx9505\clvertalb\cellx10441\c
lvertalb\cellx10791\trrh206
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\i\ql Purchased 10/1 through 10/31\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\
pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\
intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf
1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs
16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\
ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\ce
lvertalb\cellx10791\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql November\cell\pard\plain\intbl\cf
1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\
cf1\f51\fs16\qr 7,461\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain
\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plai
n\intbl\cf1\f51\fs16\qr 535.45\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
ard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell
\pard\plain\intbl\cf1\f51\fs16\qr 7,461\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\q
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr 94,396,728\cell\pard\plain\intbl\cf1\f
51\fs16\ql \~\~\cell{
}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql December\cell\pard\plain\intbl\cf
cf1\f51\fs16\qr 8,012\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr 90,202,004\cell\pard\plain\intbl\cf1\f
51\fs16\ql \~\~\cell{
}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1
\f51\fs16\qr 81,164\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\
d\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\p
ard\plain\intbl\cf1\f51\fs16\qr 25,326\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 90,202,004\cell\pard\plain\intbl\cf1\f5
}\pard\plain\brdrb\brdrs\sa22\cf1\f51\fs20\ql \~
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\ql (1)\cell\pard\plain\intbl\cf1\f51\fs16\ql Shar
es were repurchased pursuant to repurchase programs announced on November\~20, 2
012 and February\~5, 2013. Repurchases under each program\plain\intbl\cf1\f51\fs
16\ql were and are limited to $100 million in total repurchase price, and there
is no expiration date. Authorization of any ongoing repurchase program\plain\in
tbl\cf1\f51\fs16\ql may be modified, suspended, or discontinued at any time.\ce
ll{
{\trowd\cellx432\cellx10800\trrh619\row}}}
\pard\plain
\pard\plain\intbl\cf1\f51\fs16\ql (2)\cell\pard\plain\intbl\cf1\f51\fs16\ql Incl

udes 55,838 shares of common stock that were surrendered by participants under t
he Amended and Restated Chipotle Mexican Grill, Inc. 2006\plain\intbl\cf1\f51\fs
16\ql Stock Incentive Plan as payment of statutory minimum tax withholding on t
he vesting of performance shares and payout of the awards. Shares\plain\intbl\cf
1\f51\fs16\ql surrendered by the participants pursuant to the terms of that pla
n and the applicable award agreements are deemed repurchased by us, but are not\
plain\intbl\cf1\f51\fs16\ql part of publicly announced share repurchase program
s.\cell{
{\trowd\cellx432\cellx10800\trrh825\row}}}\pard\plain\cf1\f51\fs13\ql \~\par\par
d\plain\cf1\f51\fs16\qc 27
1\fs16\b\i\ql Dividend Policy\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We are n
ot required to pay any dividends and have not declared or paid any cash dividend
s on our common stock. We intend to continue to retain\plain\cf1\f51\fs16\ql ea
rnings for use in the operation and expansion of our business and therefore do n
ot anticipate paying any cash dividends on our common stock in the\plain\cf1\f51
\fs16\ql foreseeable future.\par\pard\plain\sb132\cf1\f51\fs16\b\qc COMPARISON
OF CUMULATIVE TOTAL RETURN\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The follow
ing graph compares the cumulative annual stockholders return on our common stock
from December\~31, 2008 through December\~31,\plain\cf1\f51\fs16\ql 2013 to th
at of the total return index for the S&P 500 and the S&P 500 Restaurants Index a
ssuming an investment of $100 on December\~31, 2008. In\plain\cf1\f51\fs16\ql c
alculating total annual stockholder return, reinvestment of dividends, if any, i
s assumed. The indices are included for comparative purposes only. They do\plain
\cf1\f51\fs16\ql not necessarily reflect management\u8217?s opinion that such i
ndices are an appropriate measure of the relative performance of our common stoc
k. This\plain\cf1\f51\fs16\ql graph is not \u8220?soliciting material,\u8221? i
s not deemed filed with the Securities and Exchange Commission and is not to be
incorporated by\plain\cf1\f51\fs16\ql reference in any of our filings under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended, whether made before\plain\cf1\f51\fs16\ql or after the date hereof and
irrespective of any general incorporation language in any such filing.\par\pard
\plain\cf1\f51\fs13\ql \~\par\qc{\*\shppict{\pict\jpegblip\picw544\pich438\picsc
alex75\picscaley75\bliptag-915376847
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aaafbf1e35860c75991efb0f85b3b1ad8db197b83a27b1e1c01696b810504f60b3d8ad971adcb61a
c3a6acf9668397c4f89cd92291d148c731e039ae6c8c7b4820105a506dc76ab4d119e1b11491349e
5ed782d1c7bf91fa208dc2ed780d88ca30d7fe604524b1177a4f6b4be39e681e1ae7001c4495e507
b49f0d0efdd73490ceccf625f50dd6dbe63fc7ed1e9bbbe410b8890b19c773c02d3c16821c382390
41219db90a4585e6dc4d0c6b1ef0e7069607feef703e473f97283dbadd56d7171d6a21039a1c252f
1d841f63cfb70790822a1dcb5fb56335569dab16a6d7a78eb64595e94f2ba295f1b246b1a18c3ea3
bb2461219dddbdde7841a9aef5234eda9b41d86c94e4652a0bf4be668d8aa6c573d9db2304cc6720
fa8ce3f5e4f1ec7809e96f54820b1664b0cf4ea07198b4f77670dee3c81e79e383c7bf9082bb8aea
86879b66b4fc66c11cc36fa52e430fcc32b0d8af131af91c439a3d3ed0f6f2d93b5c09238e410036
337d40d4f5f91f164f2527315319099d5ea4d61905525c04d2ba2639b1467b1fc39e40218f20f0d7
70133f52c7f3dbf3f5f9ef11f1eab7f7c92037dfdc90471fc8a0f6cb755e4065989c5c1a470f0790
ee4b7fefc1e3fc0a08bb1b8eb95be7bd7c8f6fd3727530f6bf0643e9dcb3e87a31f86f9eef9baff0
070e5a3bfc91c3b80c382df355d9320ec561f24f96db2274ce85f56689cd6b4464f3ded1c11eb47e
0f9fbbdbc1e0189def56cdda6d5c764647992bc9721924ab3450d88185a1d2c32bda192b077b0f73
1ce1c3da79e082425dd90a0c01cfbd5da0b3d404cadf2dff7bdfdbc8f3fcd07b16ea97c910b5117c
23ba46f78e583f523f21e0ffd90796dfa2f31065daee330062e2407bc1e48edf3e79ed77b7e87f44
1e2ae5685cab1dc86c011cb5d96809018ded89c396b9cc700e67b1fde008e083ec5062bb9ec463e4
c6476ef31873139ad48805cd9a41049391dc01007a50c8ee4903ede39e4804361b7a93c35ccb9010
f90c2d2241e641cf2cfff008bc1f1efe0a0d2d9f67c1e9b82b9b2ec777e531d45a1f34a237c8472e
0d686b180b9ee2e70686b4124900024a0d78377d5acec51ea95f2ec97272d616e38991bdcd7c2472
1e2403b0823cfef2090199c61b4fa62e30c914665908e4b18d0403dcffdd69fb878279e3cf1c208f
9b78d4eb57cddab19daf1c5aef7fd4defe408032bc761c7c8fb808a68dc4b791f771ee08012f05ba
b65ce6d6b314a581a5c18f0e2d0e1cb79e3db91e47f2419901010101010101010101010101010101
01010101010101010101010101062b35e1b75e5a9619df14cc746f6f2472d2382391e7d8a0e6efe9
8edf6f5bc4eaf92dc31d628e062a2c82038afc3bcfad3432324b40c84feec3da1ac21a1cf2f21dc3
18d0a054e91558f62db7139d93136f194e2a793bf2458cecb5e91b37adbaad677a9c47096cae83b4
f3f85dedff6f9684a683d1d9f3da950dbb2d9d8aee6360c5d0b535f9ea874ee77ccb6c35c4f3e0fa
0d821207ff4c1e4a0aaf44b4dc26efb3b2d3aa6326a1a84185af2327c4b1925e920a998ae6497ef7
873dc2fb1e5fe092d78e0720a0b8e1be1db2f80aa4e2f71af15e31d26bec0c7b5c5e60c5458fee22
4ef1ecdb0ff006fb84fda7cb1af4176d8343cf5ed4aaea78acec2c867b72cf9a748d7c66f472ba49
26858e61ee85af964f3c12e11f2d0ee4f780f1abf4ce4c06c31e4a7bb464c7d28f28da34e1a85a63
390b90db9fb9c5c5a432587ece1ade1aee0f96f242330bd14761ad689911b5db7d9d42b52a9347e8
43e8d88ebe3ec55019cb0be3ee75973cfde47b8f7ed2d0d8cb74a7217f779f70a1b0438ab13ce25f
9da35dd0dc7442bfa4209bb5fe8d96877dc1f2c6e73406b40e5ad780aeea5f0f590d779a136e3dd8
6faad5cb478fa8cb3018278e399b62464feb997ba77cbeabc925c1dcb7b9cde107438f5e34f1995d
3303e863e93f1ee356c481f6a56dab2fb066965121fc5e5e5af3dcee5ee73fb8f9e5053f5fe89dec
4eb1b1e06ce7294a739768de6345326069acc81be94d1f706c9149f2ed6bdad11831bcb001c77108
c67c3e641b8dc9c516c94a95fbb2996b4f4a93a3652f5321949a7f4dbdfee6b65e685a79f0e1dfc1
fdd01872bf0e135a3db8acfd0a0c26f31a450749d90cd7ae596c5e9bde6321adb858d7b5ad918439
c1c7b835a1b5ffa7a74a68c173338d9ab52c81beeff00db3f16e07e5aae41d14ee2f21ed6fcb7a6c
1c7b161f1d9c382c0fe93be2c362b1956de325188ce6532b0d6b943d5a6e8edc968b62f483876989
96835ae1e386387003f96849f4bba723a6d8bbb8c19419036a4a6f361d0fa6f7fa18ea950b9fe4f2
e73aaba427ffde71e78e4856acf42a1b9aee0f0d6b234e6b383d4e2d720b52530e732563abbbe619
c9e59e6b83c03cf3c79f08b5bda0747e4d22b662bc99b8eec992c7478d167d07b2591ac33384b312
f21ef267712401cbbbddcfdfdac22ac3e1aa715a954fdad89d163a581f5a19a8fa917a6c0e9658a4
6f782f8e6b32ce646f23989ed8fc76f710b2cbd29cfd6ab9466bfb0e3b113672afa164d2a73d66d5
944f62564f0186763b91f3043984f0f2d0ee59cb9ae080db3e1def67b529b59a3b351ad2dc7679d6
ee498d0f9667e42c3a58e473dae1213135c585a1ed0ff00b4920303486f6b1d05975edce6d90ecee
3524b16e78eac3098df5dbd8f8a947149c9ed641159bcde38fb8ccc3e3b7c84c5be8e52b37729927
640beeded8f0f9b8ac4bdee7b1949b41a6377dc039cf149ff00771e3d5f63c790d6e93f46ecf4d67
a934f9f8af8ab8b18e2195cc7dc447559dfe5c7ff00d313c7fc7fcbc83fc956d2757c2e9b2edb8e7
e235b8e9c552b3b165cdba2acf03e0f9aee9093db1c259c30805eff00508fb446822297c39d48af3
2fe42fe32e3be7e5bae63b18031ad7c5930d8180b8f6c71bf24d2c1e78108fccf202bbae7467279c
8b3b8e873187ab26273461f9d1896c966e39b42b40f8e673dce6ba273417705a787088f07d2e1e16
0d6fe1ddd8796e5bbf98a16ed4d90c5dead28a47bab0ad989b23231ae73dce1ea7ac232410096777
1c10d011d85f862971588662ed6cd56fba1a315664f2d69e397bdb1d56105f14ec7760f94696f9f1
f85e098b978ab6cdd20bf6347c1ea73ec303a7c55ac9597d86d26c6d905aab7a00ded6768259f3ad
25e7ee90c65cefb9e4808fadd04831fb39cee3ac60c557578ab7c8d8c4092284b63a6d33441af686
c9fe64cf3c1ff0063ff00a7c382e7b669d7773ad85a193cafcbd6a37d97ef32a82d365d135c61634
927b436531cbe79f313420aae8bd17b9a6ed3473b26c6db9571541f8aa90ba1224151ae736bb5cf2
efb9cc8bd361771f7161778e780151ea0f4ff001bd34c461b74b73d5b15f0776c4b3536e35b24576
5b569f2774ac32343bb7bc1049e43d91bfcf6f690d4d2be1eabec5d28c717dfc5d5b59daa2f7cc43
8d1cc35ec6baec736003bb9ed63a53286f7703cb7fe241d2b43e975cd3b6dcaecaec951f43262c39
d4eb55706b64967f58b9af91cf7c6012e058d708de5ddfd8c3c34074440404040404040404040404
0404040404040404040404040404041ffd9}}
\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 28
\par\pard\plain
mkend tx629534_8}\pard\plain\intbl\cf1\f51\fs16\b\ql SELECTED FINANCIAL DATA\cel

l{
Our selected consolidated financial data shown below should be read together wit
h Item\~7. \u8220?Management\u8217?s Discussion and Analysis of\plain\cf1\f51\fs
16\ql Financial Condition and Results of Operations\u8221? and our consolidated
financial statements and respective notes included in Item\~8. \u8220?Financial
\plain\cf1\f51\fs16\ql Statements and Supplementary Data.\u8221? The data shown
below are not necessarily indicative of results to be expected for any future p
eriod (in\plain\cf1\f51\fs16\ql thousands, except per share data).\par\pard\pla
\par\pard\plain
llx10528\clvertalb\cellx10743\cellx10752\trrh-66
\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell
llx10528\clvertalb\cellx10743\cellx10752\trrh-66\row}}}
{\trowd\clvertalb\clvmgf\cellx3240\clvertalb\cellx3456\clbrdrb\brdrs\brdrcf1\clv
ertalb\cellx10542\clvertalb\cellx10757\cellx10766\trrh172
ll\pard\plain\intbl\cf1\f51\fs13\b\qc For the years ended December\~31\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
ertalb\cellx10542\clvertalb\cellx10757\cellx10766\trrh172\row}}}
{\trowd\clvertalb\clvmrg\cellx3240\clvertalb\cellx3456\clbrdrb\brdrs\brdrcf1\clv
ertalb\cellx4540\clvertalb\cellx4756\clvertalb\cellx4972\clbrdrb\brdrs\brdrcf1\c
lvertalb\cellx6056\clvertalb\cellx6271\clvertalb\cellx6486\clbrdrb\brdrs\brdrcf1
\clvertalb\cellx7570\clvertalb\cellx7785\clvertalb\cellx8000\clbrdrb\brdrs\brdrc
f1\clvertalb\cellx9084\clvertalb\cellx9299\clvertalb\cellx9514\clbrdrb\brdrs\brd
rcf1\clvertalb\cellx10533\clvertalb\cellx10748\clvertalc\cellx10752\cellx10756\t
rrh172
\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pa
rd\plain\intbl\cf1\f51\fs13\b\qc 2013\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
ell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc
2012\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13
\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2011\cell\pard\plain\intbl\cf1\f5
1\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\
f51\fs13\b\qc 2010\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2009\cell\pard\plai
n\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\i
ntbl\f0\fs16\ql \~\cell{
rcf1\clvertalb\cellx10533\clvertalb\cellx10748\clvertalc\cellx10752\cellx10756\t
rrh172\row}}}
t11\cellx9080\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9295\clvertalb\clshd
ng100\clcfpat11\clcbpat11\cellx9510\clvertalb\clshdng100\clcfpat11\clcbpat11\cel
lx9672\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10528\clvertalb\clshdng100\
clcfpat11\clcbpat11\cellx10743\clvertalc\clshdng100\clcfpat11\clcbpat11\cellx107
47\clshdng100\clcfpat11\clcbpat11\cellx10751\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Statement of Income:\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pla
in\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0
\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs
13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\
plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pla
\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16
\ql \~\cell{
47\clshdng100\clcfpat11\clcbpat11\cellx10751\trrh206\row}}}
lvertalb\cellx10743\clvertalc\cellx10747\cellx10751\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Revenue\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf
1\f51\fs16\qr \~\~\~\~3,214,591\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell
\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,731,224\cell\pard\plain\intbl\cf1\f5
1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,269,548\cell\par

\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~
\~1,835,922\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1
1\f51\fs16\qr \~\~\~\~1,518,417\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
lvertalb\cellx10743\clvertalc\cellx10747\cellx10751\trrh206\row}}}
{\trowd\clvertalb\cellx3240\clvertalb\cellx3456\clvertalb\cellx3618\clvertalb\ce
llx4539\clvertalc\cellx4755\clvertalb\cellx4971\clvertalb\cellx5133\clvertalb\ce
llx10528\clvertalc\cellx10743\clvertalc\cellx10747\cellx10751\trrh35
\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\par
d\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\par
d\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pl
llx10528\clvertalc\cellx10743\clvertalc\cellx10747\cellx10751\trrh35\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Food, beverage and packaging cost
s\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,073,514\cell\pard\plain\intbl\cf1\f5
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 891,003\cell\pard\plain\i
in\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 738,720\cell\p
ard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 561
,107\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\
fs16\qr 466,027\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl
\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Labor costs\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\int
bl\cf1\f51\fs16\qr 739,800\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\par
d\plain\intbl\cf1\f51\fs16\qr 641,836\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 543,119\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f
51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 453,573\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 385,072\cell\pard
\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\
plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Occupancy costs\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain

\intbl\cf1\f51\fs16\qr 199,107\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
\pard\plain\intbl\cf1\f51\fs16\qr 171,435\cell\pard\plain\intbl\cf1\f51\fs16\ql
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 147,274\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 128,933\cell\pard\plain\
ain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 114,218\cell\
pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\p
ard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other operating costs\cell\pard\p
\plain\intbl\cf1\f51\fs16\qr 347,401\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \
~\cell\pard\plain\intbl\cf1\f51\fs16\qr 286,610\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 251,208\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 202,904\cell\pard\
ard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 174,581
\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\
cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql General and administrative expens
es\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\q
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 203,733\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 183,409\cell\pard\plain\in
n\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 149,426\cell\pa
l\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 118,
3\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\f
s16\qr 99,149\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Depreciation and amortization\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\c
ell\pard\plain\intbl\cf1\f51\fs16\qr 96,054\cell\pard\plain\intbl\cf1\f51\fs16\q
l \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 84,130\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 74,938\cell\pard\plain\
ain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 68,921\cell\p
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 61,
308\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Pre-opening costs\cell\pard\plain
\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\pla
in\intbl\cf1\f51\fs16\qr 15,511\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cel
l\pard\plain\intbl\cf1\f51\fs16\qr 11,909\cell\pard\plain\intbl\cf1\f51\fs16\ql
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 8,495\cell\pard\plain\intbl\cf1\f51
\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 7,767\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 8,401\cell\pard\p
lain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pl
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Loss on disposal of assets\cell\p
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 5,027\cell\pard\plain\intbl\cf1\f51\f
51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 5,806\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 6,296\cell\pard\pla
in\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard
\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 5,956\cell
\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\

pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total operating expenses\cell\par
ard\plain\intbl\cf1\f51\fs16\qr 2,681,871\cell\pard\plain\intbl\cf1\f51\fs16\ql
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,275,359\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,918,986\cell\pard\pl
d\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,548,091
l \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16
\qr 1,314,712\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Income from operations\cell\pard\
51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 350,562\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 287,831\cell\pard
pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 203,70
5\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~
\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Interest and other income (expens
e), net\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,751\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,820\cell\pard\plain\i
in\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (857\cell\pard
\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\p
ard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,230\c
ell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql
r 520\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\q
l \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Income before income taxes\cell\p
ell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 20
4,225\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\q
l \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Provision for income taxes\cell\p
\pard\plain\intbl\cf1\f51\fs16\qr (207,033\cell\pard\plain\intbl\cf1\f51\fs16\ql
)\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (179,685\cell\pard\plain\intbl\cf1\
f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (134,760\cell\pard\plain
\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pl
ain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (110,080\cell
\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c

ell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (7
7,380\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\f0\fs16\ql
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net income\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl
\cf1\f51\fs16\qr 327,438\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\p
lain\intbl\cf1\f51\fs16\qr 278,000\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\c
ell\pard\plain\intbl\cf1\f51\fs16\qr 214,945\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\f
s16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 178,981\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 126,845\cell\pard\plain
\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\

intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Earnings per share\cell\pard\plai
ntbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1
6\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\q
l \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cel
l\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\p
ard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
n\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\i
ntbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\
fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Basic\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\
f51\fs16\qr 10.58\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\int
bl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\in
tbl\cf1\f51\fs16\qr 8.82\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pl
lain\intbl\cf1\f51\fs16\qr 6.89\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
\pard\plain\intbl\cf1\f51\fs16\qr 5.73\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 3.99\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Diluted\cell\pard\plain\intbl\cf1
1\f51\fs16\qr 10.47\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\i
intbl\cf1\f51\fs16\qr 8.75\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard
\plain\intbl\cf1\f51\fs16\qr 6.76\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel

l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\ce
ll\pard\plain\intbl\cf1\f51\fs16\qr 5.64\cell\pard\plain\intbl\cf1\f51\fs16\ql \
~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 3.95\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Weighted average common shares ou
tstanding\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16
\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\c
ell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell
ain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain
\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\f
s16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13
ell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard
\plain\intbl\f0\fs16\ql \~\cell{
\intbl\cf1\f51\fs16\qr 31,513\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\
pard\plain\intbl\cf1\f51\fs16\qr 31,217\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 31,234\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 31,766\cell\pard\plain\intb
l\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
\f0\fs16\ql \~\cell{
f1\f51\fs16\qr 31,281\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 32,102\cell\pard\plain\in
tbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\int
bl\f0\fs16\ql \~\cell{
{\trowd\clvertalc\cellx3240\clvertalc\cellx10758\clvertalc\cellx10762\cellx10766
\trrh-66
ain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
{\trowd\clvertalc\cellx3240\clvertalc\cellx10758\clvertalc\cellx10762\cellx10766
\trrh-66\row}}}
ertalb\cellx10542\clvertalb\cellx10757\clvertalc\cellx10761\cellx10765\trrh172
ll\pard\plain\intbl\cf1\f51\fs13\b\qc As of December\~31\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\f
s16\ql \~\cell{
ertalb\cellx10542\clvertalb\cellx10757\clvertalc\cellx10761\cellx10765\trrh172\r
ow}}}
rcf1\clvertalb\cellx10533\clvertalb\cellx10748\clvertalc\cellx10752\clvertalc\ce
llx10756\trrh172
f51\fs13\b\qc 2010\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2009\cell\pard\plai
ntbl\f0\fs16\ql \~\cell{
rcf1\clvertalb\cellx10533\clvertalb\cellx10748\clvertalc\cellx10752\clvertalc\ce
llx10756\trrh172\row}}}
47\clvertalc\clshdng100\clcfpat11\clcbpat11\cellx10751\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Balance Sheet Data:\cell\pard\p
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
n\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\
fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs1
cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel
l\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\p
lain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plai
f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\
ql \~\cell{
47\clvertalc\clshdng100\clcfpat11\clcbpat11\cellx10751\trrh206\row}}}
lvertalb\cellx10743\clvertalc\cellx10747\clvertalc\cellx10751\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total current assets\cell\pard\pl
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\c
s16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 501,192\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 406,221\cell\pard\plain
\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\p
lain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 297,454\cell\
lvertalb\cellx10743\clvertalc\cellx10747\clvertalc\cellx10751\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total assets\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\int
bl\cf1\f51\fs16\qr 2,009,280\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
d\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pa
rd\plain\intbl\cf1\f51\fs16\qr 1,668,667\cell\pard\plain\intbl\cf1\f51\fs16\ql \
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,425,308\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,121,605\cell\pard\plain
lain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 961,505\cell\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total current liabilities\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\p
ard\plain\intbl\cf1\f51\fs16\qr 199,228\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr 186,852\cell\pard\plain\intbl\cf1\f51\
f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 157,453\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 123,054\cell\pard\
ard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 102,153\
cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\c
lvertalb\cellx10743\clvertalc\cellx10747\clvertalc\cellx10751\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total liabilities\cell\pard\plain
n\intbl\cf1\f51\fs16\qr 470,992\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 381,082\cell\pard\plain\intbl\cf1\f5
1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 310,732\cell\pard\plain\in
n\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 258,044\cell\par
d\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard
\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total shareholders\u8217? equity\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $
\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,538,288\cell\pard\plain\intbl\cf1\f51\f
51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,245,926\cell\pard\plain\int
\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,044,226\cell\pa
l\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 810,8
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs1
6\qr 703,461\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0
lvertalb\cellx10743\clvertalc\cellx10747\clvertalc\cellx10751\trrh206\row}}}\par
d\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 29
\par\pard\plain
mkend tx629534_9}\pard\plain\intbl\cf1\f51\fs16\b\ql MANAGEMENT\u8217?S DISCUSSI
ON AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\cell{
{\trowd\cellx972\cellx10800\trrh206\row}}}\pard\plain\sb66\fi462\cf1\f51\fs16\i\
ql You should read the following discussion together with Item\~6. \u8220?Select
ed Financial Data\u8221? and our consolidated financial statements\plain\cf1\f51
\fs16\i\ql and related notes included in Item\~8. \u8220?Financial Statements a
nd Supplementary Data.\u8221? The discussion contains forward-looking statements
\plain\cf1\f51\fs16\i\ql involving risks, uncertainties and assumptions that co
uld cause our results to differ materially from expectations. Factors that might
cause such differences\plain\cf1\f51\fs16\i\ql include those described in Item
\~1A. \u8220?Risk Factors\u8221? and elsewhere in this report.\par\pard\plain\sb
220\cf1\f51\fs16\b\ql Overview\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Chipotl
e operates fresh Mexican food restaurants serving burritos, tacos, burrito bowls
(a burrito without the tortilla) and salads. We began with a\plain\cf1\f51\fs16
\ql simple philosophy: demonstrate that food served fast doesn\u8217?t have to
be a traditional \u8220?fast-food\u8221? experience. We do this by avoiding\plai
n\cf1\f51\fs16\ql a formulaic approach when creating our restaurant experience,
looking to fine dining restaurants for inspiration. We use high-quality raw ing
redients,\plain\cf1\f51\fs16\ql classic cooking methods and distinctive interio
r design, and have friendly people to take care of each customer\u8212?features
that are more frequently\plain\cf1\f51\fs16\ql found in the world of fine dinin
g. Our approach is also guided by our belief in an idea we call \u8220?Food With
Integrity.\u8221? Our objective is to\plain\cf1\f51\fs16\ql find the highest q
uality ingredients we can\u8212?ingredients that are grown or raised with respec
t for the environment, animals, and people who grow or\plain\cf1\f51\fs16\ql ra
ise the food. A similarly focused people culture, with an emphasis on identifyin
g and empowering top performing employees, enables us to develop\plain\cf1\f51\f
s16\ql future leaders from within.\par\pard\plain\sb220\cf1\f51\fs16\b\ql 2013
Highlights and Trends\par\pard\plain\sb66\fi462\cf1\f51\fs16\i\ql Restaurant Dev
elopment\plain\cf1\f51\fs16\ql . As of December\~31, 2013, we had 1,595 restaura
nts in operation, including 1,572 Chipotle restaurants throughout the\plain\cf1\
f51\fs16\ql United States, with an additional seven in Canada, six in England,
two in France, and one in Germany. Our restaurants include six ShopHouse Southea
st\plain\cf1\f51\fs16\ql Asian Kitchen restaurants, serving Asian-inspired cuis
ine, and we are an investor in a consolidated entity that owns and operates one
Pizzeria Locale, a\plain\cf1\f51\fs16\ql fast casual pizza concept. New restaur
ants have contributed substantially to our restaurant sales growth and we opened
185 restaurants in 2013, and expect\plain\cf1\f51\fs16\ql to open between 180
and 195 restaurants in 2014, including a small number of ShopHouse and/or Pizzer
ia Locale restaurants.\par\pard\plain\sb132\fi462\cf1\f51\fs16\i\ql Sales Growth
\plain\cf1\f51\fs16\ql . Average restaurant sales were $2.169 million as of Dece
mber\~31, 2013, increasing from $2.113 million as of December\~31, 2012. We\plai
n\cf1\f51\fs16\ql define average restaurant sales as the average trailing 12-mo
nth sales for restaurants in operation for at least 12 full calendar months. Our
comparable\plain\cf1\f51\fs16\ql restaurant sales increases were 5.6% in 2013.
Comparable restaurant sales represent the change in period-over-period sales fo
r restaurants beginning in\plain\cf1\f51\fs16\ql their 13th full calendar month
of operation. Comparable restaurant sales increases in 2013 were driven primari
ly by an increase in customer visits. We\plain\cf1\f51\fs16\ql expect 2014 comp
arable restaurant sales to be in the low to mid-single digits assuming we do not
increase menu prices. Based on continued food cost\plain\cf1\f51\fs16\ql infla
tion, we are likely to increase menu prices at some point during 2014, most like
ly the second half of the year.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Durin
g 2013, we launched our catering service in Chipotle restaurants throughout the
U.S, except New York City where we expect to introduce\plain\cf1\f51\fs16\ql ca
tering later in 2014. Catering represented approximately 1% of sales in markets
in which catering was offered during the fourth quarter.\par\pard\plain\sb132\sa

