Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jul. 01, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Jul-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'BJRI | ' |
Entity Registrant Name | 'BJs RESTAURANTS INC | ' |
Entity Central Index Key | '0001013488 | ' |
Current Fiscal Year End Date | '--12-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 28,134,930 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 01, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $25,893 | $22,995 |
Marketable securities | 4,436 | 7,988 |
Accounts and other receivables | 11,688 | 12,776 |
Inventories | 7,577 | 7,433 |
Prepaids and other current assets | 7,229 | 9,028 |
Deferred income taxes | 11,695 | 10,616 |
Total current assets | 68,518 | 70,836 |
Land held for sale | ' | 2,905 |
Property and equipment, net | 529,074 | 513,597 |
Long-term marketable securities | 1,775 | 1,803 |
Goodwill | 4,673 | 4,673 |
Other assets, net | 18,480 | 17,065 |
Total assets | 622,520 | 610,879 |
Current liabilities: | ' | ' |
Accounts payable | 26,390 | 31,485 |
Accrued expenses | 65,966 | 60,654 |
Total current liabilities | 92,356 | 92,139 |
Deferred income taxes | 34,436 | 30,579 |
Deferred rent | 23,370 | 22,271 |
Deferred lease incentives | 49,700 | 51,953 |
Other liabilities | 12,755 | 12,501 |
Total liabilities | 212,617 | 209,443 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, 5,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, no par value, 125,000 shares authorized and 28,185 and 28,295 shares issued and outstanding as of July 1, 2014 and December 31, 2013, respectively | 174,706 | 182,491 |
Capital surplus | 49,431 | 45,841 |
Retained earnings | 185,766 | 173,104 |
Total shareholders' equity | 409,903 | 401,436 |
Total liabilities and shareholders' equity | $622,520 | $610,879 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jul. 01, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 28,185,000 | 28,295,000 |
Common stock, shares outstanding | 28,185,000 | 28,295,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2013 | Jul. 01, 2014 | Jul. 02, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $219,380 | $198,487 | $425,202 | $387,112 |
Costs and expenses: | ' | ' | ' | ' |
Cost of sales | 55,097 | 48,447 | 106,284 | 94,741 |
Labor and benefits | 76,814 | 67,949 | 151,210 | 133,882 |
Occupancy and operating | 46,756 | 42,951 | 91,830 | 83,527 |
General and administrative | 13,551 | 12,616 | 26,377 | 25,325 |
Depreciation and amortization | 13,822 | 11,940 | 27,274 | 23,409 |
Restaurant opening | 1,351 | 2,338 | 2,479 | 3,050 |
Loss on disposal of assets | 419 | 469 | 841 | 569 |
Legal and other settlements | 881 | ' | 2,431 | ' |
Total costs and expenses | 208,691 | 186,710 | 408,726 | 364,503 |
Income from operations | 10,689 | 11,777 | 16,476 | 22,609 |
Other income: | ' | ' | ' | ' |
Interest income, net | 9 | 38 | 16 | 85 |
Other income, net | 265 | 136 | 651 | 460 |
Total other income | 274 | 174 | 667 | 545 |
Income before income taxes | 10,963 | 11,951 | 17,143 | 23,154 |
Income tax expense | 2,959 | 3,354 | 4,481 | 6,284 |
Net income | $8,004 | $8,597 | $12,662 | $16,870 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.28 | $0.31 | $0.45 | $0.60 |
Diluted | $0.28 | $0.30 | $0.44 | $0.58 |
Weighted average number of shares outstanding: | ' | ' | ' | ' |
Basic | 28,409 | 28,180 | 28,389 | 28,161 |
Diluted | 29,026 | 28,926 | 29,008 | 28,885 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net income | $12,662 | $16,870 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization | 27,274 | 23,409 | ||
Deferred income taxes | 2,778 | 3,203 | ||
Stock-based compensation expense | 2,662 | 2,383 | ||
Loss on disposal of assets | 841 | 569 | ||
Changes in assets and liabilities: | ' | ' | ||
Accounts and other receivables | -604 | 7,979 | ||
Landlord contribution for tenant improvements | 1,692 | 665 | ||
Inventories | -144 | -834 | ||
Prepaids and other current assets | 1,799 | 1,366 | ||
Other assets, net | -1,429 | -1,092 | ||
Accounts payable | -2,799 | 4,513 | ||
Accrued expenses | 5,515 | -3,532 | ||
Deferred rent | 1,099 | 2,060 | ||
Deferred lease incentives | -2,253 | 232 | ||
Other liabilities | 291 | 298 | ||
Net cash provided by operating activities | 49,384 | 58,089 | ||
Cash flows from investing activities: | ' | ' | ||
Purchases of property and equipment | -48,185 | -60,422 | ||
Proceeds from sale of assets | 5,022 | 3,971 | ||
Proceeds from marketable securities sold | 12,739 | 14,980 | ||
Purchases of marketable securities | -9,159 | -16,804 | ||
Collection of notes receivable | ' | 28 | ||
Net cash used in investing activities | -39,583 | -58,247 | ||
Cash flows from financing activities: | ' | ' | ||
Excess tax benefit from stock-based compensation | 1,196 | 544 | ||
Taxes paid on vested stock units under employee plans | -314 | -221 | ||
Proceeds from exercise of stock options | 2,011 | 590 | ||
Repurchases of common stock | -9,796 | ' | ||
Net cash (used in)/provided by financing activities | -6,903 | 913 | ||
Net increase in cash and cash equivalents | 2,898 | 755 | ||
Cash and cash equivalents, beginning of period | 22,995 | 15,074 | ||
Cash and cash equivalents, end of period | 25,893 | 15,829 | ||
Supplemental disclosure of cash flow information: | ' | ' | ||
Cash paid for income taxes | 4,419 | 3,813 | ||
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ||
Fixed assets acquired by accounts payable | 5,930 | 176 | ||
Stock-based compensation capitalized | $96 | [1] | $105 | [1] |
