Carrols Restaurant Group, Inc. (TAST) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	126.91	34.96	24.57	-51.86	-93.32	- -	- -	- -	27.96	26.07	-134.47	- -	- -	- -	- -
Return on Assets (%)	4.91	2.75	2.54	-4.69	-4	-10.91	- -	9.91	1.34	1.71	-2.71	-1.68	-2.5	-4.59	2.11
Return on Capital (%)	10.82	8	- -	- -	- -	- -	12.25	- -	10.03	- -	- -	- -	- -	- -	5.15
Return on Invested Capital (%)	11.16	9.33	- -	- -	- -	- -	11.6	- -	7.45	- -	- -	- -	- -	- -	4.51
Gross Margin (%)	21.03	19.75	48.23	36.52	38.21	38.02	40.83	41.94	39.86	39.87	37.29	38.55	36.48	35.31	17.29
EBITDA Margin (%)	10.95	9.58	6.84	3.33	4.97	5.03	8.62	9.28	8.08	8.19	4.62	6.29	4.43	3.09	7.9
Operating Margin (%)	6.97	5.5	2.22	-1.54	-0.09	-0.3	3.98	4.27	3.1	3.23	-0.48	1.01	-0.46	-1.42	3.95
Incremental Operating Margin (%)	-6,890.37	65.18	8.05	- -	- -	- -	21.78	7.2	-4.48	4.74	- -	26.8	- -	- -	67.56
Pretax Margin (%)	4.22	2.22	-0.63	-5.36	-3.6	-3.8	- -	1.84	0.71	0.84	-3.01	-1.5	-2.92	-4.41	2.04
Profit Margin (%)	2.68	1.5	3.23	-3.5	-2.04	-5.5	- -	4.82	0.66	0.86	-2.18	-1.9	-2.6	-4.37	1.8
Net Income to Common Margin (%)	2.68	1.5	3.23	-3.5	-2.04	-5.5	- -	3.82	0.52	0.68	-2.18	-1.9	-2.6	-4.37	1.54
Effective Tax Rate (%)	36.6	32.63	- -	- -	- -	- -	- -	- -	7.78	- -	- -	- -	- -	- -	11.69
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	-33.33	-26.27	-26.04	-25.78	- -	- -	-57.83	- -	-12.78
Sustainable Growth Rate (%)	126.91	34.96	24.57	-51.86	-93.32	- -	- -	- -	35.24	32.79	-134.47	- -	- -	- -	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	283	264	279	161	161	160	205	220	282	280	1,312	1,334	1,325	1,312	1,237
ST Debt	13	16	7	1	1	1	1	2	2	2	47	47	50	55	57
LT Debt	270	248	272	160	159	159	203	218	280	278	1,265	1,287	1,274	1,257	1,180
Total Debt/EBITDA	3.17	3.45	11.72	8.98	4.87	4.58	2.77	2.51	3.2	2.9	19.41	13.71	18.09	24.53	8.34
Net Debt/EBITDA	3.01	3.28	10.26	6.78	4.29	3.69	2.34	2.37	2.79	2.83	6.78	4.27	5.95	8.52	2.59
Total Debt/EBIT	4.98	6.01	36.16	-19.38	-269.36	-78.07	5.99	5.46	8.34	7.36	-185.01	85.41	-174.86	-53.41	16.68
Net Debt/EBIT	4.73	5.71	31.65	-14.64	-237.75	-62.88	5.07	5.16	7.26	7.17	-64.66	26.59	-57.51	-18.56	5.19
EBITDA to Interest Expense	4.55	4.06	3.23	1.41	1.75	1.85	3.99	4.78	4.05	4.08	2.43	3.57	2.54	1.73	5.09
EBITDA-CapEx/Interest Expense	4.4	3.86	2.95	-1.54	1.58	1.67	3.8	4.29	3.99	3.99	2.38	3	0.75	1.61	4.89
