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EXHIBIT 21

REGISTRANT'S SUBSIDIARIES

PANERA BREAD COMPANY

LIST OF DIRECT SUBSIDIARIES

AS OF DECEMBER 27, 2016

ENTITY NAME		% OWNERSHIP		JURISDICTION OF ORGANIZATION
Panera, LLC		100		Delaware
Pumpernickel, Inc.		100		Delaware
Paradise Bakery & Café, Inc.		100		Delaware
Tatte Holdings, LLC		50.01		Delaware

PANERA BREAD COMPANY

LIST OF INDIRECT SUBSIDIARIES

AS OF DECEMBER 27, 2016

ENTITY NAME		PARENT		% OWNERSHIP		JURISDICTION OF ORGANIZATION
Pumpernickel Associates, LLC		Panera, LLC		99		Delaware
		Pumpernickel, Inc.		1
Panera Enterprises, Inc.		Panera, LLC		100		Delaware
Bakery Cafe Cards, LLC		Panera, LLC		100		Virginia
Artisan Bread, LLC		Panera, LLC		100		Delaware
Cap City Bread, LLC		Artisan Bread, LLC		100		Delaware
Panera International Holdings, Inc.		Panera, LLC		100		Delaware
Panera Canada Holdings, Inc.		Panera, LLC		100		Delaware
Panera Bread (BC) ULC		Panera International Holdings, Inc.		100		Nova Scotia