88\fi462\cf1\f51\fs16\i\ql Food With Integrity.\plain\cf1\f51\fs16\ql In all of
our restaurants, we endeavor to serve only meats that were raised without the u
se of subtherapeutic antibiotics or\plain\cf1\f51\fs16\ql added hormones, and i
n accordance with criteria we\u8217?ve established in an effort to improve susta
inability and promote animal welfare. We brand\plain\cf1\f51\fs16\ql these meat
s as \u8220?Responsibly Raised\plain\cf1\f51\fs11\ql\super TM\plain\cf1\f51\fs1
6\ql .\u8221? In addition, a portion of some of the produce items we serve is o
rganically grown, and/or sourced\plain\cf1\f51\fs16\ql locally when in season (
by which we mean within 350 miles of the restaurant where it is served), and a p
ortion of the beans we serve is organically\plain\cf1\f51\fs16\ql grown and a p
ortion is grown using conservation tillage methods that improve soil conditions,
reduce erosion and help preserve the environment in which\plain\cf1\f51\fs16\ql
they are grown. The sour cream and cheese we buy is made with milk that comes
from cows that are not given rBGH. Milk used to make much of our\plain\cf1\f51\f
s16\ql cheese and our sour cream is sourced from pasture-based dairies that pro
vide an even higher standard of animal welfare by providing outdoor access for\p
lain\cf1\f51\fs16\ql their cows.\~Further, we disclose on our website which ing
redients\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 30
1\fs16\ql contain genetically modified organisms, or GMOs, and we are working to
replace ingredients containing GMOs in our food (not including beverages) with\
plain\cf1\f51\fs16\ql non-GMO ingredients. While the meat and poultry we serve
is not genetically modified, the animals are likely fed a diet containing GMOs.
We will\plain\cf1\f51\fs16\ql continue to search for quality ingredients that n
ot only taste delicious, but also benefit local farmers or the environment, or o
therwise benefit or improve\plain\cf1\f51\fs16\ql the sustainability of our sup
ply chain.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql One of our primary goals i
s for all of our restaurants to continue serving meats that are raised to meet o
ur standards, but we have and will continue\plain\cf1\f51\fs16\ql to face chall
enges in doing so. Some of our restaurants served conventionally raised beef and
chicken for periods during 2013 and some are continuing to\plain\cf1\f51\fs16\q
l serve conventionally raised beef, due to supply constraints for our Responsib
ly Raised meats. More of our restaurants may periodically serve\plain\cf1\f51\fs
16\ql conventionally raised meats in the future due to supply constraints. When
we become aware that one or more of our restaurants will serve conventionally\p
lain\cf1\f51\fs16\ql raised meat, we clearly and specifically disclose this tem
porary change on signage in each affected restaurant, so that customers can avoi
d those meats if\plain\cf1\f51\fs16\ql they choose to do so.\par\pard\plain\sb1
32\fi462\cf1\f51\fs16\ql Our food costs increased as a percentage of revenue in
2013 as a result of inflationary pressures on many of our ingredients, particula
rly salsa\plain\cf1\f51\fs16\ql ingredients, as well as dairy, cooking oils, an
d chicken. We expect that food cost inflation will continue into 2014.\par\pard\
plain\sb132\fi462\cf1\f51\fs16\i\ql Stock Repurchases.\plain\cf1\f51\fs16\ql In
accordance with stock repurchases authorized by our Board of Directors we purch
ased shares of our common stock with an\plain\cf1\f51\fs16\ql aggregate total r
epurchase price of $110.0 million during 2013. As of December\~31, 2013, $90.2 m
illion was available to be repurchased under the current\plain\cf1\f51\fs16\ql
repurchase authorization announced on February\~5, 2013. We have entered into an
agreement with a broker under SEC rule 10b5-1(c), authorizing the\plain\cf1\f51
\fs16\ql broker to make open market purchases of common stock from time to time
, subject to market conditions. The existing repurchase agreement and the\plain\
cf1\f51\fs16\ql Board\u8217?s authorization of the repurchases may be modified,
suspended, or discontinued at any time.\par\pard\plain\sb132\fi462\cf1\f51\fs16
\ql On November\~20, 2012, we entered into a privately negotiated accelerated sh
are repurchase transaction (\u8220?ASR\u8221?) to repurchase $25\plain\cf1\f51\f
s16\ql million of our common stock. We advanced the $25 million upon commenceme
nt of the transaction and received 65,187 shares, which represented 70% of\plain
\cf1\f51\fs16\ql the total number of shares to be repurchased calculated using

the closing price on the commencement date. The agreement was settled in Februar
y 2013,\plain\cf1\f51\fs16\ql and we received an additional 21,860 shares, resu
lting in a weighted-average share price per share of $287.20 for the ASR.\par\pa
rd\plain\sb220\cf1\f51\fs16\b\ql Restaurant Openings, Relocations and Closures\p
ar\pard\plain\sb66\fi462\cf1\f51\fs16\ql The following table details restaurant
unit data for the years indicated.\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
d\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
talb\cellx8934\clvertalb\cellx9071\trrh344
cell\pard\plain\intbl\cf1\f51\fs13\b\qc For the years ended
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc December 31\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\cell{
talb\cellx8934\clvertalb\cellx9071\trrh344\row}}}
lvertalb\cellx8933\clvertalb\cellx9070\trrh172
cell\pard\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~2013\~\~\~\~\~\~\~\~\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~
\cell\pard\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~2012\~\~\~\~\~\~\~\~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\
cell\pard\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~2011\~\~\~\~\~\~\~\~\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell{
lvertalb\cellx8933\clvertalb\cellx9070\trrh172\row}}}
\cellx7270\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7407\clvertalb\clshdng1
00\clcfpat11\clcbpat11\cellx8078\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx8
504\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx8930\clvertalb\clshdng100\clcf
pat11\clcbpat11\cellx9067\trrh206
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Beginning of year\cell\pard\plain
lain\intbl\cf1\f51\fs16\qr 1,410\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
cell\pard\plain\intbl\cf1\f51\fs16\qr 1,230\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,084\cell\pard\plain\intbl\cf1\f

51\fs16\ql \~\~\cell{
pat11\clcbpat11\cellx9067\trrh206\row}}}
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Openings\cell\pard\plain\intbl\cf
l\cf1\f51\fs16\qr 185\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain
lain\intbl\cf1\f51\fs16\qr 183\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
\pard\plain\intbl\cf1\f51\fs16\qr 150\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Relocations\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
cell\pard\plain\intbl\cf1\f51\fs16\qr (3\cell\pard\plain\intbl\cf1\f51\fs16\ql )
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (4\cell\pard\plain\intbl\cf1\f51\fs16
\ql )\~\cell{
lb\cellx5551\clvertalc\cellx5674\clvertalb\cellx6418\clvertalb\cellx6844\clverta
ard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\~\cell
\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell

\pard\plain\intbl\cf1\f51\fs1\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Total restaurants at end of yea
r\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,595\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,410\cell\pard\plain\int
\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,230\cell\pard\
plain\intbl\cf1\f51\fs16\ql \~\~\cell{
lb\cellx8930\clvertalc\cellx9067\trrh80\row}}}\pard\plain\sb220\cf1\f51\fs16\b\q
l Results of Operations\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Our results of
operations as a percentage of revenue and period-over-period variances are disc
ussed in the following section. As our business\plain\cf1\f51\fs16\ql grows, as
we open more restaurants and hire more employees, our restaurant operating cost
s and depreciation and amortization increase.\par\pard\plain\cf1\f51\fs13\ql \~\
par\pard\plain\cf1\f51\fs16\qc 31
1\fs16\b\i\ql Revenue\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
lc\cellx4137\clvertalb\cellx4573\clvertalb\cellx4757\clvertalc\cellx4905\clverta
lc\cellx9486\clvertalb\cellx9922\cellx9923\trrh-66

lc\cellx9486\clvertalb\cellx9922\cellx9923\trrh-66\row}}}
{\trowd\trqc\clvertalb\clvmgf\cellx3136\clvertalb\cellx3303\clbrdrb\brdrs\brdrcf
1\clvertalb\cellx7051\clvertalb\cellx7487\clvertalb\cellx7731\clvertalb\clvmgf\c
ellx8350\clvertalb\clvmgf\cellx8708\clvertalb\cellx8875\clvertalb\clvmgf\cellx94
94\clvertalb\clvmgf\cellx9930\cellx9931\trrh344
ll\pard\plain\intbl\cf1\f51\fs13\b\qc For the years ended
d\plain\intbl\cf1\f51\fs13\b\qc %
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc increase
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc 2013\~over
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc 2012\cell\pard\plain\i
\intbl\cf1\f51\fs13\b\qc %
ntbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
94\clvertalb\clvmgf\cellx9930\cellx9931\trrh344\row}}}
{\trowd\trqc\clvertalb\clvmrg\cellx3136\clvertalb\cellx3303\clbrdrb\brdrs\brdrcf
1\clvertalb\cellx4138\clvertalb\cellx4574\clvertalb\cellx4758\clbrdrb\brdrs\brdr
cf1\clvertalb\cellx5593\clvertalb\cellx6029\clvertalb\cellx6213\clbrdrb\brdrs\br
drcf1\clvertalb\cellx7048\clvertalb\cellx7484\clvertalb\cellx7728\clbrdrb\brdrs\
brdrcf1\clvertalb\clvmrg\cellx8347\clvertalb\clvmrg\cellx8705\clvertalb\cellx887
2\clbrdrb\brdrs\brdrcf1\clvertalb\clvmrg\cellx9491\clvertalb\clvmrg\cellx9927\cl
vertalc\cellx9928\trrh172
1\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\f
vertalc\cellx9928\trrh172\row}}}
lb\cellx7487\clvertalb\cellx7731\clvertalb\cellx8350\clvertalb\cellx8708\clverta
lb\cellx8875\clvertalb\cellx9494\clvertalb\cellx9930\clvertalc\cellx9931\trrh172

ll\pard\plain\intbl\cf1\f51\fs13\b\qc (dollars in millions)\cell\pard\plain\intb
tbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plai
n\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\row}}}
pat11\clcbpat11\cellx7481\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7725\clv
ertalb\clshdng100\clcfpat11\clcbpat11\cellx8032\clvertalb\clshdng100\clcfpat11\c
lcbpat11\cellx8343\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx8701\clvertalb\
clshdng100\clcfpat11\clcbpat11\cellx8868\clvertalb\clshdng100\clcfpat11\clcbpat1
1\cellx9175\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9486\clvertalb\clshdng
100\clcfpat11\clcbpat11\cellx9922\clvertalc\clshdng100\clcfpat11\clcbpat11\cellx
9923\trrh206
1\f51\fs16\qr \~\~\~\~3,214.6\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
ard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,731.2\cell\pard\plain\intbl\cf1\f51\fs
1\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,269.5\cell\pard\plai
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 17.7\cell\p
ard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel
l\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 20.3
\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\f0\fs16\ql \~\c
ell{
9923\trrh206\row}}}
86\clvertalb\cellx9922\clvertalc\cellx9923\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Average restaurant sales\cell\par

rd\plain\intbl\cf1\f51\fs16\qr 2.169\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.113\cell\pard\plain\intbl\cf1\f51\fs16\
s16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.103\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.7\cell\pard\plain\intb
l\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\i
ntbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 0.5\cell\pard\plai
n\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
86\clvertalb\cellx9922\clvertalc\cellx9923\trrh206\row}}}
9923\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Comparable restaurant sales incre
ases\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 5.6\cell\pard\plain\intbl\cf1\f51\f
s16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 7.1\cell\pard\plain\intbl\cf1
\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\
cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 11.2\cell\pard\plain\in
tbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain
\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\f
s16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
9923\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Number of restaurants as of the e
nd of the\plain\intbl\cf1\f51\fs16\ql period\cell\pard\plain\intbl\cf1\f51\fs13
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs
16\qr 1,595\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1
f1\f51\fs16\qr 1,410\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\
n\intbl\cf1\f51\fs16\qr 1,230\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
pard\plain\intbl\cf1\f51\fs16\qr 13.1\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\
~\cell\pard\plain\intbl\cf1\f51\fs16\qr 14.6\cell\pard\plain\intbl\cf1\f51\fs16\
ql %\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
86\clvertalb\cellx9922\clvertalc\cellx9923\trrh412\row}}}
9923\trrh412
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Number of restaurants opened in t
he period,\plain\intbl\cf1\f51\fs16\ql net of relocations\cell\pard\plain\intbl
bl\cf1\f51\fs16\qr 185\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plai
n\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\pl
ain\intbl\cf1\f51\fs16\qr 180\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
pard\plain\intbl\cf1\f51\fs16\qr 146\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cel
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
f0\fs16\ql \~\cell{
9923\trrh412\row}}}\pard\plain\sb132\fi462\cf1\f51\fs16\ql The significant facto
rs contributing to our increases in sales were new restaurant openings and compa
rable restaurant sales increases. Restaurant\plain\cf1\f51\fs16\ql sales from r
estaurants not yet in the comparable base contributed $333.9 million of the incr
ease in sales in 2013, of which $156.6 million was attributable\plain\cf1\f51\fs
16\ql to restaurants opened during the year. In 2012, restaurant sales from res
taurants not yet in the comparable restaurant base contributed $304.7 million of
\plain\cf1\f51\fs16\ql the increase in sales, of which $134.8 million was attri
butable to restaurants opened in 2012.\par\pard\plain\sb132\fi462\cf1\f51\fs16\q
l Comparable restaurant sales increases contributed $150.3 million and $156.4 mi
llion of the increase in restaurant sales in 2013 and 2012,\plain\cf1\f51\fs16\q
l respectively. Comparable restaurant sales growth in 2013 was due primarily to
increases in customer visits, and comparable restaurant sales growth in\plain\c
f1\f51\fs16\ql 2012 was due primarily to increases in customer visits, as well
as the impact of menu price increases.\par\pard\plain\sb220\cf1\f51\fs16\b\i\ql
Food, Beverage and Packaging Costs\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
lc\cellx9700\clvertalc\cellx9920\cellx9921\trrh-66
lc\cellx9700\clvertalc\cellx9920\cellx9921\trrh-66\row}}}
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc 2013\~\plain\intbl\cf1
\f51\fs13\b\qc over
\f51\fs13\b\qc over
pard\plain\intbl\cf1\f51\fs13\b\qc 2013\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\q
c 2012\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs
13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2011\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0
cell\pard\plain\intbl\cf1\f51\fs13\b\qc (dollars in millions)\cell\pard\plain\in
ain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\row}}}
9921\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Food, beverage and packaging\cell

\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\c
ell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~1,073.5\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~891.0\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~7
38.7\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
fs16\qr 20.5\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1
f1\f51\fs16\qr 20.6\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\in
tbl\f0\fs16\ql \~\cell{
9921\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql As a percentage of revenue\cell\p
ll\pard\plain\intbl\cf1\f51\fs16\qr 33.4\cell\pard\plain\intbl\cf1\f51\fs16\ql %
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 32.6\cell\pard\plain\intbl\cf1\f51\fs
16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 32.5\cell\pard\plain\intbl\cf1
ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\
00\clvertalb\cellx9920\clvertalc\cellx9921\trrh206\row}}}\pard\plain\sb132\fi462
\cf1\f51\fs16\ql Food, beverage and packaging costs increased as a percentage of
revenue in 2013 due to inflation on many food items, particularly salsa\plain\c
f1\f51\fs16\ql ingredients, as well as dairy, cooking oils, and chicken. We exp
ect that food cost inflation will continue into 2014.\par\pard\plain\sb132\fi462
\cf1\f51\fs16\ql Food, beverage and packaging costs increased as a percentage of
revenue in 2012 due to inflation on many food items, primarily beef, chicken, a
nd\plain\cf1\f51\fs16\ql rice, and initiatives to improve the taste and quality
of our food. The increase was partially offset by the impact of menu price incr
eases, and relief in\plain\cf1\f51\fs16\ql avocado prices.\par\pard\plain\sb220

\cf1\f51\fs16\b\i\ql Labor Costs\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
\f51\fs13\b\qc over
\f51\fs13\b\qc over
rd\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~2013\~\~\~\~\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf
1\f51\fs13\b\qc \~\~\~\~2012\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc \
~\~\~\~2011\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\int
bl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\
f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\
\~\cell{
\row}}}
9920\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Labor costs\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intb
l\cf1\f51\fs16\qr \~\~\~\~739.8\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~641.8\cell\pard\plain\intbl\cf1\f51\fs
1\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~543.1\cell\pard\plain\
ain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 15.3\cell\par
d\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\
pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 18.2\c
ell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\f0\fs16\ql \~\cel
l{
9920\trrh206\row}}}
\pard\plain\intbl\cf1\f51\fs16\qr 23.0\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 23.5\cell\pard\plain\intbl\cf1\f51\fs16
\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 23.9\cell\pard\plain\intbl\cf1\f
51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0
\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pa
rd\plain\intbl\f0\fs16\ql \~\cell{
\cf1\f51\fs16\ql Labor costs as a percentage of revenue decreased in 2013 due pr
imarily to the benefit of higher average restaurant sales.\par\pard\plain\cf1\f5
cf1\f51\fs16\ql Labor costs as a percentage of revenue decreased in 2012 due pri
marily to the benefit of higher average restaurant sales, including the impact o
f\plain\cf1\f51\fs16\ql menu price increases, partially offset by increased ave
rage wage rates.\par\pard\plain\sb220\cf1\f51\fs16\b\i\ql Occupancy Costs\par\pa
rd\plain\cf1\f51\fs13\ql \~
\par\pard\plain


\row}}}
9922\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Occupancy costs\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plai
n\intbl\cf1\f51\fs16\qr \~\~\~\~199.1\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
$\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~171.4\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~147.3\cell\pard\
ard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 16.1\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr
16.4\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell{
9922\trrh206\row}}}
ll\pard\plain\intbl\cf1\f51\fs16\qr 6.2\cell\pard\plain\intbl\cf1\f51\fs16\ql %\
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 6.5\cell\pard\plain\intbl\cf1\f5

1\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\
\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\
d\plain\intbl\f0\fs16\ql \~\cell{
\cf1\f51\fs16\ql Occupancy costs decreased as a percentage of revenue in 2013 an
d in 2012 primarily due to the benefit of higher average restaurant sales on a\p
lain\cf1\f51\fs16\ql partially fixed-cost base.\par\pard\plain\sb220\cf1\f51\fs
16\b\i\ql Other Operating Costs\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
\f51\fs13\b\qc over
\f51\fs13\b\qc over
\row}}}
9923\trrh206
lain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\par
d\plain\intbl\cf1\f51\fs16\qr \~\~\~\~347.4\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~286.6\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~251.2\cell

cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2
1.2\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13
\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs
16\qr 14.1\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\f0\fs
16\ql \~\cell{
9923\trrh206\row}}}
ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\cf1\f51\fs16\ql Other operating costs include, among other items, marketing and
promotional costs, bank and credit card fees, and restaurant utilities and\plai
n\cf1\f51\fs16\ql maintenance costs. Other operating costs increased as a perce
ntage of revenue in 2013 due primarily to higher spend on marketing and promotio
ns. We\plain\cf1\f51\fs16\ql expect marketing and promotional spend as a percen
tage of revenue to increase in 2014.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
Other operating costs decreased as a percentage of revenue in 2012 due primarily
to the benefit of higher average restaurant sales on a partially\plain\cf1\f51\
fs16\ql fixed-cost base and lower marketing and promotional spend as a percenta
ge of revenue.\par\pard\plain\sb220\cf1\f51\fs16\b\i\ql General and Administrati
ve Expenses\par\pard\plain\cf1\f51\fs7\ql \~
\par\pard\plain
\f51\fs13\b\qc over
\f51\fs13\b\qc over
13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~2011\~\~\~\~\cell\pard\
intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\int
bl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\row}}}
9921\trrh206
e\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~203.7\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~183.4\cell\pa
l\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\
~\~149.4\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f5
f51\fs16\qr 11.1\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl
bl\cf1\f51\fs16\qr 22.7\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plai
n\intbl\f0\fs16\ql \~\cell{
9921\trrh206\row}}}
\cf1\f51\fs16\ql The increase in general and administrative expenses in dollar t
erms in 2013 primarily resulted from increased payroll and benefits costs as we
grew\plain\cf1\f51\fs16\ql and increased legal costs, partially offset by costs
from our biennial All Managers\u8217? Conference, or AMC, held in the third qua
rter of 2012, as well\plain\cf1\f51\fs16\ql as a decrease in 2013 in non-cash s
tock-based compensation expense due to expenses in 2012 related to non-vested st
ock awards subject to performance\plain\cf1\f51\fs16\ql conditions. We expect g
eneral and administrative expenses to increase as a percentage of revenue in 201
4 due primarily to higher estimated non-cash\plain\cf1\f51\fs16\ql stock-based
compensation expense of about $100 million given the current stock price and an
increase in the number of shares granted, and the 2014\plain\cf1\f51\fs16\ql AM
C.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The increase in general and admini
strative expenses in dollar terms in 2012 primarily resulted from an increase in
non-cash stock-based\plain\cf1\f51\fs16\ql compensation expense due to awards
granted in 2012 with a higher stock price on the date of grant and additional ex
pense related to non-vested stock\plain\cf1\f51\fs16\ql awards subject to perfo
rmance conditions, and costs from our biennial AMC.\par\pard\plain\cf1\f51\fs13\
ql \~\par\pard\plain\cf1\f51\fs16\qc 33
1\fs16\b\i\ql Depreciation and Amortization\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain

\f51\fs13\b\qc over
\f51\fs13\b\qc over
\row}}}
9923\trrh206
l\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\
cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~96.1\cell\pard\plain\intbl\cf1\f51
\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~84.1\cell\pard\plai
plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~74.9
\qr 14.2\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51
\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f
51\fs16\qr 12.3\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\
f0\fs16\ql \~\cell{
9923\trrh206\row}}}
\cf1\f51\fs16\ql As a percentage of total revenue, depreciation and amortization
decreased in 2013 and 2012 as a result of the benefit of higher average restaur
ant\plain\cf1\f51\fs16\ql sales on a partially fixed cost base.\par\pard\plain\
sb220\cf1\f51\fs16\b\i\ql Income Tax Provision\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
\f51\fs13\b\qc over
\f51\fs13\b\qc over
rd\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~2013\~\~\~\~\~\~\~\~\cell\pard\
d\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~2012\~\~\~\~\~\~\~\~\cell\pard\p
\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~2011\~\~\~\~\~\~\~\~\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\
plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\in
tbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\row}}}
9925\trrh206
ard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\
pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~207.0\cell\pard\plain\intbl\cf1\f51\fs1
\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~179.7\cell\pard\plain\i
in\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 134.8\cell\pard
pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 15.2\c
ell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \
~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr
33.3\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell{
9925\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Effective tax rate\cell\pard\plai
ain\intbl\cf1\f51\fs16\qr 38.7\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pa
pard\plain\intbl\cf1\f51\fs16\qr 39.3\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\
~\cell\pard\plain\intbl\cf1\f51\fs16\qr 38.5\cell\pard\plain\intbl\cf1\f51\fs16\
ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pa
rd\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain
\intbl\f0\fs16\ql \~\cell{
\cf1\f51\fs16\ql The 2013 effective tax rate decreased by 0.6% from 2012 due pri
marily to certain federal tax credits that were extended in 2013, for both 2013
and\plain\cf1\f51\fs16\ql 2012, which benefited the rate by 1.1%. This decrease
was partially offset by non-recurring adjustments related to state income taxes
.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We estimate our 2014 annual effecti
ve tax rate will be 39.2%, increasing from 2013 due to the expiration of certain
federal credits, partially offset\plain\cf1\f51\fs16\ql by a lower estimated s

tate rate.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The 2012 effective tax rat
e increased primarily due to expiration of certain federal credits, a smaller be
nefit from food donations, and higher foreign\plain\cf1\f51\fs16\ql losses whic
h we are not yet able to recognize.\~The increase was partially offset by prior
period adjustments. The 2012 effective tax rate would have been\plain\cf1\f51\fs
16\ql lower by approximately 0.7% if certain federal credits that were realized
in the 2012 tax return after being extended during 2013 had instead been\plain\
cf1\f51\fs16\ql extended during 2012.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Qu
arterly Financial Data/Seasonality\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The
following table presents data from the consolidated statement of income and com
prehensive income for each of the eight quarters in the period\plain\cf1\f51\fs1
6\ql ended December\~31, 2013. The operating results for any quarter are not ne
cessarily indicative of the results for any subsequent quarter.\par\pard\plain\c
f1\f51\fs13\ql \~
\par\pard\plain
llx5096\clvertalc\cellx5316\clvertalb\cellx5871\clvertalc\cellx6249\clvertalc\ce
llx8701\clvertalc\cellx8921\clvertalb\cellx9476\clvertalc\cellx10012\clvertalc\c
ellx10573\clvertalc\cellx10793\trrh-66
ellx10573\clvertalc\cellx10793\trrh-66\row}}}
cellx10579\clvertalb\cellx10799\trrh172
cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2013 Quarters Ended\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell{
cellx10579\clvertalb\cellx10799\trrh172\row}}}
cell\pard\plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~March\~31\~\~\~\~\cell\pard\plai
ain\intbl\cf1\f51\fs13\b\qc \~\~\~\~June\~30\~\~\~\~\cell\pard\plain\intbl\cf1\f
\f51\fs13\b\qc \~\~\~\~September\~30\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\
ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs1
3\b\qc \~\~\~\~December\~31\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel
l{
b\clshdng100\clcfpat11\clcbpat11\cellx10012\clvertalb\clshdng100\clcfpat11\clcbp
at11\cellx10573\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10793\trrh206
\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\
cf1\f51\fs16\qr \~\~\~\~726.8\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
ard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~816.8\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\
fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~826.9\cell\pard\plain\in
n\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~844.1\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
at11\cellx10573\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10793\trrh206\row}
}}
vertalb\cellx8921\clvertalb\cellx9476\clvertalb\cellx10012\clvertalb\cellx10573\
clvertalb\cellx10793\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Operating income\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\pla
in\intbl\cf1\f51\fs16\qr 120.0\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
pard\plain\intbl\cf1\f51\fs16\qr 146.4\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 129.1\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\~\cell{
clvertalb\cellx10793\trrh206\row}}}
cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\int
bl\cf1\f51\fs16\qr 76.6\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\pl
ain\intbl\cf1\f51\fs16\qr 87.9\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
pard\plain\intbl\cf1\f51\fs16\qr 83.4\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 79.6\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\~\cell{
}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Number of restaurants opened in q
uarter\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 44\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 37\cell\pard\plain\
ain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 56\cell\pard\
ase\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1.0\cell\pard\plain\intbl\cf1\f51\
fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f