[1] | Capitalized stock-based compensation is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jul. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company” or in the first person notations “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. | |
Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to requirements of the U.S. Securities and Exchange Commission (“SEC”). A description of our accounting policies and other financial information is included in our audited consolidated financial statements as filed with the SEC on Form 10-K for the year ended December 31, 2013. We believe that the disclosures included in our accompanying interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying consolidated balance sheet as of December 31, 2013, has been derived from our audited consolidated financial statements. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||
Jul. 01, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
2. MARKETABLE SECURITIES | |||||||||||||||||
Our investment policy restricts the investment of our excess cash balances to instruments with historically minimal volatility, such as money market funds, U.S. Treasury and direct agency obligations, municipal and bank securities, and investment-grade corporate debt securities. All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents and included with “Cash and cash equivalents” on our accompanying Consolidated Balance Sheets. Marketable securities, which we have the intent and ability to hold until maturity, are classified as held-to-maturity securities and reported at amortized cost, which approximates fair value. Marketable securities, in the form of municipal variable rate demand notes with expected put dates prior to the contractual maturity of the underlying debt security and backed by financial institutions in the form of a letter of credit or liquidity facility, are classified as available-for-sale securities. These securities are reported at fair value, using a market approach and classified as Level 2 fair value measurements, as further described in Note 3. Any unrealized gains or losses on available-for-sale securities would be recorded in other comprehensive income. As of July 1, 2014 and December 31, 2013, there were no unrealized gains or losses with respect to available-for-sale securities. | |||||||||||||||||
We determine the appropriate classification of our marketable securities at the time of purchase and reevaluate the held-to-maturity or available-for-sale designations as of each balance sheet date. Marketable securities are classified as either short-term or long-term based on each instrument’s underlying contractual maturity date or the expected put date. Marketable securities with maturities or expected put dates of 12 months or less are classified as short-term and marketable securities with maturities or expected put dates greater than 12 months are classified as long-term. Gains or losses are determined on the specific identification cost method and recorded in earnings when realized. | |||||||||||||||||
Investments in marketable securities consist of the following (in thousands): | |||||||||||||||||
July 1, 2014 | December 31, 2013 | ||||||||||||||||
Amortized | Average | Amortized | Average | ||||||||||||||
Cost | Maturity (1) | Cost | Maturity (1) | ||||||||||||||
Held-to-maturity | |||||||||||||||||
Short-term marketable securities: | |||||||||||||||||
Municipal securities, U.S. Treasury and direct agency obligations | $ | 4,436 | 5 months | $ | 6,943 | 5 months | |||||||||||
Domestic corporate obligations | — | 1,045 | 10 months | ||||||||||||||
$ | 4,436 | $ | 7,988 | ||||||||||||||
Long-term marketable securities: | |||||||||||||||||
Municipal securities and direct agency obligations | $ | 1,520 | 19 months | $ | 1,803 | 14 months | |||||||||||
Domestic corporate obligations | 255 | 12 months | — | ||||||||||||||
$ | 1,775 | $ | 1,803 | ||||||||||||||
-1 | Average maturity is determined from the respective balance sheet dates and reported in the table as the lesser of the original maturity date or the expected put date for each investment type. |
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended | |||
Jul. 01, 2014 | ||||
Fair Value Disclosures [Abstract] | ' | |||
Fair Value Measurement | ' | |||
3. FAIR VALUE MEASUREMENT | ||||
In accordance with U.S. GAAP, a framework for using fair value to measure assets and liabilities was established by defining a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: | ||||
• | Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||
• | Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. | |||
• | Level 3: Defined as pricing inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | |||
At July 1, 2014, we had approximately $32.1 million of cash and cash equivalents and marketable securities. Our marketable securities are held by institutional brokers, classified as held-to-maturity securities and reported at amortized cost, which approximates fair value (effectively, Level 2), or variable rate demand notes classified as available-for-sale securities and reported at fair value (Level 2). We have placed a majority of our cash, in excess of our current operating needs, with major financial institutions and institutional brokers that, in turn, invest in instruments with historically minimal volatility, such as money market funds, U.S. Treasury and direct agency obligations, municipal and bank securities, and investment-grade corporate debt securities. Our investment policy limits the amount of exposure to any one institution or investment. We have not experienced any losses on these marketable securities to date, and we believe that we are not exposed to significant risk of loss on these marketable securities. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Jul. 01, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