EBIT to Interest Expense	2.89	2.33	1.05	-0.65	-0.03	-0.11	1.84	2.2	1.56	1.61	-0.25	0.57	-0.26	-0.8	2.55
Interest Expense	20	19	7	13	19	19	19	18	22	24	28	27	29	31	29
Common Equity/Total Assets	6.39	9.39	11.18	6.23	2.24	-8.29	-7.16	3.03	4.43	5.98	0.66	-1.02	-3.61	-8.49	-6.44
Long-Term Debt/Equity (%)	860.1	552.2	459.84	177.91	206.45	148.89	188.18	140.99	165.45	149.84	408.79	473.92	594.73	833.59	637
Long-Term Debt/Capital (%)	86.79	81.69	82.47	87.63	94.92	122.7	116.76	92.97	91.03	88.03	95.6	97.76	100.82	106.95	104.06
Long-Term Debt/Total Assets (%)	61.39	58.17	59.34	46.33	48.38	42.94	47.57	44.49	48.1	46.32	72.23	73.24	75.52	78.21	74.09
Total Debt/Equity (%)	901.45	586.8	470.92	179.09	207.94	150.09	189.51	142.03	166.52	150.89	423.87	491.36	618.3	869.88	667.54
Total Debt/Capital (%)	90.96	86.81	84.46	88.21	95.6	123.68	117.58	93.66	91.62	88.64	99.12	101.36	104.82	111.6	109.05
Total Debt/Total Assets (%)	64.34	61.81	60.77	46.64	48.72	43.29	47.9	44.81	48.41	46.64	74.89	75.93	78.51	81.62	77.65
Net Debt to Equity	855.59	557.39	412.22	135.3	183.54	120.88	160.37	134.29	145.06	147.01	148.15	152.96	203.36	302.24	207.55
Net Debt/Capital (%)	87.57	83.32	79.91	84.26	88.77	119.17	114.1	89.32	88.25	87.47	34.72	33.19	35.29	39.39	35.29
EBITDA	89	76	24	18	33	35	74	88	88	97	68	97	73	53	148
EBITDA-CapEx	86	73	22	-20	30	31	70	78	87	94	66	82	21	50	142
Operating Income (Loss)	57	44	8	-8	-1	-2	34	40	34	38	-7	16	-8	-25	74

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.06	0.05	0.39	0.73	0.16	0.38	0.31	0.03	0.37	0.05	0.02	0.42	0.17	0.1	0.22
Current Ratio	0.44	0.42	0.82	1.14	0.57	0.78	0.63	0.43	0.75	0.42	0.27	0.72	0.41	0.38	0.49
Quick Ratio	0.16	0.14	0.53	0.85	0.27	0.5	0.4	0.14	0.49	0.19	0.11	0.54	0.27	0.21	0.33
CFO/Avg Current Liab	0.86	0.67	0.83	0.38	0.42	0.28	1.12	0.89	0.98	1	0.42	0.68	0.44	0.12	0.72
Common Equity/Total Assets	6.39	9.39	11.18	6.23	2.24	-8.29	-7.16	3.03	4.43	5.98	0.66	-1.02	-3.61	-8.49	-6.44
Long-Term Debt/Equity (%)	860.1	552.2	459.84	177.91	206.45	148.89	188.18	140.99	165.45	149.84	408.79	473.92	594.73	833.59	637
Long-Term Debt/Capital (%)	86.79	81.69	82.47	87.63	94.92	122.7	116.76	92.97	91.03	88.03	95.6	97.76	100.82	106.95	104.06
Long-Term Debt/Total Assets (%)	61.39	58.17	59.34	46.33	48.38	42.94	47.57	44.49	48.1	46.32	72.23	73.24	75.52	78.21	74.09