51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 5.5\cell\pard\plain\intbl\cf
1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl
\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 6.2\cell\pard\plain\in
tbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain
\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 9.3\cell\pard\pl
ain\intbl\cf1\f51\fs16\ql %\~\cell{
}}\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2012 Quarters Ended\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell{
ain\intbl\cf1\f51\fs13\b\qc \~\~\~\~June\~30\~\~\~\~\cell\pard\plain\intbl\cf1\f
\f51\fs13\b\qc \~\~\~\~September\~30\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\
3\b\qc \~\~\~\~December\~31\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel
l{
cf1\f51\fs16\qr \~\~\~\~640.6\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
ard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~690.9\cell\pard\plain\intbl\cf1\f51\fs16
fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~700.5\cell\pard\plain\in
n\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~699.2\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
}}
in\intbl\cf1\f51\fs16\qr 102.2\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 102.2\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\~\cell{
bl\cf1\f51\fs16\qr 62.7\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\pl
ain\intbl\cf1\f51\fs16\qr 81.7\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 61.4\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\~\cell{
}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Number of restaurants opened in q
uarter\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 55\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 36\cell\pard\plain\
ain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 60\cell\pard\
ase\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 12.7\cell\pard\plain\intbl\cf1\f51
\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 8.0\cell\pard\plain\intbl\c
f1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
l\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 4.8\cell\pard\plain\i
ntbl\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plai
n\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 3.8\cell\pard\p
lain\intbl\cf1\f51\fs16\ql %\~\cell{
}}\pard\plain\sb132\fi462\cf1\f51\fs16\ql Seasonal factors cause our profitabili
ty to fluctuate from quarter to quarter. Historically, our average daily restaur
ant sales and net income are lower\plain\cf1\f51\fs16\ql in the first and fourt
h quarters due, in part, to the holiday season and\par\pard\plain\cf1\f51\fs13\q
l \~\par\pard\plain\cf1\f51\fs16\qc 34
1\fs16\ql because fewer people eat out during periods of inclement weather (the
winter months) than during periods of mild or warm weather (the spring, summer\p
lain\cf1\f51\fs16\ql and fall months). Other factors also have a seasonal effec
t on our results. For example, restaurants located near colleges and universitie
s generally do\plain\cf1\f51\fs16\ql more business during the academic year. Th
e number of trading days in a quarter can also affect our results. Overall, on a
n annual basis, changes in\plain\cf1\f51\fs16\ql trading dates do not have a si
gnificant impact on our results.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Our
quarterly results are also affected by other factors such as the number of new r
estaurants opened in a quarter and unanticipated events. New\plain\cf1\f51\fs16\
ql restaurants typically have lower margins following opening as a result of th
e expenses associated with opening new restaurants and their operating\plain\cf1
\f51\fs16\ql inefficiencies in the months immediately following opening. In add
ition, unanticipated events also impact our results. Accordingly, results for a
particular\plain\cf1\f51\fs16\ql quarter are not necessarily indicative of resu
lts to be expected for any other quarter or for any year.\par\pard\plain\sb220\c
f1\f51\fs16\b\ql Liquidity and Capital Resources\par\pard\plain\sb66\fi462\cf1\f
51\fs16\ql Our primary liquidity and capital requirements are for new restaurant
construction, working capital and general corporate needs. We have a cash and\p
lain\cf1\f51\fs16\ql short-term investment balance of $578.2 million that we ex
pect to utilize, along with cash flow from operations, to provide capital to sup
port the growth\plain\cf1\f51\fs16\ql of our business (primarily through openin
g restaurants), to repurchase additional shares of our common stock subject to m
arket conditions (including up to\plain\cf1\f51\fs16\ql $90.2 million in repurc
hases under programs authorized as of December\~31, 2013), to maintain our exist
ing restaurants and for general corporate purposes.\plain\cf1\f51\fs16\ql We al
so have a long term investments balance of $313.9 million, which consists of U.S
. treasury notes and certificate of deposit products with maturities\plain\cf1\f
51\fs16\ql of 13 months to approximately 2 years. We believe that cash from ope
rations, together with our cash balance, will be enough to meet ongoing capital\
plain\cf1\f51\fs16\ql expenditures, working capital requirements and other cash

needs for the foreseeable future.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We
haven\u8217?t required significant working capital because customers generally
pay using cash or credit and debit cards and because our\plain\cf1\f51\fs16\ql
operations do not require significant receivables, nor do they require significa
nt inventories due, in part, to our use of various fresh ingredients. In\plain\c
f1\f51\fs16\ql addition, we generally have the right to pay for the purchase of
food, beverage and supplies some time after the receipt of those items, general
ly within\plain\cf1\f51\fs16\ql ten days, thereby reducing the need for increme
ntal working capital to support our growth.\par\pard\plain\sb132\fi462\cf1\f51\f
s16\ql While operations continue to provide cash, our primary use of cash is in
new restaurant development. Our total capital expenditures for 2013 were\plain\c
f1\f51\fs16\ql $199.9 million, which included the purchase and refurbishment of
a corporate aircraft for a total cost of about $8.3 million. We expect to incur
capital\plain\cf1\f51\fs16\ql expenditures of about $235 million in 2014, of w
hich about $175 million relates to our construction of new restaurants before an
y reductions for landlord\plain\cf1\f51\fs16\ql reimbursements, and the remaind
er primarily relates to restaurant reinvestments. In 2013, for Chipotle restaura
nts in the U.S., we spent on average about\plain\cf1\f51\fs16\ql $800,000 in de
velopment and construction costs per restaurant, net of landlord reimbursements,
and for all restaurants including international locations we\plain\cf1\f51\fs16
\ql spent on average about $830,000, net of landlord reimbursements. For new re
staurants to be opened in 2014, we anticipate average development costs will\pla
in\cf1\f51\fs16\ql increase approximately 5% due primarily to the mix of locati
ons and categories.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Contractual Obligatio
ns\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Our contractual obligations as of D
ecember\~31, 2013 were as follows:\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
llx10668\clvertalc\cellx10791\trrh-66
\pard\plain\intbl\f0\fs16\ql \~\cell{
llx10668\clvertalc\cellx10791\trrh-66\row}}}
ll\pard\plain\intbl\cf1\f51\fs13\b\qc 2013\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\cell{
rtalb\cellx9294\clvertalb\cellx9417\clvertalb\cellx9620\clbrdrb\brdrs\brdrcf1\cl
vertalb\cellx10668\clvertalb\cellx10791\trrh172
ll\pard\plain\intbl\cf1\f51\fs13\b\qc Total\cell\pard\plain\intbl\cf1\f51\fs13\q
\b\qc 1 year\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2-3 years\cell\pard\plain
in\intbl\cf1\f51\fs13\b\qc 4-5 years\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc A
fter 5 years\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell{
vertalb\cellx10668\clvertalb\cellx10791\trrh172\row}}}
{\trowd\clvertalb\cellx4350\clvertalb\cellx4553\clvertalb\cellx10675\clvertalb\c
ellx10798\trrh172
ll\pard\plain\intbl\cf1\f51\fs13\b\qc (in thousands)\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\cell{
{\trowd\clvertalb\cellx4350\clvertalb\cellx4553\clvertalb\cellx10675\clvertalb\c
ellx10798\trrh172\row}}}
clcfpat11\clcbpat11\cellx10791\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Operating leases\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain
\intbl\cf1\f51\fs16\qr \~\~\~\~2,856,522\cell\pard\plain\intbl\cf1\f51\fs16\ql \
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~185,866\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~378,988\cel
l\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \
~\~\~\~383,499\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl
\cf1\f51\fs16\qr \~\~\~\~1,908,169\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll{
clcfpat11\clcbpat11\cellx10791\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Deemed landlord financing\cell\pa
ard\plain\intbl\cf1\f51\fs16\qr 5,111\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 394\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 822\cell\pard\plain\intbl\cf1\f51\
f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 846\cell\pard\plain\intbl\cf
l\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 3,049\cell\pard\plain\
intbl\cf1\f51\fs16\ql \~\~\cell{
clcfpat11\clcbpat11\cellx10791\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other contractual obligations\pla
in\intbl\cf1\f51\fs11\ql\super (1)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell
\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 163,44
1\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\
ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16
\qr 156,629\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1
1\f51\fs16\qr 6,812\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\i
intbl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
ll\pard\plain\intbl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell{
clcfpat11\clcbpat11\cellx10791\trrh206\row}}}
llx10668\clvertalc\cellx10791\trrh35
d\plain\intbl\cf1\f51\fs1\ql \~\cell{
llx10668\clvertalc\cellx10791\trrh35\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total contractual cash obligation
s\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 3,025,074\cell\pard\plain\intbl\cf1\f51
\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 342,889\cell\pard\plain\int
\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 386,622\cell\pard
pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 384,345
l \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\
qr 1,911,218\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
d\plain\intbl\cf1\f51\fs1\ql \~\cell{
llx10668\clvertalc\cellx10791\trrh80\row}}}\pard\plain\brdrb\brdrs\sa22\cf1\f51\
fs20\ql \~
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\ql (1)\cell\pard\plain\intbl\cf1\f51\fs16\ql We e
nter into various purchase obligations in the ordinary course of business. Those
that are binding primarily relate to amounts owed for orders\plain\intbl\cf1\f5
1\fs16\ql related to produce and other ingredients and supplies, construction c
ontractor and subcontractor agreements, orders submitted for equipment for\plain
\intbl\cf1\f51\fs16\ql restaurants under construction, and marketing initiative
s and corporate sponsorships.\cell{
cf1\f51\fs16\ql We\u8217?re obligated under non-cancelable leases for our restau
rants and administrative offices. Our leases generally have initial terms of eit
her\plain\cf1\f51\fs16\ql five to ten years with two or more five-year extensio
ns, for end-cap and in-line restaurants, or 15 to 20\~years with several five-ye
ar extensions, for\plain\cf1\f51\fs16\ql free-standing restaurants. Our leases
generally require us to pay a proportionate share of real estate taxes, insuranc
e, common charges and other operating\plain\cf1\f51\fs16\ql costs. Some restaur
ant leases provide for contingent rental payments based on sales thresholds, alt
hough we generally do not expect to pay significant\plain\cf1\f51\fs16\ql conti
ngent rent on these properties based on the thresholds in those leases.\par\pard
\plain\sb220\cf1\f51\fs16\b\ql Off-Balance Sheet Arrangements\par\pard\plain\sb6
6\fi462\cf1\f51\fs16\ql As of December\~31, 2013 and 2012, we had no off-balance
sheet arrangements or obligations.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Infla
tion\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The primary areas of our operatio
ns affected by inflation are food, healthcare costs, labor, fuel, utility costs,
materials used in the construction of\plain\cf1\f51\fs16\ql our restaurants, a
nd insurance. Although almost all of our crew members make more than the minimum
wage, increases in the applicable federal or state\plain\cf1\f51\fs16\ql minim
um wage may have an impact on our labor costs. Additionally, many of our leases
require us to pay taxes, maintenance, utilities and insurance, all\plain\cf1\f51
\fs16\ql of which are generally subject to inflationary increases.\par\pard\pla
in\sb220\cf1\f51\fs16\b\ql Critical Accounting Estimates\par\pard\plain\sb66\fi4
62\cf1\f51\fs16\ql We describe our significant accounting policies in Note\~1 of
our consolidated financial statements included in Item\~8. \u8220?Financial Sta
tements\plain\cf1\f51\fs16\ql and Supplementary Data.\u8221? Critical accountin

g estimates are those that we believe are both significant and that require us t
o make difficult,\plain\cf1\f51\fs16\ql subjective or complex judgments, often
because we need to estimate the effect of inherently uncertain matters. We base
our estimates and judgments on\plain\cf1\f51\fs16\ql historical experiences and
various other factors that we believe to be appropriate under the circumstances
. Actual results may differ from these estimates,\plain\cf1\f51\fs16\ql and we
might obtain different estimates if we used different assumptions or factors. We
believe the following critical accounting estimates affect our more\plain\cf1\f
51\fs16\ql significant judgments and estimates used in the preparation of our f
inancial statements:\par\pard\plain\li88\sb220\cf1\f51\fs16\b\i\ql Leases\par\pa
rd\plain\sb66\fi462\cf1\f51\fs16\ql We lease most of our restaurant locations. O
ur leases typically contain escalating rentals over the lease term as well as op
tional renewal periods.\plain\cf1\f51\fs16\ql We have estimated that our lease
term, including reasonably assured renewal periods, is the lesser of the lease t
erm or 20 years.\~We account for our leases\plain\cf1\f51\fs16\ql by recognizin
g rent expense on a straight-line basis over the reasonably assured lease term.
The majority of our leasehold improvements are also\plain\cf1\f51\fs16\ql depre
ciated over the reasonably assured lease term.\~If the estimate of our reasonabl
y assured lease term was changed, our depreciation and rent expense\plain\cf1\f5
1\fs16\ql could differ materially.\par\pard\plain\li88\sb220\cf1\f51\fs16\b\i\q
l Stock-based Compensation\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We recogniz
e compensation expense for equity awards over the vesting period based on the aw
ard\u8217?s fair value. We use the Black-Scholes\plain\cf1\f51\fs16\ql valuatio
n model to determine the fair value of our stock-only stock appreciation rights,
or SOSARs, which requires assumptions to be made regarding our\plain\cf1\f51\fs
16\ql stock price volatility, the expected life of the award and expected divid
end rates. The volatility assumption was based on our historical data and implie
d\plain\cf1\f51\fs16\ql volatility, and the expected life assumptions were base
d on our historical data. Similarly, the compensation expense of performance sha
re awards and\plain\cf1\f51\fs16\ql SOSARs with performance-based vesting condi
tions is based in part on the estimated probability of our achieving levels of p
erformance associated with\plain\cf1\f51\fs16\ql particular levels of payout fo
r performance shares and with vesting for performance SOSARs. We determine the p
robability of achievement of future\plain\cf1\f51\fs16\ql levels of performance
by comparing the relevant performance level with our internal estimates of futu
re\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 36
1\fs16\ql performance. Those estimates are based on a number of assumptions, and
different assumptions may have resulted in different conclusions regarding the\
plain\cf1\f51\fs16\ql probability of our achieving future levels of performance
relevant to the payout levels for the awards. Had we arrived at different assum
ptions of stock\plain\cf1\f51\fs16\ql price volatility or expected lives of our
SOSARs, or different assumptions regarding the probability of our achieving fut
ure levels of performance with\plain\cf1\f51\fs16\ql respect to performance sha
re awards and performance SOSARs, our stock-based compensation expense and resul
ts of operations could have been\plain\cf1\f51\fs16\ql different.\par\pard\plai
n\li88\sb220\cf1\f51\fs16\b\i\ql Insurance Liability\par\pard\plain\sb66\fi462\c
f1\f51\fs16\ql We maintain various insurance policies for workers\u8217? compens
ation, general liability and auto damage with varying deductibles as high as $1\
plain\cf1\f51\fs16\ql million, and for property which generally has a $1.5 mill
ion deductible. We are self-insured for employee health but have third party ins
urance coverage\plain\cf1\f51\fs16\ql to limit exposure to these claims. We rec
ord a liability that represents our estimated cost of claims incurred and unpaid
as of the balance sheet date. Our\plain\cf1\f51\fs16\ql estimated liability is
not discounted and is based on a number of assumptions and factors, including h
istorical trends, actuarial assumptions and economic\plain\cf1\f51\fs16\ql cond
itions, and is closely monitored and adjusted when warranted by changing circums
tances. In addition, our history of claims experience is short and\plain\cf1\f51

\fs16\ql our significant growth rate could affect the accuracy of estimates bas
ed on historical experience. Should a greater amount of claims occur compared to
\plain\cf1\f51\fs16\ql what was estimated or medical costs increase beyond what
was expected, our accrued liabilities might not be sufficient and additional ex
penses may be\plain\cf1\f51\fs16\ql recorded. Actual claims experience could al
so be more favorable than estimated, which would result in expense reductions. U
nanticipated changes may\plain\cf1\f51\fs16\ql produce materially different amo
unts of expense than that reported under these programs. The total estimated ins
urance liabilities as of December\~31, 2013\plain\cf1\f51\fs16\ql were $31.6 mi
llion.\par\pard\plain\li88\sb220\cf1\f51\fs16\b\i\ql Reserves/Contingencies for
Litigation and Other Matters\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We are in
volved in various claims and legal actions that arise in the ordinary course of
business. These actions are subject to many uncertainties,\plain\cf1\f51\fs16\ql
and we cannot predict the outcomes with any degree of certainty. Consequently,
we were unable to ascertain the ultimate aggregate amount of monetary\plain\cf1
\f51\fs16\ql liability or financial impact with respect to these matters as of
December\~31, 2013 and 2012. Although we have recorded liabilities related to a
number of\plain\cf1\f51\fs16\ql legal actions, our estimates used to determine
the amount of these liabilities may not be accurate, and there are other legal a
ctions for which we have not\plain\cf1\f51\fs16\ql recorded a liability. As a r
esult, in the event legal actions for which we have not accrued a liability or f
or which our accrued liabilities are not accurate\plain\cf1\f51\fs16\ql are res
olved, such resolution may affect our operating results and cash flows.\par\pard
\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_10}{\*\bkmkend item_1_3_10}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~7A.\cell{\*\bkmkstart tx629534_10}{\*\
bkmkend tx629534_10}\pard\plain\intbl\cf1\f51\fs16\b\ql QUANTITATIVE AND QUALITA
TIVE DISCLOSURE ABOUT MARKET RISK\cell{
{\trowd\cellx1080\cellx9710\trrh206\row}}}\pard\plain\sb66\cf1\f51\fs16\b\ql Com
modity Price Risks\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We are also exposed
to commodity price risks. Many of the ingredients we use to prepare our food, a
s well as our packaging materials, are\plain\cf1\f51\fs16\ql commodities or ing
redients that are affected by the price of other commodities, exchange rates, fo
reign demand, weather, seasonality, production,\plain\cf1\f51\fs16\ql availabil
ity and other factors outside our control. We work closely with our suppliers an
d use a mix of forward pricing protocols under which we agree\plain\cf1\f51\fs16
\ql with our supplier on fixed prices for deliveries at some time in the future
, fixed pricing protocols under which we agree on a fixed price with our supplie
r\plain\cf1\f51\fs16\ql for the duration of that protocol, and formula pricing
protocols under which the prices we pay are based on a specified formula related
to the prices of the\plain\cf1\f51\fs16\ql goods, such as spot prices. However
, a majority of the dollar value of goods purchased by us is effectively at spot
prices. Generally our pricing protocols\plain\cf1\f51\fs16\ql with suppliers c
an remain in effect for periods ranging from one to 18 months, depending on the
outlook for prices of the particular ingredient. In several\plain\cf1\f51\fs16\q
l cases, we have minimum purchase obligations. We\u8217?ve tried to increase, w
here necessary, the number of suppliers for our ingredients, which we\plain\cf1\
f51\fs16\ql believe can help mitigate pricing volatility, and we follow industr
y news, trade issues, exchange rates, foreign demand, weather, crises and other
world\plain\cf1\f51\fs16\ql events that may affect our ingredient prices. Incre
ases in ingredient prices could adversely affect our results if we choose for co
mpetitive or other reasons\plain\cf1\f51\fs16\ql not to increase menu prices at
the same rate at which ingredient costs increase, or if menu price increases re
sult in customer resistance.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf
1\f51\fs16\qc 37
1\fs16\b\ql Changing Interest Rates\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We

are exposed to interest rate risk through fluctuations of interest rates on our
investments. Changes in interest rates affect the interest income we\plain\cf1\
f51\fs16\ql earn, and therefore impact our cash flows and results of operations
. As of December\~31, 2013, we had $652.5 million in investments and interest-be
aring\plain\cf1\f51\fs16\ql cash accounts, including an insurance related restr
icted trust account classified in other assets, and $240.7 million in accounts w
ith an earnings credit we\plain\cf1\f51\fs16\ql classify as interest income, wh
ich combined earned a weighted average interest rate of 0.33%.\par\pard\plain\sb
220\cf1\f51\fs16\b\ql Foreign Currency Exchange Risk\par\pard\plain\sb66\fi462\c
f1\f51\fs16\ql A portion of our operations consist of activities outside of the
U.S. and we have currency risk on the transactions in other currencies and trans
lation\plain\cf1\f51\fs16\ql adjustments resulting from the conversion of our i
nternational financial results into the U.S. dollar. However, a substantial majo
rity of our operations and\plain\cf1\f51\fs16\ql investment activities are tran
sacted in the U.S. and therefore our foreign currency risk is limited at this da
te.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 38
_11}{\*\bkmkend item_1_3_11}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~8.\cell{\*\bkmkstart tx629534_11}{\*\b
kmkend tx629534_11}\pard\plain\intbl\cf1\f51\fs16\b\ql FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA\cell{
{\trowd\cellx972\cellx9068\trrh206\row}}}\pard\plain\sb132\cf1\f51\fs16\b\qc IND
EX TO CONSOLIDATED FINANCIAL STATEMENTS\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
{\trowd\clvertalc\cellx10108\clvertalb\cellx10427\clvertalc\cellx10488\clvertalc
\cellx10674\clvertalc\cellx10797\trrh-66
{\trowd\clvertalc\cellx10108\clvertalb\cellx10427\clvertalc\cellx10488\clvertalc
\cellx10674\clvertalc\cellx10797\trrh-66\row}}}
drslt\cf3\f51\fs16\ql Report of Independent Registered Public Accounting Firm}}\
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 40\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\~\cell{
drslt\cf3\f51\fs16\ql Consolidated Balance Sheet as of December\~31, 2013 and 20
12}}\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 41\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\~\cell{
drslt\cf3\f51\fs16\ql Consolidated Statement of Income and Comprehensive Income
for the years ended December\~ 31, 2013, 2012 and 2011}}\cell\pard\plain\intbl\c
drslt\cf3\f51\fs16\ql Consolidated Statement of Shareholders\u8217? Equity for t
he years ended December\~ 31, 2013, 2012 and 2011}}\cell\pard\plain\intbl\cf1\f5
drslt\cf3\f51\fs16\ql Consolidated Statement of Cash Flows for the years ended D
ecember\~31, 2013, 2012 and 2011}}\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 44\
drslt\cf3\f51\fs16\ql Notes to Consolidated Financial Statements}}\cell\pard\pla
\plain\intbl\cf1\f51\fs16\qr 45\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
4\clvertalb\cellx10797\trrh206\row}}}\pard\plain\cf1\f51\fs13\ql \~\par\pard\pla
in\cf1\f51\fs16\qc 39
1\fs16\b\qc Report of Independent{\*\bkmkstart tx629534_22}{\*\bkmkend tx629534_
22}\plain\cf1\f51\fs16\b\qc Registered Public Accounting Firm\par\pard\plain\sb
132\cf1\f51\fs16\b\ql The Board of Directors and Shareholders of\par\pard\plain\
cf1\f51\fs16\b\ql Chipotle Mexican Grill, Inc.\par\pard\plain\sb132\fi462\cf1\f5
1\fs16\ql We have audited the accompanying consolidated balance sheets of Chipot
le Mexican Grill, Inc. (the \u8220?Company\u8221?) as of December\~31,\plain\cf1
\f51\fs16\ql 2013 and 2012, and the related consolidated statements of income a
nd comprehensive income, shareholders\u8217? equity and cash flows for each of\~
the\plain\cf1\f51\fs16\ql three years in the period ended December\~31, 2013.\~
These financial statements are the responsibility of the Company\u8217?s managem
ent.\~Our\plain\cf1\f51\fs16\ql responsibility is to express an opinion on thes
e financial statements based on our audits.\par\pard\plain\sb132\fi462\cf1\f51\f
s16\ql We conducted our audits in accordance with the standards of the Public Co
mpany Accounting Oversight Board (United States). Those standards\plain\cf1\f51\
fs16\ql require that we plan and perform the audit to obtain reasonable assuran
ce about whether the financial statements are free of material misstatement. An\
plain\cf1\f51\fs16\ql audit includes examining, on a test basis, evidence suppo
rting the amounts and disclosures in the financial statements. An audit also inc
ludes assessing the\plain\cf1\f51\fs16\ql accounting principles used and signif
icant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe\plain\cf1\f51\fs16\ql that our audits provid
e a reasonable basis for our opinion.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
In our opinion, the financial statements referred\~to above present fairly, in
all material respects, the consolidated financial position of Chipotle\plain\cf1
\f51\fs16\ql Mexican Grill, Inc. at December\~31, 2013 and 2012, and the consol
idated results of its operations and its cash flows for each of the three years
in the\plain\cf1\f51\fs16\ql period ended December\~31, 2013, in conformity wit
h U.S. generally accepted accounting principles.\par\pard\plain\sb132\fi462\cf1\
f51\fs16\ql We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), Chipotle Mexican\plain\cf1\
f51\fs16\ql Grill, Inc.\u8217?s internal control over financial reporting as of
December\~31, 2013, based on criteria established in Internal Control-Integrate
d\plain\cf1\f51\fs16\ql Framework issued by the Committee of Sponsoring Organiz
ations of the Treadway Commission (1992 framework) and our report dated February
\~4, 2014\plain\cf1\f51\fs16\ql expressed an unqualified opinion thereon.\par\p
ard\plain\li1188\sb132\cf1\f51\fs16\ql /s/ Ernst\~& Young LLP\par\pard\plain\sb1
32\cf1\f51\fs16\ql Denver, Colorado\par\pard\plain\cf1\f51\fs16\ql February\~4,
2014\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 40
1\fs16\b\qc CHIPOTLE MEXICAN GRILL,\~INC.\par\pard\plain\sb88\cf1\f51\fs16\b\qc
CONSOLIDATED{\*\bkmkstart tx629534_23}{\*\bkmkend tx629534_23}\plain\cf1\f51\fs1
6\b\qc BALANCE SHEET\par\pard\plain\cf1\f51\fs16\b\qc (in thousands, except per
share data)\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
cell{
cell\pard\plain\intbl\cf1\f51\fs13\b\qc December\~31\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\cell{
b\cellx10661\clvertalb\cellx10798\trrh172
cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2013\cell\pard\plain\intbl\cf1\f51\fs13\
3\b\qc 2012\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell{
b\cellx10661\clvertalb\cellx10798\trrh172\row}}}
x10659\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10796\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Assets\cell\pard\plain\intbl\cf
1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\
x10659\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10796\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Current assets:\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\in
tbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16
\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Cash and cash equivalents\cell\pa
\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 322,553\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accounts receivable, net of allow
ance for doubtful accounts of $1,190 and $1,187 as of December\~31,\plain\intbl\
cf1\f51\fs16\ql 2013 and 2012, respectively\cell\pard\plain\intbl\cf1\f51\fs13\
s16\qr 24,016\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl
\cf1\f51\fs16\qr 16,800\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Inventory\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr 13,044\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\p
\plain\intbl\cf1\f51\fs16\qr 11,096\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\c
ell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Current deferred tax asset\cell\p
ll\pard\plain\intbl\cf1\f51\fs16\qr 13,212\cell\pard\plain\intbl\cf1\f51\fs16\ql
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 8,862\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Prepaid expenses and other curren
t assets\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 34,204\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 27,378\cell\pard\pl
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Income tax receivable\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\qr 3,657\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
~\cell\pard\plain\intbl\cf1\f51\fs16\qr 9,612\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Investments\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\qr 254,971\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total current assets\cell\pard\pl
s16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Leasehold improvements, property
and equipment, net\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\in
tbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 963,238\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 866,703\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Long term investments\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\qr 313,863\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 190,868\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other assets\cell\pard\plain\intb
intbl\cf1\f51\fs16\qr 43,933\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Goodwill\cell\pard\plain\intbl\cf
l\cf1\f51\fs16\qr 21,939\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pl
plain\intbl\cf1\f51\fs16\qr 21,939\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total assets\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\i

ntbl\cf1\f51\fs16\qr \~\~\~\~2,009,280\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
$\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~1,668,667\cell\pard\plain\intbl
\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Liabilities and shareholders\u8
217? equity\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\
cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Current liabilities:\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pla
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accounts payable\cell\pard\plain\
\pard\plain\intbl\cf1\f51\fs16\qr 58,700\cell\pard\plain\intbl\cf1\f51\fs16\ql \
~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accrued payroll and benefits\cell
cell\pard\plain\intbl\cf1\f51\fs16\qr 67,195\cell\pard\plain\intbl\cf1\f51\fs16\
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 71,731\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accrued liabilities\cell\pard\pla
ell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
\cell\pard\plain\intbl\cf1\f51\fs16\qr 56,421\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total current liabilities\cell\pa
f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Deferred rent\cell\pard\plain\int
\intbl\cf1\f51\fs16\qr 192,739\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
\~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Deferred income tax liability\cel
fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 48,947\cell\pard\plain\intbl\cf
1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other liabilities\cell\pard\plain
lain\intbl\cf1\f51\fs16\qr 23,591\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
l \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total liabilities\cell\pard\plain

cell\pard\plain\intbl\cf1\f51\fs16\qr 422,741\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Shareholders\u8217? equity:\cell\
ntbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Preferred stock, $0.01 par value,
600,000 shares authorized, no shares issued as of December\~31, 2013\plain\intb
l\cf1\f51\fs16\ql and 2012, respectively\cell\pard\plain\intbl\cf1\f51\fs13\ql
\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl
bl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Common stock $0.01 par value, 230
,000 shares authorized, and 35,245 and 34,912 shares issued as of\plain\intbl\cf
1\f51\fs16\ql December\~31, 2013 and 2012, respectively\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr 352\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plai

ain\intbl\cf1\f51\fs16\qr 349\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Additional paid-in capital\cell\p
ll\pard\plain\intbl\cf1\f51\fs16\qr 919,840\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 816,612\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Treasury stock, at cost, 4,212 an
d 3,819 common shares at December\~31, 2013 and 2012, respectively\cell\pard\pla
\plain\intbl\cf1\f51\fs16\qr (660,421\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\
~\cell\pard\plain\intbl\cf1\f51\fs16\qr (521,518\cell\pard\plain\intbl\cf1\f51\f
s16\ql )\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accumulated other comprehensive i
ncome\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,620\cell\pard\plain\intbl\cf1\
ntbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Retained earnings\cell\pard\plain
lain\intbl\cf1\f51\fs16\qr 1,276,897\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\

