Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Feb. 25, 2015 | Jul. 01, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 30-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BJRI | ||
Entity Registrant Name | BJs RESTAURANTS INC | ||
Entity Central Index Key | 1013488 | ||
Current Fiscal Year End Date | -18 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 26,266,206 | ||
Entity Public Float | $853,931,304 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $30,683 | $22,995 |
Marketable securities | 7,988 | |
Accounts and other receivables | 18,796 | 12,776 |
Inventories | 8,010 | 7,433 |
Prepaids and other current assets | 9,234 | 9,028 |
Deferred income taxes | 14,595 | 10,616 |
Total current assets | 81,318 | 70,836 |
Land held for sale | 2,905 | |
Property and equipment, net | 541,349 | 513,597 |
Long-term marketable securities | 1,803 | |
Goodwill | 4,673 | 4,673 |
Other assets, net | 19,743 | 17,065 |
Total assets | 647,083 | 610,879 |
Current liabilities: | ||
Accounts payable | 34,395 | 31,485 |
Accrued expenses | 72,630 | 60,654 |
Total current liabilities | 107,025 | 92,139 |
Deferred income taxes | 38,974 | 30,579 |
Deferred rent | 24,803 | 22,271 |
Deferred lease incentives | 51,705 | 51,953 |
Long-term debt | 58,000 | |
Other liabilities | 17,887 | 12,501 |
Total liabilities | 298,394 | 209,443 |
Commitments and contingencies (Note 7) | ||
Shareholders' equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, no par value, 125,000 shares authorized and 26,229 and 28,295 shares issued and outstanding as of December 30, 2014 and December 31, 2013, respectively | 93,971 | 182,491 |
Capital surplus | 54,217 | 45,841 |
Retained earnings | 200,501 | 173,104 |
Total shareholders' equity | 348,689 | 401,436 |
Total liabilities and shareholders' equity | $647,083 | $610,879 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 30, 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 | 26,229,000 | 28,295,000 |
Common stock, shares outstanding | 26,229,000 | 28,295,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Income Statement [Abstract] | |||
Revenues | $845,569 | $775,125 | $708,325 |
Costs and expenses: | |||
Cost of sales | 212,979 | 191,891 | 175,636 |
Labor and benefits | 298,703 | 273,458 | 245,078 |
Occupancy and operating | 182,149 | 173,981 | 150,312 |
General and administrative | 51,558 | 49,105 | 45,131 |
Depreciation and amortization | 55,387 | 49,007 | 41,347 |
Restaurant opening | 4,973 | 9,132 | 8,440 |
Loss on disposal of assets and impairments | 1,963 | 3,879 | 557 |
Legal and other settlements | 2,431 | 812 | 959 |
Total costs and expenses | 810,143 | 751,265 | 667,460 |
Income from operations | 35,426 | 23,860 | 40,865 |
Other income: | |||
Interest income (expense), net | -238 | 133 | 222 |
Gain on investment settlement | 797 | ||
Other income, net | 1,135 | 1,019 | 772 |
Total other income | 897 | 1,152 | 1,791 |
Income before income taxes | 36,323 | 25,012 | 42,656 |
Income tax expense | 8,926 | 3,990 | 11,247 |
Net income | $27,397 | $21,022 | $31,409 |
Net income per share: | |||
Basic | $0.99 | $0.75 | $1.12 |
Diluted | $0.97 | $0.73 | $1.09 |
Weighted average number of shares outstanding: | |||
Basic | 27,710 | 28,194 | 27,994 |
Diluted | 28,316 | 28,895 | 28,857 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] |
In Thousands | ||||
Beginning Balance at Jan. 03, 2012 | $332,449 | $179,054 | $32,722 | $120,673 |
Beginning Balance (in shares) at Jan. 03, 2012 | 27,749 | |||
Exercise of stock options (in shares) | 119 | 119 | ||
Exercise of stock options | 1,886 | 1,886 | ||
Issuance of restricted stock units (in shares) | 204 | |||
Issuance of restricted stock units | -271 | -271 | ||
Stock-based compensation expense | 4,780 | 4,780 | ||
Tax benefit from stock option exercises | 1,581 | 1,581 | ||
Net income | 31,409 | 31,409 | ||
Ending Balance at Jan. 01, 2013 | 371,834 | 180,940 | 38,812 | 152,082 |
Ending Balance (in shares) at Jan. 01, 2013 | 28,072 | |||
Exercise of stock options (in shares) | 93 | 91 | ||
Exercise of stock options | 1,551 | 1,551 | ||
Issuance of restricted stock units (in shares) | 132 | |||
Issuance of restricted stock units | -527 | -527 | ||
Stock-based compensation expense | 4,633 | 4,633 | ||
Tax benefit from stock option exercises | 2,923 | 2,923 | ||
Net income | 21,022 | 21,022 | ||
Ending Balance at Dec. 31, 2013 | 401,436 | 182,491 | 45,841 | 173,104 |
Ending Balance (in shares) at Dec. 31, 2013 | 28,295 | |||
Exercise of stock options (in shares) | 665 | 667 | ||
Exercise of stock options | 11,480 | 11,480 | ||
Issuance of restricted stock units (in shares) | 103 | |||
Issuance of restricted stock units | -445 | -445 | ||
Repurchase of common stock (in shares) | -2,836 | -2,836 | ||
Repurchase of common stock | -100,000 | -100,000 | ||
Stock-based compensation expense | 5,018 | 5,018 | ||
Tax benefit from stock option exercises | 3,803 | 3,803 | ||
Net income | 27,397 | 27,397 | ||
Ending Balance at Dec. 30, 2014 | $348,689 | $93,971 | $54,217 | $200,501 |
Ending Balance (in shares) at Dec. 30, 2014 | 26,229 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |||
Cash flows from operating activities: | ||||||