4. LONG-TERM DEBT | |
Line of Credit | |
On February 17, 2012, we entered into a $75 million unsecured revolving line of credit (“Line of Credit”) with a major financial institution. The Line of Credit expires on January 31, 2017, and may be used for working capital and other general corporate purposes. We utilize the Line of Credit principally for letters of credit that are required to support certain self-insurance programs and for working capital and construction requirements as needed. As of July 1, 2014, there were no funded borrowings outstanding under the Line of Credit and there were outstanding letters of credit totaling approximately $11.5 million. The Line of Credit bears interest at either LIBOR plus a percentage not to exceed 1.50%, or at a rate ranging from the financial institution’s prime rate to 0.75% below the financial institution’s prime rate based on a Lease Adjusted Leverage Ratio as defined in the Line of Credit agreement. The Line of Credit agreement requires compliance with a Fixed Charge Coverage Ratio, a Lease Adjusted Leverage Ratio and certain non-financial covenants. At July 1, 2014, we were in compliance with these covenants. |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | ||||||||||||||||
Jul. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
5. NET INCOME PER SHARE | |||||||||||||||||
Basic net income per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if stock options issued by us to sell common stock at set prices were exercised and if restrictions on restricted stock units issued by us were to lapse (collectively, equity awards) with the exception of performance based restricted stock units which have been excluded because performance based criteria have not been met. The consolidated financial statements present basic and diluted net income per share. Common stock equivalents included in the diluted computation represent shares to be issued upon assumed exercises of outstanding stock options and the assumed lapsing of the restrictions on restricted stock units using the treasury stock method. | |||||||||||||||||
The following table presents a reconciliation of basic and diluted net income per share computations and the number of dilutive equity awards (stock options and restricted stock units) that were included in the dilutive net income per share computation (in thousands): | |||||||||||||||||
For The Thirteen | For The Twenty-Six | ||||||||||||||||
Weeks Ended | Weeks Ended | ||||||||||||||||
July 1, | July 2, | July 1, | July 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income for basic and diluted net income per share | $ | 8,004 | $ | 8,597 | $ | 12,662 | $ | 16,870 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding—basic | 28,409 | 28,180 | 28,389 | 28,161 | |||||||||||||
Dilutive effect of equity awards | 617 | 746 | 619 | 724 | |||||||||||||
Weighted-average shares outstanding—diluted | 29,026 | 28,926 | 29,008 | 28,885 | |||||||||||||
For the thirteen weeks ended July 1, 2014 and July 2, 2013, there were approximately 0.8 million and 0.6 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. For the twenty-six weeks ended July 1, 2014 and July 2, 2013, there were approximately 0.8 million and 0.7 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. |
Related_Party
Related Party | 6 Months Ended |
Jul. 01, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party | ' |
6. RELATED PARTY | |
As of July 1, 2014, we believe that Jacmar Companies and their affiliates (collectively referred to herein as “Jacmar”) owned approximately 11.3% of our outstanding common stock. In addition, James Dal Pozzo, the Chief Executive Officer of Jacmar, is a member of our Board of Directors. Jacmar, through its affiliation with DMA is currently our largest supplier of food, beverage, paper products and supplies. We began using DMA for our national foodservice distribution in July 2006. In July 2012, we finalized a new five-year agreement with DMA, after conducting another extensive competitive bidding process. Jacmar services our restaurants in California and Nevada, while other DMA distributors service our restaurants in all other states. We also understand that Jacmar and its affiliates are the controlling shareholders of the Shakey’s pizza parlor chain. We believe that Jacmar sells products to us at prices comparable to those offered by unrelated third parties based on our competitive bidding process. Jacmar supplied us with $43.9 million and $41.0 million of food, beverage, paper products and supplies for the twenty-six weeks ended July 1, 2014 and July 2, 2013, respectively, which represents 22.2% and 23.0% of our total costs of sales and operating and occupancy costs, respectively. We had trade payables related to these products of $4.6 million and $4.8 million, at July 1, 2014 and December 31, 2013, respectively. Jacmar does not provide us with any produce, liquor, wine or beer products, all of which are provided by other vendors and are included in total cost of sales. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jul. 01, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
7. STOCK-BASED COMPENSATION | |||||||||||||||||