~\cell\pard\plain\intbl\cf1\f51\fs16\qr 949,459\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total shareholders\u8217? equity\
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,538,288\cell\pard\plain\intbl\cf1\f5
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,245,926\cell\pard\plain
\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total liabilities and shareholder
s\u8217? equity\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl
\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,009,280\cell\pard\pla
\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,668,667\c
ell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
llx10659\clvertalc\cellx10796\trrh80\row}}}\pard\plain\sb594\cf1\f51\fs16\qc See
accompanying notes to consolidated financial statements.\par\pard\plain\cf1\f51
\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 41
CONSOLIDATED STATEMENT{\*\bkmkstart tx629534_24}{\*\bkmkend tx629534_24}\plain\c
f1\f51\fs16\b\qc OF INCOME AND COMPREHENSIVE INCOME\par\pard\plain\cf1\f51\fs16
\b\qc (in thousands, except per share data)\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
cell\pard\plain\intbl\cf1\f51\fs13\b\qc Years ended December\~31\cell\pard\plain
\intbl\cf1\f51\fs13\ql \~\cell{
alb\cellx10661\clvertalb\cellx10798\trrh172
3\b\qc 2012\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2011\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\cell{
alb\cellx10661\clvertalb\cellx10798\trrh172\row}}}
1\clcbpat11\cellx10795\trrh206
cf1\f51\fs16\qr \~\~\~\~3,214,591\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
ll\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,731,224\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,269,548\cell\p
ard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
1\clcbpat11\cellx10795\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Restaurant operating costs (exclu
sive of depreciation and amortization shown separately\plain\intbl\cf1\f51\fs16\
ql below):\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\
d\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\p
lain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li968\fi-176\cf1\f51\fs16\ql Food, beverage and packaging\cell
cell\pard\plain\intbl\cf1\f51\fs16\qr 1,073,514\cell\pard\plain\intbl\cf1\f51\fs
\pard\plain\intbl\li968\fi-176\cf1\f51\fs16\ql Labor\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\qr 739,800\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plai
ain\intbl\cf1\f51\fs16\qr 641,836\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
ql \~\~\cell{
\pard\plain\intbl\li968\fi-176\cf1\f51\fs16\ql Occupancy\cell\pard\plain\intbl\c
s16\ql \~\~\cell{
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 286,610\cell\pard\plain\intbl\cf1\f51\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 251,208\cell\pard\plain\int
bl\cf1\f51\fs16\ql \~\~\cell{
es\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16
pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
l\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 74,938\cell\pard\plai
n\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Pre-opening costs\cell\pard\plain
51\fs16\ql \~\~\cell{
l\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Total operating expenses\cell\par
\pard\plain\intbl\cf1\f51\fs16\qr 2,681,871\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,275,359\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,918,986\cell\pard\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Income from operations\cell\pard\
\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 350,562\cell\pard\plain\in
tbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Interest and other income (expens
e), net\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,751\cell\pard\plain\intbl\cf
l\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,820\cell\pard\plain
lain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (857\cell\pa
rd\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Income before income taxes\cell\p
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 457,685\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 349,705\cell\pard\plai
ll\pard\plain\intbl\cf1\f51\fs16\qr (207,033\cell\pard\plain\intbl\cf1\f51\fs16\
ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (179,685\cell\pard\plain\intbl\cf
1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl
\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (134,760\cell\pard\pla
in\intbl\cf1\f51\fs16\ql )\~\cell{
6\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other comprehensive income:\cell\
6\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Foreign currency translation adju
stments\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 596\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 827\cell\pard\plain\int
\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (409\cell\pard\p
lain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Comprehensive income\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard
\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 214,536\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Earnings per share:\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plai
51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf
1\f51\fs16\qr 10.58\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\i
intbl\cf1\f51\fs16\qr 8.82\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
\plain\intbl\cf1\f51\fs16\qr 6.89\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
l{
cf1\f51\fs16\qr 10.47\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain
n\intbl\cf1\f51\fs16\qr 8.75\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
rd\plain\intbl\cf1\f51\fs16\qr 6.76\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\c
ell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Weighted average common shares ou
tstanding:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\f
~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\c
ell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pl
f1\f51\fs16\qr 30,957\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain
\~\~\cell{
\cf1\f51\fs16\qr 31,281\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\p
l \~\~\cell{
llx10658\clvertalc\cellx10795\trrh80\row}}}\pard\plain\sb2640\cf1\f51\fs16\qc Se
e accompanying notes to consolidated financial statements.\par\pard\plain\cf1\f5
f1\f51\fs16\b\qc OF SHAREHOLDERS\u8217? EQUITY\par\pard\plain\cf1\f51\fs16\b\qc
(in thousands)\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
ellx10658\clvertalc\cellx10778\cellx10783\trrh-66
intbl\f0\fs16\ql \~\cell{
ellx10658\clvertalc\cellx10778\cellx10783\trrh-66\row}}}
cellx4369\clvertalb\cellx4443\clvertalb\cellx4604\clvertalb\clvmgf\cellx5436\clv
ertalb\clvmgf\cellx5510\clvertalb\cellx5671\clbrdrb\brdrs\brdrcf1\clvertalb\cell
x7254\clvertalb\cellx7374\clvertalb\cellx7535\clvertalb\clvmgf\cellx8425\clverta
lb\clvmgf\cellx8499\clvertalb\cellx8660\clvertalb\clvmgf\cellx9605\clvertalb\clv
mgf\cellx9725\clvertalb\cellx9886\clvertalb\clvmgf\cellx10664\clvertalb\clvmgf\c
ll\pard\plain\intbl\cf1\f51\fs18\ql \~\par\pard\plain\intbl\cf1\f51\fs13\b\qc Co
mmon\~Stock\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f
51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Additional
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Paid-In
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Capital\cell\pard\plai
ain\intbl\cf1\f51\fs13\b\qc Treasury Stock\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\
b\qc Retained
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Earnings\cell\pard\pla
lain\intbl\cf1\f51\fs13\b\qc Accumulated
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Other
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Comprehensive
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Income (Loss)\cell\par
ard\plain\intbl\cf1\f51\fs13\b\qc Total\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
cellx4369\clvertalb\cellx4443\clvertalb\cellx4604\clvertalb\clvmgf\cellx5436\clv
ertalb\clvmgf\cellx5510\clvertalb\cellx5671\clbrdrb\brdrs\brdrcf1\clvertalb\cell
x7254\clvertalb\cellx7374\clvertalb\cellx7535\clvertalb\clvmgf\cellx8425\clverta
lb\clvmgf\cellx8499\clvertalb\cellx8660\clvertalb\clvmgf\cellx9605\clvertalb\clv
mgf\cellx9725\clvertalb\cellx9886\clvertalb\clvmgf\cellx10664\clvertalb\clvmgf\c
alb\clvmrg\cellx5435\clvertalb\clvmrg\cellx5509\clvertalb\cellx5670\clbrdrb\brdr
s\brdrcf1\clvertalb\cellx6213\clvertalb\cellx6307\clvertalb\cellx6481\clbrdrb\br
drs\brdrcf1\clvertalb\cellx7251\clvertalb\cellx7371\clvertalb\cellx7532\clbrdrb\
brdrs\brdrcf1\clvertalb\clvmrg\cellx8422\clvertalb\clvmrg\cellx8496\clvertalb\ce
llx8657\clbrdrb\brdrs\brdrcf1\clvertalb\clvmrg\cellx9602\clvertalb\clvmrg\cellx9
722\clvertalb\cellx9883\clbrdrb\brdrs\brdrcf1\clvertalb\clvmrg\cellx10661\clvert
alb\clvmrg\cellx10781\clvertalc\cellx10782\clvertalc\cellx10783\clvertalc\cellx1
0784\trrh172
ll\pard\plain\intbl\cf1\f51\fs13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs13\
3\b\qc Amount\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1
s13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Amount\cell\pard\plain
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs
\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
alb\clvmrg\cellx5435\clvertalb\clvmrg\cellx5509\clvertalb\cellx5670\clbrdrb\brdr
s\brdrcf1\clvertalb\cellx6213\clvertalb\cellx6307\clvertalb\cellx6481\clbrdrb\br
drs\brdrcf1\clvertalb\cellx7251\clvertalb\cellx7371\clvertalb\cellx7532\clbrdrb\
brdrs\brdrcf1\clvertalb\clvmrg\cellx8422\clvertalb\clvmrg\cellx8496\clvertalb\ce
llx8657\clbrdrb\brdrs\brdrcf1\clvertalb\clvmrg\cellx9602\clvertalb\clvmrg\cellx9
722\clvertalb\cellx9883\clbrdrb\brdrs\brdrcf1\clvertalb\clvmrg\cellx10661\clvert
alb\clvmrg\cellx10781\clvertalc\cellx10782\clvertalc\cellx10783\clvertalc\cellx1
0784\trrh172\row}}}
lx6732\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7249\clvertalb\clshdng100\c
lcfpat11\clcbpat11\cellx7369\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7530\
clvertalb\clshdng100\clcfpat11\clcbpat11\cellx7810\clvertalb\clshdng100\clcfpat1
1\clcbpat11\cellx8420\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx8494\clverta
lb\clshdng100\clcfpat11\clcbpat11\cellx8655\clvertalb\clshdng100\clcfpat11\clcbp
at11\cellx9127\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx9599\clvertalb\clsh
dng100\clcfpat11\clcbpat11\cellx9719\clvertalb\clshdng100\clcfpat11\clcbpat11\ce
llx9880\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10048\clvertalb\clshdng100
\clcfpat11\clcbpat11\cellx10658\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10
778\clvertalc\clshdng100\clcfpat11\clcbpat11\cellx10779\clvertalc\clshdng100\clc
fpat11\clcbpat11\cellx10780\clvertalc\clshdng100\clcfpat11\clcbpat11\cellx10781\
trrh172
\pard\plain\intbl\li176\fi-176\cf1\f51\fs13\ql Balance, December\~31, 2010\cell\

s13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 594,331\cell\pard\plain\intbl\cf
\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr (240,918\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 456,5
14\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\q
\qr 606\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\f
s13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql $\cell\pard\plain\intbl\cf1\f51\
fs13\qr 810,873\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\q
l \~\cell{
trrh172\row}}}
clvertalb\cellx10778\clvertalc\cellx10779\clvertalc\cellx10780\clvertalc\cellx10
781\trrh172
\pard\plain\intbl\li176\fi-176\cf1\f51\fs13\ql Stock-based compensation\cell\par
lain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\int
f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\
fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f5
1\fs13\qr 42,965\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\

f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 42,965\cell\pard\plain\int
f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
781\trrh172\row}}}
trrh172
\pard\plain\intbl\li176\fi-176\cf1\f51\fs13\ql Stock plan transactions\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pa
rd\plain\intbl\cf1\f51\fs13\qr 398\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell
ll\pard\plain\intbl\cf1\f51\fs13\qr 4\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
\cell\pard\plain\intbl\cf1\f51\fs13\qr 570\cell\pard\plain\intbl\cf1\f51\fs13\ql
rd\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\
\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
574\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
trrh172\row}}}
781\trrh344
\pard\plain\intbl\li176\fi-176\cf1\f51\fs13\ql Excess tax benefit on stock-based
\plain\intbl\cf1\f51\fs13\ql compensation\cell\pard\plain\intbl\cf1\f51\fs13\ql
\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\in
tbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl
\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql
in\intbl\cf1\f51\fs13\qr 38,786\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pa
781\trrh344\row}}}
trrh172
\pard\plain\intbl\li176\fi-176\cf1\f51\fs13\ql Acquisition of treasury stock\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\p
s13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51
\fs13\qr (63,508\cell\pard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl
\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr (63
,508\cell\pard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\f0\fs16\ql
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
trrh172\row}}}
781\trrh172
781\trrh172\row}}}
trrh172
stment\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql
\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\in
tbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr (409\cell\pard\plai
n\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\p
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr (409\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard
\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
trrh172\row}}}
llx9599\clvertalc\cellx9719\clvertalb\cellx9880\clvertalb\cellx10048\clvertalb\c
ellx10658\clvertalc\cellx10778\clvertalc\cellx10779\clvertalc\cellx10780\clverta
lc\cellx10781\trrh35
lc\cellx10781\trrh35\row}}}
781\trrh172

\fs13\qr 1,044,226\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
6\ql \~\cell{
781\trrh172\row}}}
trrh172
trrh172\row}}}
781\trrh172
481\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
781\trrh172\row}}}
trrh344
\plain\intbl\cf1\f51\fs13\ql compensation\cell\pard\plain\intbl\cf1\f51\fs13\ql
tbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl
\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql
in\intbl\cf1\f51\fs13\qr 73,210\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pa
trrh344\row}}}
781\trrh172
\fs13\qr (217,092\cell\pard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\f
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
17,092\cell\pard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\f0\fs16\q
l{
781\trrh172\row}}}
trrh172
trrh172\row}}}
781\trrh172

tbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 827\cell\pard\plain
in\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 827\cell\pard\
in\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
781\trrh172\row}}}
trrh172
\qr 1,024\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51
51\fs13\qr 1,245,926\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\in
tbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\f
s16\ql \~\cell{
trrh172\row}}}
781\trrh172
781\trrh172\row}}}
trrh172
\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 1
00\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\
cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
trrh172\row}}}
781\trrh344
\plain\intbl\cf1\f51\fs13\ql compensation, net of utilization of $29\cell\pard\
fs13\qr 38,350\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf
ll\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\
in\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\
781\trrh344\row}}}
trrh172
\fs13\qr (138,903\cell\pard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f
0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\f
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
38,903\cell\pard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\f0\fs16\q
l{
trrh172\row}}}
781\trrh172

781\trrh172\row}}}
trrh172
tbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 596\cell\pard\plain

in\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 596\cell\pard\
in\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
trrh172\row}}}
781\trrh172
l $\cell\pard\plain\intbl\cf1\f51\fs13\qr \~352\cell\pard\plain\intbl\cf1\f51\fs
fs13\ql $\cell\pard\plain\intbl\cf1\f51\fs13\qr \~919,840\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\qr 4,212\cell\pard\plain
in\intbl\cf1\f51\fs13\ql $\cell\pard\plain\intbl\cf1\f51\fs13\qr (660,421\cell\p
ard\plain\intbl\cf1\f51\fs13\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel
l\pard\plain\intbl\cf1\f51\fs13\ql $\cell\pard\plain\intbl\cf1\f51\fs13\qr \~1,2
76,897\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs
13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql $\cell\pard\plain\intbl\cf1\f51\f
s13\qr \~1,620\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf
1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql $\cell\pard\plain\intbl\c
f1\f51\fs13\qr \~1,538,288\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pl
781\trrh172\row}}}

lc\cellx10781\trrh80\row}}}\pard\plain\sb3300\cf1\f51\fs16\qc See accompanying n
otes to consolidated financial statements.\par\pard\plain\cf1\f51\fs13\ql \~\par
\pard\plain\cf1\f51\fs16\qc 43
f1\f51\fs16\b\qc OF CASH FLOWS\par\pard\plain\cf1\f51\fs16\b\qc (in thousands)\
par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
cfpat11\clcbpat11\cellx9892\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10040\
clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10657\clvertalb\clshdng100\clcfpat
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Operating activities\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\p
6\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Adjustments to reconcile net inco
me to net cash provided by operating activities:\cell\pard\plain\intbl\cf1\f51\f

s13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql
rd\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\
tbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Deferred income tax provision (be
nefit)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,103\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (18,057\cell\pard\plai
n\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\p
lain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 11,935\cell\
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Bad debt allowance\cell\pard\plai
plain\intbl\cf1\f51\fs16\qr 19\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\p
6\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Stock-based compensation expense\
ntbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 41,382\cell\pard\p
lain\intbl\cf1\f51\fs16\ql \~\~\cell{
compensation\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (38,379\cell\pard\plain\
intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pla
in\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (73,210\cell\p
ard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel
l\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (38,
786\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Other\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\qr 507\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\in
intbl\cf1\f51\fs16\qr 522\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\p
\plain\intbl\cf1\f51\fs16\qr 2,501\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Changes in operating assets and l
iabilities:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\
lain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accounts receivable\cell\pard\pla
\plain\intbl\cf1\f51\fs16\qr (7,238\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\ce
cell\pard\plain\intbl\cf1\f51\fs16\qr (9,438\cell\pard\plain\intbl\cf1\f51\fs16\
ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (2,970\cell\pard\plain\intbl\cf1\
f51\fs16\ql )\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Inventory\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr (1,950\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\pl
plain\intbl\cf1\f51\fs16\qr (2,180\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cel
ell\pard\plain\intbl\cf1\f51\fs16\qr (1,816\cell\pard\plain\intbl\cf1\f51\fs16\q
l )\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Prepaid expenses and other curren
t assets\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (6,806\cell\pard\plain\intbl\
cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\int
bl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (5,954\cell\pard\pla
in\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (5,399\cell
\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Other assets\cell\pard\plain\intb
intbl\cf1\f51\fs16\qr (1,354\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard
rd\plain\intbl\cf1\f51\fs16\qr (20,539\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr (7,350\cell\pard\plain\intbl\cf1\f51\fs
16\ql )\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accounts payable\cell\pard\plain\
ain\intbl\cf1\f51\fs16\qr 2,052\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
l\pard\plain\intbl\cf1\f51\fs16\qr 7,849\cell\pard\plain\intbl\cf1\f51\fs16\ql \
fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Accrued liabilities\cell\pard\pla
1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Income tax payable/receivable\cel
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 19,624\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Other long-term liabilities\cell\
ell\pard\plain\intbl\cf1\f51\fs16\qr 3,857\cell\pard\plain\intbl\cf1\f51\fs16\ql
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 4,062\cell\pard\plain\intbl\cf1\f5

1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,609\cell\pard\plain\int
ellx10657\clvertalc\cellx10794\trrh35
ellx10657\clvertalc\cellx10794\trrh35\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net cash provided by operating ac
tivities\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f5
ard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 411,096
\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Investing activities\cell\pard\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Purchases of leasehold improvemen
ts, property and equipment\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (199,926\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
(197,037\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51
51\fs16\qr (151,147\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Acquisition of interests in equit
y method investment\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\i
ntbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr \u8212?\~\~\cell\p
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr \u8
212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f5
f51\fs16\qr (586\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Purchases of investments\cell\par
f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (183,251\cell\pard\plain
\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Maturities of investments\cell\pa
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net cash used in investing activi
ties\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (210,218\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Financing activities\cell\pard\
\cell\pard\plain\intbl\cf1\f51\fs16\qr (138,903\cell\pard\plain\intbl\cf1\f51\fs
16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (217,092\cell\pard\plain\intbl
\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\in
tbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (63,508\cell\pard\p
lain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Proceeds from employee stock plan
transactions\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 316\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 481\cell\pard\pla
\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 574\cell\p
compensation\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 38,379\cell\pard\plain\i
in\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 73,210\cell\pa
l\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 38,7
86\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other financing payments\cell\par
\pard\plain\intbl\cf1\f51\fs16\qr (143\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr (133\cell\pard\plain\intbl\cf1\f51\fs16
\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (120\cell\pard\plain\intbl\cf1\f
51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net cash used in financing activi
ties\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (24,268\cel
l\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Effect of exchange rate changes o
n cash and cash equivalents\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard
\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 536\cell\p
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 380
\qr (205\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net change in cash and cash equiv
alents\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 650\cell\pard\plain\intbl\cf1\f
f1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (78,690\cell\pard\plain\
intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pla
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Cash and cash equivalents at begi
nning of period\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl

\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 322,553\cell\pard\plai
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 401,243\cel
224,838\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Cash and cash equivalents at end
of period\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f
51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 323,203\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 322,553\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 401,243\c

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Supplemental disclosures of cas
h flow information\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\in
tbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\f
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Income taxes paid\cell\pard\plain
\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\pl
ain\intbl\cf1\f51\fs16\qr 160,973\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel
16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 56,270\cell\pard\plain\intbl\cf1\f
51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Increase (decrease) in purchases
of leasehold improvements, property and equipment accrued\plain\intbl\cf1\f51\fs
16\ql in accounts payable\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr (1,736\cell\
pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 4,45
\qr 3,249\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
ellx10657\clvertalc\cellx10794\trrh80\row}}}\pard\plain\sb198\cf1\f51\fs16\qc Se
e accompanying notes to consolidated financial statements.\par\pard\plain\cf1\f5
1\fs16\b\qc CHIPOTLE MEXICAN GRILL, INC.\par\pard\plain\sb88\cf1\f51\fs16\b\qc N
OTES TO CONSOLIDATED{\*\bkmkstart tx629534_27}{\*\bkmkend tx629534_27}\plain\cf1
\f51\fs16\b\qc FINANCIAL STATEMENTS\par\pard\plain\cf1\f51\fs16\b\qc (dollar an
d share amounts in thousands, unless otherwise specified)\par\pard\plain\sb132\c
f1\f51\fs16\b\ql 1. Description of Business and Summary of Significant Accountin
g Policies\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Chipotle Mexican Grill,\~In
c. (the \u8220?Company\u8221?), a Delaware corporation, develops and operates fa
st-casual, fresh Mexican food\plain\cf1\f51\fs16\ql restaurants. As of December
31, 2013, the Company operated 1,572 Chipotle restaurants throughout the United
States. The Company also has seven\plain\cf1\f51\fs16\ql restaurants in Canada
, six in England, two in France, and one in Germany. Further, the Company operat
es six ShopHouse Southeast Asian Kitchen\plain\cf1\f51\fs16\ql restaurants, ser
ving fast-casual, Asian inspired cuisine, as well as is an investor in a consoli
dated entity that owns and operates one Pizzeria Locale, a fast\plain\cf1\f51\fs
16\ql casual pizza concept. The Company manages its operations based on seven r
egions and has aggregated its operations to one reportable segment.\par\pard\pla
in\sb220\cf1\f51\fs16\b\ql Principles of Consolidation and Basis of Presentation
\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The consolidated financial statements
include the accounts of the Company, including wholly owned subsidiaries and in
vestees that the Company\plain\cf1\f51\fs16\ql controls. All intercompany balan
ces and transactions have been eliminated.\par\pard\plain\sb132\fi462\cf1\f51\fs

16\ql Certain amounts in prior periods have been reclassified to conform to the
current year presentation. During the first quarter of 2013, the Company\plain\c
f1\f51\fs16\ql reclassified amounts related to lease financing liabilities from
deemed landlord financing to other liabilities, and from current portion of dee
med landlord\plain\cf1\f51\fs16\ql financing to accrued liabilities. Such recla
ssifications did not have a material effect on the Company\u8217?s consolidated
financial position or results of\plain\cf1\f51\fs16\ql operations.\par\pard\pla
in\sb220\cf1\f51\fs16\b\ql Management Estimates\par\pard\plain\sb66\fi462\cf1\f5
1\fs16\ql The preparation of financial statements in conformity with U.S. genera
lly accepted accounting principles requires management to make estimates\plain\c
f1\f51\fs16\ql and assumptions that affect the reported amounts of assets and l
iabilities and disclosure of contingent assets and liabilities as of the date of
the financial\plain\cf1\f51\fs16\ql statements and the reported amounts of rev
enue and expenses during the reporting period. Actual results could differ from
those estimates under different\plain\cf1\f51\fs16\ql assumptions or conditions
.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Revenue Recognition\par\pard\plain\sb66
\fi462\cf1\f51\fs16\ql Revenue from restaurant sales is recognized when food and
beverage products are sold. The Company reports revenue net of sales and use ta
xes\plain\cf1\f51\fs16\ql collected from customers and remitted to governmental
taxing authorities.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The Company sell
s gift cards which do not have an expiration date and it does not deduct non-usa
ge fees from outstanding gift card balances. The\plain\cf1\f51\fs16\ql Company
recognizes revenue from gift cards when: (i)\~the gift card is redeemed by the c
ustomer; or (ii)\~the Company determines the likelihood of the gift\plain\cf1\f5
1\fs16\ql card being redeemed by the customer is remote (gift card breakage) an
d there is not a legal obligation to remit the unredeemed gift cards to the rele
vant\plain\cf1\f51\fs16\ql jurisdiction. The determination of the gift card bre
akage rate is based upon Company-specific historical redemption patterns. During
the fourth quarter of\plain\cf1\f51\fs16\ql 2012, the Company revised its esti
mated breakage rate from 5% to 4% of gift card sales which did not have a materi
al impact on revenue. Gift card\plain\cf1\f51\fs16\ql breakage is recognized in
revenue as the gift cards are used on a pro rata basis over a six month period
beginning at the date of the gift card sale and is\plain\cf1\f51\fs16\ql includ
ed in revenue in the consolidated statement of income and comprehensive income.
Breakage recognized during the years ended December\~31, 2013,\plain\cf1\f51\fs1
6\ql 2012 and 2011 was $1,976, $2,070 and $1,524, respectively.\par\pard\plain\
sb220\cf1\f51\fs16\b\ql Cash and Cash Equivalents\par\pard\plain\sb66\fi462\cf1\
f51\fs16\ql The Company considers all highly liquid investment instruments purch
ased with an initial maturity of three months or less to be cash equivalents.\pa
r\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 45
1\fs16\b\ql Accounts Receivable\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Accoun
ts receivable primarily consists of receivables from third party gift card distr
ibutors, tenant improvement receivables, payroll-related tax\plain\cf1\f51\fs16\
ql receivables, vendor rebates, and receivables arising from the normal course
of business. The allowance for doubtful accounts is the Company\u8217?s best\pla
in\cf1\f51\fs16\ql estimate of the amount of probable credit losses in the Comp
any\u8217?s existing accounts receivable based on a specific review of account b
alances.\plain\cf1\f51\fs16\ql Account balances are charged off against the all
owance after all means of collection have been exhausted and the potential for r
ecoverability is considered\plain\cf1\f51\fs16\ql remote.\par\pard\plain\sb220\
cf1\f51\fs16\b\ql Inventory\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Inventory,
consisting principally of food, beverages, and supplies, is valued at the lower
of first-in, first-out cost or market. Certain key ingredients\plain\cf1\f51\fs
16\ql (beef, pork, chicken, beans, rice, sour cream, cheese, and tortillas) are
purchased from a small number of suppliers.\par\pard\plain\sb220\cf1\f51\fs16\b
\ql Investments\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Company\u8217?s in
vestments consist of U.S. treasury notes and CDARS, certificates of deposit plac
ed through an account registry service,\plain\cf1\f51\fs16\ql with maturities u
p to approximately two years and classified as held-to-maturity. Held-to-maturit
y securities are carried at amortized cost, which the\plain\cf1\f51\fs16\ql Com
pany has determined approximates fair value as of December\~31, 2013 and 2012. F
air market value of U.S. treasury notes is measured on a recurring\plain\cf1\f51
\fs16\ql basis based on Level 1 inputs and fair market value of CDARS is measur
ed on a recurring basis based on Level 2 inputs (level inputs are described\plai
n\cf1\f51\fs16\ql below under \u8220?Fair Value Measurements\u8221?). The Compa
ny recognizes impairment charges on its investments in the consolidated statemen
t of\plain\cf1\f51\fs16\ql income and comprehensive income when management beli
eves the decline in the fair value of the investment is other-than-temporary. No
impairment\plain\cf1\f51\fs16\ql charges were recognized on the Company\u8217?
s investments for the years ended December\~31, 2013, 2012 and 2011.\par\pard\pl
ain\sb220\cf1\f51\fs16\b\ql Leasehold Improvements, Property and Equipment\par\p
ard\plain\sb66\fi462\cf1\f51\fs16\ql Leasehold improvements, property and equipm
ent are recorded at cost. Internal costs directly associated with the acquisitio
n, development and\plain\cf1\f51\fs16\ql construction of a restaurant are capit
alized and were $9,024, $10,038 and $9,616 for the years ended December\~31, 201
3, 2012 and 2011, respectively.\plain\cf1\f51\fs16\ql Expenditures for major re
newals and improvements are capitalized while expenditures for minor replacement
s, maintenance and repairs are expensed as\plain\cf1\f51\fs16\ql incurred. Depr
eciation is calculated using the straight-line method over the estimated useful
lives of the assets. Leasehold improvements are amortized\plain\cf1\f51\fs16\ql
over the shorter of the lease term, which generally includes reasonably assured
option periods, or the estimated useful lives of the assets. Upon retirement\pl
ain\cf1\f51\fs16\ql or disposal of assets, the accounts are relieved of cost an
d accumulated depreciation and the related gain or loss, if any, is reflected in
loss on disposal of\plain\cf1\f51\fs16\ql assets in the consolidated statement
of income and comprehensive income.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
At least annually, the Company evaluates, and adjusts when necessary, the estima
ted useful lives. The changes in estimated useful lives did not have\plain\cf1\f
51\fs16\ql a material impact on depreciation in any period. The estimated usefu
l lives are:\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Leasehold improvements and buildi
ngs\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 3-20\~years\cell\pard\plain\intbl\
cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Furniture and fixtures\cell\pard\
ard\plain\intbl\cf1\f51\fs16\qr 4-10\~years\cell\pard\plain\intbl\cf1\f51\fs16\q
l \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Equipment\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr 3-7 years\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
46\clvertalb\cellx9069\trrh206\row}}}\pard\plain\sb220\cf1\f51\fs16\b\ql Goodwil
l\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Goodwill represents the excess of co
st over fair value of net assets of the business acquired. Goodwill is not subje
ct to amortization, but instead is\plain\cf1\f51\fs16\ql tested for impairment
at least annually, and the Company is required to record any necessary impairmen
t adjustments. Impairment is measured as the\plain\cf1\f51\fs16\ql excess of th
e carrying value over the fair value of the goodwill. Based on the Company\u8217
?s analysis, no impairment charges were recognized on\plain\cf1\f51\fs16\ql goo
dwill for the years ended December\~31, 2013, 2012 and 2011.\par\pard\plain\cf1\
f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 46
1\fs16\b\ql Other Assets\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Other assets
consist primarily of restricted cash assets of $23,810 and $24,799 as of Decembe
r\~31, 2013 and 2012, respectively, a rabbi trust as\plain\cf1\f51\fs16\ql desc
ribed further in Note 6, transferable liquor licenses which are carried at the l
ower of fair value or cost, and a prepaid tax asset related to an\plain\cf1\f51\
fs16\ql intercompany transfer of international intellectual property. Restricte
d cash assets are primarily insurance related restricted trust assets.\par\pard\
plain\sb220\cf1\f51\fs16\b\ql Impairment of Long-Lived Assets\par\pard\plain\sb6
6\fi462\cf1\f51\fs16\ql Long-lived assets are reviewed for impairment whenever e
vents or changes in circumstances indicate that the carrying amount of an asset
may not\plain\cf1\f51\fs16\ql be recoverable. For the purpose of reviewing rest
aurant assets to be held and used for potential impairment, assets are grouped t
ogether at the market\plain\cf1\f51\fs16\ql level, or in the case of a potentia
l relocation or closure, at the restaurant level. The Company manages its restau
rants as a group with significant common\plain\cf1\f51\fs16\ql costs and promot
ional activities; as such, an individual restaurant\u8217?s cash flows are not g
enerally independent of the cash flows of others in a\plain\cf1\f51\fs16\ql mar
ket. Recoverability of assets to be held and used is measured by a comparison of
the carrying amount of an asset to the estimated undiscounted future\plain\cf1\
f51\fs16\ql cash flows expected to be generated by the asset. If the carrying a
mount of an asset exceeds its estimated future cash flows, an impairment charge
is\plain\cf1\f51\fs16\ql recognized as the amount by which the carrying amount
of the asset exceeds the fair value of the asset. During the years ended Decembe
r\~31, 2013, 2012\plain\cf1\f51\fs16\ql and 2011, an aggregate impairment charg
e of $1,220, $0 and $380, respectively, was recognized in loss on disposal of as
sets in the consolidated statement\plain\cf1\f51\fs16\ql of income and comprehe
nsive income. The impairment charges resulted primarily from potential restauran
t relocations or office closures. Fair value of the\plain\cf1\f51\fs16\ql resta
urants was determined using Level 3 inputs (as described below under \u8220?Fair
Value Measurements\u8221?) based on a discounted cash flows\plain\cf1\f51\fs16\
ql method through the estimated date of closure.\par\pard\plain\sb220\cf1\f51\f
s16\b\ql Income Taxes\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Company reco
gnizes deferred tax assets and liabilities at enacted income tax rates for the t
emporary differences between the financial reporting\plain\cf1\f51\fs16\ql base
s and the tax bases of its assets and liabilities. Any effects of changes in inc
ome tax rates or tax laws are included in the provision for income taxes\plain\c
f1\f51\fs16\ql in the period of enactment. The deferred income tax impacts of i
nvestment tax credits are recognized as an immediate adjustment to income tax ex
pense.\plain\cf1\f51\fs16\ql When it is more likely than not that a portion or
all of a deferred tax asset will not be realized in the future, the Company prov
ides a corresponding\plain\cf1\f51\fs16\ql valuation allowance against the defe
rred tax asset. When it is more likely than not that a position will be sustaine
d upon examination by a tax authority\plain\cf1\f51\fs16\ql that has full knowl
edge of all relevant information, the Company measures the amount of tax benefit
from the position and records the largest amount of\plain\cf1\f51\fs16\ql tax
benefit that is greater than 50% likely of being realized after settlement with
a tax authority. The Company\u8217?s policy is to recognize interest to\plain\cf
1\f51\fs16\ql be paid on an underpayment of income taxes in interest expense an
d any related statutory penalties in the provision for income taxes in the conso
lidated\plain\cf1\f51\fs16\ql statement of income and comprehensive income.\par
\pard\plain\sb220\cf1\f51\fs16\b\ql Restaurant Pre-Opening Costs\par\pard\plain\
sb66\fi462\cf1\f51\fs16\ql Pre-opening costs, including rent, wages, benefits an
d travel for the training and opening teams, food and other restaurant operating
costs, are\plain\cf1\f51\fs16\ql expensed as incurred prior to a restaurant op
ening for business.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Insurance Liability\p
ar\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Company maintains various insurance
policies including workers\u8217? compensation, employee health, general liabil
ity, automobile, and\plain\cf1\f51\fs16\ql property damage. Pursuant to these p
olicies, the Company is responsible for losses up to certain limits and is requi
red to estimate a liability that represents\plain\cf1\f51\fs16\ql the ultimate
exposure for aggregate losses below those limits. This liability is based on man
agement\u8217?s estimates of the ultimate costs to be incurred\plain\cf1\f51\fs1
6\ql to settle known claims and, where applicable, claims not reported as of th
e balance sheet date. The estimated liability is not discounted and is based on
a\plain\cf1\f51\fs16\ql number of assumptions and factors, including historical
trends, actuarial assumptions, and economic conditions. If actual trends differ
from the estimates,\plain\cf1\f51\fs16\ql the financial results could be impac
ted. As of December\~31, 2013 and 2012, $24,819 and $22,540, respectively, of th
e estimated liability was included in\plain\cf1\f51\fs16\ql accrued payroll and
benefits and $6,749 and $5,220, respectively, was included in accrued liabiliti
es in the consolidated balance sheet.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard
\plain\cf1\f51\fs16\qc 47
1\fs16\b\ql Advertising and Marketing Costs\par\pard\plain\sb66\fi462\cf1\f51\fs
16\ql Advertising and marketing costs are expensed as incurred and totaled $44,3
89, $34,999 and $31,902 for the years ended December\~31, 2013, 2012\plain\cf1\f
51\fs16\ql and 2011, respectively. Advertising and marketing costs are included
in other operating costs in the consolidated statement of income and comprehens
ive\plain\cf1\f51\fs16\ql income.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Rent\p
ar\pard\plain\sb66\fi462\cf1\f51\fs16\ql Rent expense for the Company\u8217?s le
ases, which generally have escalating rentals over the term of the lease, is rec
orded on a straight-line\plain\cf1\f51\fs16\ql basis over the lease term. The l
ease term is the lesser of 20 years inclusive of reasonably assured renewal peri
ods, or the lease term. The lease term\plain\cf1\f51\fs16\ql begins when the Co
mpany has the right to control the use of the property, which is typically befor
e rent payments are due under the lease. The difference\plain\cf1\f51\fs16\ql b
etween the rent expense and rent paid is recorded as deferred rent in the consol
idated balance sheet. Pre-opening rent is included in pre-opening costs in\plain
\cf1\f51\fs16\ql the consolidated income statement. Tenant incentives used to f
und leasehold improvements are recorded in deferred rent and amortized as reduct
ions of\plain\cf1\f51\fs16\ql rent expense over the term of the lease.\par\pard
\plain\sb132\fi462\cf1\f51\fs16\ql Additionally, certain of the Company\u8217?s
operating leases contain clauses that provide additional contingent rent based o
n a percentage of sales\plain\cf1\f51\fs16\ql greater than certain specified ta
rget amounts. The Company recognizes contingent rent expense provided the achiev
ement of that target is considered\plain\cf1\f51\fs16\ql probable.\par\pard\pla
in\sb220\cf1\f51\fs16\b\ql Fair Value of Financial Instruments\par\pard\plain\sb
66\fi462\cf1\f51\fs16\ql The carrying value of the Company\u8217?s cash and cash
equivalents, accounts receivable and accounts payable approximate fair value be
cause of\plain\cf1\f51\fs16\ql their short-term nature.\par\pard\plain\sb220\cf
1\f51\fs16\b\ql Fair Value Measurements\par\pard\plain\sb66\fi462\cf1\f51\fs16\q
l Financial Accounting Standards Board Accounting Standard Codification 820,\pla

