Dine Brands Global (DIN) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	DineEquity, Inc.
Entity Central Index Key	49,754
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		17,998,802

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 112,346	$ 140,535
Receivables, net	97,487	141,389
Restricted cash	31,411	30,256
Prepaid gift card costs	37,364	47,115
Prepaid income taxes	7,458	2,483
Other current assets	6,584	4,370
Total current assets	292,650	366,148
Long-term receivables, net	136,276	141,152
Property and equipment, net	200,815	205,055
Goodwill	697,470	697,470
Other intangible assets, net	760,977	763,431
Deferred rent receivable	85,052	86,981
Non-current restricted cash	14,700	14,700
Other non-current assets, net	3,717	3,646
Total assets	2,191,657	2,278,583
Current liabilities:
Accounts payable	28,931	50,503
Gift card liability	115,516	170,812
Dividends payable	17,490	17,465
Accrued employee compensation and benefits	9,930	14,609
Current maturities of capital lease and financing obligations	13,946	13,144
Accrued advertising	13,121	6,369
Other accrued expenses	15,113	13,410
Total current liabilities	214,047	286,312
Long-term debt, net	1,284,354	1,282,691
Capital lease obligations, less current maturities	65,982	74,665
Financing obligations, less current maturities	39,393	39,499
Deferred income taxes, net	247,682	253,898
Deferred rent payable	66,795	69,572
Other non-current liabilities	21,920	19,174
Total liabilities	1,940,173	2,025,811
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, shares: 40,000,000 authorized; June 30, 2017 - 25,060,155 issued, 17,984,934 outstanding; December 31, 2016 - 25,134,223 issued, 17,969,636 outstanding	251	251
Additional paid-in-capital	292,387	292,809
Retained earnings	382,808	382,082
Accumulated other comprehensive loss	(107)	(107)
Treasury stock, at cost; shares: June 30, 2017 - 7,075,221; December 31, 2016 - 7,164,587	(423,855)	(422,263)
Total stockholders’ equity	251,484	252,772
Total liabilities and stockholders’ equity	$ 2,191,657	$ 2,278,583

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	25,060,155	25,134,223
Common stock, shares outstanding (in shares)	17,984,934	17,969,636
Treasury stock, shares (in shares)	7,075,221	7,164,587

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Franchise and restaurant revenues	$ 122,987	$ 126,989	$ 246,565	$ 256,775
Rental revenues	30,124	30,830	60,589	62,239
Financing revenues	2,088	2,439	4,219	4,768
Total revenues	155,199	160,258	311,373	323,782
Cost of revenues:
Franchise and restaurant expenses	40,669	39,707	81,676	80,576
Rental expenses	22,681	23,030	45,347	46,261
Financing expenses	0	146	0	146
Total cost of revenues	63,350	62,883	127,023	126,983
Gross profit	91,849	97,375	184,350	196,799
General and administrative expenses	37,366	36,511	87,671	75,935
Interest expense	15,780	15,383	31,143	30,749
Amortization of intangible assets	2,500	2,500	5,000	4,980
Closure and impairment charges, net	2,701	3,291	2,918	3,726
(Gain) loss on disposition of assets	(6,243)	(48)	(6,352)	566
Income before income tax provision	39,745	39,738	63,970	80,843
Income tax provision	(18,465)	(12,909)	(28,327)	(28,471)
Net income	21,280	26,829	35,643	52,372
Other comprehensive income, net of tax:
Foreign currency translation adjustment	0	0	0	1
Total comprehensive income	21,280	26,829	35,643	52,373
Net income available to common stockholders:
Net income	21,280	26,829	35,643	52,372
Less: Net income allocated to unvested participating restricted stock	(342)	(384)	(602)	(766)
Net income available to common stockholders	$ 20,938	$ 26,445	$ 35,041	$ 51,606
Net income available to common stockholders per share:
Basic (USD per share)	$ 1.18	$ 1.46	$ 1.98	$ 2.84
Diluted (USD per share)	$ 1.18	$ 1.45	$ 1.98	$ 2.82
Weighted average shares outstanding:
Basic (in shares)	17,719	18,085	17,707	18,173
Diluted (in shares)	17,725	18,188	17,721	18,280
Dividends declared per common share (USD per share)	$ 0.97	$ 0.92	$ 1.94	$ 1.84
Dividends paid per common share (USD per share)	$ 0.97	$ 0.92	$ 1.94	$ 1.84

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 35,643	$ 52,372
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	15,422	15,554
Non-cash interest expense	1,663	1,591
Deferred income taxes	(8,514)	(11,896)
Non-cash stock-based compensation expense	7,567	5,647
Tax benefit from stock-based compensation	0	1,169
Excess tax benefit from stock-based compensation	0	(865)
Closure and impairment charges	2,910	1,249
(Gain) loss on disposition of assets	(6,352)	566
Other	(2,067)	416
Changes in operating assets and liabilities:
Accounts receivable, net	(711)	880
Current income tax receivables and payables	(481)	5,291
Gift card receivables and payables	(14,121)	(18,311)
Other current assets	(2,215)	(1,424)
Accounts payable	(8,153)	8,544
Accrued employee compensation and benefits	(4,743)	(10,949)
Other current liabilities	5,046	4,077
Cash flows provided by operating activities	20,894	53,911
Cash flows from investing activities:
Additions to property and equipment	(6,945)	(1,931)
Proceeds from sale of property and equipment	1,100	0
Principal receipts from notes, equipment contracts and other long-term receivables	9,946	8,658
Other	(292)	(250)
Cash flows provided by investing activities	3,809	6,477
Cash flows from financing activities:
Dividends paid on common stock	(34,879)	(34,029)
Repurchase of common stock	(10,003)	(35,008)
Principal payments on capital lease and financing obligations	(7,170)	(6,853)
Tax payments for restricted stock upon vesting	(2,320)	(2,432)
Proceeds from stock options exercised	2,635	880
Excess tax benefit from stock-based compensation	0	865
Cash flows used in financing activities	(51,737)	(76,577)
Net change in cash, cash equivalents and restricted cash	(27,034)	(16,189)
Cash, cash equivalents and restricted cash at beginning of period	185,491	192,013
Cash, cash equivalents and restricted cash at end of period	158,457	175,824
Supplemental disclosures:
Interest paid in cash	34,007	34,747
Income taxes paid in cash	$ 37,241	$ 33,980

General

General	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The accompanying unaudited consolidated financial statements of DineEquity, Inc. (the “Company” or “DineEquity”) have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2017 . The consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 .