We have two stock-based compensation plans – the 2005 Equity Incentive Plan and the 1996 Stock Option Plan – under which we may issue shares of our common stock to employees, officers, directors and consultants. Upon effectiveness of the 2005 Equity Incentive Plan (the “Plan”), the 1996 Stock Option Plan was closed for purposes of new grants. Both of these plans have been approved by our shareholders. Under the Plan, we have granted incentive stock options, non-qualified stock options, and restricted stock units (“RSUs”). Shares subject to stock options and stock appreciation rights are charged against the Plan share reserve on the basis of one share for each one share granted while shares subject to other types of awards, including restricted stock units, are currently charged against the Plan share reserve on the basis of 1.5 shares for each one share granted. The Plan also contains other limits with respect to the terms of different types of incentive awards and with respect to the number of shares subject to awards that can be granted to an employee during any fiscal year. All options granted under the Plan expire within 10 years of their date of grant. | |||||||||||||||||
Under the Plan, we issue RSUs as a component of the annual equity grant award to officers and other employees and in connection with the BJ’s Gold Standard Stock Ownership Program (the “GSSOP”). The GSSOP is a longer-term equity incentive program that utilizes Company RSUs or stock options and is dependent on each participant’s extended service with us in their respective positions and remaining in good standing during that service period (i.e., five years). | |||||||||||||||||
The Plan permits us to set the vesting terms and exercise period for awards at our discretion. Stock options generally vest at 20% per year or cliff vest, either ratably in years three through five or 100% in year five, and expire ten years from date of grant. RSUs generally vest at 20% per year for non-GSSOP RSU grantees and generally cliff vest either at 33% on the third anniversary and 67% on the fifth anniversary or at 100% after the fifth anniversary for GSSOP participants. In 2014, we began issuing RSU’s with vesting subject to achievement of performance targets as well as time-based vesting. RSU’s with performance targets generally cliff vest on the third anniversary, from the date of grant, if the targets have been achieved. | |||||||||||||||||
The following table presents information related to stock-based compensation (in thousands): | |||||||||||||||||
For The Thirteen | For The Twenty-Six | ||||||||||||||||
Weeks Ended | Weeks Ended | ||||||||||||||||
July 1, | July 2, | July 1, | July 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Labor and benefits | $ | 256 | $ | 298 | $ | 774 | $ | 626 | |||||||||
General and administrative | $ | 931 | $ | 918 | $ | 1,656 | $ | 1,757 | |||||||||
Legal and other settlements | $ | 232 | $ | — | $ | 232 | $ | — | |||||||||
Capitalized (1) | $ | 53 | $ | 53 | $ | 96 | $ | 105 | |||||||||
-1 | Capitalized stock-based compensation is included in “Property and equipment, net” on the Consolidated Balance Sheets. | ||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the Twenty-Six Weeks Ended | |||||||||||||||||
July 1, 2014 | July 2, 2013 | ||||||||||||||||
Expected volatility | 37.9 | % | 36.5 | % | |||||||||||||
Risk free interest rate | 1.6 | % | 0.8 | % | |||||||||||||
Expected option life | 5 years | 5 years | |||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Fair value of options granted | $ | 10.62 | $ | 11.04 | |||||||||||||
U.S. GAAP requires us to make certain assumptions and judgments regarding the grant date fair value. These judgments include expected volatility, risk free interest rate, expected option life, dividend yield and vesting percentage. These estimations and judgments are determined by us using many different variables that, in many cases, are outside of our control. The changes in these variables or trends, including stock price volatility and risk free interest rate, may significantly impact the grant date fair value resulting in a significant impact to our financial results. | |||||||||||||||||
The exercise price of the stock options under our stock-based compensation plans shall be equal to or exceed 100% of the fair market value of the shares at the date of option grant. The following table represents stock option activity: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
(in thousands) | Average | (in thousands) | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding options at December 31, 2013 | 2,049 | $ | 22.82 | 1,514 | $ | 18.74 | |||||||||||
Granted | 206 | $ | 29.92 | ||||||||||||||
Exercised | (128 | ) | $ | 15.5 | |||||||||||||
Forfeited | (32 | ) | $ | 43 | |||||||||||||
Outstanding options at July 1, 2014 | 2,095 | $ | 23.65 | 1,457 | $ | 19.54 | |||||||||||
As of July 1, 2014, total unrecognized stock-based compensation expense related to non-vested stock options was $5.3 million, which is generally expected to be recognized over the next five years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Restricted stock unit activity was as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
(in thousands) | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding RSUs at December 31, 2013 | 433 | $ | 33.23 | ||||||||||||||
Granted | 123 | $ | 30.76 | ||||||||||||||
Vested or released | (26 | ) | $ | 29.33 | |||||||||||||
Forfeited | (22 | ) | $ | 35.5 | |||||||||||||
Outstanding RSUs at July 1, 2014 | 508 | $ | 32.71 | ||||||||||||||
The fair value of the RSUs is the quoted market value of our common stock on the date of grant. The fair value of each RSU is expensed over the period during which the restrictions are expected to lapse or over which performance targets are achieved. As of July 1, 2014, total unrecognized stock-based compensation expense related to non-vested restricted shares was approximately $9.0 million, which is generally expected to be recognized over the next five years. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||
