Acquisitions

Since the beginning of the first quarter of 2014, the Company has acquired an aggregate of 132 restaurants from other franchisees, which we refer to as the "2014 and 2015 acquired restaurants", in the following transactions:



Closing Date	Number of Restaurants	Purchase Price			Market Location
April 30, 2014	4	$	681		Fort Wayne, Indiana
June 30, 2014	4	3,819		(1)	Pittsburgh, Pennsylvania
July 22, 2014	21	8,609			Rochester, New York and Southern Tier of Western New York
October 8, 2014	30	20,330		(1)	Wilmington and Greenville, North Carolina
November 4, 2014	64	18,761		(2)	Nashville, Tennessee; Indiana and Illinois
March 31, 2015	4	794			Northern Vermont
August 4, 2015	5	663			South Carolina
	132	$	53,657


(1)	The acquisitions on June 30, 2014 and October 8, 2014 included the purchase of one and twelve fee-owned properties, respectively. Ten of these fee-owned properties were sold in sale-leaseback transactions during the fourth quarter of 2014 for net proceeds of $12,961 and one property was sold in a sale-leaseback transaction at the beginning of the first quarter of 2015 for net proceeds of $1,123.


(2)	In connection with the acquisition on November 4, 2014, the Company entered into an agreement with BKC to remodel 46 of the restaurants acquired over a five-year period beginning in 2014.

The consolidated statements of operations include restaurant sales related to the 2014 and 2015 acquisitions for the three and nine months ended September 27, 2015 of $39.4 million and $110.8 million, respectively, and for the three and nine months ended September 28, 2014 of $7.8 million and $8.6 million, respectively. It is impracticable to disclose net earnings for the post-acquisition periods as net earnings of these restaurants were not tracked on a collective basis due to the integration of administrative functions, including field supervision.

The pro forma impact for the 2014 and 2015 acquisitions on the results of operations for the three and nine months ended September 28, 2014 and September 27, 2015 is included below. The pro forma results of operations are not necessarily indicative of the results that would have occurred had the 2014 and 2015 acquisitions been consummated at the beginning of the periods presented, nor are they necessarily indicative of any future consolidated operating results. The following table summarizes the Company's unaudited pro forma operating results:



	Three Months Ended					Nine Months Ended
	September 27, 2015		September 28, 2014			September 27, 2015			September 28, 2014
Restaurant sales	$	218,154	$	209,996		$	634,061		$	600,197
Net income (loss)	$	7,319	$	(814	)	$	(6,669	)	$	(8,011	)
Basic and diluted net income (loss) per share	$	0.16	$	(0.02	)	$	(0.19	)	$	(0.27	)

This pro forma financial information does not give effect to any anticipated synergies, operating efficiencies or cost savings or any transaction costs related to the 2014 and 2015 acquired restaurants.

On October 1, 2015, the Company completed the acquisition of five restaurants in Ohio and West Virginia for a purchase price of $5.0 million, including one fee-owned property, and on October 20, 2015 the Company completed the acquisition of one restaurant in Michigan for a purchase price of $0.7 million.