Total Debt/Equity (%)	901.45	586.8	470.92	179.09	207.94	150.09	189.51	142.03	166.52	150.89	423.87	491.36	618.3	869.88	667.54
Total Debt/Capital (%)	90.96	86.81	84.46	88.21	95.6	123.68	117.58	93.66	91.62	88.64	99.12	101.36	104.82	111.6	109.05
Total Debt/Total Assets (%)	64.34	61.81	60.77	46.64	48.72	43.29	47.9	44.81	48.41	46.64	74.89	75.93	78.51	81.62	77.65
CFO/Total Liabilities	14.85	12.26	13.65	8.56	8.55	5.59	22.15	18.57	17.65	19.48	3.38	7	4.81	1.43	9.89
CFO/CapEx	20.88	12.52	26.48	0.58	6.86	4.31	20.13	6.89	51.84	38.04	40.35	6.69	1.37	5.21	23.45
Altman's Z-Score	4.29	4.29	1.75	2.7	3.36	3.35	4.14	4.37	3.96	4.13	1.21	1.32	1.24	1.17	1.77

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	140.8	142.37	58.48	82.44	143.24	201.38	168.51	136.91	127.74	111.71	116.38	92.92	90.53	94.62	88.57
Days Sales Outstanding	2.59	2.56	6.24	4.43	2.55	1.81	2.17	2.67	2.86	3.27	3.14	3.93	4.03	3.86	4.12
Inventory Turnover	111.86	114.73	33.31	51.4	57.64	60.14	68.17	73.6	76.41	71.74	77.31	76.29	81.94	78.72	104.68
Days Inventory Outstanding	3.26	3.18	10.96	7.1	6.33	6.07	5.35	4.96	4.78	5.09	4.72	4.78	4.45	4.64	3.49
Accounts Payable Turnover	37.09	42.65	12.56	19.79	23.51	25.39	25.59	25.58	25.39	24.33	24.56	25.87	35.81	36.33	45.48
Accounts Payable Turnover Days	9.84	8.56	29.05	18.44	15.52	14.38	14.26	14.27	14.37	15	14.86	14.11	10.19	10.05	8.03
Cash Conversion Cycle	-3.99	-2.81	-11.85	-6.91	-6.64	-6.49	-6.74	-6.64	-6.74	-6.65	-7	-5.4	-1.71	-1.55	-0.42
Inventory to Cash Days	-0.67	-0.62	-4.72	-2.67	-3.78	-4.26	-3.19	-2.29	-1.92	-1.82	-1.59	-0.86	-0.42	-0.78	0.63
Inventories	6	5	6	8	6	8	7	8	9	10	13	12	14	14	15
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	6	5	6	8	6	8	7	8	9	10	13	12	14	14	15

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	40	43	66	135	153	268	416	539	431	335	356	305	144	68	409
- Cash & Cash Equivalents	4	3	25	38	8	21	22	2	29	4	3	65	29	18	45
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	283	264	279	161	161	160	205	220	282	280	1,312	1,334	1,325	1,312	1,237
Enterprise Value	319	303	320	258	305	407	598	757	683	611	1,665	1,574	1,440	1,361	1,601
Total Capital	311	304	330	183	168	129	174	235	307	316	1,323	1,316	1,264	1,176	1,134
Total Debt/Capital (%)	90.96	86.81	84.46	88.21	95.6	123.68	117.58	93.66	91.62	88.64	99.12	101.36	104.82	111.6	109.05
Total Debt / EV	0.89	0.87	0.87	0.63	0.53	0.39	0.34	0.29	0.41	0.46	0.79	0.85	0.92	0.96	0.77