Jul. 01, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
8. INCOME TAXES | |||||
We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting” and ASC Topic 740, “Accounting for Income Taxes.” At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. | |||||
As of July 1, 2014, unrecognized tax benefits recorded was approximately $0.2 million, of which approximately $0.1 million, if reversed, would impact our effective tax rate. We anticipate a decrease of $0.1 million to our liability for unrecognized tax benefits within the next twelve-month period due to the lapse of statutes of limitation. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||
Balance at December 31, 2013 | $ | 219 | |||
Decrease for tax positions taken in prior years | (17 | ) | |||
Balance at July 1, 2014 | $ | 202 | |||
Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of July 1, 2014, the earliest tax year still subject to examination by the Internal Revenue Service is 2010. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2009. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jul. 01, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
9. LEGAL PROCEEDINGS | |
We are subject to private lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from customers, employees and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability insurance and our employee workers’ compensation programs. We maintain coverage with a third party insurer to limit our total exposure for these programs. We believe that most of our customer claims will be covered by our general liability insurance, subject to coverage limits and the portion of such claims that are self-insured. Punitive damages awards and employee unfair practice claims, however, are not covered by our general liability insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these types of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims. |
Stock_Repurchases
Stock Repurchases | 6 Months Ended |
Jul. 01, 2014 | |
Equity [Abstract] | ' |
Stock Repurchases | ' |
10. STOCK REPURCHASES | |
In April 2014, our Board of Directors authorized a $50 million share repurchase plan. We repurchased and retired approximately 0.3 million shares of our common stock during the thirteen weeks ended July 1, 2014, at an average price of $32.72 per share for a total of $9.8 million, recorded as a reduction in common stock. As of July 1, 2014, approximately $40.2 million is available to be used to repurchase common stock under the authorized repurchase program. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended | |||
Jul. 01, 2014 | ||||
Fair Value Disclosures [Abstract] | ' | |||
Basis of Presentation | ' | |||
The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company” or in the first person notations “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. | ||||
Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to requirements of the U.S. Securities and Exchange Commission (“SEC”). A description of our accounting policies and other financial information is included in our audited consolidated financial statements as filed with the SEC on Form 10-K for the year ended December 31, 2013. We believe that the disclosures included in our accompanying interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying consolidated balance sheet as of December 31, 2013, has been derived from our audited consolidated financial statements. | ||||
Marketable Securities | ' | |||
Our investment policy restricts the investment of our excess cash balances to instruments with historically minimal volatility, such as money market funds, U.S. Treasury and direct agency obligations, municipal and bank securities, and investment-grade corporate debt securities. All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents and included with “Cash and cash equivalents” on our accompanying Consolidated Balance Sheets. Marketable securities, which we have the intent and ability to hold until maturity, are classified as held-to-maturity securities and reported at amortized cost, which approximates fair value. Marketable securities, in the form of municipal variable rate demand notes with expected put dates prior to the contractual maturity of the underlying debt security and backed by financial institutions in the form of a letter of credit or liquidity facility, are classified as available-for-sale securities. These securities are reported at fair value, using a market approach and classified as Level 2 fair value measurements, as further described in Note 3. Any unrealized gains or losses on available-for-sale securities would be recorded in other comprehensive income. As of July 1, 2014 and December 31, 2013, there were no unrealized gains or losses with respect to available-for-sale securities. | ||||
We determine the appropriate classification of our marketable securities at the time of purchase and reevaluate the held-to-maturity or available-for-sale designations as of each balance sheet date. Marketable securities are classified as either short-term or long-term based on each instrument’s underlying contractual maturity date or the expected put date. Marketable securities with maturities or expected put dates of 12 months or less are classified as short-term and marketable securities with maturities or expected put dates greater than 12 months are classified as long-term. Gains or losses are determined on the specific identification cost method and recorded in earnings when realized. | ||||
Fair Value Measurement | ' | |||