in\cf1\f51\fs16\i\ql Fair Value of Measurements and Disclosures\plain\cf1\f51\f
s16\ql (\u8220?Topic\plain\cf1\f51\fs16\ql 820\u8221?) defines fair value base
d on the price that would be received to sell an asset or the exit price that wo
uld be paid to transfer a liability in an\plain\cf1\f51\fs16\ql orderly transac
tion between market participants at the measurement date. Topic 820 establishes
a fair value hierarchy that prioritizes observable and\plain\cf1\f51\fs16\ql un
observable inputs used to measure fair value. The fair value hierarchy consists
of three broad levels, which are described below:\par\pard\plain\li176\sb66\cf1\
f51\fs16\ql Level 1: Quoted prices in active markets for identical assets or lia
bilities that the entity has the ability to access.\par\pard\plain\li176\sb66\cf
1\f51\fs16\ql Level 2: Observable inputs other than prices included in Level 1,
such as quoted prices for similar assets and liabilities in active markets;\plai
n\cf1\f51\fs16\ql quoted prices for identical or similar assets and liabilities
in markets that are not active; or other inputs that are observable or can be\p
lain\cf1\f51\fs16\ql corroborated with observable market data.\par\pard\plain\l
i176\sb66\cf1\f51\fs16\ql Level 3: Unobservable inputs that are supported by lit
tle or no market activity and that are significant to the fair value of the asse
ts and\plain\cf1\f51\fs16\ql liabilities. This includes certain pricing models,
discounted cash flow methodologies and similar techniques that use significant
unobservable\plain\cf1\f51\fs16\ql inputs.\par\pard\plain\sb220\cf1\f51\fs16\b\
ql Foreign Currency Translation\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Co
mpany\u8217?s international operations generally use the local currency as the f
unctional currency. Assets and liabilities are translated at\plain\cf1\f51\fs16\
ql exchange rates in effect as of the balance sheet date. Income and expense ac
counts are translated at the average monthly exchange rates during the year.\pla
in\cf1\f51\fs16\ql Resulting translation adjustments are recorded as a separate
component of accumulated other comprehensive income in the consolidated stateme
nt of\plain\cf1\f51\fs16\ql shareholders\u8217? equity.\par\pard\plain\sb220\cf
1\f51\fs16\b\ql Concentrations of Credit Risk\par\pard\plain\sb66\fi462\cf1\f51\
fs16\ql Financial instruments that potentially subject the Company to concentrat
ions of credit risk consist primarily of cash and cash equivalents and\plain\cf1
\f51\fs16\ql investments. Approximately one third of the Company\u8217?s cash a
nd investment\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 4
8
1\fs16\ql balances are held at three financial institutions and are not federall
y backed or federally insured. Credit card transactions at the Company\u8217?s\p
lain\cf1\f51\fs16\ql restaurants are processed by four service providers, one e
ach for the United States, Canada, and England, and one for France and Germany.\
par\pard\plain\sb220\cf1\f51\fs16\b\ql Subsequent Events\par\pard\plain\sb66\fi4
62\cf1\f51\fs16\ql The Company evaluated subsequent events and transactions for
potential recognition or disclosure in the consolidated financial statements thr
ough\plain\cf1\f51\fs16\ql the date of issuance.\par\pard\plain\sb220\cf1\f51\f
s16\b\ql Recently Issued Accounting Standards\par\pard\plain\sb66\fi462\cf1\f51\
fs16\ql Effective January\~1, 2013, the Company adopted Accounting Standards Upd
ate (\u8220?ASU\u8221?) No.\~2013-02, \u8220?Reporting of Amounts\plain\cf1\f51\
fs16\ql Reclassified Out of Accumulated Other Comprehensive Income.\u8221? The
adoption of ASU 2013-02 concerns presentation and disclosure only and did\plain\
cf1\f51\fs16\ql not have an impact on the Company\u8217?s consolidated financia
l position or results of operations.\par\pard\plain\sb220\cf1\f51\fs16\b\ql 2. S
upplemental Financial Information\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Leas
ehold improvements, property and equipment were as follows:\par\pard\plain\cf1\f
51\fs13\ql \~
\par\pard\plain

cell{
51\fs13\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Land\cell\pard\plain\intbl\cf1\f5
1\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1
intbl\cf1\f51\fs16\qr 11,062\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Leasehold improvements and buildi
ngs\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,121,260\cell\pard\plain\intbl\cf
l\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 996,080\cell\pard\pla
in\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Furniture and fixtures\cell\pard\

\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Equipment\cell\pard\plain\intbl\c
\cell{
pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,490,
s16\qr 1,311,620\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Accumulated depreciation\cell\par
pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\
~963,238\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f5
1\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f
51\fs16\qr \~\~\~\~866,703\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
lb\cellx9795\clvertalc\cellx9932\trrh80\row}}}\pard\plain\sb132\fi462\cf1\f51\fs
16\ql Accrued liabilities were as follows:\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
cell{
51\fs13\ql \~\cell{
s13\b\qc 2012\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Gift card liability\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\
plain\intbl\cf1\f51\fs16\qr 31,508\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $
\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Transaction tax payable\cell\pard
\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other accrued expenses\cell\pard\
~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 20,186\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\~\cell{
pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\
~73,011\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51
\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\
f51\fs16\qr \~\~\~\~56,421\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
lb\cellx9809\clvertalc\cellx9932\trrh80\row}}}\pard\plain\cf1\f51\fs13\ql \~\par
\pard\plain\cf1\f51\fs16\qc 49
1\fs16\b\ql 3. Income Taxes\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The compon
ents of the provision for income taxes are as follows:\par\pard\plain\cf1\f51\fs
18\ql \~
\par\pard\plain
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Current tax:\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl
rd\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql U.S. Federal\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\i
ntbl\cf1\f51\fs16\qr 165,731\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 100,983\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql U.S. State\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\qr 39,136\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
d\plain\intbl\cf1\f51\fs16\qr 31,231\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
6\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Foreign\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\qr 63\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\i
\intbl\cf1\f51\fs16\qr 125\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
d\plain\intbl\cf1\f51\fs16\qr (6\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell{
6\qr 197,742\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf
cf1\f51\fs16\qr 122,825\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Deferred tax:\cell\pard\plain\int
bl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intb
l\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f5
1\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\q
l \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \
~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\p
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql U.S. Federal\cell\pard\plain\intb
intbl\cf1\f51\fs16\qr 5,238\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard

rd\plain\intbl\cf1\f51\fs16\qr (16,024\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 12,080\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql U.S. State\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\qr (3,105\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\p
cell\pard\plain\intbl\cf1\f51\fs16\qr (50\cell\pard\plain\intbl\cf1\f51\fs16\ql
)\~\cell{
\pard\plain\intbl\li572\fi-176\cf1\f51\fs16\ql Foreign\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\qr (1,330\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plai
ain\intbl\cf1\f51\fs16\qr (1,578\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\
l\pard\plain\intbl\cf1\f51\fs16\qr (711\cell\pard\plain\intbl\cf1\f51\fs16\ql )\
~\cell{
pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 803\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \
~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr
(19,615\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51
51\fs16\qr 11,319\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Valuation allowance\cell\pard\pla
\plain\intbl\cf1\f51\fs16\qr 1,300\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
cell\pard\plain\intbl\cf1\f51\fs16\qr 1,558\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 616\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\~\cell{
ard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cel
l\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~207,033\cell\pard\plain\intbl\cf1\f51
\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~179,685\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~1
34,760\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
llx10658\clvertalc\cellx10795\trrh80\row}}}\pard\plain\sb132\fi462\cf1\f51\fs16\
ql Actual taxes paid for each tax period were less than the current tax expense
due to the excess tax benefit on stock-based compensation of $38,379,\plain\cf1\
f51\fs16\ql $73,210, and $38,786 during the years ended December\~31 2013, 2012
, and 2011, respectively.\par\pard\plain\sb220\fi462\cf1\f51\fs16\ql The effecti
ve tax rate differs from the statutory tax rates as follows:\par\pard\plain\cf1\
f51\fs13\ql \~
\par\pard\plain
llx9077\clvertalc\cellx9297\clvertalb\cellx10106\clvertalc\cellx10262\clvertalc\
cellx10573\clvertalc\cellx10793\trrh-66
llx9077\clvertalc\cellx9297\clvertalb\cellx10106\clvertalc\cellx10262\clvertalc\
cellx10573\clvertalc\cellx10793\trrh-66\row}}}
cell\pard\plain\intbl\cf1\f51\fs13\b\qc Years\~ended\~December\~31\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\cell{
b\cellx9079\clvertalb\cellx9299\clvertalb\cellx10108\clbrdrb\brdrs\brdrcf1\clver
b\cellx9079\clvertalb\cellx9299\clvertalb\cellx10108\clbrdrb\brdrs\brdrcf1\clver
cfpat11\clcbpat11\cellx10106\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10262
\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10573\clvertalb\clshdng100\clcfpa
t11\clcbpat11\cellx10793\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Statutory U.S. federal income tax
rate\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 35.0\cell\pard\plain\intbl\cf1\f
51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 35.0\cell\pard\plain\intb
l\cf1\f51\fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\i
ntbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 35.0\cell\pard\pla
in\intbl\cf1\f51\fs16\ql %\~\cell{
t11\clcbpat11\cellx10793\trrh206\row}}}
vertalb\cellx9297\clvertalb\cellx10106\clvertalb\cellx10262\clvertalb\cellx10573
\clvertalb\cellx10793\trrh206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql State income tax, net of related
federal income tax benefit\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 4.2\cell\pa
l\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 4.1\
\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\
qr 4.1\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\clvertalb\cellx10793\trrh206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Federal credits\cell\pard\plain\i
in\intbl\cf1\f51\fs16\qr (0.5\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\par
ard\plain\intbl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\q
16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (0.8\cell\pard\plain\intbl\cf1\f5
1\fs16\ql )\~\cell{
\plain\intbl\cf1\f51\fs16\qr 0.4\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
ll\pard\plain\intbl\cf1\f51\fs16\qr 0.3\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 0.1\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Prior period adjustments\cell\par
\pard\plain\intbl\cf1\f51\fs16\qr (0.4\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr (0.1\cell\pard\plain\intbl\cf1\f51\fs16
llx9077\clvertalc\cellx9297\clvertalb\cellx10106\clvertalb\cellx10262\clvertalb\
cellx10573\clvertalc\cellx10793\trrh35
cellx10573\clvertalc\cellx10793\trrh35\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Effective income tax rates\cell\p
\f51\fs16\ql %\~\cell{
cellx10573\clvertalc\cellx10793\trrh80
cellx10573\clvertalc\cellx10793\trrh80\row}}}\pard\plain\sb198\fi462\cf1\f51\fs1
6\ql In January 2013, the United States Congress authorized, and the President s
igned into law, certain federal tax credits that were reflected in the\plain\cf1
\f51\fs16\ql Company\u8217?s U.S. tax return for 2012; however, since this law
was enacted in 2013, the financial statement benefit of such credits were reflec
ted in\plain\cf1\f51\fs16\ql 2013. The lack of availability of such credits cau
sed the 2012 effective tax rate to be approximately 0.7% higher than it would ha
ve been had the credits\plain\cf1\f51\fs16\ql been approved in 2012. Recognizin
g the 2012 credits during 2013 benefited the 2013 rate by 0.6%.\par\pard\plain\s
b198\fi462\cf1\f51\fs16\ql Deferred U.S. income taxes have not been recorded for
temporary differences related to investments in certain foreign subsidiaries. T
hese temporary\plain\cf1\f51\fs16\ql differences consisted primarily of undistr
ibuted earnings considered permanently invested in operations outside the U.S. D
etermination of the deferred\plain\cf1\f51\fs16\ql income tax liability on thes
e unremitted earnings is not practicable because such liability, if any, is depe
ndent on circumstances existing if and when\plain\cf1\f51\fs16\ql remittance oc
curs.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 50
cf1\f51\fs16\ql Deferred income tax liabilities are taxes the Company expects to
pay in future periods. Similarly, deferred income tax assets are recorded for\p
lain\cf1\f51\fs16\ql expected reductions in taxes payable in future periods. De
ferred income taxes arise because of the differences in the book and tax bases o
f certain assets\plain\cf1\f51\fs16\ql and liabilities. Deferred income tax lia
bilities and assets consist of the following:\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
cell{
51\fs13\ql \~\cell{
b\cellx10661\clvertalb\cellx10798\trrh172
b\cellx10661\clvertalb\cellx10798\trrh172\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Long-term deferred income tax lia
bility:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Leasehold improvements, property
and equipment\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\c
f1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 156,746\cell\pard\plain\i
in\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 136,040\cell\pa
rd\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Goodwill and other assets\cell\pa
fs16\ql \~\~\cell{
f1\f51\fs16\qr 1,591\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\
n\intbl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\c

ell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total long-term deferred income t
ax liability\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf
1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 159,683\cell\pard\plain\i
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Long-term deferred income tax ass
et:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql
pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\par
\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Gift card liability\cell\pard\pla
\plain\intbl\cf1\f51\fs16\qr 876\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
ll\pard\plain\intbl\cf1\f51\fs16\qr 480\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Capitalized transaction costs\cel
fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Stock-based compensation and othe
r employee benefits\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\i
rd\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 46,515\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Foreign net operating loss carryforwards\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 5,598\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,992\cell\pard\plai
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql State credits\cell\pard\plain\int
\intbl\cf1\f51\fs16\qr 1,300\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\par
ard\plain\intbl\cf1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\q
l \~\~\cell{
f1\f51\fs16\qr \u8212?\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
d\plain\intbl\cf1\f51\fs16\qr 72\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
{
cell\pard\plain\intbl\cf1\f51\fs16\qr (3,346\cell\pard\plain\intbl\cf1\f51\fs16\
ql )\~\cell{

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total long-term deferred income t
ax asset\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net long-term deferred income tax
liability\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 55,434\cell\pard\plain\intb
intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 48,947\cell\pard\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Current deferred income tax liabi
lity:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\q
ard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Prepaid assets and other\cell\par
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,086\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total current deferred income tax
liability\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,970\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,086\cell\pard\pl

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Current deferred income tax asset
:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~
plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Allowances, reserves and other\ce
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 10,433\cell\pard\plain\intbl\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Other employee benefits\cell\pard
pard\plain\intbl\cf1\f51\fs16\qr 4,267\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr 573\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell{
\plain\intbl\cf1\f51\fs16\qr (58\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\
l\pard\plain\intbl\cf1\f51\fs16\qr (58\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~
\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total current deferred income tax
asset\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Net current deferred income tax a
sset\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
ntbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total deferred income tax liabili
ty\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16
\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~42,222\cell\pard\plain\intbl
ntbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~40,085\cell
\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
llx10659\clvertalc\cellx10796\trrh80\row}}}\pard\plain\sb132\fi462\cf1\f51\fs16\
ql As of December\~31, 2013 and 2012, the Company had no unrecognized tax benefi
ts. There was no change in the amount of unrecognized tax\plain\cf1\f51\fs16\ql
benefits as a result of tax positions taken during the year or in prior periods
or due to settlements with taxing authorities or lapses of applicable statutes
of\plain\cf1\f51\fs16\ql limitations. The Company is open to federal and state
tax audits until the applicable statutes of limitations expire. Tax audits by th
eir very nature are often\plain\cf1\f51\fs16\ql complex and can require several
years to complete. The Company is no longer subject to U.S. federal tax examina
tions by tax authorities for tax years\plain\cf1\f51\fs16\ql before 2010. For t
he majority of states where the Company has a significant presence, it is no lon
ger subject to tax examinations by tax authorities for tax\plain\cf1\f51\fs16\ql
years before 2009. Some of the Company\u8217?s foreign net operating losses be
gin expiring in 2015.\par\pard\plain\sb286\cf1\f51\fs16\b\ql 4. Shareholders\u82
17? Equity\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Through December\~31, 2013,
the Company announced authorizations by its Board of Directors of the expenditu
re of up to $700 million to\plain\cf1\f51\fs16\ql repurchase shares of the Comp
any\u8217?s common stock. Under the remaining repurchase authorization, shares m
ay be purchased from time to time in\plain\cf1\f51\fs16\ql open market transact
ions, subject to market conditions.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\p
lain\cf1\f51\fs16\qc 51
cf1\f51\fs16\ql On November\~20, 2012 the Company entered into a privately negot
iated accelerated share repurchase transaction (\u8220?ASR\u8221?) to\plain\cf1\
f51\fs16\ql repurchase $25,000 of its common stock. The Company advanced $25,00
0 on November\~20, 2012 and received 65 shares, which represented 70% of the\pla
in\cf1\f51\fs16\ql total number of shares to be repurchased calculated using th

e closing price on November\~20, 2012. The agreement was settled in February 201
3, and the\plain\cf1\f51\fs16\ql Company received an additional 22 shares, resu
lting in a weighted-average price per share of $287.20 for the ASR.\par\pard\pla
in\sb132\fi462\cf1\f51\fs16\ql The shares of common stock repurchased under auth
orized programs, including the ASR, were 336, 686 and 220 for a total cost of $1
09,987,\plain\cf1\f51\fs16\ql $206,394 and $63,508 during 2013, 2012 and 2011,
respectively. As of December\~31, 2013, $90,202 was available to be repurchased
under the authorized\plain\cf1\f51\fs16\ql 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.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
During 2013 and 2012, shares of common stock were netted and surrendered as pay
ment for minimum statutory tax withholding obligations in\plain\cf1\f51\fs16\ql
connection with the vesting of outstanding stock awards. Shares surrendered by
the participants in accordance with the applicable award agreements and\plain\cf
1\f51\fs16\ql plan are deemed repurchased by the Company but are not part of pu
blicly announced share repurchase programs. In the year ended 2013, the\plain\cf
1\f51\fs16\ql Company\u8217?s repurchases in connection with such netting and s
urrender totaled 57 shares for a total cost of $28,916, and in the year ended 20
12,\plain\cf1\f51\fs16\ql totaled 28 shares for a total cost of $10,698.\par\pa
rd\plain\sb220\cf1\f51\fs16\b\ql 5. Stock Based Compensation\par\pard\plain\sb66
\fi462\cf1\f51\fs16\ql The Company issues shares pursuant to the Chipotle Mexica
n Grill, Inc. 2011 Stock Incentive Plan (the \u8220?2011 Incentive Plan\u8221?).
Shares\plain\cf1\f51\fs16\ql issued pursuant to awards granted prior to the 20
11 Incentive Plan were issued subject to previous stock plans. For purposes of c
ounting the shares\plain\cf1\f51\fs16\ql remaining available under the 2011 Inc
entive Plan, each share issuable pursuant to outstanding full value awards, such
as restricted stock units and\plain\cf1\f51\fs16\ql performance shares, will c
ount as two shares used, whereas each share underlying a stock appreciation righ
t or stock option will count as one share used.\plain\cf1\f51\fs16\ql Under the
2011 Incentive Plan, 3,360 shares of common stock have been authorized and rese
rved for issuances to eligible employees, of which 2,014\plain\cf1\f51\fs16\ql
represent shares that were authorized for issuance but not issued at December\~3
1, 2013. The 2011 Incentive Plan is administered by the Compensation\plain\cf1\f
51\fs16\ql Committee of the Board of Directors, which has the authority to sele
ct the individuals to whom awards will be granted, to determine the type of awar
ds\plain\cf1\f51\fs16\ql and when the awards are to be granted, the number of s
hares to be covered by each award, the vesting schedule and all other terms and
conditions of the\plain\cf1\f51\fs16\ql awards. The exercise price for stock aw
ards granted under the 2011 Incentive Plan cannot be less than fair market value
at the date of grant.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The Company gr
anted stock options prior to 2008, and has granted stock only stock appreciation
rights (\u8220?SOSARs\u8221?) since that time.\plain\cf1\f51\fs16\ql SOSARs ge
nerally vest equally over two and three years and expire after seven years. Stoc
k-based compensation expense is generally recognized on a\plain\cf1\f51\fs16\ql
straight-line basis for each separate vesting portion. Compensation expense rel
ated to employees eligible to retire and retain full rights to the awards is\pla
in\cf1\f51\fs16\ql recognized over six months which coincides with the notice p
eriod. Compensation expense on performance shares, which is based on the quantit
y of\plain\cf1\f51\fs16\ql awards the Company has determined are probable of ve
sting, is recognized over the longer of the estimated performance goal attainmen
t period or time\plain\cf1\f51\fs16\ql vesting period. Stock-based compensation
expense, including SOSARs and stock awards, was $64,781 ($39,465 net of tax) in
2013, $66,274 ($40,361 net\plain\cf1\f51\fs16\ql of tax) in 2012 and $42,965 (
$26,166 net of tax) in 2011. During the first quarter of 2012, the Company incre
ased its estimate of the number of\plain\cf1\f51\fs16\ql non-vested stock award
s subject to performance conditions that were probable of vesting, which resulte
d in a cumulative adjustment to expense of $5,578\plain\cf1\f51\fs16\ql ($3,397
net of tax and $0.11 impact to basic and diluted earnings per share for 2012).
For the years ended December\~31, 2013, 2012 and 2011, $1,124,\plain\cf1\f51\fs1
6\ql $1,998 and $1,583, respectively, of stock-based compensation expense was r

ecognized as capitalized development and is included in leasehold\plain\cf1\f51\
fs16\ql improvements, property and equipment in the consolidated balance sheet.
\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 52
cf1\f51\fs16\ql The tables below summarize the option and SOSAR activity under t
he stock incentive plans (in thousands, except years and per share data):\par\pa
\par\pard\plain
s13\b\qc 2012\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc 2011\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\cell{
vertalb\cellx9369\clvertalb\cellx9506\clvertalb\cellx9689\clbrdrb\brdrs\brdrcf1\
clvertalb\cellx10669\clvertalb\cellx10792\trrh688
cell\pard\plain\intbl\cf1\f51\fs13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs1

s13\b\qc Weighted\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Average
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Exercise
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Price\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\pl
ain\intbl\cf1\f51\fs13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Wei
ghted\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Average
ain\intbl\cf1\f51\fs13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Wei
ghted\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Average
intbl\cf1\f51\fs13\ql \~\cell{
clvertalb\cellx10669\clvertalb\cellx10792\trrh688\row}}}
11\clcbpat11\cellx10666\clvertalb\clshdng100\clcfpat11\clcbpat11\cellx10789\trrh
206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Outstanding, beginning of year\ce
~\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~1,449\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 274.92\cell\pard\plain\i
ntbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\p
lain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~1,48
\qr 157.07\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\qr \~\~\~\~1,451\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pa
ard\plain\intbl\cf1\f51\fs16\qr 82.56\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
\cell{
206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Granted\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\qr 672\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain
l\pard\plain\intbl\cf1\f51\fs16\qr 617\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 587\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 268.73\cell\pard\plai
206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Exercised\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr (369\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plai
n\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\pla
in\intbl\cf1\f51\fs16\qr 176.23\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
ell\pard\plain\intbl\cf1\f51\fs16\qr (592\cell\pard\plain\intbl\cf1\f51\fs16\ql
)\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 80.31\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (536\cell\pard\plain\intbl
\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\in
tbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 76.78\cell\pard\plai
206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Forfeited\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr (62\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain
ll\pard\plain\intbl\cf1\f51\fs16\qr (62\cell\pard\plain\intbl\cf1\f51\fs16\ql )\
f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (16\cell\pard\plain\intbl\c
f1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
l\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 173.05\cell\pard\plain
llx5898\clvertalb\cellx6021\clvertalb\cellx6211\clvertalb\cellx6421\clvertalb\ce
ellx10666\clvertalb\cellx10789\trrh35
n\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\~\cell\pard\plain\
intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\~\cell\pard\plain\intbl\cf1\
f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\
f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\f0\f
~\cell{
ellx10666\clvertalb\cellx10789\trrh35\row}}}
206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Outstanding, end of year\cell\par
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~312.44\cell\pard\plain\intbl\c
f1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\i
d\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~27
4.92\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
1\fs16\qr 1,486\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intb
l\cf1\f51\fs16\qr \~\~\~\~157.07\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
{
206\row}}}
~\cell{
ellx10666\clvertalb\cellx10789\trrh80\row}}}\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
3\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51
\fs13\b\qc Weighted\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Average
ain\intbl\cf1\f51\fs13\b\qc Weighted\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Average
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Remaining
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Years of
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Contractual
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Life\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\pla
in\intbl\cf1\f51\fs13\b\qc Aggregate
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Intrinsic Value\cell\p
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Outstanding as of December\~31, 2
6\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~1,690\cell\pard\plain\intb
l\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plai
n\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~312.44\c
\qr \~\~\~\~5.1\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\in
tbl\cf1\f51\fs16\qr \~\~\~\~372,475\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\c
ell{
}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Vested and expected to vest as of
December\~31, 2013\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\i
ain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\p
ard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 312.04\c
\qr 5.1\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51
\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\
f51\fs16\qr 363,561\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Exercisable as of December\~31, 2
1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 210.85\cell\pard\plain\int
bl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\pla
in\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 3.8\cell\pard\
plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell
\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 83,019
\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
}\pard\plain\sb132\fi462\cf1\f51\fs16\ql The SOSARs granted during 2013 include
191 SOSARs that contain performance conditions. The total intrinsic value of opt
ions and SOSARs\plain\cf1\f51\fs16\ql exercised during the years ended December
\~31, 2013, 2012 and 2011 was $91,178, $183,097 and $113,752. Unearned compensat
ion as of December\~31,\plain\cf1\f51\fs16\ql 2013 was $31,912 for SOSAR awards

, and is expected to be recognized over a weighted average period of 1.3 years.\
par\pard\plain\sb132\fi462\cf1\f51\fs16\ql A summary of non-vested stock award a
ctivity under the stock incentive plans is as follows (in thousands, except per
share data):\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
clvertalb\cellx10670\clvertalb\cellx10793\trrh344
s13\b\qc Grant\~Date
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Fair Value\cell\pard\p
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pa
rd\plain\intbl\cf1\f51\fs13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
c Grant\~Date
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pa
rd\plain\intbl\cf1\f51\fs13\b\qc Shares\cell\pard\plain\intbl\cf1\f51\fs13\ql \~
c Grant\~Date
lain\intbl\cf1\f51\fs13\ql \~\cell{
clvertalb\cellx10670\clvertalb\cellx10793\trrh344\row}}}
206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Outstanding, beginning of year\ce
~\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~120\cell\pard\plain\intbl\cf1\f5
1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~218.34\cell\pard\p
lain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\
pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~
\~207\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\f
s13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\
fs16\qr \~\~\~\~153.40\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plai
plain\intbl\cf1\f51\fs16\qr \~\~\~\~205\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~148.22\cell\pard\plain\intbl\c
206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Granted\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\qr 68\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\i
\pard\plain\intbl\cf1\f51\fs16\qr 1\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\c
ell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\
cell\pard\plain\intbl\cf1\f51\fs16\qr 401.56\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 6\cell\pard\plain\intbl\cf1\f5
1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 272.28\cell\pard\plain\int
206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Vested\cell\pard\plain\intbl\cf1\
cf1\f51\fs16\qr (117\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\i
\pard\plain\intbl\cf1\f51\fs16\qr (83\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\
\cell\pard\plain\intbl\cf1\f51\fs16\qr 55.92\cell\pard\plain\intbl\cf1\f51\fs16\
\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (3\cell\pard\plain\intbl\cf1\f