EV/Sales	0.39	0.38	0.92	0.48	0.46	0.59	0.7	0.8	0.63	0.52	1.14	1.02	0.87	0.79	0.85
EV/EBITDA	3.57	3.98	13.47	14.36	9.24	11.67	8.08	8.65	7.76	6.33	24.63	16.17	19.66	25.45	10.8
EV/EBIT	5.61	6.92	41.54	- -	- -	- -	17.5	18.81	20.22	16.06	- -	100.79	- -	- -	21.6
EV/Cash Flow to Firm	4.36	5.1	5.69	8.54	9.46	9.71	6.7	6.87	7.36	5.83	24.16	11.36	14.91	26.53	9.71
EV/Free Cash Flow to Firm	4.19	4.8	5.49	3.81	8.62	8.98	6.44	6.35	7.25	5.72	23.74	10.21	9.71	24.61	9.37
Diluted Market Cap	40	43	66	134	152	238	529	686	546	425	303	314	144	67	494
Diluted Enterprise Value	319	304	320	257	304	376	712	904	799	701	1,611	1,583	1,440	1,361	1,686
EV per Share	14.76	14.02	14.71	11.36	13.24	11.68	17.07	21.47	19.26	17.1	32.61	31.88	28.83	26.75	31.02
TTM Sales	816	796	348	540	663	693	859	944	1,089	1,179	1,463	1,548	1,652	1,730	1,877
TTM EBITDA	89	76	24	18	33	35	74	88	88	97	68	97	73	53	148
TTM Operating Income	57	44	8	-8	-1	-2	34	40	34	38	-7	16	-8	-25	74
TTM Cash Flow to Firm	73	59	56	30	32	42	89	110	93	105	69	139	97	51	165
TTM Free Cash Flow to Firm	76	63	58	68	35	45	93	119	94	107	70	154	148	55	171

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	1.84	3.59	5.87	- -	- -	- -	138,204.58	14.95	75.76	41.7	- -	- -	- -	- -	14.15
Price/Earnings Average	1.52	2.96	4.68	-5.97	-10.07	-5.74	121,185.19	12.74	80.36	57.61	-11.76	-8.9	-5.87	-1.37	8.73
Price/Earnings High	2.1	3.76	5.91	-7.71	-11.57	-6.3	153,470.01	14.65	104.44	71.8	-14.94	-12.42	-8.52	-2.1	13.98
Price/Earnings Low	0.62	1.92	3.54	-3.48	-8	-4.66	83,901.6	10.89	62.35	40.81	-8.83	-1.84	-3.03	-0.86	2.54
Price/Book Value	1.43	1.07	1.29	6.26	20.69	-8.76	-13.58	36.29	16.71	9.35	30.66	-17.1	-2.37	-0.5	-3.98
Price/Book Value Average	1.18	0.88	1.03	5.27	18.5	-8.07	-11.91	30.94	17.73	12.91	38.02	-14.29	-4.15	-0.76	-2.46
Price/Book Value High	1.63	1.12	1.3	6.8	21.25	-8.85	-15.08	35.57	23.04	16.09	48.3	-19.95	-6.03	-1.17	-3.93
Price/Book Value Low	0.48	0.57	0.78	3.07	14.7	-6.54	-8.24	26.44	13.76	9.15	28.55	-2.96	-2.14	-0.48	-0.71
Price/Tangible Book Value	-0.23	-0.27	-0.48	-5.37	-4.14	-8.01	-7.92	-19.69	-8.82	-5.67	-1.83	-1.4	-0.54	-0.23	-1.65
Price/Tangible Book Value Average	-0.19	-0.23	-0.38	-4.52	-3.7	-7.37	-6.95	-16.79	-9.36	-7.83	-2.27	-1.17	-0.94	-0.35	-1.02
Price/Tangible Book Value High	-0.26	-0.29	-0.48	-5.83	-4.25	-8.09	-8.8	-19.3	-12.16	-9.76	-2.88	-1.64	-1.37	-0.53	-1.63