In accordance with U.S. GAAP, a framework for using fair value to measure assets and liabilities was established by defining a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: | ||||
• | Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||
• | Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. | |||
• | Level 3: Defined as pricing inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | |||
Net Income Per Share | ' | |||
Basic net income per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if stock options issued by us to sell common stock at set prices were exercised and if restrictions on restricted stock units issued by us were to lapse (collectively, equity awards) with the exception of performance based restricted stock units which have been excluded because performance based criteria have not been met. The consolidated financial statements present basic and diluted net income per share. Common stock equivalents included in the diluted computation represent shares to be issued upon assumed exercises of outstanding stock options and the assumed lapsing of the restrictions on restricted stock units using the treasury stock method. | ||||
Income Taxes | ' | |||
We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting” and ASC Topic 740, “Accounting for Income Taxes.” At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 01, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Marketable Securities | ' | ||||||||||||||||
Investments in marketable securities consist of the following (in thousands): | |||||||||||||||||
July 1, 2014 | December 31, 2013 | ||||||||||||||||
Amortized | Average | Amortized | Average | ||||||||||||||
Cost | Maturity (1) | Cost | Maturity (1) | ||||||||||||||
Held-to-maturity | |||||||||||||||||
Short-term marketable securities: | |||||||||||||||||
Municipal securities, U.S. Treasury and direct agency obligations | $ | 4,436 | 5 months | $ | 6,943 | 5 months | |||||||||||
Domestic corporate obligations | — | 1,045 | 10 months | ||||||||||||||
$ | 4,436 | $ | 7,988 | ||||||||||||||
Long-term marketable securities: | |||||||||||||||||
Municipal securities and direct agency obligations | $ | 1,520 | 19 months | $ | 1,803 | 14 months | |||||||||||
Domestic corporate obligations | 255 | 12 months | — | ||||||||||||||
$ | 1,775 | $ | 1,803 | ||||||||||||||
-1 | Average maturity is determined from the respective balance sheet dates and reported in the table as the lesser of the original maturity date or the expected put date for each investment type. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards (Stock Options and Restricted Stock Units) Included in Dilutive Net Income Per Share Computation | ' | ||||||||||||||||
The following table presents a reconciliation of basic and diluted net income per share computations and the number of dilutive equity awards (stock options and restricted stock units) that were included in the dilutive net income per share computation (in thousands): | |||||||||||||||||
For The Thirteen | For The Twenty-Six | ||||||||||||||||
Weeks Ended | Weeks Ended | ||||||||||||||||
July 1, | July 2, | July 1, | July 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income for basic and diluted net income per share | $ | 8,004 | $ | 8,597 | $ | 12,662 | $ | 16,870 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding—basic | 28,409 | 28,180 | 28,389 | 28,161 | |||||||||||||
Dilutive effect of equity awards | 617 | 746 | 619 | 724 | |||||||||||||
Weighted-average shares outstanding—diluted | 29,026 | 28,926 | 29,008 | 28,885 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 01, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Information Related to Stock-Based Compensation | ' | ||||||||||||||||
The following table presents information related to stock-based compensation (in thousands): | |||||||||||||||||
For The Thirteen | For The Twenty-Six | ||||||||||||||||
Weeks Ended | Weeks Ended | ||||||||||||||||
July 1, | July 2, | July 1, | July 2, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Labor and benefits | $ | 256 | $ | 298 | $ | 774 | $ | 626 | |||||||||
General and administrative | $ | 931 | $ | 918 | $ | 1,656 | $ | 1,757 | |||||||||
Legal and other settlements | $ | 232 | $ | — | $ | 232 | $ | — | |||||||||
Capitalized (1) | $ | 53 | $ | 53 | $ | 96 | $ | 105 | |||||||||
-1 | Capitalized stock-based compensation is included in “Property and equipment, net” on the Consolidated Balance Sheets. | ||||||||||||||||
Black-Scholes Option-Pricing Model with Weighted Average Assumptions | ' | ||||||||||||||||
The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the Twenty-Six Weeks Ended | |||||||||||||||||
July 1, 2014 | July 2, 2013 | ||||||||||||||||
Expected volatility | 37.9 | % | 36.5 | % | |||||||||||||
Risk free interest rate | 1.6 | % | 0.8 | % | |||||||||||||
Expected option life | 5 years | 5 years | |||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Fair value of options granted | $ | 10.62 | $ | 11.04 | |||||||||||||
Stock Option Activity | ' | ||||||||||||||||
The exercise price of the stock options under our stock-based compensation plans shall be equal to or exceed 100% of the fair market value of the shares at the date of option grant. The following table represents stock option activity: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
(in thousands) | Average | (in thousands) | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding options at December 31, 2013 | 2,049 | $ | 22.82 | 1,514 | $ | 18.74 | |||||||||||
Granted | 206 | $ | 29.92 | ||||||||||||||
Exercised | (128 | ) | $ | 15.5 | |||||||||||||
Forfeited | (32 | ) | $ | 43 | |||||||||||||
Outstanding options at July 1, 2014 | 2,095 | $ | 23.65 | 1,457 | $ | 19.54 | |||||||||||