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2017 began on January 2, 2017 and ended on April 2, 2017 ; the second fiscal quarter of 2017 ended on July 2, 2017 . The first fiscal quarter of 2016 began on January 4, 2016 and ended on April 3, 2016 ; the second fiscal quarter of 2016 ended on July 3, 2016 . The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make assumptions and estimates that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates are made in the calculation and assessment of the following: impairment of goodwill, other intangible assets and tangible assets; income taxes; allowance for doubtful accounts and notes receivables; lease accounting estimates; contingencies; and stock-based compensation. On an ongoing basis, the Company evaluates its estimates based on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Accounting Policies	Accounting Policies Accounting Standards Adopted Effective January 2, 2017 In March 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance that addresses accounting for certain aspects of share-based payments, including excess tax benefits or deficiencies, forfeiture estimates, statutory tax withholding and cash flow classification of certain share-based payment activity. The Company applied the prospective transition method in adopting the new guidance and prior period amounts have not been restated. Because of the adoption, the Company recognized an excess tax deficiency from stock-based compensation as a discrete item, increasing the income tax provision for the three and six months ended June 30, 2017 by $0.9 million and $1.7 million , respectively. Historically, excess tax benefits or deficiencies were recorded as additional paid-in capital. The Company applied the prospective transition method with respect to the cash flow classification of certain share-based payment activity; accordingly, the cash flows for the six months ended June 30, 2016 have not been restated. The Company has elected to maintain its practice of estimating forfeitures when recognizing expense for share-based payment awards . Amendments to the accounting for minimum statutory withholding requirements had no impact on the Company's Consolidated Financial Statements. In November 2016, the FASB issued new guidance to reduce diversity in practice in the classification and presentation of changes in restricted cash in the statement of cash flows. The new guidance requires amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period total amounts to the end-of-period total amounts shown on the statement of cash flows. Calendar year public entities will be required to adopt the new guidance beginning with the first fiscal quarter of 2018. The Company elected to adopt the new guidance retrospectively effective January 2, 2017 and the cash flows for the six months ended June 30, 2016 were restated. Adoption of the new guidance did not impact the Company's Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. In January 2017, the FASB issued new guidance simplifying the test of goodwill for impairment. The new guidance requires a single-step quantitative test to measure potential impairment based on the excess of a reporting unit's carrying amount over its fair value. Calendar year public entities will be required to adopt the new guidance beginning with the first fiscal quarter of 2020. The Company has elected early adoption of the new guidance, as is permitted for interim or annual tests of goodwill performed after January 1, 2017. Newly Issued Accounting Standards Not Yet Adopted In August 2016, the FASB issued new guidance on the classification of certain cash receipts and payments in the statement of cash flows. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The Company will be required to adopt the new guidance beginning with its first fiscal quarter of 2018. Early adoption is permitted. The Company is currently assessing the impact that the new guidance will have on its consolidated statements of cash flows. In June 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. The new guidance will replace the incurred loss methodology of recognizing credit losses on financial instruments that is currently required with a methodology that estimates the expected credit loss on financial instruments and reflects the net amount expected to be collected on the financial instrument. Application of the new guidance may result in the earlier recognition of credit losses as the new methodology will require entities to consider forward-looking information in addition to historical and current information used in assessing incurred losses. The Company will be required to adopt the new guidance on a modified retrospective basis beginning with its first fiscal quarter of 2020, with early adoption permitted in its first fiscal quarter of 2019. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures and whether early adoption will be elected. In February 2016, the FASB issued new guidance with respect to the accounting for leases. The new guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all leases, other than leases with a term of 12 months or less, and to provide additional disclosures about leasing arrangements. Accounting by lessors is largely unchanged from existing accounting guidance. The Company will be required to adopt the new guidance on a modified retrospective basis beginning with its first fiscal quarter of 2019. Early adoption is permitted. While the Company is still in the process of evaluating the impact of the new guidance on its consolidated financial statements and disclosures, the Company expects adoption of the new guidance will have a material impact on its Consolidated Balance Sheets due to recognition of the right-of-use asset and lease liability related to its operating leases. While the new guidance is also expected to impact the measurement and presentation of elements of expenses and cash flows related to leasing arrangements, the Company does not presently believe there will be a material impact on its Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. Recognition of a lease liability related to operating leases will not impact any covenants related to the Company's long-term debt because the debt agreements specify that covenant ratios be calculated using U.S. GAAP in effect at the time the debt agreements were entered into. In January 2016, the FASB issued guidance on the recognition and measurement of financial instruments. The guidance modifies how entities measure certain equity investments and present changes in the fair value of those investments, as well as changes how fair value of financial instruments is measured for disclosure purposes. The amendment is effective commencing with the Company's first fiscal quarter of 2018. The Company is currently evaluating the impact of the new guidance on its financial statements and disclosures. In May 2014, the FASB issued new accounting guidance on revenue recognition, which provides for a single, five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either the full retrospective method or the modified retrospective method to implement the standard. In August 2015, the FASB deferred the effective date of the new revenue guidance by one year such that the Company will be required to adopt the new guidance beginning with its first fiscal quarter of 2018. The FASB has subsequently issued several clarifications on specific topics within the new revenue recognition guidance that did not change the core principles of the guidance originally issued in May 2014. This new guidance supersedes nearly all the existing general revenue recognition guidance under U.S. GAAP as well as most industry-specific revenue recognition guidance, including guidance with respect to revenue recognition by franchisors. The Company believes the recognition of the majority of its revenues, including franchise royalty revenues, sales of IHOP pancake and waffle dry mix and retail sales at company-operated restaurants will not be affected by the new guidance. Additionally, lease rental revenues are not within the scope of the new guidance. The Company believes the new guidance will impact the timing of recognition of franchise and development fees. Under existing guidance, these fees are typically recognized upon the opening of restaurants. Under the new guidance, the Company believes the fees will have to be deferred and recognized as revenue over the term of the individual franchise agreements. However, the effect of the required deferral of fees received in any given year will be mitigated by the recognition of revenue from fees retrospectively deferred from prior years. The Company has essentially completed reviewing most of its nearly 4,000 agreements to obtain the data elements necessary to implement the new guidance and is in the process of quantifying the impact of the new guidance on its consolidated financial statements and related disclosures. The Company also believes the new guidance will impact the accounting for transactions related to the Applebee's national advertising fund. Currently, franchisee contributions to and expenditures of the Applebee's national advertising fund are not included in the Consolidated Statements of Comprehensive Income. Under the new guidance, the Company would include contributions to and expenditures from the Applebee's advertising fund within the Consolidated Statements of Comprehensive Income as is currently done with contributions to and expenditures from the IHOP national advertising fund. While this change will materially impact the gross amount of reported franchise revenues and expenses, the impact would be an offsetting increase to both revenue and expense such that the impact on gross profit and net income, if any, would not be material. The Company presently expects to use the full retrospective method of adoption when the new revenue guidance is adopted in the first fiscal quarter of 2018. The Company reviewed all other newly issued accounting pronouncements and concluded that they either are not applicable to the Company's operations or that no material effect is expected on the Company's financial statements because of future adoption.