Price/Tangible Book Value Low	-0.08	-0.15	-0.29	-2.63	-2.94	-5.98	-4.81	-14.35	-7.26	-5.55	-1.7	-0.24	-0.49	-0.22	-0.3
Price/Sales	0.05	0.05	0.19	0.25	0.23	0.34	0.48	0.57	0.4	0.28	0.21	0.2	0.09	0.04	0.22
Price/Sales Average	0.04	0.04	0.15	0.21	0.21	0.32	0.42	0.49	0.42	0.39	0.26	0.17	0.15	0.06	0.13
Price/Sales High	0.06	0.06	0.19	0.27	0.24	0.35	0.54	0.56	0.54	0.49	0.33	0.24	0.22	0.09	0.21
Price/Sales Low	0.02	0.03	0.11	0.12	0.16	0.26	0.29	0.42	0.33	0.28	0.19	0.04	0.08	0.04	0.04
Price/Cash Flow	0.66	0.92	1.21	6.12	7.05	16.17	5.86	8.64	5.91	4.15	6.21	3.02	2.03	3.24	2.93
Price/Cash Flow Average	0.55	0.75	0.96	5.15	6.31	14.89	5.14	7.37	6.27	5.73	7.71	2.52	3.56	4.97	1.81
Price/Cash Flow High	0.75	0.96	1.22	6.64	7.24	16.34	6.51	8.47	8.15	7.14	9.79	3.52	5.18	7.63	2.9
Price/Cash Flow Low	0.22	0.49	0.73	3	5.01	12.08	3.56	6.3	4.87	4.06	5.79	0.52	1.84	3.12	0.53
Price/Free Cash Flow	0.64	0.86	1.17	2.25	6.16	13.13	7.13	9.62	7.37	5.13	6.06	2.63	1.18	2.72	3.41
Price/Free Cash Flow Average	0.53	0.7	0.93	1.89	5.5	12.09	6.25	8.2	7.81	7.08	7.52	2.19	2.06	4.17	2.1
Price/Free Cash Flow High	0.73	0.9	1.17	2.44	6.32	13.26	7.92	9.43	10.15	8.83	9.55	3.06	2.99	6.4	3.36
Price/Free Cash Flow Low	0.22	0.46	0.7	1.1	4.37	9.8	4.33	7.01	6.06	5.02	5.65	0.45	1.06	2.62	0.61
EV/Sales	0.39	0.38	0.92	0.48	0.46	0.59	0.7	0.8	0.63	0.52	1.14	1.02	0.87	0.79	0.85
EV/Sales Average	0.38	0.37	0.88	0.44	0.44	0.56	0.64	0.72	0.65	0.63	1.2	0.99	0.94	0.81	0.77
EV/Sales High	0.4	0.38	0.92	0.5	0.47	0.59	0.75	0.79	0.78	0.72	1.28	1.05	1.01	0.84	0.85
EV/Sales Low	0.36	0.36	0.85	0.35	0.39	0.49	0.51	0.65	0.56	0.51	1.12	0.85	0.86	0.79	0.67
EV/EBITDA	3.57	3.98	13.47	14.36	9.24	11.67	8.08	8.65	7.76	6.33	24.63	16.17	19.66	25.45	10.8
EV/EBITDA Average	3.49	3.88	12.9	13.17	8.75	11.06	7.39	7.74	8.06	7.66	25.89	15.66	21.14	26.12	9.74
EV/EBITDA High	3.63	4	13.49	15.01	9.37	11.75	8.7	8.53	9.62	8.84	27.66	16.7	22.7	27.16	10.76
EV/EBITDA Low	3.27	3.71	12.36	10.53	7.9	9.72	5.87	6.98	6.9	6.26	24.27	13.58	19.47	25.4	8.53
EV/EBIT	5.61	6.92	41.54	- -	- -	- -	17.5	18.81	20.22	16.06	- -	100.79	- -	- -	21.6
EV/EBIT Average	5.49	6.75	39.79	-28.42	-484.68	-188.28	16.01	16.84	21	19.42	-246.82	97.58	-204.36	-56.88	19.49
EV/EBIT High	5.71	6.96	41.59	-32.39	-518.78	-200.01	18.85	18.55	25.05	22.42	-263.65	104.05	-219.46	-59.14	21.53