Net income | $27,397 | $21,022 | $31,409 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 55,387 | 49,007 | 41,347 | |||
Deferred income taxes | 4,416 | -3,448 | 6,764 | |||
Stock-based compensation expense | 4,855 | 4,418 | 4,585 | |||
Loss on disposal of assets and impairments | 1,963 | 3,879 | 557 | |||
Gain on investment settlement | -797 | |||||
Changes in assets and liabilities: | ||||||
Accounts and other receivables | -5,393 | 6,846 | -8,032 | |||
Landlord contribution for tenant improvements | -627 | -611 | 2,442 | |||
Inventories | -577 | -1,372 | -98 | |||
Prepaids and other current assets | -1,662 | -409 | -717 | |||
Other assets, net | -2,706 | -2,800 | -3,306 | |||
Accounts payable | 842 | 7,571 | -51 | |||
Accrued expenses | 12,179 | 3,582 | 6,467 | |||
Deferred rent | 2,532 | 3,626 | 3,426 | |||
Deferred lease incentives | -248 | 3,531 | 3,635 | |||
Other liabilities | 1,682 | 702 | 700 | |||
Net cash provided by operating activities | 100,040 | 95,544 | 88,331 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | -88,124 | -117,060 | -109,182 | |||
Deposit received on land held for sale | 3,295 | |||||
Proceeds from sale of assets | 13,143 | 7,823 | 3,740 | |||
Proceeds from marketable securities sold | 18,950 | 41,404 | 37,366 | |||
Purchases of marketable securities | -9,159 | -25,345 | -30,992 | |||
Collection of notes receivable | 28 | 224 | ||||
Net cash used in investing activities | -65,190 | -89,855 | -98,844 | |||
Cash flows from financing activities: | ||||||
Borrowings on line of credit | 125,000 | |||||
Payments on line of credit | -67,000 | |||||
Excess tax benefit from stock-based compensation | 3,803 | 1,208 | 1,581 | |||
Taxes paid on vested stock units under employee plans | -445 | -527 | -271 | |||
Proceeds from exercise of stock options | 11,480 | 1,551 | 1,886 | |||
Repurchases of common stock | -100,000 | |||||
Net cash (used in) provided by financing activities | -27,162 | 2,232 | 3,196 | |||
Net increase (decrease) in cash and cash equivalents | 7,688 | 7,921 | -7,317 | |||
Cash and cash equivalents, beginning of year | 22,995 | 15,074 | 22,391 | |||
Cash and cash equivalents, end of year | 30,683 | 22,995 | 15,074 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for income taxes | 4,936 | 5,411 | 2,563 | |||
Cash paid for interest, net of capitalized interest | 175 | |||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||
Fixed assets acquired by accounts payable | 10,294 | 8,226 | 9,977 | |||
Stock-based compensation capitalized | $213 | [1] | $215 | [1] | $195 | [1] |
[1] | Capitalized stock-based compensation is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
The_Company_and_Summary_of_Sig
The Company and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
The Company and Summary of Significant Accounting Policies | 1. The Company and Summary of Significant Accounting Policies | ||||||||||||
Description of Business | |||||||||||||
BJ’s Restaurants, Inc. (referred to herein as the “Company” or “BJ’s” or in the first person notations “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants then in existence and to develop additional BJ’s restaurants. As of December 30, 2014, we owned and operated 156 restaurants located in 18 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewery®, BJ’s Restaurant & Brewhouse®, BJ’s Pizza & Grill® or BJ’s Grill®. During fiscal 2014, we opened 11 new restaurants and closed an existing, smaller format “Pizza & Grill” restaurant in Belmont Shore, California when its lease expired. Several of our BJ’s Restaurant & Brewery® locations brew our signature, proprietary craft BJ’s beer on the restaurant premises. All of our other restaurants receive their BJ’s beer either from one of our breweries and/or independent third party brewers using our proprietary recipes. | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying consolidated financial statements include the accounts of BJ’s Restaurants, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 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. | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions for the reporting period and as of the financial statement date. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. | |||||||||||||
Our fiscal year consists of 52 or 53 weeks and ends on the Tuesday closest to December 31 for financial reporting purposes. Fiscal years 2014, 2013, and 2012 ended on December 30, 2014, December 31, 2013, and January 1, 2013, respectively, and consisted of 52 weeks of operations. | |||||||||||||
Segment Disclosure | |||||||||||||