Restricted Stock Unit Activity | ' | ||||||||||||||||
Restricted stock unit activity was as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
(in thousands) | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding RSUs at December 31, 2013 | 433 | $ | 33.23 | ||||||||||||||
Granted | 123 | $ | 30.76 | ||||||||||||||
Vested or released | (26 | ) | $ | 29.33 | |||||||||||||
Forfeited | (22 | ) | $ | 35.5 | |||||||||||||
Outstanding RSUs at July 1, 2014 | 508 | $ | 32.71 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||
Jul. 01, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||
Balance at December 31, 2013 | $ | 219 | |||
Decrease for tax positions taken in prior years | (17 | ) | |||
Balance at July 1, 2014 | $ | 202 | |||
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jul. 01, 2014 | Dec. 31, 2013 | |
Investment [Line Items] | ' | ' |
Available-for-sale securities, unrealized gain (loss) | $0 | $0 |
Maximum | ' | ' |
Investment [Line Items] | ' | ' |
Liquid investments maturity period | '3 months | ' |
Maximum | Short-term marketable securities | ' | ' |
Investment [Line Items] | ' | ' |
Marketable securities maturity period (in months) | '12 months | ' |
Minimum | Long-term marketable securities | ' | ' |
Investment [Line Items] | ' | ' |
Marketable securities maturity period (in months) | '12 months | ' |
Investments_in_Marketable_Secu
Investments in Marketable Securities (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 01, 2014 | Dec. 31, 2013 | ||
Investment [Line Items] | ' | ' | ||
Short-term marketable securities, Amortized Cost | $4,436 | $7,988 | ||
Long-term marketable securities, Amortized Cost | 1,775 | 1,803 | ||
Held-to-maturity securities | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Long-term marketable securities, Amortized Cost | 1,775 | 1,803 | ||
Short-term marketable securities | Held-to-maturity securities | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Short-term marketable securities, Amortized Cost | 4,436 | 7,988 | ||
Short-term marketable securities | Held-to-maturity securities | Municipal securities, U.S. Treasury and direct agency obligations | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Short-term marketable securities, Amortized Cost | 4,436 | 6,943 | ||
Marketable securities, Average Maturity (in months) | '5 months | [1] | '5 months | [1] |
Short-term marketable securities | Held-to-maturity securities | Domestic corporate obligations | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Short-term marketable securities, Amortized Cost | ' | 1,045 | ||
Marketable securities, Average Maturity (in months) | ' | '10 months | [1] | |
Long-term marketable securities | Held-to-maturity securities | Municipal securities, U.S. Treasury and direct agency obligations | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Long-term marketable securities, Amortized Cost | 1,520 | 1,803 | ||
Marketable securities, Average Maturity (in months) | '19 months | [1] | '14 months | [1] |
Long-term marketable securities | Held-to-maturity securities | Domestic corporate obligations | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Long-term marketable securities, Amortized Cost | $255 | ' | ||
Marketable securities, Average Maturity (in months) | '12 months | [1] | ' | |
[1] | Average maturity is determined from the respective balance sheet dates and reported in the table as the lesser of the original maturity date or the expected put date for each investment type. |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | Jul. 01, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Cash and cash equivalents and marketable securities | $32.10 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | |||
Feb. 17, 2012 | Jul. 01, 2014 | Feb. 17, 2012 | Jul. 01, 2014 | Jul. 01, 2014 | |
Maximum | Minimum | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Unsecured revolving line of credit | ' | ' | $75,000,000 | ' | ' |
Line of credit, expiration date | 31-Jan-17 | ' | ' | ' | ' |
Letters of credit outstanding amount | ' | $11,500,000 | ' | ' | ' |
Line of credit, adjustment to interest rate | ' | ' | ' | 1.50% | 0.75% |
Reconciliation_of_Basic_and_Di
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards - Stock Options and Restricted Stock Units - Included in Dilutive Net Income Per Share Computation (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2013 | Jul. 01, 2014 | Jul. 02, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income for basic and diluted net income per share | $8,004 | $8,597 | $12,662 | $16,870 |
Weighted-average shares outstanding-basic | 28,409 | 28,180 | 28,389 | 28,161 |
Dilutive effect of equity awards | 617 | 746 | 619 | 724 |
Weighted-average shares outstanding-diluted | 29,026 | 28,926 | 29,008 | 28,885 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2013 | Jul. 01, 2014 | Jul. 02, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Common stock equivalents excluded from calculation of diluted net income per share | 0.8 | 0.6 | 0.8 | 0.7 |
Related_Party_Additional_Infor
Related Party - Additional Information (Detail) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses for supply of food, beverage, paper products and supplies | $43.90 | $41 | ' |
Percentage of total costs of sales and operating and occupancy costs | 22.20% | 23.00% | ' |
Trade payables | $4.60 | ' | $4.80 |
Jacmar Companies | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of outstanding common stock | 11.30% | ' | ' |
Agreement terms | '5 years | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jul. 01, 2014 |
CompensationPlan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of stock-based compensation plans | 2 |