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Dividends During the six months ended June 30, 2017 , the Company paid dividends on common stock of $34.9 million , representing cash dividends of $0.97 per share declared in both the fourth quarter of 2016 and the first quarter of 2017. On May 15, 2017, the Company's Board of Directors declared a second quarter 2017 cash dividend of $0.97 per share of common stock. This dividend was paid on July 7, 2017 to the Company's stockholders of record at the close of business on June 19, 2017. The Company reported dividends payable of $17.5 million at June 30, 2017 . Stock Repurchase Program In October 2015, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $150 million of DineEquity common stock (the “2015 Repurchase Program”) on an opportunistic basis from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2015 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time. A summary of shares repurchased under the 2015 Repurchase Program, during the six months ended June 30, 2017 and cumulatively, is as follows: 2015 Repurchase Program Shares Cost of shares (In millions) Repurchased during the three months ended June 30, 2017 — $ — Repurchased during the six months ended June 30, 2017 145,786 $ 10.0 Cumulative repurchases as of June 30, 2017 1,000,657 $ 82.9 Remaining dollar value of shares that may be repurchased n/a $ 67.1 Treasury Stock Repurchases of DineEquity common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. During the six months ended June 30, 2017 , the Company re-issued 235,152 shares of treasury stock at a total FIFO cost of $8.4 million .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 44.3% for the six months ended June 30, 2017 as compared to 35.2% for the six months ended June 30, 2016 . T he effective tax rate for the six months ended June 30, 2017 was higher due to an increase in unrecognized tax benefits primarily related to § 199 domestic production activity deductions pertaining to internal software development and to the Company’s adoption of accounting guidance which requires excess tax benefits and deficiencies on share-based payments to be recorded as income tax benefits or expense in the income statement, rather than being recorded in additional paid-in capital on the balance sheet as was the practice prior to adoption of the new accounting guidance. The effective tax rate for the six months ended June 30, 2017 increased by 4.3% because of the additional unrecognized tax benefits, while adoption of the new accounting guidance, effective January 2, 2017, increased the Company's effective tax rate by 2.6% . The effective tax rate for the six months ended June 30, 2016 was lower by 2.5% primarily due to applying a lower state income tax rate to the deferred tax balances. The total gross unrecognized tax benefit as of June 30, 2017 and December 31, 2016 was $6.0 million and $3.9 million , respectively, excluding interest, penalties and related tax benefits. The Company estimates the unrecognized tax benefit may decrease over the upcoming 12 months by an amount up to $3.8 million related to settlements with taxing authorities and the lapse of statutes of limitations. For the remaining liability, due to the uncertainties related to these tax matters, the Company is unable to make a reasonably reliable estimate as to when cash settlement with a taxing authority will occur. As of June 30, 2017 , accrued interest was $1.0 million and accrued penalties were less than $0.1 million , excluding any related income tax benefits. As of December 31, 2016 , accrued interest was $1.0 million and accrued penalties were less than $0.1 million , excluding any related income tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as a component of its income tax provision recognized in its Consolidated Statements of Comprehensive Income. The Company files federal income tax returns and the Company or one of its subsidiaries files income tax returns in various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to federal, state or non-United States tax examinations by tax authorities for years before 2011. The Internal Revenue Service commenced examination of the Company’s U.S. federal income tax return for the tax years 2011 to 2013 during the year. The examination is currently in process. The Company believes that adequate reserves have been provided relating to all matters contained in the tax periods open to examination.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (In millions) Total stock-based compensation expense: Equity classified awards expense $ 1.5 $ 2.5 $ 7.7 $ 5.7 Liability classified awards expense (1.3 ) 0.3 (1.1 ) 1.1 Total pre-tax stock-based compensation expense 0.2 2.8 6.6 6.8 Book income tax benefit (0.1 ) (1.1 ) (2.5 ) (2.6 ) Total stock-based compensation expense, net of tax $ 0.1 $ 1.7 $ 4.1 $ 4.2 As of June 30, 2017 , total unrecognized compensation expense of $14.2 million related to restricted stock and restricted stock units and $3.1 million related to stock options are expected to be recognized over a weighted average period of 1.71 years for restricted stock and restricted stock units and 1.72 years for stock options. Equity Classified Awards - Stock Options The estimated fair value of the stock options granted during the six months ended June 30, 2017 was calculated using a Black-Scholes option pricing model. The following summarizes the assumptions used in the Black-Scholes model: Risk-free interest rate 1.9 % Weighted average historical volatility 22.9 % Dividend yield 7.3 % Expected years until exercise 4.5 Weighted average fair value of options granted $4.31 Stock option balances as of June 30, 2017 , and related activity for the six months ended June 30, 2017 were as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in Millions) Outstanding at December 31, 2016 701,134 $ 80.04 Granted 537,030 53.42 Exercised (64,916 ) 40.59 Expired (46,088 ) 79.76 Forfeited (67,033 ) 73.84 Outstanding at June 30, 2017 1,060,127 69.38 7.0 $ 0.0 Vested at June 30, 2017 and Expected to Vest 962,331 70.58 6.7 $ 0.0 Exercisable at June 30, 2017 468,437 $ 81.88 3.8 $ 0.0 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price of the Company’s common stock on the last trading day of the second quarter of 2017 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2017 . The aggregate intrinsic value will change based on the fair market value of the Company’s common stock and the number of in-the-money options. Equity Classified Awards - Restricted Stock and Restricted Stock Units Outstanding balances as of June 30, 2017 , and activity related to restricted stock and restricted stock units for the six months ended June 30, 2017 were as follows: Restricted Stock Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 235,472 $ 92.91 34,058 $ 93.95 Granted 170,236 54.43 22,926 54.97 Released (88,341 ) 88.83 (12,199 ) 81.57 Forfeited (47,005 ) 81.77 — — Outstanding at June 30, 2017 270,362 $ 71.86 44,785 $ 78.15 Liability Classified Awards - Long-Term Incentive Awards The Company has granted cash long-term incentive awards (“LTIP awards”) to certain employees. Annual LTIP awards vest over a three -year period and are determined using a multiplier from 0% to 200% of the target award based on the total stockholder return of DineEquity common stock compared to the total stockholder returns of a peer group of companies. Although LTIP awards are only paid in cash, since the multiplier is based on the price of the Company's common stock, the awards are considered stock-based compensation in accordance with U.S. GAAP and are classified as liabilities. For the three months ended June 30, 2017 and 2016 , a credit of $1.3 million and an expense of $0.3 million , respectively, were included in total stock-based compensation expense related to LTIP awards. For the six months ended June 30, 2017 and 2016 , a credit of $1.1 million and an expense of $1.1 million , respectively, were included in total stock-based compensation expense related to LTIP awards. At June 30, 2017 and December 31, 2016 , liabilities of $0.1 million and $1.2 million , respectively, related to LTIP awards were included as part of accrued employee compensation and benefits in the Consolidated Balance Sheets.

