IHOP Corp. develops, operates and franchises International House of Pancakes restaurants, a national family restaurant chain. As of March 31, 2002, there were 1,028 IHOP restaurants in 41 states and Canada. Franchisees operated 823 of these restaurants, area licensees operated 122 restaurants and IHOP operated 72 restaurants. Franchisees and area licensees are independent third parties that operate their restaurants under legal agreements with IHOP. IHOP restaurants feature table service and moderately priced food and beverage items. Although the restaurants are best known for their pancakes, omelets and other breakfast specialties, IHOP restaurants also offer a broad array of lunch, dinner and snack items. They are open throughout the day and evening hours, and some operate 24 hours a day.