51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf
1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 87.36\cell\pard\plain\intb
206\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Forfeited\cell\pard\plain\intbl\c
bl\cf1\f51\fs16\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\pl
lain\intbl\cf1\f51\fs16\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell
cell\pard\plain\intbl\cf1\f51\fs16\qr (5\cell\pard\plain\intbl\cf1\f51\fs16\ql )
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr 267.23\cell\pard\plain\intbl\cf1\f51\f
\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr (1\cell\pard\plain\intbl\c
f1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intb
l\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 53.36\cell\pard\plain\

~\cell{
ellx10667\clvertalb\cellx10790\trrh35\row}}}
206
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Outstanding, end of year\cell\par
\pard\plain\intbl\cf1\f51\fs16\qr 71\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
\cell\pard\plain\intbl\cf1\f51\fs16\qr 520.27\cell\pard\plain\intbl\cf1\f51\fs16
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 120\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 218.34\cell\pard\plain\
intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 207\cell\pa
l\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 153.4
0\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
206\row}}}
~\cell{
ellx10667\clvertalb\cellx10790\trrh80\row}}}\pard\plain\sb132\fi462\cf1\f51\fs16
\ql At December\~31, 2013, 66 of the outstanding non-vested stock awards were su
bject to both service and performance vesting conditions. The\plain\cf1\f51\fs16
\ql quantity of shares that ultimately vest is determined based on the cumulati
ve cash flow from operations reached during the three year period ending on\plai
n\cf1\f51\fs16\ql September\~30, 2016. If the cumulative cash flow from operati
ons during the three year period does not reach a specified level, no shares wil
l vest.\plain\cf1\f51\fs16\ql Unearned compensation as of December\~31, 2013 wa
s $26,357 for non-vested stock awards the Company has determined are probable of
vesting, and is\plain\cf1\f51\fs16\ql expected to be recognized over a weighte
d average period of 2.7 years. The fair value of shares earned as of the vesting
date during the year ended\plain\cf1\f51\fs16\ql December\~31, 2013, 2012, and
2011 was $58,941, $31,309, and $961, respectively.\par\pard\plain\sb132\fi462\c
f1\f51\fs16\ql The following table reflects the average assumptions utilized in
the Black-Scholes option-pricing model to value SOSAR awards granted for each\pl
ain\cf1\f51\fs16\ql year:\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Risk-free interest rate\cell\pard
pard\plain\intbl\cf1\f51\fs16\qr 0.5\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\c
\cell\pard\plain\intbl\cf1\f51\fs16\qr 0.4\cell\pard\plain\intbl\cf1\f51\fs16\ql
%\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16
s16\ql %\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Expected life (years)\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\qr 3.4\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
cell\pard\plain\intbl\cf1\f51\fs16\qr 3.4\cell\pard\plain\intbl\cf1\f51\fs16\ql
s16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Expected dividend yield\cell\pard
pard\plain\intbl\cf1\f51\fs16\qr 0.0\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\c
\cell\pard\plain\intbl\cf1\f51\fs16\qr 0.0\cell\pard\plain\intbl\cf1\f51\fs16\ql
%\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16
s16\ql %\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Volatility\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\qr 35.4\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\pard\pla
lain\intbl\cf1\f51\fs16\qr 39.1\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~\cell\p
\pard\plain\intbl\cf1\f51\fs16\qr 51.0\cell\pard\plain\intbl\cf1\f51\fs16\ql %\~
\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Weighted-average Black-Scholes fa
ir value per share at date of grant\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\c
ell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\
~\~\~82.51\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1
\f51\fs16\qr \~\~\~\~104.97\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\par
d\plain\intbl\cf1\f51\fs16\qr \~\~\~\~101.91\cell\pard\plain\intbl\cf1\f51\fs16\
ql \~\~\cell{
1\clcbpat11\cellx10793\trrh206\row}}}\pard\plain\cf1\f51\fs13\ql \~\par\pard\pla
in\cf1\f51\fs16\qc 53
cf1\f51\fs16\ql The Company has not paid dividends to date and does not plan to
pay dividends in the near future. The risk-free interest rate is based upon U.S.
\plain\cf1\f51\fs16\ql Treasury rates for instruments with similar terms. The v
olatility assumption was based on our historical data and implied volatility, an
d the expected life\plain\cf1\f51\fs16\ql assumptions were based on our histori
cal data.\par\pard\plain\sb286\cf1\f51\fs16\b\ql 6. Employee Benefit Plans\par\p
ard\plain\sb66\fi462\cf1\f51\fs16\ql The Company maintains the Chipotle Mexican
Grill 401(k) plan (the \u8220?401(k) Plan\u8221?). The Company matches 100% of t
he first 3% of\plain\cf1\f51\fs16\ql pay contributed by each eligible employee
and 50% on the next 2% of pay contributed. Employees become eligible to receive
matching contributions after\plain\cf1\f51\fs16\ql one year of service with the
Company. For the years ended December\~31, 2013, 2012, and 2011, Company matchi
ng contributions totaled approximately\plain\cf1\f51\fs16\ql $2,644, $2,431 and
$2,039, respectively.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql In 2012, the C
ompany began offering an employee stock purchase plan (\u8220?ESPP\u8221?). Unde
r the ESPP, 250 shares of common stock have\plain\cf1\f51\fs16\ql been authoriz
ed and reserved for issuances to eligible employees. Employees become eligible t
o contribute after one year of service with the Company\plain\cf1\f51\fs16\ql a
nd may contribute up to 15% of their base earnings, subject to an annual maximum
dollar amount, toward the monthly purchase of the\plain\cf1\f51\fs16\ql Compan
y\u8217?s common stock. During the year ended 2013 there were 1 shares issued un
der the ESPP, and during the year ended 2012 there were 1\plain\cf1\f51\fs16\ql
shares issued under the ESPP.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql The Co
mpany also maintains the Chipotle Mexican Grill, Inc. Supplemental Deferred Inve
stment Plan (the \u8220?Deferred Plan\u8221?) which\plain\cf1\f51\fs16\ql cover
s eligible employees of the Company. The Deferred Plan is a non-qualified plan t
hat allows participants to make tax-deferred contributions that\plain\cf1\f51\fs
16\ql cannot be made under the 401(k) Plan because of Internal Revenue Service
limitations. Participants\u8217? earnings on contributions made to the Deferred\
plain\cf1\f51\fs16\ql Plan fluctuate with the actual earnings and losses of a v
ariety of available investment choices selected by the participant. Total liabil
ities under the\plain\cf1\f51\fs16\ql Deferred Plan as of December\~31, 2013 an
d 2012 were $13,397 and $10,037, respectively, and are included in other long-te
rm liabilities in the\plain\cf1\f51\fs16\ql consolidated balance sheet. The Com
pany matches 100% of the first 3% of pay contributed by each eligible employee a
nd 50% on the next 2% of pay\plain\cf1\f51\fs16\ql contributed once the 401(k)
contribution limits are reached. For the years ended December\~31, 2013, 2012, a
nd 2011, the Company made deferred\plain\cf1\f51\fs16\ql compensation matches o
f $201, $213 and $179 respectively, to the Deferred Plan.\par\pard\plain\sb132\f
i462\cf1\f51\fs16\ql Prior to the first quarter of 2012, the Deferred Plan was u
nfunded, with all earnings and losses recorded in general and administrative exp
enses in\plain\cf1\f51\fs16\ql the consolidated statement of income and compreh
ensive income. The total expense recognized related to the unfunded portion of t
he Deferred Plan\plain\cf1\f51\fs16\ql including the matching contributions was
$487 and $20 for the years ended December\~31, 2012, and 2011, respectively. Du
ring the first quarter of 2012,\plain\cf1\f51\fs16\ql the Company elected to fu
nd its deferred compensation obligations through a rabbi trust. The rabbi trust
is subject to creditor claims in the event of\plain\cf1\f51\fs16\ql insolvency,
but the assets held in the rabbi trust are not available for general corporate
purposes. Amounts in the rabbi trust are invested in mutual funds,\plain\cf1\f51
\fs16\ql as selected by participants, which are designated as trading securitie

s and carried at fair value, and are included in other assets in the consolidate
d balance\plain\cf1\f51\fs16\ql sheet. Fair value of mutual funds is measured u
sing Level 1 inputs (quoted prices for identical assets in active markets), and
the fair value of the\plain\cf1\f51\fs16\ql investments in the rabbi trust was
$13,397 and $10,037 as of December\~31, 2013 and 2012, respectively. The Company
records trading gains and losses in\plain\cf1\f51\fs16\ql general and administ
rative expenses in the consolidated statement of income and comprehensive income
, along with the offsetting amount related to the\plain\cf1\f51\fs16\ql increas
e or decrease in deferred compensation to reflect its exposure of the Deferred P
lan liability. The Company recorded $722 and $240 of unrealized\plain\cf1\f51\fs
16\ql gains on investments held in the rabbi trust during twelve months ended D
ecember\~31, 2013 and 2012, respectively.\par\pard\plain\sb286\cf1\f51\fs16\b\ql
7. Leases\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Company generally opera
tes its restaurants in leased premises. Lease terms for traditional shopping cen
ter or building leases generally include\plain\cf1\f51\fs16\ql combined initial
and option terms of 20-25\~years. Ground leases generally include combined init
ial and option terms of 30-40\~years. The option terms in\plain\cf1\f51\fs16\ql
each of these leases are typically in five-year increments. Typically, the leas
e includes rent escalation terms every five years including fixed rent\plain\cf1
\f51\fs16\ql escalations, escalations based on inflation indexes, and fair mark
et value adjustments. Certain leases contain contingent rental provisions based
upon the\plain\cf1\f51\fs16\ql sales of the underlying restaurants. The leases
generally provide for the payment of common area maintenance, property taxes, in
surance and various other\plain\cf1\f51\fs16\ql use and occupancy costs by the
Company. In addition,\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\f
s16\qc 54
1\fs16\ql the Company is the lessee under non-cancelable leases covering certain
offices.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Future minimum lease paymen
ts required under existing operating leases as of December\~31, 2013 are as foll
ows:\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
cbpat11\cellx9933\trrh206
1\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1
\f51\fs16\qr 185,866\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
cbpat11\cellx9933\trrh206\row}}}
1\f51\fs16\qr 189,474\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Thereafter\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\qr 1,908,169\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total minimum lease payments\cell
ell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~2,856,522\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\~\cell{
lb\cellx9810\clvertalc\cellx9933\trrh80\row}}}\pard\plain\sb132\fi462\cf1\f51\fs
16\ql Minimum lease payments have not been reduced by minimum sublease rentals o
f $6,355 due in the future under non-cancelable subleases.\par\pard\plain\sb132\
fi462\cf1\f51\fs16\ql Rental expense consists of the following:\par\pard\plain\c
f1\f51\fs13\ql \~
\par\pard\plain
cell\pard\plain\intbl\cf1\f51\fs13\b\qc For the years ended December\~31\cell\pa
rd\plain\intbl\cf1\f51\fs13\ql \~\cell{
lvertalb\cellx9795\clvertalb\cellx9932\trrh172
lvertalb\cellx9795\clvertalb\cellx9932\trrh172\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Minimum rentals\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plai
n\intbl\cf1\f51\fs16\qr \~\~\~\~178,395\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~152,935\cell\pard\plain\intbl\
tbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~130,827\cell
\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Contingent rentals\cell\pard\plai
n\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\p
lain\intbl\cf1\f51\fs16\qr 2,719\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cel
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,754\cell\pard\plain\intbl\cf1\f51\f
s16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Sublease rental income\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pa
rd\plain\intbl\cf1\f51\fs16\qr (1,726\cell\pard\plain\intbl\cf1\f51\fs16\ql )\~\
\cell\pard\plain\intbl\cf1\f51\fs16\qr (1,623\cell\pard\plain\intbl\cf1\f51\fs16
s16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr (1,390\cell\pard\plain\intbl\cf1\
pat11\clcbpat11\cellx9929\trrh206\row}}}\pard\plain\sb132\fi462\cf1\f51\fs16\ql
The Company has six sales and leaseback transactions. These transactions do not
qualify for sale leaseback accounting because of the\plain\cf1\f51\fs16\ql Comp
any\u8217?s deemed continuing involvement with the buyer-lessor due to fixed pri
ce renewal options, which results in the transaction being\plain\cf1\f51\fs16\ql
recorded under the financing method. Under the financing method, the assets re
main on the consolidated balance sheet and the proceeds from the\plain\cf1\f51\f
s16\ql transactions are recorded as a financing liability. A portion of lease p
ayments are applied as payments of deemed principal and imputed interest. The\pl
ain\cf1\f51\fs16\ql deemed landlord financing liability was $3,386 and $3,529 a
s of December\~31, 2013, and 2012, respectively, with the current portion of the
liability\plain\cf1\f51\fs16\ql included in accrued liabilities, and the remai

ning portion included in other liabilities in the consolidated balance sheet.\pa
r\pard\plain\sb286\cf1\f51\fs16\b\ql 8. Earnings Per Share\par\pard\plain\sb66\f
i462\cf1\f51\fs16\ql Basic earnings per share is calculated by dividing income a
vailable to common shareholders by the weighted-average number of shares of comm
on\plain\cf1\f51\fs16\ql stock outstanding during each period. Diluted earnings
per share (\u8220?diluted EPS\u8221?) is calculated using income available to c
ommon\plain\cf1\f51\fs16\ql shareholders divided by diluted weighted-average sh
ares of common stock outstanding during each period. Potentially dilutive securi
ties include shares of\plain\cf1\f51\fs16\ql common stock underlying stock opti
ons, SOSARs and non-vested stock awards (collectively \u8220?stock awards\u8221?
). Diluted EPS considers the\plain\cf1\f51\fs16\ql impact of potentially diluti
ve securities except in periods in which there is a loss because the inclusion o
f the potential common shares would have an\plain\cf1\f51\fs16\ql anti-dilutive
effect. Stock awards of 393, 360 and 240 were excluded from the calculation of
2013, 2012 and 2011 diluted EPS, respectively, because they\plain\cf1\f51\fs16\q
l were anti-dilutive. In addition, 381, 449 and 224 stock awards subject to per
formance conditions were excluded from the 2013, 2012 and 2011\plain\cf1\f51\fs1
6\ql calculations of diluted EPS. The following table sets forth the computatio
ns of basic and diluted earnings per share:\par\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
cell\pard\plain\intbl\cf1\f51\fs13\b\qc Year ended December\~31\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\cell{
bl\cf1\f51\fs16\qr \~\~\~\~327,438\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $
\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~278,000\cell\pard\plain\intbl\cf1
\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\int
bl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~214,945\cell\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Shares:\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\f
\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~
\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Weighted average number of common
shares outstanding\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\i
lain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\
16\qr 31,217\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Dilutive stock awards\cell\pard\p
rd\plain\intbl\cf1\f51\fs16\qr 324\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\ce
~\cell\pard\plain\intbl\cf1\f51\fs16\qr 270\cell\pard\plain\intbl\cf1\f51\fs16\q
l \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 558\cell\pard\plain\intbl\cf1\f
51\fs16\ql \~\~\cell{
\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\ce
ll\pard\plain\intbl\cf1\f51\fs1\ql \~\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Diluted weighted average number o
f common shares outstanding\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard
\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 31,281\cel
r 31,783\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f5
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Basic earnings per share\cell\par
ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 8.82\cell\pard\plain\intbl\cf1\f51\fs
f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 6.89\cell\pard\plain\intbl\c
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Diluted earnings per share\cell\p
l\pard\plain\intbl\cf1\f51\fs16\qr 10.47\cell\pard\plain\intbl\cf1\f51\fs16\ql \
~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
6\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 8.75\cell\pard\plain\intbl\cf1\f51\

1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 6.76\cell\pard\plain\intbl
llx10672\clvertalc\cellx10795\trrh80\row}}}\pard\plain\cf1\f51\fs13\ql \~\par\pa
rd\plain\cf1\f51\fs16\qc 55
1\fs16\b\ql 9. Commitments and Contingencies\par\pard\plain\sb66\cf1\f51\fs16\i\
ql Purchase Obligations\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Company en
ters into various purchase obligations in the ordinary course of business, gener
ally of short term nature. Those that are binding\plain\cf1\f51\fs16\ql primari
ly relate to commitments for food purchases and supplies, amounts owed under con
tractor and subcontractor agreements, orders submitted for\plain\cf1\f51\fs16\ql
equipment for restaurants under construction, and marketing initiatives and co
rporate sponsorships.\par\pard\plain\sb220\cf1\f51\fs16\i\ql Litigation\par\pard
\plain\li88\sb66\cf1\f51\fs16\i\ql Notices of Inspection of Work Authorization D
ocuments and Related Civil and Criminal Investigations\par\pard\plain\sb66\fi462
\cf1\f51\fs16\ql Following an inspection during 2010 by the U.S. Department of H
omeland Security, or DHS, of the work authorization documents of the\plain\cf1\f
51\fs16\ql Company\u8217?s restaurant employees in Minnesota, the Immigration a
nd Customs Enforcement arm of DHS, or ICE, issued to the Company a Notice\plain\
cf1\f51\fs16\ql of Suspect Documents identifying a large number of employees wh
o, according to ICE and notwithstanding the Company\u8217?s review of work\plain
\cf1\f51\fs16\ql authorization documents for each employee at the time they wer
e hired, appeared not to be authorized to work in the U.S. The Company approache
d each\plain\cf1\f51\fs16\ql of the named employees to explain ICE\u8217?s dete
rmination and afforded each employee an opportunity to confirm the validity of t
heir original work\plain\cf1\f51\fs16\ql eligibility documents, or provide vali
d work eligibility documents. Employees who were unable to provide valid work el
igibility documents were\plain\cf1\f51\fs16\ql terminated in accordance with th
e law. In December 2010, the Company was also requested by DHS to provide the wo
rk authorization documents of\plain\cf1\f51\fs16\ql restaurant employees in the
District of Columbia and Virginia, and the Company provided the requested docum
ents in January 2011. The Company has\plain\cf1\f51\fs16\ql subsequently receiv
ed requests from the office of the U.S. Attorney for the District of Columbia fo
r work authorization documents covering all of the\plain\cf1\f51\fs16\ql Compan
y\u8217?s employees since 2007, plus employee lists and other documents concerni
ng work authorization. The Company believes its practices\plain\cf1\f51\fs16\ql
with regard to the work authorization of its employees, including the review an
d retention of work authorization documents, are in compliance with\plain\cf1\f5
1\fs16\ql applicable law. However, the termination of large numbers of employee
s in a short period of time does disrupt restaurant operations and results in a\
plain\cf1\f51\fs16\ql temporary increase in labor costs as new employees are tr
ained.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql In May 2012, the U.S. Securiti
es and Exchange Commission notified the Company that it is conducting a civil in
vestigation of the\plain\cf1\f51\fs16\ql Company\u8217?s compliance with employ
ee work authorization verification requirements and its related disclosures and
statements, and the office of the\plain\cf1\f51\fs16\ql U.S. Attorney for the D
istrict of Columbia advised the Company that its investigation has broadened to
include a parallel criminal and civil investigation\plain\cf1\f51\fs16\ql of th
e Company\u8217?s compliance with federal securities laws. The Company intends t
o continue to fully cooperate in the government\u8217?s\plain\cf1\f51\fs16\ql i
nvestigations. It is not possible at this time to determine whether the Company
will incur, or to reasonably estimate the amount of, any fines, penalties or\pla
in\cf1\f51\fs16\ql further liabilities in connection with these matters.\par\pa
rd\plain\li88\sb220\cf1\f51\fs16\i\ql Shareholder Derivative Actions\par\pard\pl
ain\sb66\fi462\cf1\f51\fs16\ql On July\~12, 2012, Ralph B. Richey filed a shareh
older derivative action in the U.S. District Court for the District of Colorado
alleging that the\plain\cf1\f51\fs16\ql members of the Company\u8217?s Board of
Directors breached their fiduciary duties in connection with employee work auth
orization compliance matters.\plain\cf1\f51\fs16\ql On September\~21, 2012, Joa
nne Nelson filed a shareholder derivative action in the same court alleging that
the members of the Company\u8217?s Board\plain\cf1\f51\fs16\ql of Directors an
d the Company\u8217?s Chief Financial Officer breached their fiduciary duties, c
aused waste of corporate assets, and were unjustly\plain\cf1\f51\fs16\ql enrich
ed in connection with employee work authorization compliance matters, as well as
in connection with the Company\u8217?s alleged failure to\plain\cf1\f51\fs16\ql
disclose material information about the Company\u8217?s business results and p
rospects, and in connection with compensation paid to some of the\plain\cf1\f51\
fs16\ql Company\u8217?s officers. On October\~4, 2012, Francis Schmitz filed a
shareholder derivative action in the same court, making allegations substantiall
y\plain\cf1\f51\fs16\ql the same as those in the Nelson complaint. Each of thes
e actions purports to state a claim for damages on behalf of the Company, and is
based on\plain\cf1\f51\fs16\ql statements in the Company\u8217?s SEC filings a
nd related public disclosures, as well as media reports and Company records, in
part regarding the\plain\cf1\f51\fs16\ql matters described above under \u8220?\
u8212?\plain\cf1\f51\fs16\i\ql Notices of Inspection of Work Authorization Docu
ments and Related Civil and Criminal\plain\cf1\f51\fs16\i\ql Investigations\pla
in\cf1\f51\fs16\ql .\u8221?\~On January\~17, 2013, these three shareholder deri
vative actions were consolidated by the court\par\pard\plain\cf1\f51\fs13\ql \~\
par\pard\plain\cf1\f51\fs16\qc 56
1\fs16\ql and will proceed as a single action. On March\~20, 2013, an amended an
d consolidated complaint for the cases was filed by plaintiff Saleem Mohammed.\p
lain\cf1\f51\fs16\ql On May\~22, 2013, the Company filed a motion to dismiss th
e consolidated cases, and a ruling on the motion remains pending. The Company ha
s agreed\plain\cf1\f51\fs16\ql to a proposed settlement of the consolidated cas
es the terms of which are subject to court approval and ratification by the Comp
any\u8217?s Board of\plain\cf1\f51\fs16\ql Directors. Under the proposed settle
ment agreement, the Company would pay the plaintiffs\u8217? attorneys\u8217? fee
s which have been accrued and\plain\cf1\f51\fs16\ql agree to put in place addit
ional oversight procedures related to employee work authorization compliance. In
the event the settlement is not approved, the\plain\cf1\f51\fs16\ql Company in
tends to continue to defend the cases vigorously, but it would not be possible a
t this time to reasonably estimate the outcome of or any\plain\cf1\f51\fs16\ql

potential liability from these cases.\par\pard\plain\li88\sb220\cf1\f51\fs16\i\q
l Miscellaneous\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The Company is involve
d in various other claims and legal actions that arise in the ordinary course of
business. The Company does not believe that\plain\cf1\f51\fs16\ql the ultimate
resolution of these actions will have a material adverse effect on the Company\
u8217?s financial position, results of operations, liquidity or\plain\cf1\f51\fs
16\ql capital resources. However, a significant increase in the number of these
claims, or one or more successful claims under which the Company incurs\plain\c
f1\f51\fs16\ql greater liabilities than the Company currently anticipates, coul
d materially and adversely affect the Company\u8217?s business, financial condit
ion, results\plain\cf1\f51\fs16\ql of operations and cash flows.\par\pard\plain
\sb220\cf1\f51\fs16\b\ql 10. Quarterly Financial Data (Unaudited)\par\pard\plain
\sb66\fi462\cf1\f51\fs16\ql Summarized unaudited quarterly financial data:\par\p
ard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
ql \~\cell{
n\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs13\b\qc \~\~\~\~June\~30\~\~\~\~\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl
\cf1\f51\fs13\b\qc \~\~\~\~September\~30\~\~\~\~\cell\pard\plain\intbl\cf1\f51\f
s13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f
51\fs13\b\qc \~\~\~\~December\~31\~\~\~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\cell{
cf1\f51\fs16\qr \~\~\~\~726,751\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\
pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\ce
ll\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~816,786\cell\pard\plain\intbl\cf1\f5
1\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\
cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~826,907\cell\par
d\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\ce
ll\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~
\~\~844,147\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell{
}
in\intbl\cf1\f51\fs16\qr 120,044\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
$\cell\pard\plain\intbl\cf1\f51\fs16\qr 83,379\cell\pard\plain\intbl\cf1\f51\fs
f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 79,622\cell\pard\plain\intbl
}
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.84\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f
51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.70\cell\pard\plain\intbl\cf
1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\in
tbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.57\cell\pard\plain
l\pard\plain\intbl\cf1\f51\fs16\qr 2.45\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.82\cell\pard\plain\intbl\cf1\f51\f
\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.66\cell\pard\plain\intbl\
cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\
intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.53\cell\pard\pla
}
ql \~\cell{
cell\pard\plain\intbl\cf1\f51\fs13\b\qc March\~31\cell\pard\plain\intbl\cf1\f51\
fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\
f51\fs13\b\qc June\~30\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\
intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc September\~30
\~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc December\~31\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\cell{
cf1\f51\fs16\qr 640,603\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\pla

in\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\
plain\intbl\cf1\f51\fs16\qr 690,932\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\c
f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 699,161\cell\pard\plain\intb
}
in\intbl\cf1\f51\fs16\qr 102,224\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell
f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 61,353\cell\pard\plain\intbl
}
l $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.58\cell\pard\plain\intbl\cf1\f51\fs1
6\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f
51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.28\cell\pard\plain\intbl\cf
1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\in
tbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1.96\cell\pard\plain
l\pard\plain\intbl\cf1\f51\fs16\qr 1.97\cell\pard\plain\intbl\cf1\f51\fs16\ql \~
\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.56\cell\pard\plain\intbl\cf1\f51\f
\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 2.27\cell\pard\plain\intbl\
cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\
intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr 1.95\cell\pard\pla
}\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 57
_12}{\*\bkmkend item_1_3_12}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~9.\cell{\*\bkmkstart tx629534_12}{\*\b
kmkend tx629534_12}\pard\plain\intbl\cf1\f51\fs16\b\ql CHANGES IN AND DISAGREEME
NTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE\cell{
None.\par\pard\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_13}{\*\bkmkend it
em_1_3_13}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~9A.\cell{\*\bkmkstart tx629534_13}{\*\
bkmkend tx629534_13}\pard\plain\intbl\cf1\f51\fs16\b\ql CONTROLS AND PROCEDURES\
cell{
We maintain disclosure controls and procedures (as defined in Rule\~13a-15(e)\~
promulgated under the Securities Exchange Act of 1934, as amended\plain\cf1\f51\
fs16\ql (the \u8220?Exchange Act\u8221?)) that are designed to ensure that info
rmation required to be disclosed in Exchange Act reports is recorded, processed,
\plain\cf1\f51\fs16\ql summarized and reported within the time periods specifie
d in the Securities and Exchange Commission\u8217?s rules\~and forms, and that s
uch information\plain\cf1\f51\fs16\ql is accumulated and communicated to our ma
nagement, including our co-Chief Executive Officers and Chief Financial Officer,
as appropriate, to allow\plain\cf1\f51\fs16\ql timely decisions regarding requ
ired disclosure.\par\pard\plain\sb220\cf1\f51\fs16\b\ql Evaluation of Disclosure
Controls and Procedures\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql As of Decembe
r\~31, 2013, we carried out an evaluation, under the supervision and with the pa
rticipation of our management, including our\plain\cf1\f51\fs16\ql co-Chief Exe
cutive Officers and Chief Financial Officer, of the effectiveness of the design
and operation of our disclosure controls and procedures. Based\plain\cf1\f51\fs1
6\ql on the foregoing, our co-Chief Executive Officers and Chief Financial Offi
cer concluded that our disclosure controls and procedures were effective as of\p
lain\cf1\f51\fs16\ql the end of the period covered by this annual report.\par\p
ard\plain\sb220\cf1\f51\fs16\b\ql Changes in Internal Control over Financial Rep
orting\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql There were no changes during th
e fiscal quarter ended December\~31, 2013 in our internal control over financial
reporting (as defined in\plain\cf1\f51\fs16\ql Rule\~13a-15(f)\~under the Exch
ange Act) that have materially affected or are reasonably likely to materially a
ffect our internal control over financial\plain\cf1\f51\fs16\ql reporting\plain
\cf1\f51\fs16\b\i\ql .\par\pard\plain\sb220\cf1\f51\fs16\b\ql Management\u8217?
s Annual Report on Internal Control over Financial Reporting\par\pard\plain\sb66
\fi462\cf1\f51\fs16\ql The management of Chipotle Mexican Grill, Inc. is respons
ible for establishing and maintaining adequate internal control over financial r
eporting.\plain\cf1\f51\fs16\ql Our internal control over financial reporting i
s a process designed to provide reasonable assurance regarding the reliability o
f financial reporting and the\plain\cf1\f51\fs16\ql preparation of financial st
atements for external purposes in accordance with accounting principles generall
y accepted in the United States of America. Our\plain\cf1\f51\fs16\ql internal
control over financial reporting includes those policies and procedures that (i)
\~pertain to the maintenance of records that, in reasonable detail,\plain\cf1\f5
1\fs16\ql accurately and fairly reflect the transactions and dispositions of ou
r assets; (ii)\~provide reasonable assurance that transactions are recorded as n

ecessary to\plain\cf1\f51\fs16\ql permit preparation of financial statements in
accordance with accounting principles generally accepted in the United States o
f America, and that our\plain\cf1\f51\fs16\ql receipts and expenditures are bei
ng made only in accordance with authorizations of our management and directors;
and (iii)\~provide reasonable assurance\plain\cf1\f51\fs16\ql regarding prevent
ion or timely detection of unauthorized acquisition, use, or disposition of asse
ts that could have a material effect on our financial\plain\cf1\f51\fs16\ql sta
tements.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql Because of its inherent limi
tations, internal control over financial reporting may not prevent or detect mis
statements. Also, projections of any\plain\cf1\f51\fs16\ql evaluation of effect
iveness to future periods are subject to the risk that controls may become inade
quate because of changes in conditions, or that the\plain\cf1\f51\fs16\ql degre
e of compliance with the policies or procedures may deteriorate.\par\pard\plain\
sb132\fi462\cf1\f51\fs16\ql Management assessed the effectiveness of our interna
l control over financial reporting as of December\~31, 2013, based on the framew
ork set forth\plain\cf1\f51\fs16\ql by the Committee of Sponsoring Organization
s of the Treadway Commission in Internal Control\u8212?Integrated Framework (199
2). Based on that\plain\cf1\f51\fs16\ql assessment, management concluded that,
as of December\~31, 2013, our internal control over financial reporting was effe
ctive based on the criteria\plain\cf1\f51\fs16\ql established in Internal Contr
ol\u8212?Integrated Framework (1992).\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql
Our independent registered public accounting firm, Ernst\~& Young LLP, has issu
ed an attestation report on the effectiveness of our internal control\plain\cf1\
f51\fs16\ql over financial reporting as of December\~31, 2013. This report foll
ows.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 58
1\fs16\b\qc Report of Independent Registered Public Accounting Firm\par\pard\pla
in\sb132\cf1\f51\fs16\b\ql The Board of Directors and Shareholders of\par\pard\p
lain\cf1\f51\fs16\b\ql Chipotle Mexican Grill, Inc.\par\pard\plain\sb66\fi462\cf
1\f51\fs16\ql We have audited Chipotle Mexican Grill, Inc.\u8217?s (the \u8220?C
ompany\u8221?) internal control over financial reporting as of December\~31,\pla
in\cf1\f51\fs16\ql 2013, based on criteria established in Internal Control-Inte
grated Framework issued by the Committee of Sponsoring Organizations of the Trea
dway\plain\cf1\f51\fs16\ql Commission (1992 framework) (the COSO criteria). The
Company\u8217?s management is responsible for maintaining effective internal co
ntrol over\plain\cf1\f51\fs16\ql financial reporting, and for its assessment of
the effectiveness of internal control over financial reporting included in the
accompanying\plain\cf1\f51\fs16\ql Management\u8217?s Annual Report on Internal
Control Over Financial Reporting. Our responsibility is to express an opinion o
n the Company\u8217?s\plain\cf1\f51\fs16\ql internal control over financial rep
orting based on our audit.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We conduct
ed our audit in accordance with the standards of the Public Company Accounting O
versight Board (United States). Those standards\plain\cf1\f51\fs16\ql require t
hat we plan and perform the audit to obtain reasonable assurance about whether e
ffective internal control over financial reporting was maintained\plain\cf1\f51\
fs16\ql in all material respects. Our audit included obtaining an understanding
of internal control over financial reporting, assessing the risk that a materia
l\plain\cf1\f51\fs16\ql weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and perf
orming such other\plain\cf1\f51\fs16\ql procedures as we considered necessary i
n the circumstances. We believe that our audit provides a reasonable basis for o
ur opinion.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql A company\u8217?s interna
l control over financial reporting is a process designed to provide reasonable a
ssurance regarding the reliability of\plain\cf1\f51\fs16\ql financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A\plain\cf1\f51\fs16\ql company
\u8217?s internal control over financial reporting includes those policies and p
rocedures that (1)\~pertain to the maintenance of records that, in\plain\cf1\f51