Segments

Segments	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segments	Segments The Company has four operating segments: franchise operations (an aggregation of Applebee’s and IHOP franchise operations), rental operations, company-operated restaurant operations and financing operations. The Company views all operating segments as reportable segments regardless of whether any segment exceeds 10% of consolidated revenues, segment profit or total assets. As of June 30, 2017 , the franchise operations segment consisted of (i) 1,968 restaurants operated by Applebee’s franchisees in the United States, two U.S. territories and 14 countries outside the United States and (ii) 1,752 restaurants operated by IHOP franchisees and area licensees in the United States, three U.S. territories and 12 countries outside the United States. Franchise operations revenue consists primarily of franchise royalty revenues, sales of proprietary products to franchisees (primarily pancake and waffle dry mixes for the IHOP restaurants), franchise advertising fees from domestic IHOP restaurants and international restaurants of both brands and franchise fees. Franchise operations expenses include advertising expenses from domestic IHOP restaurants and international restaurants of both brands, the cost of IHOP proprietary products, IHOP and Applebee's pre-opening training expenses and other franchise-related costs. Rental operations revenue includes revenue from operating leases and interest income from direct financing leases. Rental operations expenses are costs of operating leases and interest expense from capital leases on franchisee-operated restaurants. Company restaurant sales are retail sales at company-operated restaurants. Company restaurant expenses are operating expenses at company-operated restaurants and include food, labor, utilities, rent and other restaurant operating costs. In June 2017, the Company refranchised nine of ten company-operated restaurants in the Cincinnati, Ohio market area; the one restaurant not refranchised was permanently closed. As a result, the Company no longer operates any IHOP restaurants on a permanent basis. The Company has not presented these restaurants as discontinued operations as defined by U.S. GAAP because the refranchising of nine restaurants out of a total of over 3,700 restaurants did not represent a strategic shift that had a major effect on the Company's operations. From time to time, the Company may operate IHOP restaurants reacquired from franchisees on a temporary basis until those restaurants are refranchised. There were no IHOP restaurants under temporary operation at June 30, 2017 . Financing operations revenue primarily consists of interest income from the financing of franchise fees and equipment leases and sales of equipment associated with refranchised IHOP restaurants. Financing expenses are primarily the cost of restaurant equipment associated with refranchised IHOP restaurants. Information on segments is as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (In millions) Revenues from external customers: Franchise operations $ 119.6 $ 122.5 $ 239.1 $ 247.5 Rental operations 30.1 30.8 60.6 62.2 Company restaurants 3.4 4.5 7.5 9.3 Financing operations 2.1 2.5 4.2 4.8 Total $ 155.2 $ 160.3 $ 311.4 $ 323.8 Interest expense: Rental operations $ 2.6 $ 3.0 $ 5.4 $ 6.1 Company restaurants 0.1 0.1 0.2 0.2 Corporate 15.8 15.4 31.1 30.7 Total $ 18.5 $ 18.5 $ 36.7 $ 37.0 Depreciation and amortization: Franchise operations $ 2.7 $ 2.6 $ 5.4 $ 5.2 Rental operations 3.0 3.2 6.0 6.3 Company restaurants — 0.1 0.1 0.2 Corporate 2.0 1.6 3.9 3.8 Total $ 7.7 $ 7.5 $ 15.4 $ 15.5 Gross profit, by segment: Franchise operations $ 82.4 $ 87.5 $ 165.2 $ 176.8 Rental operations 7.5 7.8 15.3 16.0 Company restaurants (0.1 ) (0.2 ) (0.3 ) (0.6 ) Financing operations 2.1 2.3 4.2 4.6 Total gross profit 91.9 97.4 184.4 196.8 Corporate and unallocated expenses, net (52.2 ) (57.7 ) (120.4 ) (116.0 ) Income before income tax provision $ 39.7 $ 39.7 $ 64.0 $ 80.8

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share The computation of the Company's basic and diluted net income per share is as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator for basic and diluted income per common share: Net income $ 21,280 $ 26,829 $ 35,643 $ 52,372 Less: Net income allocated to unvested participating restricted stock (342 ) (384 ) (602 ) (766 ) Net income available to common stockholders - basic 20,938 26,445 35,041 51,606 Effect of unvested participating restricted stock in two-class calculation — 1 — 1 Net income available to common stockholders - diluted $ 20,938 $ 26,446 $ 35,041 $ 51,607 Denominator: Weighted average outstanding shares of common stock - basic 17,719 18,085 17,707 18,173 Dilutive effect of stock options 6 103 14 107 Weighted average outstanding shares of common stock - diluted 17,725 18,188 17,721 18,280 Net income per common share: Basic $ 1.18 $ 1.46 $ 1.98 $ 2.84 Diluted $ 1.18 $ 1.45 $ 1.98 $ 2.82