Number of shares charged to reserve per granted share | 1 |
Share basis for number shares charged to reserve | 1 |
Expiration term of stock options | '10 years |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price of stock options under stock-based compensation plans | 100.00% |
Restricted Stock Units (RSUs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares charged to reserve per granted share | 1.5 |
Share basis for number shares charged to reserve | 1 |
Stock options vesting percentage in year five | 20.00% |
Unrecognized stock-based compensation expense | 9 |
Unrecognized stock-based compensation expenses recognition period (in years) | '5 years |
Restricted Stock Units (RSUs) | Cliff Vesting Year Five | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock options vesting percentage in year five | 100.00% |
Restricted Stock Units (RSUs) | Cliff Vesting Third Anniversary | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock options vesting percentage in year five | 33.00% |
Restricted Stock Units (RSUs) | Cliff Vesting Fifth Anniversary | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock options vesting percentage in year five | 67.00% |
2005 Equity Incentive Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Service period | 'Five years |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expiration term of stock options | '10 years |
Stock options vesting percentage in year five | 20.00% |
Unrecognized stock-based compensation expense | 5.3 |
Unrecognized stock-based compensation expenses recognition period (in years) | '5 years |
Stock Options | Cliff Vesting Year Five | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock options vesting percentage in year five | 100.00% |
Stock Options | Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period (in years) | '3 years |
Stock Options | Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period (in years) | '5 years |
Information_Related_to_StockBa
Information Related to Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 01, 2014 | Jul. 02, 2013 | Jul. 01, 2014 | Jul. 02, 2013 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ||||
Capitalized | $53 | [1] | $53 | [1] | $96 | [1] | $105 | [1] |
Labor and benefits | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ||||
Stock-based compensation | 256 | 298 | 774 | 626 | ||||
General and administrative | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ||||
Stock-based compensation | 931 | 918 | 1,656 | 1,757 | ||||
Legal and other settlements | ' | ' | ' | ' | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ||||
Stock-based compensation | $232 | ' | $232 | ' | ||||
[1] | Capitalized stock-based compensation is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
BlackScholes_OptionPricing_Mod
Black-Scholes Option-Pricing Model with Weighted Average Assumptions (Detail) (USD $) | 6 Months Ended | |
Jul. 01, 2014 | Jul. 02, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected volatility | 37.90% | 36.50% |
Risk free interest rate | 1.60% | 0.80% |
Expected option life | '5 years | '5 years |
Dividend yield | 0.00% | 0.00% |
Fair value of options granted | $10.62 | $11.04 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jul. 01, 2014 |
Options Outstanding, Shares | ' |
Outstanding options, Beginning Balance | 2,049 |
Granted | 206 |
Exercised | -128 |
Forfeited | -32 |
Outstanding options, Ending Balance | 2,095 |
Options Exercisable, Shares | ' |
Options Exercisable Outstanding, Beginning Balance | 1,514 |
Options Exercisable Outstanding, Ending Balance | 1,457 |
Options outstanding, Weighted Average Exercise Price | ' |
Outstanding options, Beginning Balance | $22.82 |
Granted | $29.92 |
Exercised | $15.50 |
Forfeited | $43 |
Outstanding options, Ending Balance | $23.65 |
Options Exercisable, Weighted Average Exercise Price | ' |
Options Exercisable, Beginning Balance | $18.74 |
Options Exercisable, Ending Balance | $19.54 |
Restricted_Stock_Unit_Activity
Restricted Stock Unit Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jul. 01, 2014 |
Shares Outstanding | ' |
Outstanding RSUs Beginning Balance, Shares | 433 |
Granted, Shares | 123 |
Vested or released, Shares | -26 |
Forfeited, Shares | -22 |
Outstanding RSUs Ending Balance, Shares | 508 |
Weighted Average Fair Value | ' |
Outstanding RSUs Beginning Balance, Weighted Average Fair Value | $33.23 |
Granted, Weighted Average Fair Value | $30.76 |
Vested or released, Weighted Average Fair Value | $29.33 |
Forfeited, Weighted Average Fair Value | $35.50 |
Outstanding RSUs Ending Balance, Weighted Average Fair Value | $32.71 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Jul. 01, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $202,000 | $219,000 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 100,000 | ' |
Anticipated decrease in liability for unrecognized tax benefits within next twelve-month period | $100,000 | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jul. 01, 2014 |
Income Tax Disclosure [Abstract] | ' |
Beginning Balance | $219 |
Decrease for tax positions taken in prior years | -17 |
Ending Balance | $202 |
Stock_Repurchases_Additional_I
Stock Repurchases - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 01, 2014 | Apr. 30, 2014 | Jul. 01, 2014 |
Equity [Abstract] | ' | ' | ' |
Share repurchase program, amount authorized | ' | $50 | ' |
Number of shares repurchased during the period | ' | ' | 0.3 |
Repurchased average price per share | ' | ' | $32.72 |
Shares repurchased, value | ' | ' | 9.8 |
Common stock repurchase under authorized repurchase program | $40.20 | ' | ' |