|Exchange:||New York Stock Exchange|
|DineEquity, Inc. was incorporated under the laws of the State of Delaware in 1976 with the name IHOP Corp. Effective June 2, 2008, the name of the Company was changed to DineEquity, Inc. The Company owns and operates two restaurant concepts: Applebee's Neighborhood Grill and Bar, or Applebee's, in the bar and grill segment of the casual dining category of the restaurant industry, and International House of Pancakes, or IHOP, in the family dining category of the restaurant industry. The franchise operations segment consists of restaurants operated by Applebee's franchisees in the United States, one United States territory and 15 countries outside of the United States and restaurants operated by IHOP franchisees and area licensees in the United States, two United States territories and three countries outside of the United States. The company restaurant operations segment consists of Applebee's company-operated restaurants, IHOP company-operated restaurants and five restaurants reacquired from franchisees and operated by IHOP on a temporary basis until refranchised. All Company-operated restaurants are located in the United States. The Company restaurant sales are retail sales at company-operated restaurants. The Company restaurant expenses are operating expenses at company-operated restaurants and include food, beverage, labor, benefits, utilities, rent and other restaurant operating 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 on capital leases on franchisee-operated restaurants. As of December 31, 2011, there were a total of 1,550 IHOP restaurants, of which 1,369 were subject to franchise agreements, 166 were subject to area license agreements and 15 were company-operated restaurants. IHOP restaurants are located in all 50 states of the United States, two United States territories and three countries outside of the United States. As of December 31, 2011, there were a total of 2,019 Applebee's restaurants, of which 1,842 were subject to franchise agreements and 177 were company-operated restaurants. The restaurants were located in 49 states, one United States territory and 15 countries outside of the United States. Applebee's competes in the casual dining segment against national and multi-state operators such as Chili's, T.G.I. Friday's and Ruby Tuesday's, among others. IHOP competes in the family dining segment against national and multi-state operators such as Denny's, Cracker Barrel Old Country Store and Bob Evans Restaurants. IHOP also faces a growing level of competition from fast food chains that serve breakfast. The Company is subject to Federal Trade Commission regulation and a number of state laws which regulate the offer and sale of franchises.|
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