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company does not have a material amount of financial assets or liabilities that are required under U.S. GAAP to be measured on a recurring basis at fair value. The Company is not a party to any derivative financial instruments. The Company does not have a material amount of non-financial assets or non-financial liabilities that are required under U.S. GAAP to be measured at fair value on a recurring basis. The Company has not elected to use the fair value measurement option, as permitted under U.S. GAAP, for any assets or liabilities for which fair value measurement is not presently required. The Company believes the fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts due to their short duration. The fair values of the Company's Series 2014-1 Class A-2 Notes (the “Class A-2 Notes”) at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Long-term debt $ 1,284.4 $ 1,278.1 $ 1,282.7 $ 1,286.2 The fair values were determined based on Level 2 inputs, including information gathered from brokers who trade in the Company’s Class A-2 Notes and information on notes that are similar to those of the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation, Claims and Disputes The Company is subject to various lawsuits, administrative proceedings, audits and claims arising in the ordinary course of business. Some of these lawsuits purport to be class actions and/or seek substantial damages. The Company is required under U.S. GAAP to record an accrual for litigation loss contingencies that are both probable and reasonably estimable. Legal fees and expenses associated with the defense of all of the Company's litigation are expensed as such fees and expenses are incurred. Management regularly assesses the Company's insurance coverage, analyzes litigation information with the Company's attorneys and evaluates the Company's loss experience in connection with pending legal proceedings. While the Company does not presently believe that any of the legal proceedings to which it is currently a party will ultimately have a material adverse impact on the Company, there can be no assurance that the Company will prevail in all the proceedings the Company is party to, or that the Company will not incur material losses from them. Lease Guarantees In connection with the sale of Applebee’s restaurants or previous brands to franchisees and other parties, the Company has, in certain cases, guaranteed or has potential continuing liability for lease payments totaling $331.5 million as of June 30, 2017 . This amount represents the maximum potential liability for future payments under these leases. Excluding unexercised option periods, the Company's potential liability for future payments under these leases is $58.7 million . These leases have been assigned to the buyers and expire at the end of the respective lease terms, which range from 2017 through 2048 . In the event of default, the indemnity and default clauses in the sale or assignment agreements govern the Company's ability to pursue and recover damages incurred. No material lease payment guarantee liabilities have been recorded as of June 30, 2017 .

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Current restricted cash of $31.4 million at June 30, 2017 primarily consisted of $27.1 million of funds required to be held in trust in connection with the Company's securitized debt and $3.9 million of funds from Applebee's franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities. Current restricted cash of $30.3 million at December 31, 2016 primarily consisted of $25.7 million of funds required to be held in trust in connection with the Company's securitized debt and $4.3 million of funds from Applebee's franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities. Non-current restricted cash of $14.7 million at June 30, 2017 and December 31, 2016 represents interest reserves required to be set aside for the duration of the Company's securitized debt.

Refranchising of Company-operat

Refranchising of Company-operated Restaurants	6 Months Ended
	Jun. 30, 2017
Leases [Abstract]
Refranchising of Company-operated Restaurants	Refranchising of Company-operated Restaurants In June 2017, the Company completed the refranchising and sale of related restaurant assets of nine company-operated IHOP restaurants in the Cincinnati, Ohio market area. As part of the transaction, the Company entered into an asset purchase agreement, nine franchise agreements and nine sublease agreements for land and buildings. The Company compared the stated rent under the sublease agreements with comparable market rents and recorded net favorable lease assets of $2.3 million in connection with the transaction. The Company also received cash of $1.1 million and a note receivable for $4.8 million . After allocating a portion of the consideration to franchise fees and derecognition of the assets sold, the Company recognized a gain of $6.2 million on the refranchising and sale during the three and six months ended June 30, 2017 .