\fs16\ql reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2)\~provide reasonable assurance tha
t\plain\cf1\f51\fs16\ql transactions are recorded as necessary to permit prepar
ation of financial statements in accordance with generally accepted accounting p
rinciples, and that\plain\cf1\f51\fs16\ql receipts and expenditures of the comp
any are being made only in accordance with authorizations of management and dire
ctors of the company; and\plain\cf1\f51\fs16\ql (3)\~provide reasonable assuran
ce regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company\u8217?s assets\plain\cf1\f51\fs16\ql that could hav
e a material effect on the financial statements.\par\pard\plain\sb132\fi462\cf1\
f51\fs16\ql Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any\pla
in\cf1\f51\fs16\ql evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in conditions,
or that the\plain\cf1\f51\fs16\ql degree of compliance with the policies or pro
cedures may deteriorate.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql In our opini
on, Chipotle Mexican Grill, Inc. maintained, in all material respects, effective
internal control over financial reporting as of\plain\cf1\f51\fs16\ql December
\~31, 2013, based on the COSO criteria.\par\pard\plain\sb132\fi462\cf1\f51\fs16\
ql We also have audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the consolidated\plain\cf1\f51\fs16\
ql balance sheets of Chipotle Mexican Grill, Inc. as of December\~31, 2013 and
2012, and the related consolidated statements of income and comprehensive\plain\
cf1\f51\fs16\ql income, shareholders\u8217? equity, and cash flows for each of\
~the three years in the period ended December\~31, 2013, and our report dated Fe
bruary\~4,\plain\cf1\f51\fs16\ql 2014 expressed an unqualified opinion thereon.
\par\pard\plain\li1188\sb66\cf1\f51\fs16\ql /s/ Ernst\~& Young LLP\par\pard\plai
n\sb66\cf1\f51\fs16\ql Denver, Colorado\par\pard\plain\cf1\f51\fs16\ql February\
~4, 2014\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 59
_14}{\*\bkmkend item_1_3_14}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~9B.\cell{\*\bkmkstart tx629534_14}{\*\
bkmkend tx629534_14}\pard\plain\intbl\cf1\f51\fs16\b\ql OTHER INFORMATION\cell{
None.{\*\bkmkstart part_1_2_4}{\*\bkmkend part_1_2_4}\par\pard\plain\sb132\cf1\
f51\fs16\b\qc PART III\par\pard\plain\cf1\f51\fs13\ql \~{\*\bkmkstart item_1_3_1
5}{\*\bkmkend item_1_3_15}
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\b\ql ITEM\~10.\cell{\*\bkmkstart tx629534_15}{\*\
bkmkend tx629534_15}\pard\plain\intbl\cf1\f51\fs16\b\ql DIRECTORS, EXECUTIVE OFF
ICERS AND CORPORATE GOVERNANCE\cell{
Incorporated by reference from the definitive proxy statement for our 2014 annu
al meeting of shareholders, which will be filed no later than\plain\cf1\f51\fs16
\ql 120\~days after December\~31, 2013.\par\pard\plain\cf1\f51\fs21\ql \~{\*\bk
mkstart item_1_3_16}{\*\bkmkend item_1_3_16}
\par\pard\plain
bkmkend tx629534_16}\pard\plain\intbl\cf1\f51\fs16\b\ql EXECUTIVE COMPENSATION\c
ell{
\ql 120\~days after December\~31, 2013.\par\pard\plain\cf1\f51\fs21\ql \~{\*\bk

mkstart item_1_3_17}{\*\bkmkend item_1_3_17}
\par\pard\plain
bkmkend tx629534_17}\pard\plain\intbl\cf1\f51\fs16\b\ql SECURITY OWNERSHIP OF CE
RTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER\plain\intbl\cf1\f
51\fs16\b\ql MATTERS\cell{
{\trowd\cellx1080\cellx10800\trrh413\row}}}\pard\plain\sb66\cf1\f51\fs16\b\i\ql
Securities Authorized for Issuance Under Equity Compensation Plans\par\pard\plai
n\sb66\fi462\cf1\f51\fs16\ql The following table presents information regarding
options and rights outstanding under our equity compensation plans as of Decembe
r\~31, 2013.\plain\cf1\f51\fs16\ql All options/SOSARs reflected are options to
purchase common stock.\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
cell\pard\plain\intbl\cf1\f51\fs13\b\qc (a)
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Number\~of\~Securities
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc to be Issued Upon
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Exercise\~of\~Outstand
ing
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Options and Rights\pla
in\intbl\cf1\f51\fs11\b\qc\super (1)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
ell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\q
c (b)
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Weighted-Average
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Exercise Price of
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Outstanding\~Options\~
and
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Rights\plain\intbl\cf1
\f51\fs11\b\qc\super (1)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc (c)
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Number\~of\~Securities
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Remaining\~Available\~
for
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Future Issuance Under
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc Equity\~Compensation\~
Plans
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc (excluding securities
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs13\b\qc reflected in column (a
))\plain\intbl\cf1\f51\fs11\b\qc\super (2)\cell\pard\plain\intbl\cf1\f51\fs13\q
l \~\cell{
{\trowd\clvertalc\cellx2892\clvertalc\cellx5427\clvertalc\cellx8039\clvertalc\ce
llx10798\trrh-66
llx10798\trrh-66\row}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Equity Compensation Plans Appro
ved\plain\intbl\cf1\f51\fs16\b\ql by Security Holders:\cell\pard\plain\intbl\cf
l\cf1\f51\fs16\qr 1,760,851\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\p
ard\plain\intbl\cf1\f51\fs16\qr 312.44\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\
ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,262,454\cell\pard\plain\intbl\cf1\
f51\fs16\ql \~\~\cell{
llx10798\trrh-66
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Equity Compensation Plans Not\p
lain\intbl\cf1\f51\fs16\b\ql Approved by Security Holders:\cell\pard\plain\intb
intbl\cf1\f51\fs16\qr None.\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard
pard\plain\intbl\cf1\f51\fs16\qr N/A\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\
\~\cell\pard\plain\intbl\cf1\f51\fs16\qr None.\cell\pard\plain\intbl\cf1\f51\fs
16\ql \~\~\cell{
llx10798\trrh-66
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\b\ql Total\cell\pard\plain\intbl\cf1
\cf1\f51\fs16\qr 1,760,851\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pa
rd\plain\intbl\cf1\f51\fs16\qr 312.44\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~
l \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 2,262,454\cell\pard\plain\intbl\cf1\f
51\fs16\ql \~\~\cell{
1\clcbpat11\cellx10793\trrh206\row}}}\pard\plain\brdrb\brdrs\sa22\cf1\f51\fs20\q
l \~
\par\pard\plain
udes shares issuable in connection with performance shares, which will be issued
based on achievement of performance criteria associated with\plain\intbl\cf1\f5
1\fs16\ql the awards, with the number of shares issuable dependent on our level
of performance. The weighted-average exercise price in column (b)\~includes\pla
in\intbl\cf1\f51\fs16\ql the weighted-average exercise price of stock options a
nd SOSARs only.\cell{
\pard\plain
udes 2,013,854 shares remaining available under the Chipotle Mexican Grill, Inc.
2011 Stock Incentive Plan, and 248,600 shares remaining\plain\intbl\cf1\f51\fs1
6\ql available under the Chipotle Mexican Grill, Inc. Employee Stock Purchase P
lan. In addition to being available for future issuance upon exercise of\plain\i
ntbl\cf1\f51\fs16\ql SOSARs or stock options that may be granted after December
\~31, 2013, all of the shares available for grant under the Chipotle Mexican Gri
ll, Inc.\plain\intbl\cf1\f51\fs16\ql 2011 Stock Incentive Plan may instead be i
ssued in the form of restricted stock, restricted stock units, performance share
s or other equity-based\plain\intbl\cf1\f51\fs16\ql awards. Each share underlyi
ng a full value award such as restricted stock, restricted stock units or perfor
mance shares counts as two shares used\plain\intbl\cf1\f51\fs16\ql against the
total number of securities authorized under the plan.\cell{
{\trowd\cellx432\cellx10800\trrh1237\row}}}\pard\plain\sb198\fi462\cf1\f51\fs16\
ql Additional information for this item is incorporated by reference from the de
finitive proxy statement for our 2014 annual meeting of shareholders,\plain\cf1\

f51\fs16\ql which will be filed no later than 120\~days after December\~31, 201
3.\par\pard\plain\cf1\f51\fs21\ql \~{\*\bkmkstart item_1_3_18}{\*\bkmkend item_1
_3_18}
\par\pard\plain
bkmkend tx629534_18}\pard\plain\intbl\cf1\f51\fs16\b\ql CERTAIN RELATIONSHIPS AN
D RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE\cell{
{\trowd\cellx1080\cellx10604\trrh206\row}}}\pard\plain\sb66\fi462\cf1\f51\fs16\q
l Incorporated by reference from the definitive proxy statement for our 2014 ann
ual meeting of shareholders, which will be filed no later than\plain\cf1\f51\fs1
6\ql 120\~days after December\~31, 2013.\par\pard\plain\cf1\f51\fs13\ql \~\par\
pard\plain\cf1\f51\fs16\qc 60
_19}{\*\bkmkend item_1_3_19}
\par\pard\plain
bkmkend tx629534_19}\pard\plain\intbl\cf1\f51\fs16\b\ql PRINCIPAL ACCOUNTING FEE
S AND SERVICES\cell{
\ql 120\~days after December\~31, 2013.\par\pard\plain\cf1\f51\fs13\ql \~\par\p
ard\plain\cf1\f51\fs16\qc 61
_5}{\*\bkmkend part_1_2_5}\par\pard\plain\cf1\f51\fs16\b\qc PART IV\par\pard\pla
in\cf1\f51\fs13\ql \~{\*\bkmkstart item_1_3_20}{\*\bkmkend item_1_3_20}
\par\pard\plain
bkmkend tx629534_20}\pard\plain\intbl\cf1\f51\fs16\b\ql EXHIBITS, FINANCIAL STAT
EMENT SCHEDULES\cell{
{\trowd\cellx1080\cellx8570\trrh206\row}}}\pard\plain\sb66\cf1\f51\fs16\b\ql 1.
All Financial statements\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql Consolidated
financial statements filed as part of this report are listed under Item\~8. \u82
20?Financial Statements and Supplementary Data.\u8221?\par\pard\plain\sb220\cf1\
f51\fs16\b\ql 2. Financial statement schedules\par\pard\plain\sb66\fi462\cf1\f51
\fs16\ql No schedules are required because either the required information is no
t present or is not present in amounts sufficient to require submission of the\p
lain\cf1\f51\fs16\ql schedule, or because the information required is included
in the consolidated financial statements or the notes thereto.\par\pard\plain\sb
220\cf1\f51\fs16\b\ql 3. Exhibits\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql The
exhibits listed on the accompanying Exhibit Index are filed or incorporated by r
eference as part of this report.\par\pard\plain\cf1\f51\fs13\ql \~\par\pard\plai
n\cf1\f51\fs16\qc 62
_6}{\*\bkmkend part_1_2_6}{\*\bkmkstart tx629534_21}{\*\bkmkend tx629534_21}\par
\pard\plain\cf1\f51\fs16\b\qc SIGNATURES\par\pard\plain\sb132\fi462\cf1\f51\fs16
\ql Pursuant to the requirements of Section\~13 or 15(d) of the Securities Excha
nge Act of 1934, the registrant has duly caused this report to be signed\plain\c
f1\f51\fs16\ql on its behalf by the undersigned, thereunto duly authorized.\par
\pard\plain\cf1\f51\fs13\ql \~
\par\pard\plain
{\trowd\clvertalc\cellx430\clvertalb\cellx716\clvertalc\cellx4319\trrh-66\row}}}
{\trowd\cellx4320\trrh206
\pard\plain\intbl\cf1\f51\fs16\ql CHIPOTLE MEXICAN GRILL, INC.\cell{
{\trowd\cellx4320\trrh206\row}}}
\pard\plain\intbl\cf1\f51\fs16\ql By:\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c
ell\pard\plain\intbl\cf1\f51\fs16\qc /s/\~\~\~\~J\plain\intbl\cf1\f51\fs11\qc OH
N\plain\intbl\cf1\f51\fs16\qc R. H\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc ARTU
NG\~\~\~\~\~\~\~\~\cell{
{\trowd\cellx430\clvertalb\cellx716\clvertalb\cellx4319\trrh172
\pard\plain\intbl\cf1\f51\fs13\b\ql Name:\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc John R. Hartung\cell{
{\trowd\cellx430\clvertalb\cellx716\clvertalb\cellx4319\trrh172\row}}}
\pard\plain\intbl\cf1\f51\fs13\b\ql Title:\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Chief Financial Officer\cell{
{\trowd\cellx430\clvertalb\cellx716\clvertalb\cellx4319\trrh172\row}}}\pard\plai
n\sb132\cf1\f51\fs16\ql Date: February\~4, 2014\par\pard\plain\sb132\fi462\cf1\f
51\fs16\ql KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Steve Ells, Montgomery\plain\cf1\f51\fs16
\ql Moran and John Hartung, and each of them, his or her true and lawful attorn
eys-in-fact, each with full power of substitution, for him or her in any and\pla
in\cf1\f51\fs16\ql all capacities, to sign any amendments to this report on For
m\~10-K and to file the same, with exhibits thereto and other documents in conne
ction\plain\cf1\f51\fs16\ql therewith, with the Securities and Exchange Commiss
ion, hereby ratifying and confirming all that each of said attorneys-in-fact or
their substitute or\plain\cf1\f51\fs16\ql substitutes may do or cause to be don
e by virtue hereof. Pursuant to the requirements of the Securities Exchange Act
of 1934, this report has been signed\plain\cf1\f51\fs16\ql below by the followi
ng persons on behalf of the registrant and in the capacities and on the dates in
dicated.\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
{\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4017\clvertalb\cellx4146\clbrdrb\br
drs\brdrcf1\clvertalb\cellx5787\clvertalb\cellx6024\clbrdrb\brdrs\brdrcf1\clvert
alb\cellx10797\trrh189
\pard\plain\intbl\cf1\f51\fs13\b\qc Signature\cell\pard\plain\intbl\cf1\f51\fs13
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Date\cell\pard\plain\intbl\cf1\
f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\b\qc Title\cell{
{\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4017\clvertalb\cellx4146\clbrdrb\br
drs\brdrcf1\clvertalb\cellx5787\clvertalb\cellx6024\clbrdrb\brdrs\brdrcf1\clvert
alb\cellx10797\trrh189\row}}}
{\trowd\cellx4017\clvertalb\cellx4146\cellx5787\clvertalb\cellx6024\cellx10797\t
rrh434
\pard\plain\intbl\cf1\f51\fs16\qc /\plain\intbl\cf1\f51\fs11\qc S\plain\intbl\cf
1\f51\fs16\qc /\~\~\~\~S\plain\intbl\cf1\f51\fs11\qc TEVE\plain\intbl\cf1\f51\fs
16\qc E\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc LLS\~\~\~\~\~\~\~\~\par\pard\pl

ain\intbl\cf1\f51\fs13\b\qc Steve Ells\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\
~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\cell\pard\plain\intbl
\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Co-Chief\
~Executive\~Officer\~and\~Chairman of the Board of Directors
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs16\ql (principal executive off
icer)\cell{
rrh434\row}}}
}}}
rrh434
1\f51\fs16\qc /\~\~\~\~M\plain\intbl\cf1\f51\fs11\qc ONTGOMERY\plain\intbl\cf1\f
51\fs16\qc \~F.\~M\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc ORAN\~\~ \~\~\~\~\~\~
\par\pard\plain\intbl\cf1\f51\fs13\b\qc Montgomery F. Moran\cell\pard\plain\intb
l\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\
cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf1\
f51\fs16\ql Co-Chief Executive Officer
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs16\ql (principal executive off
icer)\cell{
rrh434\row}}}
}}}
rrh434
1\f51\fs16\qc /\~\~\~\~J\plain\intbl\cf1\f51\fs11\qc OHN\plain\intbl\cf1\f51\fs1
6\qc R. H\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc ARTUNG\~\~\~\~\~\~\~\~\par\pa
rd\plain\intbl\cf1\f51\fs13\b\qc John R. Hartung\cell\pard\plain\intbl\cf1\f51\f
s13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\cell\pard\p
lain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql
Chief Financial Officer
\par\pard\plain\intbl\fs16\plain\intbl\cf1\f51\fs16\ql (principal financial and
accounting officer)\cell{
rrh434\row}}}
}}}
rrh434
1\f51\fs16\qc /\~\~\~\~A\plain\intbl\cf1\f51\fs11\qc LBERT\plain\intbl\cf1\f51\f
s16\qc S. B\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc ALDOCCHI\~\~\~\~\~\~\~\~\pa
r\pard\plain\intbl\cf1\f51\fs13\b\qc Albert S. Baldocchi\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf1\f51
\fs16\ql Director\cell{
rrh434\row}}}
}}}
rrh434
6\qc \~S.\~C\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc HARLESWORTH\~\~ \~\~\~\~\~\
~\par\pard\plain\intbl\cf1\f51\fs13\b\qc John S. Charlesworth\cell\pard\plain\in
tbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~201
4\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf
1\f51\fs16\ql Director\cell{
rrh434\row}}}
}}}
rrh434
1\f51\fs16\qc /\~\~\~\~N\plain\intbl\cf1\f51\fs11\qc EIL\plain\intbl\cf1\f51\fs1
6\qc W. F\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc LANZRAICH\~\~\~\~\~\~\~\~\par
\pard\plain\intbl\cf1\f51\fs13\b\qc Neil W. Flanzraich\cell\pard\plain\intbl\cf1
\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\cell\
pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf1\f51\f
s16\ql Director\cell{
rrh434\row}}}
}}}
rrh434
1\f51\fs16\qc /\~\~\~\~P\plain\intbl\cf1\f51\fs11\qc ATRICK\plain\intbl\cf1\f51\
fs16\qc J. F\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc LYNN\~\~\~\~\~\~\~\~\par\p
ard\plain\intbl\cf1\f51\fs13\b\qc Patrick J. Flynn\cell\pard\plain\intbl\cf1\f51
\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\
ql Director\cell{
rrh434\row}}}
}}}
rrh434
1\f51\fs16\qc /\~\~\~\~D\plain\intbl\cf1\f51\fs11\qc ARLENE\plain\intbl\cf1\f51\
fs16\qc J. F\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc RIEDMAN\~\~\~\~\~\~\~\~\pa
r\pard\plain\intbl\cf1\f51\fs13\b\qc Darlene J. Friedman\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~4,\~2014\cel

rrh434\row}}}
}}}
rrh400
\pard\plain\intbl\brdrb\brdrs\cf1\f51\fs13\b\qc \~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~
\~ \~\~\~\~\~\~\~\~\par\pard\plain\intbl\cf1\f51\fs13\b\qc Jeffrey B. Kindler\ce
ll\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cel
rrh400\row}}}
}}}
rrh434
\pard\plain\intbl\cf1\f51\fs16\qc /s/\~\~\~\~K\plain\intbl\cf1\f51\fs11\qc IMBAL
\plain\intbl\cf1\f51\fs16\qc M\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc USK\~\~\
~\~\~\~\~\~\par\pard\plain\intbl\cf1\f51\fs13\b\qc Kimbal Musk\cell\pard\plain\i
ntbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qr February\~3,\~20
14\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\li176\fi-176\c
f1\f51\fs16\ql Director\cell{
rrh434\row}}}\pard\plain\cf1\f51\fs13\ql \~\par\pard\plain\cf1\f51\fs16\qc 63
_7}{\*\bkmkend part_1_2_7}\par\pard\plain\cf1\f51\fs16\b\qc EXHIBIT INDEX\par\pa
\par\pard\plain
{\trowd\clvertalc\cellx993\clvertalb\cellx1411\clvertalc\cellx10799\trrh-66\row}
}}
{\trowd\clvertalb\cellx993\clvertalb\cellx1411\clbrdrb\brdrs\brdrcf1\clvertalb\c
ellx10799\trrh383
\pard\plain\intbl\cf1\f51\fs13\b\ql Exhibit
\par\pard\plain\intbl\fs16\plain\intbl\brdrb\brdrs\cf1\f51\fs13\b\ql Number\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\b\ql
Description of Exhibit\cell{
{\trowd\clvertalb\cellx993\clvertalb\cellx1411\clbrdrb\brdrs\brdrcf1\clvertalb\c
ellx10799\trrh383\row}}}
\pard\plain\intbl\cf1\f51\fs16\ql \~\~3.1\cell\pard\plain\intbl\cf1\f51\fs13\ql
\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Amended and Restated Certificate of I
ncorporation.\plain\intbl\cf1\f51\fs11\ql\super (1)\cell{
\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Certificate of Amendment of Amended a
nd Restated Certificate of Incorporation of Chipotle Mexican Grill, Inc.\plain\i
ntbl\cf1\f51\fs11\ql\super (2)\cell{
\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Amended and Restated Bylaws.\plain\in
tbl\cf1\f51\fs11\ql\super (3)\cell{
\~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form\~of Stock Certificate for Shares
of Common Stock.\plain\intbl\cf1\f51\fs11\ql\super (4)\cell{
\pard\plain\intbl\cf1\f51\fs16\ql 10.1\u8224?\cell\pard\plain\intbl\cf1\f51\fs13
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Amended and Restated Chipotle Mex
ican Grill, Inc. 2006 Cash Incentive Plan.\plain\intbl\cf1\f51\fs11\ql\super (5)
\cell{
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Amended and Restated Chipotle Mex
ican Grill, Inc. 2006 Stock Incentive Plan.\plain\intbl\cf1\f51\fs11\ql\super (6
)\cell{
\pard\plain\intbl\cf1\f51\fs16\ql 10.2.1\u8224?\cell\pard\plain\intbl\cf1\f51\fs
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of 2007 Stock Option Agree
ment.\plain\intbl\cf1\f51\fs11\ql\super (7)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of 2008 Stock Appreciation
Rights Agreement.\plain\intbl\cf1\f51\fs11\ql\super (8)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of 2011 Performance-Based
Stock Appreciation Rights Agreement.\plain\intbl\cf1\f51\fs11\ql\super (6)\cell{
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Chipotle Mexican Grill, Inc. 2011
Stock Incentive Plan.\plain\intbl\cf1\f51\fs11\ql\super (10)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of Board Restricted Stock
Units Agreement.\plain\intbl\cf1\f51\fs11\ql\super (11)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of Performance Share Agree
ment.\plain\intbl\cf1\f51\fs11\ql\super (5)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of Stock Appreciation Righ
ts Agreement.\plain\intbl\cf1\f51\fs11\ql\super (12)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of Performance-Based Stock
Appreciation Rights Agreement.\plain\intbl\cf1\f51\fs11\ql\super (12)\cell{
13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Amendment No. 1 to Chipotle Mex
ican Grill, Inc. 2011 Stock Incentive Plan.\plain\intbl\cf1\f51\fs11\ql\super (4
)\cell{
\pard\plain\intbl\cf1\f51\fs16\ql 10.4\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Amended and Restated Registration Rights
Agreement dated January 31, 2006 among Chipotle Mexican Grill, Inc.,\plain\intb
l\cf1\f51\fs16\ql McDonald\u8217?s Corporation and certain shareholders.\plain\
intbl\cf1\f51\fs11\ql\super (13)\cell{
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Board Pay Policies.\plain\intbl\c
f1\f51\fs11\ql\super (14)\cell{
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Chipotle Mexican Grill, Inc. Supp
lemental Deferred Investment Plan.\plain\intbl\cf1\f51\fs11\ql\super (7)\cell{
ican Grill, Inc. Supplemental Deferred Investment Plan.\plain\intbl\cf1\f51\fs11
\ql\super (15)\cell{
ican Grill, Inc. Supplemental Deferred Investment Plan.\plain\intbl\cf1\f51\fs11
\ql\super (16)\cell{
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Form of Director and Officer Inde
mnification Agreement.\plain\intbl\cf1\f51\fs11\ql\super (17)\cell{

