Shares of Panera Bread Co. (Nasdaq: PNRA) were up 10 percent in mid-morning trading.

The Richmond Heights-based restaurant chain, which operates locally as St. Louis Bread Co., on Tuesday reaffirmed its earning per share expectation of $2 to $2.11 for fiscal 2008, a growth rate of 12 percent to 18 percent. It also increased and narrowed its earning per share target for the second quarter from a range of 37 cents to 43 cents to a range to 40 cents to 44 cents.

At 10 a.m., Panera share were trading up more than $4.50, around $50.