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Fiscal Period	The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2017 began on January 2, 2017 and ended on April 2, 2017 ; the second fiscal quarter of 2017 ended on July 2, 2017 . The first fiscal quarter of 2016 began on January 4, 2016 and ended on April 3, 2016 ; the second fiscal quarter of 2016 ended on July 3, 2016 .
Accounting Standards Adopted in the Current Fiscal Year and Not Yet Adopted	Accounting Standards Adopted Effective January 2, 2017 In March 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance that addresses accounting for certain aspects of share-based payments, including excess tax benefits or deficiencies, forfeiture estimates, statutory tax withholding and cash flow classification of certain share-based payment activity. The Company applied the prospective transition method in adopting the new guidance and prior period amounts have not been restated. Because of the adoption, the Company recognized an excess tax deficiency from stock-based compensation as a discrete item, increasing the income tax provision for the three and six months ended June 30, 2017 by $0.9 million and $1.7 million , respectively. Historically, excess tax benefits or deficiencies were recorded as additional paid-in capital. The Company applied the prospective transition method with respect to the cash flow classification of certain share-based payment activity; accordingly, the cash flows for the six months ended June 30, 2016 have not been restated. The Company has elected to maintain its practice of estimating forfeitures when recognizing expense for share-based payment awards . Amendments to the accounting for minimum statutory withholding requirements had no impact on the Company's Consolidated Financial Statements. In November 2016, the FASB issued new guidance to reduce diversity in practice in the classification and presentation of changes in restricted cash in the statement of cash flows. The new guidance requires amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period total amounts to the end-of-period total amounts shown on the statement of cash flows. Calendar year public entities will be required to adopt the new guidance beginning with the first fiscal quarter of 2018. The Company elected to adopt the new guidance retrospectively effective January 2, 2017 and the cash flows for the six months ended June 30, 2016 were restated. Adoption of the new guidance did not impact the Company's Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. In January 2017, the FASB issued new guidance simplifying the test of goodwill for impairment. The new guidance requires a single-step quantitative test to measure potential impairment based on the excess of a reporting unit's carrying amount over its fair value. Calendar year public entities will be required to adopt the new guidance beginning with the first fiscal quarter of 2020. The Company has elected early adoption of the new guidance, as is permitted for interim or annual tests of goodwill performed after January 1, 2017. Newly Issued Accounting Standards Not Yet Adopted In August 2016, the FASB issued new guidance on the classification of certain cash receipts and payments in the statement of cash flows. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The Company will be required to adopt the new guidance beginning with its first fiscal quarter of 2018. Early adoption is permitted. The Company is currently assessing the impact that the new guidance will have on its consolidated statements of cash flows. In June 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. The new guidance will replace the incurred loss methodology of recognizing credit losses on financial instruments that is currently required with a methodology that estimates the expected credit loss on financial instruments and reflects the net amount expected to be collected on the financial instrument. Application of the new guidance may result in the earlier recognition of credit losses as the new methodology will require entities to consider forward-looking information in addition to historical and current information used in assessing incurred losses. The Company will be required to adopt the new guidance on a modified retrospective basis beginning with its first fiscal quarter of 2020, with early adoption permitted in its first fiscal quarter of 2019. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures and whether early adoption will be elected. In February 2016, the FASB issued new guidance with respect to the accounting for leases. The new guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all leases, other than leases with a term of 12 months or less, and to provide additional disclosures about leasing arrangements. Accounting by lessors is largely unchanged from existing accounting guidance. The Company will be required to adopt the new guidance on a modified retrospective basis beginning with its first fiscal quarter of 2019. Early adoption is permitted. While the Company is still in the process of evaluating the impact of the new guidance on its consolidated financial statements and disclosures, the Company expects adoption of the new guidance will have a material impact on its Consolidated Balance Sheets due to recognition of the right-of-use asset and lease liability related to its operating leases. While the new guidance is also expected to impact the measurement and presentation of elements of expenses and cash flows related to leasing arrangements, the Company does not presently believe there will be a material impact on its Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. Recognition of a lease liability related to operating leases will not impact any covenants related to the Company's long-term debt because the debt agreements specify that covenant ratios be calculated using U.S. GAAP in effect at the time the debt agreements were entered into. In January 2016, the FASB issued guidance on the recognition and measurement of financial instruments. The guidance modifies how entities measure certain equity investments and present changes in the fair value of those investments, as well as changes how fair value of financial instruments is measured for disclosure purposes. The amendment is effective commencing with the Company's first fiscal quarter of 2018. The Company is currently evaluating the impact of the new guidance on its financial statements and disclosures. In May 2014, the FASB issued new accounting guidance on revenue recognition, which provides for a single, five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either the full retrospective method or the modified retrospective method to implement the standard. In August 2015, the FASB deferred the effective date of the new revenue guidance by one year such that the Company will be required to adopt the new guidance beginning with its first fiscal quarter of 2018. The FASB has subsequently issued several clarifications on specific topics within the new revenue recognition guidance that did not change the core principles of the guidance originally issued in May 2014. This new guidance supersedes nearly all the existing general revenue recognition guidance under U.S. GAAP as well as most industry-specific revenue recognition guidance, including guidance with respect to revenue recognition by franchisors. The Company believes the recognition of the majority of its revenues, including franchise royalty revenues, sales of IHOP pancake and waffle dry mix and retail sales at company-operated restaurants will not be affected by the new guidance. Additionally, lease rental revenues are not within the scope of the new guidance. The Company believes the new guidance will impact the timing of recognition of franchise and development fees. Under existing guidance, these fees are typically recognized upon the opening of restaurants. Under the new guidance, the Company believes the fees will have to be deferred and recognized as revenue over the term of the individual franchise agreements. However, the effect of the required deferral of fees received in any given year will be mitigated by the recognition of revenue from fees retrospectively deferred from prior years. The Company has essentially completed reviewing most of its nearly 4,000 agreements to obtain the data elements necessary to implement the new guidance and is in the process of quantifying the impact of the new guidance on its consolidated financial statements and related disclosures. The Company also believes the new guidance will impact the accounting for transactions related to the Applebee's national advertising fund. Currently, franchisee contributions to and expenditures of the Applebee's national advertising fund are not included in the Consolidated Statements of Comprehensive Income. Under the new guidance, the Company would include contributions to and expenditures from the Applebee's advertising fund within the Consolidated Statements of Comprehensive Income as is currently done with contributions to and expenditures from the IHOP national advertising fund. While this change will materially impact the gross amount of reported franchise revenues and expenses, the impact would be an offsetting increase to both revenue and expense such that the impact on gross profit and net income, if any, would not be material. The Company presently expects to use the full retrospective method of adoption when the new revenue guidance is adopted in the first fiscal quarter of 2018. The Company reviewed all other newly issued accounting pronouncements and concluded that they either are not applicable to the Company's operations or that no material effect is expected on the Company's financial statements because of future adoption.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Class of Treasury Stock	A summary of shares repurchased under the 2015 Repurchase Program, during the six months ended June 30, 2017 and cumulatively, is as follows: 2015 Repurchase Program Shares Cost of shares (In millions) Repurchased during the three months ended June 30, 2017 — $ — Repurchased during the six months ended June 30, 2017 145,786 $ 10.0 Cumulative repurchases as of June 30, 2017 1,000,657 $ 82.9 Remaining dollar value of shares that may be repurchased n/a $ 67.1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Components of the Company’s stock-based compensation expense	The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (In millions) Total stock-based compensation expense: Equity classified awards expense $ 1.5 $ 2.5 $ 7.7 $ 5.7 Liability classified awards expense (1.3 ) 0.3 (1.1 ) 1.1 Total pre-tax stock-based compensation expense 0.2 2.8 6.6 6.8 Book income tax benefit (0.1 ) (1.1 ) (2.5 ) (2.6 ) Total stock-based compensation expense, net of tax $ 0.1 $ 1.7 $ 4.1 $ 4.2
Schedule of stock option valuation assumptions	The following summarizes the assumptions used in the Black-Scholes model: Risk-free interest rate 1.9 % Weighted average historical volatility 22.9 % Dividend yield 7.3 % Expected years until exercise 4.5 Weighted average fair value of options granted $4.31
Schedule of stock option activity	Stock option balances as of June 30, 2017 , and related activity for the six months ended June 30, 2017 were as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in Millions) Outstanding at December 31, 2016 701,134 $ 80.04 Granted 537,030 53.42 Exercised (64,916 ) 40.59 Expired (46,088 ) 79.76 Forfeited (67,033 ) 73.84 Outstanding at June 30, 2017 1,060,127 69.38 7.0 $ 0.0 Vested at June 30, 2017 and Expected to Vest 962,331 70.58 6.7 $ 0.0 Exercisable at June 30, 2017 468,437 $ 81.88 3.8 $ 0.0
Schedule of restricted stock unit activity	Outstanding balances as of June 30, 2017 , and activity related to restricted stock and restricted stock units for the six months ended June 30, 2017 were as follows: Restricted Stock Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 235,472 $ 92.91 34,058 $ 93.95 Granted 170,236 54.43 22,926 54.97 Released (88,341 ) 88.83 (12,199 ) 81.57 Forfeited (47,005 ) 81.77 — — Outstanding at June 30, 2017 270,362 $ 71.86 44,785 $ 78.15

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of segment reporting information by segment	Information on segments is as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (In millions) Revenues from external customers: Franchise operations $ 119.6 $ 122.5 $ 239.1 $ 247.5 Rental operations 30.1 30.8 60.6 62.2 Company restaurants 3.4 4.5 7.5 9.3 Financing operations 2.1 2.5 4.2 4.8 Total $ 155.2 $ 160.3 $ 311.4 $ 323.8 Interest expense: Rental operations $ 2.6 $ 3.0 $ 5.4 $ 6.1 Company restaurants 0.1 0.1 0.2 0.2 Corporate 15.8 15.4 31.1 30.7 Total $ 18.5 $ 18.5 $ 36.7 $ 37.0 Depreciation and amortization: Franchise operations $ 2.7 $ 2.6 $ 5.4 $ 5.2 Rental operations 3.0 3.2 6.0 6.3 Company restaurants — 0.1 0.1 0.2 Corporate 2.0 1.6 3.9 3.8 Total $ 7.7 $ 7.5 $ 15.4 $ 15.5 Gross profit, by segment: Franchise operations $ 82.4 $ 87.5 $ 165.2 $ 176.8 Rental operations 7.5 7.8 15.3 16.0 Company restaurants (0.1 ) (0.2 ) (0.3 ) (0.6 ) Financing operations 2.1 2.3 4.2 4.6 Total gross profit 91.9 97.4 184.4 196.8 Corporate and unallocated expenses, net (52.2 ) (57.7 ) (120.4 ) (116.0 ) Income before income tax provision $ 39.7 $ 39.7 $ 64.0 $ 80.8