\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Chipotle Mexican Grill, Inc. Empl
oyee Stock Purchase Plan.\plain\intbl\cf1\f51\fs11\ql\super (4)\cell{
\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql Chipotle Mexican Grill, Inc. 2014
Cash Incentive Plan.\plain\intbl\cf1\f51\fs11\ql\super (2)\cell{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Subsidiaries of Chipotle Mexican Grill,
Inc.\cell{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Consent of Ernst\~& Young LLP (as the in
dependent registered public accounting firm of Chipotle Mexican Grill, Inc.).\ce
ll{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Power of Attorney (included on signature
page of this report).\cell{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Certification of Chairman and Co-Chief E
xecutive Officer of Chipotle Mexican Grill,\~Inc. pursuant to Section\~302 of th
e\plain\intbl\cf1\f51\fs16\ql Sarbanes-Oxley Act of 2002.\cell{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Certification of Co-Chief Executive Offi
cer of Chipotle Mexican Grill,\~Inc. pursuant to Section\~302 of the Sarbanes-Ox
ley Act of\plain\intbl\cf1\f51\fs16\ql 2002.\cell{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Certification of Chief Financial Officer
of Chipotle Mexican Grill,\~Inc. pursuant to Section\~302 of the Sarbanes-Oxley
Act of 2002.\cell{
~\cell\pard\plain\intbl\cf1\f51\fs16\ql Certification of Co-Chief Executive Offi
cers and Chief Financial Officer of Chipotle Mexican Grill,\~Inc. pursuant to Se
ction\~906 of\plain\intbl\cf1\f51\fs16\ql the Sarbanes-Oxley Act of 2002.\cell{
{\trowd\cellx993\clvertalb\cellx1411\cellx10799\trrh413\row}}}\pard\plain\cf1\f5
\par\pard\plain
{\trowd\clvertalc\cellx301\clvertalb\cellx744\clvertalc\cellx10799\trrh-66\row}}
}
\pard\plain\intbl\cf1\f51\fs16\ql 101\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~
\cell\pard\plain\intbl\cf1\f51\fs16\ql The following financial statements, forma
tted in XBRL: (i) Consolidated Balance Sheet as of December\~31, 2013 and Decemb
er\~31, 2012, (ii)\plain\intbl\cf1\f51\fs16\ql Consolidated Statement of Income
and Comprehensive Income for the years ended December\~31, 2013, 2012 and 2011,
(iii) Consolidated\plain\intbl\cf1\f51\fs16\ql Statement of Shareholders\u8217
? Equity for the years ended December\~31, 2013, 2012 and 2011, (iv) Consolidate
d Statements of Cash Flows\plain\intbl\cf1\f51\fs16\ql for the years ended Dece
mber\~31, 2013, 2012 and 2011; and (v) Notes to the Consolidated Financial State
ments.\cell{
{\trowd\cellx301\clvertalb\cellx744\cellx10799\trrh825\row}}}\pard\plain\brdrb\b
rdrs\sa22\cf1\f51\fs20\ql \~
\par\pard\plain
\pard\plain\intbl\cf1\f51\fs16\ql \u8224?-\cell\pard\plain\intbl\cf1\f51\fs16\ql
denotes management contract or compensatory plan or arrangement.\cell{
\pard\plain
\pard\plain\intbl\cf1\f51\fs16\ql (1)\cell\pard\plain\intbl\cf1\f51\fs16\ql Inco
rporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Registration State
ment on Form 8-A/A filed with the Securities and Exchange\plain\intbl\cf1\f51\fs
16\ql Commission on December\~16, 2009 (File\~No.\~001-32731).\cell{
\pard\plain
rporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Quarterly Report o

n Form 10-Q for the quarter ended June\~30, 2013, filed with\plain\intbl\cf1\f51
\fs16\ql the Securities and Exchange Commission on July\~19, 2013 (File\~No.\~0
01-32731).\cell{
\pard\plain
rporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Current Report on
Form 8-K filed with the Securities and Exchange Commission\plain\intbl\cf1\f51\f
s16\ql on January\~5, 2009 (File\~No.\~001-32731).\cell{
\pard\plain
rporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Annual Report on F
orm 10-K for the year ended December\~31, 2011, filed with\plain\intbl\cf1\f51\f
s16\ql the Securities and Exchange Commission on February\~10, 2012 (File\~No.\
~001-32731).\cell{
\pard\plain
rporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Current Report on
Form 8-K filed with the Securities and Exchange Commission\plain\intbl\cf1\f51\f
s16\ql on May\~23, 2008 (File\~No.\~001-32731).\cell{
\pard\plain
~001-32731).\cell{
\pard\plain
~001-32731)\cell{
\pard\plain
~001-32731)\cell{
\pard\plain
~001-32731).\cell{
\pard\plain
\pard\plain\intbl\cf1\f51\fs16\ql (10)\cell\pard\plain\intbl\cf1\f51\fs16\ql Inc
orporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Current Report on
Form 8-K filed with the Securities and Exchange Commission\plain\intbl\cf1\f51\
fs16\ql on May\~26, 2011 (File\~No.\~001-32731).\cell{
\pard\plain
orporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Quarterly Report
on Form 10-Q for the quarter ended June\~30, 2011, filed with\plain\intbl\cf1\f5
1\fs16\ql the Securities and Exchange Commission on July\~21, 2011 (File\~No.\~
001-32731).\cell{
\pard\plain
on Form 10-Q for the quarter ended March\~31, 2012, filed with\plain\intbl\cf1\f
51\fs16\ql the Securities and Exchange Commission on April\~20, 2012 (File\~No.
\~001-32731).\cell{
\pard\plain
orporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Annual Report on
Form 10-K for the year ended December\~31, 2005, filed with\plain\intbl\cf1\f51\
fs16\ql the Securities and Exchange Commission on March\~17, 2006 (File\~No.\~0
01-32731).\cell{
\pard\plain
on Form 10-Q for the quarter ended June 30, 2010, filed with\plain\intbl\cf1\f51
\fs16\ql the Securities and Exchange Commission on July 27, 2010 (File No. 00132731).\cell{
\pard\plain
on Form 10-Q for the quarter ended June\~30, 2007, filed with\plain\intbl\cf1\f5
1\fs16\ql the Securities and Exchange Commission on August\~1, 2007 (File\~No.\
~001-32731).\cell{
\pard\plain
on Form 10-Q for the quarter ended September\~30, 2007, filed\plain\intbl\cf1\f5
1\fs16\ql with the Securities and Exchange Commission on October\~31, 2007 (Fil
e\~No.\~001-32731).\cell{
\par\pard\plain

orporated by reference to Chipotle Mexican Grill, Inc.\u8217?s Current Report on
Form 8-K filed with the Securities and Exchange Commission\plain\intbl\cf1\f51\
fs16\ql on March\~21, 2007 (File\~No.\~001-32731).\cell{
\page{\*\bkmkstart doc_1_2}{\*\bkmkend doc_1_2}\par\pard\plain\cf1\f51\fs16\b\qc
EXHIBIT 21.1\par\pard\plain\sb198\cf1\f51\fs16\b\qc SUBSIDIARIES OF THE REGISTR
ANT\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
}}}
{\trowd\clvertalb\cellx5508\clvertalb\cellx5615\clvertalb\cellx10799\trrh211
\pard\plain\intbl\brdrb\brdrs\cf1\f51\fs13\ql Subsidiary\cell\pard\plain\intbl\c
f1\f51\fs13\ql \~\~\cell\pard\plain\intbl\brdrb\brdrs\cf1\f51\fs13\qc Jurisdicti
on\~of\~Incorporation\cell{
{\trowd\clvertalb\cellx5508\clvertalb\cellx5615\clvertalb\cellx10799\trrh211\row
}}}
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql CMG Strategy Co.,\~LLC\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\
cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql CMG\~Pepper,\~LLC\cell\pard\plain
\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle\~Mexican\~Grill\~of\~Col
orado,\~LLC\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1
\f51\fs16\qc Colorado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill of Marylan
d, LLC\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\
fs16\qc Maryland\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill of Kansas,
LLC\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs
16\qc Kansas\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Services, LLC\cell\pard\
plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\
cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill U.S. Finan
ce Co., LLC\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1
\f51\fs16\qc Colorado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql CMGGC, LLC\cell\pard\plain\intbl\
cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill Texas Hold

ings, LLC\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f
51\fs16\qc Colorado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Texas, LLC\cell\pard\pla
in\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\cel
l{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill Canada Cor
p.\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16
\qc Nova\~Scotia,\~Canada\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill Holdings G
mbH\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs1
6\qc Switzerland\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill Management
GmbH\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\f
s16\qc Switzerland\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill UK Limited
c United Kingdom\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill France SAS
c France\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql CMG Purchasing Partners, LLP\cell
\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Col
orado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql CMG Purchasing Co., LLC\cell\pard
\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado
\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql ShopHouse, LLC\cell\pard\plain\in
tbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Chipotle Mexican Grill Germany GM
BH\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16
\qc Germany\cell{
\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql CMG Concessions, LLC\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\qc Colorado\ce
ll{
\page{\*\bkmkstart doc_1_3}{\*\bkmkend doc_1_3}\pard\plain\cf1\f51\fs16\b\qr EXH
IBIT 23.1\par\pard\plain\sb198\cf1\f51\fs16\b\qc Consent of Independent Register
ed Public Accounting Firm\par\pard\plain\sb198\cf1\f51\fs16\ql We consent to the

incorporation by reference in the following Registration Statements:\par\pard\p
lain\cf1\f51\fs9\ql \~
\par\pard\plain
{\trowd\clvertalc\cellx432\cellx864\cellx10799\trrh412
\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql (1)\c
ell\pard\plain\intbl\cf1\f51\fs16\ql Registration Statement (Form S-8 No.\~333-1
31289) pertaining to the Chipotle Executive Stock Option Plan, and the Chipotle
Mexican Grill,\plain\intbl\cf1\f51\fs16\ql Inc. 2006 Stock Incentive Plan,\cell
{
{\trowd\clvertalc\cellx432\cellx864\cellx10799\trrh412\row}}}\pard\plain\cf1\f51
\fs9\ql \~
\par\pard\plain
51278) pertaining to the Amended and Restated Chipotle Mexican Grill, Inc. 2006
Stock\plain\intbl\cf1\f51\fs16\ql Incentive Plan, and\cell{
{\trowd\clvertalc\cellx432\cellx864\cellx10800\trrh412\row}}}\pard\plain\cf1\f51
\fs9\ql \~
\par\pard\plain
74474) pertaining to the Chipotle Mexican Grill, Inc. 2011 Stock Incentive Plan
and the Chipotle\plain\intbl\cf1\f51\fs16\ql Mexican Grill, Inc. Employee\~Stoc
k Purchase Plan;\cell{
{\trowd\clvertalc\cellx432\cellx864\cellx10800\trrh412\row}}}\pard\plain\sb198\c
f1\f51\fs16\ql of our reports dated February\~4, 2014, with respect to the conso
lidated financial statements of Chipotle Mexican Grill, Inc. and the effectivene
ss of\plain\cf1\f51\fs16\ql internal control over financial reporting of Chipot
le Mexican Grill, Inc. included in this Annual Report (Form 10-K) of Chipotle Me
xican Grill, Inc. for\plain\cf1\f51\fs16\ql the year ended December\~31, 2013.\
par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
{\trowd\clvertalc\cellx4320\trrh-66
{\trowd\clvertalc\cellx4320\trrh-66\row}}}
\pard\plain\intbl\cf1\f51\fs16\ql /s/ Ernst\~& Young LLP\cell{
{\trowd\cellx4320\trrh206\row}}}\pard\plain\sb198\cf1\f51\fs16\ql Denver, Colora
do\par\pard\plain\cf1\f51\fs16\ql February\~4, 2014
\page{\*\bkmkstart doc_1_4}{\*\bkmkend doc_1_4}\par\pard\plain\cf1\f51\fs16\b\qr
EXHIBIT 31.1\par\pard\plain\sb198\cf1\f51\fs16\b\qc CERTIFICATION\par\pard\plai
n\sb198\cf1\f51\fs16\ql I, Steve Ells, certify that:\par\pard\plain\sb88\cf1\f51
\fs16\ql 1. I have reviewed this annual report on Form 10-K of Chipotle Mexican
Grill, Inc.;\par\pard\plain\sb198\cf1\f51\fs16\ql 2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to stat
e a material fact necessary to make the\plain\cf1\f51\fs16\ql statements made,
in light of the circumstances under which such statements were made, not mislead
ing with respect to the period covered by this report;\par\pard\plain\sb198\cf1\
f51\fs16\ql 3. Based on my knowledge, the financial statements, and other financ
ial information included in this report, fairly present in all material respects
the\plain\cf1\f51\fs16\ql financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;\pa
r\pard\plain\sb198\cf1\f51\fs16\ql 4. The registrant\u8217?s other certifying of
ficers and I are responsible for establishing and maintaining disclosure control
s and procedures (as defined in\plain\cf1\f51\fs16\ql Exchange Act Rules 13a-15
(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f))\plain\cf1\f51\fs16\ql for the regis
trant and have:\par\pard\plain\li88\sb88\cf1\f51\fs16\ql (a) Designed such discl

osure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to\plain\cf1\f51\fs16\ql ensure that mat
erial information relating to the registrant, including its consolidated subsidi
aries, is made known to us by others within those\plain\cf1\f51\fs16\ql entitie
s, particularly during the period in which this report is being prepared;\par\pa
rd\plain\li88\sb88\cf1\f51\fs16\ql (b) Designed such internal control over finan
cial reporting, or caused such internal control over financial reporting to be d
esigned under our\plain\cf1\f51\fs16\ql supervision, to provide reasonable assu
rance regarding the reliability of financial reporting and the preparation of fi
nancial statements for external\plain\cf1\f51\fs16\ql purposes in accordance wi
th generally accepted accounting principles;\par\pard\plain\li88\sb88\cf1\f51\fs
16\ql (c) Evaluated the effectiveness of the registrant\u8217?s disclosure contr
ols and procedures and presented in this report our conclusions about the\plain\
cf1\f51\fs16\ql effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation; and\par\p
ard\plain\li88\sb88\cf1\f51\fs16\ql (d) Disclosed in this report any change in t
he registrant\u8217?s internal control over financial reporting that occurred du
ring the registrant\u8217?s\plain\cf1\f51\fs16\ql most recent fiscal quarter (t
he registrant\u8217?s fourth fiscal quarter in the case of an annual report) tha
t has materially affected, or is reasonably\plain\cf1\f51\fs16\ql likely to mat
erially affect, the registrant\u8217?s internal control over financial reporting
; and\par\pard\plain\sb198\cf1\f51\fs16\ql 5. The registrant\u8217?s other certi
fying officers and I have disclosed, based on our most recent evaluation of inte
rnal control over financial reporting, to\plain\cf1\f51\fs16\ql the registrant\
u8217?s auditors and the audit committee of the registrant\u8217?s board of dire
ctors (or persons performing the equivalent functions):\par\pard\plain\li88\sb88
\cf1\f51\fs16\ql (a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reas
onably\plain\cf1\f51\fs16\ql likely to adversely affect the registrant\u8217?s
ability to record, process, summarize and report financial information; and\par\
pard\plain\li88\sb88\cf1\f51\fs16\ql (b) Any fraud, whether or not material, tha
t involves management or other employees who have a significant role in the regi
strant\u8217?s internal\plain\cf1\f51\fs16\ql control over financial reporting.
\par\pard\plain\sb198\cf1\f51\fs16\ql Date: February\~4, 2014\par\pard\plain\cf1
\f51\fs18\ql \~
\par\pard\plain
1\f51\fs16\qc /\~\~\~\~S\plain\intbl\cf1\f51\fs11\qc TEVE\plain\intbl\cf1\f51\fs
16\qc E\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc LLS\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc Steve Ells\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc Founder, Chairman and Co-Chief Executive Off
icer\par\pard\plain\intbl\cf1\f51\fs13\b\qc (Principal Executive Officer)\cell{
IBIT 31.2\par\pard\plain\sb198\cf1\f51\fs16\b\qc CERTIFICATION\par\pard\plain\sb
198\cf1\f51\fs16\ql I, Montgomery F. Moran, certify that:\par\pard\plain\sb88\cf
1\f51\fs16\ql 1. I have reviewed this annual report on Form 10-K of Chipotle Mex
ican Grill, Inc.;\par\pard\plain\sb198\cf1\f51\fs16\ql 2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the\plain\cf1\f51\fs16\ql statements m
ade, in light of the circumstances under which such statements were made, not mi
sleading with respect to the period covered by this report;\par\pard\plain\sb198

\cf1\f51\fs16\ql 3. Based on my knowledge, the financial statements, and other f
inancial information included in this report, fairly present in all material res
pects the\plain\cf1\f51\fs16\ql financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in this repor
t;\par\pard\plain\sb198\cf1\f51\fs16\ql 4. The registrant\u8217?s other certifyi
ng officers and I are responsible for establishing and maintaining disclosure co
ntrols and procedures (as defined in\plain\cf1\f51\fs16\ql Exchange Act Rules 1
3a-15(e) and 15d-15(e)) and internal control over financial reporting (as define
d in Exchange Act Rules 13a-15(f) and 15d-15(f))\plain\cf1\f51\fs16\ql for the
registrant and have:\par\pard\plain\li88\sb88\cf1\f51\fs16\ql (a) Designed such
disclosure controls and procedures, or caused such disclosure controls and proce
dures to be designed under our supervision, to\plain\cf1\f51\fs16\ql ensure tha
t material information relating to the registrant, including its consolidated su
bsidiaries, is made known to us by others within those\plain\cf1\f51\fs16\ql en
tities, particularly during the period in which this report is being prepared;\p
ar\pard\plain\li88\sb88\cf1\f51\fs16\ql (b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to
be designed under our\plain\cf1\f51\fs16\ql supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external\plain\cf1\f51\fs16\ql purposes in accordan
ce with generally accepted accounting principles;\par\pard\plain\li88\sb88\cf1\f
51\fs16\ql (c) Evaluated the effectiveness of the registrant\u8217?s disclosure
controls and procedures and presented in this report our conclusions about the\p
lain\cf1\f51\fs16\ql effectiveness of the disclosure controls and procedures, a
s of the end of the period covered by this report based on such evaluation; and\
par\pard\plain\li88\sb88\cf1\f51\fs16\ql (d) Disclosed in this report any change
in the registrant\u8217?s internal control over financial reporting that occurr
ed during the registrant\u8217?s\plain\cf1\f51\fs16\ql most recent fiscal quart
er (the registrant\u8217?s fourth fiscal quarter in the case of an annual report
) that has materially affected, or is reasonably\plain\cf1\f51\fs16\ql likely t
o materially affect, the registrant\u8217?s internal control over financial repo
rting; and\par\pard\plain\sb198\cf1\f51\fs16\ql 5. The registrant\u8217?s other
certifying officers and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to\plain\cf1\f51\fs16\ql the regist
rant\u8217?s auditors and the audit committee of the registrant\u8217?s board of
directors (or persons performing the equivalent functions):\par\pard\plain\li88
\sb88\cf1\f51\fs16\ql (a) All significant deficiencies and material weaknesses i
n the design or operation of internal control over financial reporting which are
reasonably\plain\cf1\f51\fs16\ql likely to adversely affect the registrant\u82
17?s ability to record, process, summarize and report financial information; and
\par\pard\plain\li88\sb88\cf1\f51\fs16\ql (b) Any fraud, whether or not material
, that involves management or other employees who have a significant role in the
registrant\u8217?s internal\plain\cf1\f51\fs16\ql control over financial repor
ting.\par\pard\plain\sb198\cf1\f51\fs16\ql Date: February\~4, 2014\par\pard\plai
n\cf1\f51\fs18\ql \~
\par\pard\plain
1\f51\fs16\qc /\~\~\~\~M\plain\intbl\cf1\f51\fs11\qc ONTGOMERY\plain\intbl\cf1\f
51\fs16\qc F. M\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc ORAN\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc Montgomery F. Moran\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc Co-Chief Executive Officer\par\pard\plain\in
tbl\cf1\f51\fs13\b\qc (Principal Executive Officer)\cell{

IBIT 31.3\par\pard\plain\sb198\cf1\f51\fs16\b\qc CERTIFICATION\par\pard\plain\sb
198\cf1\f51\fs16\ql I, John R. Hartung, certify that:\par\pard\plain\sb88\cf1\f5
1\fs16\ql 1. I have reviewed this annual report on Form 10-K of Chipotle Mexican
Grill, Inc.;\par\pard\plain\sb198\cf1\f51\fs16\ql 2. Based on my knowledge, thi
s report does not contain any untrue statement of a material fact or omit to sta
te a material fact necessary to make the\plain\cf1\f51\fs16\ql statements made,
in light of the circumstances under which such statements were made, not mislea
ding with respect to the period covered by this report;\par\pard\plain\sb198\cf1
\f51\fs16\ql 3. Based on my knowledge, the financial statements, and other finan
cial information included in this report, fairly present in all material respect
s the\plain\cf1\f51\fs16\ql financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;\p
ar\pard\plain\sb198\cf1\f51\fs16\ql 4. The registrant\u8217?s other certifying o
fficers and I are responsible for establishing and maintaining disclosure contro
ls and procedures (as defined in\plain\cf1\f51\fs16\ql Exchange Act Rules 13a-1
5(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f))\plain\cf1\f51\fs16\ql for the regi
strant and have:\par\pard\plain\li88\sb88\cf1\f51\fs16\ql (a) Designed such disc
losure controls and procedures, or caused such disclosure controls and procedure
s to be designed under our supervision, to\plain\cf1\f51\fs16\ql ensure that ma
terial information relating to the registrant, including its consolidated subsid
iaries, is made known to us by others within those\plain\cf1\f51\fs16\ql entiti
es, particularly during the period in which this report is being prepared;\par\p
ard\plain\li88\sb88\cf1\f51\fs16\ql (b) Designed such internal control over fina
ncial reporting, or caused such internal control over financial reporting to be
designed under our\plain\cf1\f51\fs16\ql supervision, to provide reasonable ass
urance regarding the reliability of financial reporting and the preparation of f
inancial statements for external\plain\cf1\f51\fs16\ql purposes in accordance w
ith generally accepted accounting principles;\par\pard\plain\li88\sb88\cf1\f51\f
s16\ql (c) Evaluated the effectiveness of the registrant\u8217?s disclosure cont
rols and procedures and presented in this report our conclusions about the\plain
\cf1\f51\fs16\ql effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation; and\par\
pard\plain\li88\sb88\cf1\f51\fs16\ql (d) Disclosed in this report any change in
the registrant\u8217?s internal control over financial reporting that occurred d
uring the registrant\u8217?s\plain\cf1\f51\fs16\ql most recent fiscal quarter (
the registrant\u8217?s fourth fiscal quarter in the case of an annual report) th
at has materially affected, or is reasonably\plain\cf1\f51\fs16\ql likely to ma
terially affect, the registrant\u8217?s internal control over financial reportin
g; and\par\pard\plain\sb198\cf1\f51\fs16\ql 5. The registrant\u8217?s other cert
ifying officers and I have disclosed, based on our most recent evaluation of int
ernal control over financial reporting, to\plain\cf1\f51\fs16\ql the registrant
\u8217?s auditors and the audit committee of the registrant\u8217?s board of dir
ectors (or persons performing the equivalent functions):\par\pard\plain\li88\sb8
8\cf1\f51\fs16\ql (a) All significant deficiencies and material weaknesses in th
e design or operation of internal control over financial reporting which are rea
sonably\plain\cf1\f51\fs16\ql likely to adversely affect the registrant\u8217?s
ability to record, process, summarize and report financial information; and\par
\pard\plain\li88\sb88\cf1\f51\fs16\ql (b) Any fraud, whether or not material, th
at involves management or other employees who have a significant role in the reg
istrant\u8217?s internal\plain\cf1\f51\fs16\ql control over financial reporting
.\par\pard\plain\sb198\cf1\f51\fs16\ql Date: February\~4, 2014\par\pard\plain\cf
1\f51\fs18\ql \~
\par\pard\plain
6\qc R. H\plain\intbl\brdrb\brdrs\cf1\f51\fs11\qc ARTUNG\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc John R. Hartung\cell{
\pard\plain\intbl\cf1\f51\fs13\b\qc Chief Financial Officer\par\pard\plain\intbl
\cf1\f51\fs13\b\qc (Principal Financial Officer)\cell{
\page{\*\bkmkstart doc_1_7}{\*\bkmkend doc_1_7}\pard\plain\cf1\f51\fs16\b\qr Exh
ibit 32.1\par\pard\plain\sb198\cf1\f51\fs16\b\qc CERTIFICATION PURSUANT TO\par\p
ard\plain\cf1\f51\fs16\b\qc 18 U.S.C. SECTION 1350,\par\pard\plain\cf1\f51\fs16\
b\qc AS ADOPTED PURSUANT TO\par\pard\plain\cf1\f51\fs16\b\qc SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002\par\pard\plain\sb198\fi462\cf1\f51\fs16\ql In accorda
nce with 18 U.S.C. 1350, as adopted pursuant to Section\~906 of the Sarbanes-Oxl
ey Act of 2002, Steve Ells, the Founder, Chairman and\plain\cf1\f51\fs16\ql CoChief Executive Officer of Chipotle Mexican Grill, Inc. (the \u8220?Registrant\u
8221?), Montgomery F. Moran, the President and Co-Chief Executive\plain\cf1\f51\
fs16\ql Officer of the Registrant and John R. Hartung, the Chief Financial Offi
cer of the Registrant, each hereby certifies that, to the best of his knowledge:
\par\pard\plain\sb88\fi462\cf1\f51\fs16\ql 1. The Registrant\u8217?s Annual Repo
rt on Form 10-K for the year ended December\~31, 2013, to which this Certificati
on is attached as Exhibit\plain\cf1\f51\fs16\ql 32.1 (the \u8220?Periodic Repor
t\u8221?), fully complies with the requirements of Section\~13(a) or Section\~15
(d) of the Securities Exchange Act of 1934,\plain\cf1\f51\fs16\ql as amended; a
nd\par\pard\plain\sb198\fi462\cf1\f51\fs16\ql 2. The information contained in th
e Periodic Report fairly presents, in all material respects, the financial condi
tion of the Registrant at the end of\plain\cf1\f51\fs16\ql the period covered b
y the Periodic Report and results of operations of the Registrant for the period
s covered by the Periodic Report.\par\pard\plain\sb198\cf1\f51\fs16\ql Date: Feb
ruary\~4, 2014\par\pard\plain\cf1\f51\fs18\ql \~
\par\pard\plain
}}}
\pard\plain\intbl\brdrb\brdrs\cf1\f51\fs16\ql /s/\~\~\~\~Steve Ells\cell\pard\pl
ain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\brdrb\brdrs\cf1\f51\fs16\ql
/s/\~\~\~\~John R. Hartung\cell{
\pard\plain\intbl\cf1\f51\fs16\ql Steve Ells\par\pard\plain\intbl\cf1\f51\fs16\q
l Founder, Chairman and Co-Chief Executive Officer\par\pard\plain\intbl\cf1\f51\
fs16\ql (Principal Executive Officer)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~
\cell\pard\plain\intbl\cf1\f51\fs16\ql John R. Hartung\par\pard\plain\intbl\cf1\
f51\fs16\ql Chief Financial Officer\par\pard\plain\intbl\cf1\f51\fs16\ql (Princi
pal Financial Officer)\cell{
\pard\plain\intbl\brdrb\brdrs\cf1\f51\fs16\ql /s/\~\~\~\~Montgomery F. Moran\cel
l\pard\plain\intbl\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell
{
\pard\plain\intbl\cf1\f51\fs16\ql Montgomery F. Moran\par\pard\plain\intbl\cf1\f
51\fs16\ql President, Co-Chief Executive Officer\par\pard\plain\intbl\cf1\f51\fs
16\ql (Principal Executive Officer)\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\~\c
\page}

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{\rtf1\deflang1033\deflangfe1033\margl720\margr720\margt360\margb360{\stylesheet

past 90\~days.\~\~\~\~Yes\~\~\plain\cf1\f54\fs16\ql x\plain\cf1\f51\fs16\ql \~

kmkstart part_1_2_1}{\*\bkmkend part_1_2_1}\par\pard\plain\sb66\fi352\cf1\f51\fs

\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\pl

n creating a team of top performers empowered to achieve high standards; on buil

8217?t\plain\cf1\f51\fs16\ql find something on the menu that\u8217?s quite what

ve.\par\pard\plain\sb132\fi462\cf1\f51\fs16\ql We believe we are well-positioned

fitability to fluctuate from quarter to quarter. Historically, our average daily

ansactions equals or exceeds the benefit of the menu price increase;\cell{

\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \u822

51\fs16\ql December\~31, 2013, 16 of our restaurants were located outside of th

ng in a temporary increase in labor costs and disruption of our operations, incl

mpact our restaurant sales and profitability. Furthermore, if we react to these

t deliveries of higher-quality food ingredients and other supplies could harm ou

l "toc" }{\*\fldrslt\cf3\f52\fs16\b\ql Table of Contents}}\par\pard\plain\cf1\f5

f51\fs16\ql potential plaintiffs and their lawyers, particularly in California.

markets have reverted to temporarily serving conventionally raised beef or chic

h prospects or future operating results may be adversely impacted.\par\pard\plai

uld also be negatively affected by these\plain\cf1\f51\fs16\ql events, which co

e illnesses or other problems at our restaurants;\cell{

n,\plain\cf1\f51\fs16\ql election and removal of directors, the structure of th

51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain\intbl\c

\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{

\pard\plain\intbl\cf1\f51\fs16\ql (2)\cell\pard\plain\intbl\cf1\f51\fs16\ql Incl

mkend tx629534_8}\pard\plain\intbl\cf1\f51\fs16\b\ql SELECTED FINANCIAL DATA\cel

d\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell

ntbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\cell\pard\plain

\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\

d\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\par

\pard\plain\intbl\cf1\f51\fs16\ql )\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\c

\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\

\plain\intbl\cf1\f51\fs16\qr 6.76\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cel

in which catering was offered during the fourth quarter.\par\pard\plain\sb132\sa

\cf1\f51\fs16\ql the total number of shares to be repurchased calculated using

16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 1,084\cell\pard\plain\intbl\cf1\f

\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell

cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\par

\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\ce

d\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pa

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Food, beverage and packaging\cell

eases, and relief in\plain\cf1\f51\fs16\ql avocado prices.\par\pard\plain\sb220

\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{

ain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell{

s16\ql \~\cell\pard\plain\intbl\cf1\f51\fs16\qr 6.5\cell\pard\plain\intbl\cf1\f5

intbl\cf1\f51\fs16\ql $\cell\pard\plain\intbl\cf1\f51\fs16\qr \~\~\~\~251.2\cell

cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\par

federal credits, partially offset\plain\cf1\f51\fs16\ql by a lower estimated s

fs16\ql %\~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f

plain\cf1\f51\fs16\ql expenditures, working capital requirements and other cash

tements\plain\cf1\f51\fs16\ql and Supplementary Data.\u8221? Critical accountin

tances. In addition, our history of claims experience is short and\plain\cf1\f51

1\fs16\b\ql Changing Interest Rates\par\pard\plain\sb66\fi462\cf1\f51\fs16\ql We

l\cf1\f51\fs13\ql \~\~\cell\pard\plain\intbl\cf1\f51\fs16\ql $\cell\pard\plain\i

\pard\plain\intbl\li176\fi-176\cf1\f51\fs16\ql Total liabilities\cell\pard\plain

bl\cf1\f51\fs16\qr 352\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\cell\pard\plai

lain\intbl\cf1\f51\fs16\qr 1,276,897\cell\pard\plain\intbl\cf1\f51\fs16\ql \~\~\

pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cel

cf1\f51\fs13\ql \~\cell\pard\plain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\f0\

s13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51

\pard\plain\intbl\li176\fi-176\cf1\f51\fs13\ql Foreign currency translation adju

lain\intbl\f0\fs16\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\plai

\intbl\cf1\f51\fs13\ql \~\cell\pard\plain\intbl\cf1\f51\fs13\ql \~\cell\pard\pla

d\plain\intbl\cf1\f51\fs1\ql \~\cell\pard\plain\intbl\cf1\f51\fs1\ql \~\cell\par