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 DineEquity, 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 signature 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 franchisees, 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 September 30, 2011, there were 1,532 IHOP restaurants located in 50 states and the District of Columbia, Canada, Guatemala, Mexico, Puerto Rico and the U.S. Virgin Islands.