Excluding beneficial tax items, Panera reported earnings of $1.35, 9% better than last year. For the full year, PNRA will earn about $6.80, 15% annual growth. This growth is obviously decelerating from 20% in the first half to about 10% in the second half. More importantly, management, without issuing specific guidance, said earnings next year will fall short of their 15%-20% growth goal. I expect PNRA will see similar trends in 2014 as it has in the second half of 2013, if not a little softer. With that in mind, a reasonable expectation will be $7.30-$7.50 in EPS. At my midpoint, Panera is