Jack in the Box (JACK) Q4 2011 Earnings Call November 22, 2011 11:30 am ET Executives Jerry P. Rebel - Chief Financial Officer, Principal Accounting Officer and Executive Vice President Linda A. Lang - Chairman, Chief Executive Officer, President and Chairman of Executive Committee Leonard A. Comma - Chief Operating Officer and Executive Vice President Carol A. DiRaimo - Vice President of Investor Relations & Corporate Communications Analysts Peter Saleh - Telsey Advisory Group LLC Keith Siegner - Crédit Suisse AG, Research Division Jake R. Bartlett - Susquehanna Financial Group, LLLP, Research Division Bart Glenn - D.A. Davidson & Co., Research Division Jeffrey F. Omohundro - Wells Fargo Securities, LLC, Research Division John S. Glass - Morgan Stanley, Research Division Brian J. Bittner - Oppenheimer & Co. Inc., Research Division Jeffrey Andrew Bernstein - Barclays Capital, Research Division Conrad Lyon - B. Riley & Co., LLC, Research Division David E. Tarantino - Robert W. Baird & Co. Incorporated, Research Division Christopher T. O'Cull - SunTrust Robinson Humphrey, Inc., Research Division PresentationOperator [Audio Gap] which we expect to be largely completed by the end of the calendar year.
On our refranchising strategy with the sale of 332 restaurants during 2011, the Jack in the Box system was 72% franchised at the end of the year, and we've achieved our original goal of increasing the percentage of franchise ownership to 70% to 80% 2 years ahead of the plan. Over the last 6 years, we've refranchised more than 1,000 restaurants and expect to refranchise 150 to 200 restaurants over the next couple of years, which will bring our Jack in the Box franchise ownership to approximately 80% of the system.