IHOP restaurants, one of America's favorite restaurant chains, are franchised and operated by Glendale, Calif.-based International House of Pancakes, LLC and its affiliates. International House of Pancakes, LLC is a wholly-owned subsidiary of Dine equity, Inc. IHOP restaurants feature moderately priced, high-quality food and beverage items, and table service in an attractive and comfortable atmosphere. Although IHOP restaurants are best known for their award-winning pancakes, omelettes and other breakfast specialties, IHOP restaurants are open throughout the day and evening hours and offer a broad array of lunch, dinner and snack items as well. More than 99 percent of IHOP restaurants are operated by franchise's, who are independent business people. Our management belief is that an equity involved franchisee is very responsive to the needs of the guest. As of December 31, 2009, there were 1,456 IHOP restaurants located in 50 states, Canada, Mexico, Puerto Rico and the U.S. Virgin Islands.