Clearly you don't understand the business model for PZA. 

First off, they didn't 'pay out more than they earned'. 

They 'earned' $0.86/share in 2016. 

http://cdn.pizzapizza.ca/o33/static/PPLNEWWEB/PROD/Marketing/wpf/wp-content/files_mf/pprcannualfinancialstatements2016.pdf

They 'paid' $0.8476/share in 2016. 

http://www.pizzapizza.ca/investors/distribution/

So they clearly didn't pay more than they earned. Plus Pizza Pizza Royalty Corp. does not own or operate the restaurants, they only own the trademarks. They exist merely to collect and redistribute royalties to the owners of the royalty corp.  (Pizza Pizza Inc. actually owns and operates the restaurants) As a corporation with no significant overhead, PZA can clearly pay out almost 100% of earnings on a sustainable basis. 

I only post this to clear the air for others, as the Cat will never understand this, he is only here to try and poke a stick at the wasp nest.

Disclosure:  I hold PZA.