EV/EBIT Low	5.14	6.47	38.12	-22.73	-437.57	-165.49	12.72	15.18	17.96	15.87	-231.32	84.63	-188.21	-55.31	17.07
Last Price	1.86	1.98	3.04	5.94	6.63	7.7	11.86	15.3	12.15	9.38	6.97	6.18	2.89	1.33	7.92
High Price	2.12	2.07	3.06	6.45	6.81	7.78	13.17	15	16.75	16.15	10.98	7.21	7.35	3.13	7.82
Low Price	0.63	1.06	1.83	2.91	4.71	5.75	7.2	11.15	10	9.18	6.49	1.07	2.61	1.28	1.42
Enterprise Value	319	303	320	258	305	407	598	757	683	611	1,665	1,574	1,440	1,361	1,601
Enterprise Value Average	312	296	307	237	289	386	547	678	709	739	1,750	1,524	1,548	1,397	1,444
Enterprise Value High	325	305	320	270	309	410	644	747	846	853	1,869	1,625	1,662	1,453	1,596
Enterprise Value Low	292	283	294	189	261	339	435	611	606	604	1,640	1,322	1,426	1,359	1,265

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	22	22	22	23	23	35	35	35	35	36	51	49	50	51	52
Diluted Weighted Avg Shares	22	22	22	23	23	31	45	45	45	45	43	51	50	51	62
Basic Weighted Avg Shares	22	22	22	23	23	31	35	35	35	36	43	51	50	51	52
Revenue per Share	37.79	36.82	16.03	23.9	28.9	22.43	24.57	26.82	30.73	33.02	33.69	30.49	33.11	34.12	36.42
EBITDA per Share	4.14	3.53	1.1	0.8	1.44	1.13	2.12	2.49	2.48	2.7	1.56	1.92	1.47	1.05	2.88
Operating Income per Share	2.63	2.03	0.36	-0.37	-0.03	-0.07	0.98	1.14	0.95	1.07	-0.16	0.31	-0.15	-0.48	1.44
Basic EPS, GAAP	1.01	0.55	0.52	-0.84	-0.59	-1.23	8.58	1.02	0.16	0.22	-0.74	-0.58	-0.86	-1.49	0.56
Basic EPS from Cont Ops	1.01	0.55	-0.02	-0.83	-0.59	-1.23	- -	1.29	0.2	0.28	-0.74	-0.58	-0.86	-1.49	0.66
Diluted EPS, GAAP	1	0.55	0.52	-0.84	-0.59	-1.23	6.72	0.8	0.13	0.18	-0.74	-0.58	-0.86	-1.49	0.46
Diluted EPS from Cont Ops	1	0.55	-0.02	-0.83	-0.59	-1.23	8.96	1.01	0.16	0.22	-0.74	-0.58	-0.86	-1.49	0.54
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.5	- -	0.02
Cash Flow per Share	2.81	2.16	2.51	0.97	0.94	0.48	2.02	1.77	2.06	2.26	1.12	2.05	1.42	0.41	2.7
Free Cash Flow per Basic Share	2.68	1.99	2.42	-0.7	0.8	0.37	1.92	1.51	2.02	2.2	1.09	1.74	0.38	0.33	2.59
Cash & Equivalents per Share	0.2	0.15	1.13	1.68	0.36	0.61	0.64	0.06	0.83	0.11	0.06	1.32	0.58	0.36	0.86
Book Value per Share	1.3	1.85	2.36	0.95	0.32	-0.88	-0.87	0.42	0.73	1	0.23	-0.36	-1.22	-2.68	-1.99
Tangible Book Value per Share	-8.04	-7.23	-6.37	-1.11	-1.6	-0.96	-1.5	-0.78	-1.38	-1.65	-3.82	-4.4	-5.36	-5.85	-4.79

Carrols Restaurant Group, Inc.

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