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of the Company’s basic and diluted net income per share	The computation of the Company's basic and diluted net income per share is as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator for basic and diluted income per common share: Net income $ 21,280 $ 26,829 $ 35,643 $ 52,372 Less: Net income allocated to unvested participating restricted stock (342 ) (384 ) (602 ) (766 ) Net income available to common stockholders - basic 20,938 26,445 35,041 51,606 Effect of unvested participating restricted stock in two-class calculation — 1 — 1 Net income available to common stockholders - diluted $ 20,938 $ 26,446 $ 35,041 $ 51,607 Denominator: Weighted average outstanding shares of common stock - basic 17,719 18,085 17,707 18,173 Dilutive effect of stock options 6 103 14 107 Weighted average outstanding shares of common stock - diluted 17,725 18,188 17,721 18,280 Net income per common share: Basic $ 1.18 $ 1.46 $ 1.98 $ 2.84 Diluted $ 1.18 $ 1.45 $ 1.98 $ 2.82

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of non-current financial liabilities	The fair values of the Company's Series 2014-1 Class A-2 Notes (the “Class A-2 Notes”) at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Long-term debt $ 1,284.4 $ 1,278.1 $ 1,282.7 $ 1,286.2

Accounting Policies Narrative (

Accounting Policies Narrative (Details) agreement in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)agreement
Accounting Changes and Error Corrections [Abstract]
Excess tax deficiency from stock-based compensation, increase in income tax provision | $	$ 0.9	$ 1.7
Number of franchise agreements | agreement		4

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	May 15, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Oct. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Payments of dividends					$ 34,879,000	$ 34,029,000
Dividends declared per common share (USD per share)	$ 0.97	$ 0.97	$ 0.97	$ 0.92	$ 1.94	$ 1.84
Dividends payable		$ 17,490,000	$ 17,465,000		$ 17,490,000
Treasury stock reissued (shares)					235,152
Treasury stock reissued					$ 8,400,000
October 2015 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 150,000,000

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchases (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)shares	Jun. 30, 2017USD ($)shares
Equity [Abstract]
Stock repurchased during period (in shares) | shares	0	145,786
Stock repurchased during period, value	$ 0	$ 10
Cumulative amount of shares repurchased (in shares) | shares	1,000,657	1,000,657
Cumulative payments for repurchase of common stock	$ 82.9	$ 82.9
Remaining dollar value of shares that may be repurchased	$ 67.1	$ 67.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jan. 02, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)		44.30%	35.20%
Effective Income Tax Rate Reconciliation, Increase, Percent		4.30%
Increase in excess tax, percent	2.60%
Decrease in effective tax rate (percent)			2.50%
Gross unrecognized tax benefit		$ 6		$ 3.9
Expected change in unrecognized tax benefits		3.8
Accrued interest on income taxes		1		1
Accrued penalties on income taxes, less than		$ 0.1		$ 0.1

Stock-Based Compensation (Compo

Stock-Based Compensation (Components of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity classified awards expense	$ 1.5	$ 2.5	$ 7.7	$ 5.7
Liability classified awards expense	(1.3)	0.3	(1.1)	1.1
Total pre-tax stock-based compensation expense	0.2	2.8	6.6	6.8
Book income tax benefit	(0.1)	(1.1)	(2.5)	(2.6)
Total stock-based compensation expense, net of tax	$ 0.1	$ 1.7	$ 4.1	$ 4.2

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 200	$ 2,800	$ 6,600	$ 6,800
Accrued employee compensation and benefits	9,930		9,930		$ 14,609
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	14,200		$ 14,200
Total compensation cost not yet recognized, period for recognition (in years)			1 year 8 months 15 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	3,100		$ 3,100
Total compensation cost not yet recognized, period for recognition (in years)			1 year 8 months 20 days
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Share-based compensation expense	(1,300)	$ 300	$ (1,100)	$ 1,100
Accrued employee compensation and benefits	$ 100		$ 100		$ 1,200
LTIP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (percent)			0.00%
LTIP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (percent)			200.00%

Stock-Based Compensation (Optio

Stock-Based Compensation (Options Value Assumptions) (Details) - Stock Options	6 Months Ended
	Jun. 30, 2017$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (percent)	1.90%
Weighted average historical volatility (percent)	22.90%
Dividend yield (percent)	7.30%
Expected years until exercise (years)	4 years 5 months 28 days
Weighted average fair value of options granted (USD per share)	$ 4.31

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017
Shares
Options, outstanding, beginning of period (in shares)	701,134	701,134
Options, granted (in shares)		537,030
Options, exercised (in shares)		(64,916)
Options, expired (in shares)		(46,088)
Options, forfeited (in shares)		(67,033)
Options, outstanding, end of period (in shares)		1,060,127
Options, vested and expected to vest (in shares)		962,331
Options, exercisable (in shares)		468,437
Weighted Average Exercise Price
Weighted average exercise price, beginning of period (per share)	$ 80.04	$ 80.04
Weighted average exercise price, granted (per share)		53.42
Weighted average exercise price, exercised (per share)		40.59
Weighted average exercise price, expired (per share)		79.76
Weighted average exercise price, forfeited (per share)		73.84
Weighted average exercise price, end of period (per share)		69.38
Weighted average exercise price, vested and expected to vest (per share)		70.58
Weighted average exercise price, exercisable (per share)		$ 81.88
Weighted average remaining contractual term (in years)		6 years 11 months 20 days
Weighted average remaining contractual term, vested and expected to vest (in years)	6 years 8 months 16 days
Weighted average remaining contractual term, exercisable (in years)		3 years 9 months 10 days
Options, outstanding, intrinsic value		$ 0
Options, vested and expected to vest, intrinsic value	$ 0
Options, vested and expected to vest, exercisable		$ 0

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock) (Details)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Restricted stock, beginning of period (in shares) | shares	235,472
Restricted stock, granted (in shares) | shares	170,236
Restricted stock, released (in shares) | shares	(88,341)
Restricted stock, forfeited (in shares) | shares	(47,005)
Restricted stock, end of period (in shares) | shares	270,362
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, beginning balance (per share) | $ / shares	$ 92.91
Weighted average grant date fair value, granted (per share) | $ / shares	54.43
Weighted average grant date fair value, released (per share) | $ / shares	88.83
Weighted average grant date fair value, forfeited (per share) | $ / shares	81.77
Weighted average grant date fair value, ending balance (per share) | $ / shares	$ 71.86
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Restricted stock, beginning of period (in shares) | shares	34,058
Restricted stock, granted (in shares) | shares	22,926
Restricted stock, released (in shares) | shares	(12,199)
Restricted stock, forfeited (in shares) | shares	0
Restricted stock, end of period (in shares) | shares	44,785
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, beginning balance (per share) | $ / shares	$ 93.95
Weighted average grant date fair value, granted (per share) | $ / shares	54.97
Weighted average grant date fair value, released (per share) | $ / shares	81.57
Weighted average grant date fair value, forfeited (per share) | $ / shares	0
Weighted average grant date fair value, ending balance (per share) | $ / shares	$ 78.15

Segments - Narrative (Details)

Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2017RestaurantCountrysegmentTerritory
Franchisor Disclosure [Line Items]
Number of segments (segment) | segment	4
Number of restaurants (restaurant)	3,700
Applebee's
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) | Territory	2
Number of countries in which entity operates (country) | Country	14
IHOP
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) | Territory	3
Number of countries in which entity operates (country) | Country	12
Cincinnati, Ohio market area restaurants
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	10
Number of restaurants Not refranchised (restaurants)	1
Franchised Units
Franchisor Disclosure [Line Items]
Number of restaurants refranchised (restaurant)	9
Franchised Units | Applebee's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,968
Franchised Units | IHOP
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,752
Franchised Units | Cincinnati, Ohio market area restaurants
Franchisor Disclosure [Line Items]
Number of restaurants refranchised (restaurant)	9

Segments (Schedule of Segment R

Segments (Schedule of Segment Reporting Information by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Rental revenues	$ 30,124	$ 30,830	$ 60,589	$ 62,239
Financing revenues	2,088	2,439	4,219	4,768
Total revenues	155,199	160,258	311,373	323,782
Interest expense	18,500	18,500	36,700	37,000
Depreciation and amortization	7,700	7,500	15,422	15,554
Segment profit	39,745	39,738	63,970	80,843
Operating Segments
Segment Reporting Information [Line Items]
Segment profit	91,900	97,400	184,400	196,800
Operating Segments | Franchise Operations
Segment Reporting Information [Line Items]
Franchise revenues	119,600	122,500	239,100	247,500
Depreciation and amortization	2,700	2,600	5,400	5,200
Segment profit	82,400	87,500	165,200	176,800
Operating Segments | Rental Operations
Segment Reporting Information [Line Items]
Rental revenues	30,100	30,800	60,600	62,200
Interest expense	2,600	3,000	5,400	6,100
Depreciation and amortization	3,000	3,200	6,000	6,300
Segment profit	7,500	7,800	15,300	16,000
Operating Segments | Company Restaurants
Segment Reporting Information [Line Items]
Company restaurants	3,400	4,500	7,500	9,300
Interest expense	100	100	200	200
Depreciation and amortization	0	100	100	200
Segment profit	(100)	(200)	(300)	(600)
Operating Segments | Financing Operations
Segment Reporting Information [Line Items]
Financing revenues	2,100	2,500	4,200	4,800
Segment profit	2,100	2,300	4,200	4,600
Corporate
Segment Reporting Information [Line Items]
Interest expense	15,800	15,400	31,100	30,700
Depreciation and amortization	2,000	1,600	3,900	3,800
Segment profit	$ (52,200)	$ (57,700)	$ (120,400)	$ (116,000)

Net Income per Share - Computat

Net Income per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 21,280	$ 26,829	$ 35,643	$ 52,372
Less: Net income allocated to unvested participating restricted stock	(342)	(384)	(602)	(766)
Net income available to common stockholders - basic	20,938	26,445	35,041	51,606
Effect of unvested participating restricted stock in two-class calculation	0	1	0	1
Net income available to common stockholders - diluted	$ 20,938	$ 26,446	$ 35,041	$ 51,607
Weighted average outstanding shares of common stock - basic (in shares)	17,719	18,085	17,707	18,173
Dilutive effect of stock options (in shares)	6	103	14	107
Weighted average outstanding shares of common stock - diluted (in shares)	17,725	18,188	17,721	18,280
Net income per common share - basic (USD per share)	$ 1.18	$ 1.46	$ 1.98	$ 2.84
Net income per common share - diluted (USD per share)	$ 1.18	$ 1.45	$ 1.98	$ 2.82

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Non-Current Financial Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net	$ 1,278.1	$ 1,286.2
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net	$ 1,284.4	$ 1,282.7

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Jun. 30, 2017USD ($)
Loss Contingencies [Line Items]
Guarantor obligations	$ 0
Applebee's | Property Lease Guarantee
Loss Contingencies [Line Items]
Potential liability for guaranteed leases	331,500,000
Potential liability for guaranteed leases excluding unexercised option periods	$ 58,700,000

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Current restricted cash	$ 31,411	$ 30,256
Non-current restricted cash	14,700	14,700
Held in Trust Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Current restricted cash	27,100	25,700
Held for Advertising Activity Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Current restricted cash	$ 3,900	$ 4,300

Refranchising of Company-oper39

Refranchising of Company-operated Restaurants (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)Franchiseeagreement	Jun. 30, 2017USD ($)Restaurantagreement	Jun. 30, 2016USD ($)
Operating Leased Assets [Line Items]
Number of franchise agreements | agreement		4,000
Proceeds from sale of restaurant assets		$ 1,100	$ 0
Franchised Units
Operating Leased Assets [Line Items]
Number of restaurants refranchised (restaurant) | Restaurant		9
IHOP | Cincinnati, Ohio market area restaurants
Operating Leased Assets [Line Items]
Number of sublease agreements | agreement	9
IHOP | Cincinnati, Ohio market area restaurants | Franchised Units
Operating Leased Assets [Line Items]
Number of restaurants refranchised (restaurant) | Franchisee	9
Number of franchise agreements | agreement	9
Favorable lease assets, net	$ 2,300	$ 2,300
Proceeds from sale of restaurant assets	1,100
Note receivable acquired in sale of restaurant assets	$ 4,800
Gain on refranchising and sale		$ 6,200