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 280, Segment Reporting, establishes standards for disclosures about products and services, geographic areas and major customers. We currently operate in one operating segment: casual dining restaurants, several of which have on-premise brewing operations that produce BJ’s signature, proprietary craft beers for our restaurants. Additionally, we operate in one geographic area: the United States of America. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016, and early application is not permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this guidance will have on our consolidated financial statements as well as the expected adoption method. | |||||||||||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Going Concern (ASC Subtopic 205-40). This update requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued. Management is required to make this evaluation for both annual and interim reporting periods and must disclose whether its plans alleviate that doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for interim periods beginning after December 15, 2016, and early adoption is permitted. We do not believe the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of highly liquid investments and money market funds with an original maturity of three months or less when purchased. Cash and cash equivalents are stated at cost, which approximates fair market value. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments which potentially subject us to a concentration of credit risk principally consist of cash and cash equivalents. We currently maintain our day-to-day operating cash balances with a major financial institution. At times, our operating cash balances may be in excess of the FDIC insurance limit. At December 30, 2014, we did not have investments in marketable securities. At December 31, 2013, we had approximately $9.8 million of investments in marketable securities, of which $0.1 million were considered cash and cash equivalents, held by institutional brokers. We placed a majority of our temporary excess cash with major financial institutions and institutional brokers that, in turn, invested in instruments with expected 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 did not experience any losses in these accounts during fiscal 2014, 2013 or 2012, and believe we were not exposed to significant risk on cash and cash equivalents. | |||||||||||||
Inventories | |||||||||||||
Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) or market. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the estimated useful life of the asset or the primary lease term of the respective lease including exercised options, whichever is shorter. Renewals and betterments that materially extend the life of an asset are capitalized while maintenance and repair costs are expensed as incurred. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation or amortization accounts are relieved, and any gain or loss is included in earnings. | |||||||||||||
Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: | |||||||||||||
Furniture and fixtures | 10 years | ||||||||||||
Equipment | 5-10 years | ||||||||||||
Brewery equipment | 10-20 years | ||||||||||||
Building improvements | the shorter of 20 years or the remaining lease term | ||||||||||||
Leasehold improvements | the shorter of the useful life or the lease term | ||||||||||||
Goodwill | |||||||||||||
We perform impairment testing annually, during the fourth quarter, and more frequently if factors and circumstances indicate an impairment may have occurred. When evaluating goodwill for impairment, we first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, we calculate the implied estimated fair value of the reporting unit and compare it to the carrying value of the goodwill. If the carrying value of the goodwill is greater than the implied estimated fair value, an impairment charge is recorded to reduce the carrying value to the implied estimated fair value. This adjusted carrying value becomes the new goodwill accounting basis value. We believe that no impairments of goodwill occurred during fiscal 2014, 2013 or 2012. | |||||||||||||
Intangible Assets | |||||||||||||
Definite-lived intangible assets are composed of trademarks and amortized over their estimated useful lives of ten years and tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. Indefinite-lived intangible assets are not subject to amortization and tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. We believe that no impairments of intangible assets occurred during fiscal 2014, 2013 or 2012. Intangible assets are included in “Other assets, net” on the accompanying Consolidated Balance Sheets. | |||||||||||||
Long-Lived Assets | |||||||||||||
We assess potential impairments of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assets are generally reviewed for impairment in total as well as on a restaurant by restaurant basis. Factors considered include, but are not limited to, significant underperformance by the restaurant relative to expected historical or projected future operating results, significant changes in the manner of use of the acquired assets or the strategy for the overall business, and significant negative industry or economic trends. The recoverability is assessed in most cases by comparing the carrying value of the asset to the undiscounted cash flows expected to be generated by the asset. This assessment process requires the use of estimates and assumptions regarding future restaurant cash flows and estimated useful lives, which are subject to a significant degree of judgment. If these assumptions change in the future, we may be required to record impairment charges for these assets or for the entire restaurant. If the carrying amount is greater than the anticipated undiscounted cash flows, an impairment charge is recorded as the difference between the carrying amount and the assets fair value. In fiscal 2014 and 2013, we recorded impairment expense of $0.3 million and $3.1 million, respectively, which is included in “Loss on disposal of assets and impairments” in the Consolidated Statements of Income, representing a reduction in the carrying value of one of our underperforming BJ’s Pizza & Grill® and BJ’s Restaurant & Brewhouse® restaurants, respectively. There was no long-lived asset impairment recorded during fiscal 2012. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenues from food and beverage sales at restaurants are recognized when payment is tendered at the point-of-sale. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected. Revenues from the sale of gift cards are deferred and recognized upon redemption. Deferred gift card revenue, included in “Accrued expenses” on the accompanying Consolidated Balance Sheets, was $9.6 million and $7.8 million as of December 30, 2014 and December 31, 2013, respectively. We recognize gift card breakage income when the likelihood of the redemption of the cards becomes remote, which is typically 24 months after original issuance. Gift card breakage income is recorded in “Other income, net” on the Consolidated Statements of Income. | |||||||||||||
Customer Loyalty Program | |||||||||||||
Our “BJ’s Premier Rewards” customer loyalty program enables participants to earn points for each qualifying purchase. The points can then be redeemed for rewards including food discounts, trips, events and other items. We measure our total rewards obligation based on the estimated number of customers that will ultimately earn and claim rewards under the program, and record the estimated related expense as reward points accumulate. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. | |||||||||||||
Sales Taxes | |||||||||||||
Revenues are presented net of sales taxes. The obligation is included in other accrued expenses until the taxes are remitted to the appropriate taxing authorities. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. Advertising expense for fiscal 2014, 2013, and 2012 was approximately $19.2 million, $17.1 million, and $10.6 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Income. | |||||||||||||
Income Taxes | |||||||||||||
We provide for income taxes based on our estimate of federal and state tax liabilities. Our estimates include, but are not limited to, effective state and local income tax rates, allowable tax credits for items such as FICA taxes paid on reported tip income and estimates related to depreciation expense allowable for tax purposes. We usually file our income tax returns several months after our fiscal year-end. We file our tax returns with the advice and compilation of tax consultants. All tax returns are subject to audit by federal and state governments, usually years after the returns are filed, and could be subject to differing interpretation of the tax laws. | |||||||||||||
We utilize the liability method of accounting for income taxes. Deferred income taxes are recognized based on the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. | |||||||||||||
We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Interest and penalties related to uncertain tax positions are included in income tax expense. | |||||||||||||
Restaurant Opening Expense | |||||||||||||
Restaurant payroll, supplies, training, other start-up costs and rent expense incurred prior to the opening of a new restaurant are expensed as incurred. | |||||||||||||
Legal and Other Settlements | |||||||||||||
In fiscal 2014, legal and other settlements related to professional fees and other expenses incurred in connection with our shareholder settlement dated April 21, 2014. In fiscal 2013, legal and other settlements primarily related to the proposed settlements of certain California employment practices lawsuits, an alleged trademark infringement lawsuit, an employment separation agreement, a Texas Alcoholic Beverage Commission settlement related to our beer distribution model, and a California sales tax audit assessment. We agreed to these settlements, in order to avoid the costs, risks and uncertainties inherent in litigation and to eliminate the further diversion of our management’s time and attention, and without admitting any liability on our part. | |||||||||||||
Investment Settlement | |||||||||||||
In December 2009, we agreed to a settlement with our former broker-dealer for the full liquidation of our auction rate securities (“ARS”) investment portfolio. Under the terms of the settlement agreement, we were entitled to potential future recoveries of our loss on that portfolio based on the performance of those auction rate securities through December 2012. We received recoveries of approximately $0.8 million for fiscal 2012. | |||||||||||||
Leases | |||||||||||||
We lease the majority of our restaurant locations. We account for our leases in accordance with U.S. GAAP, which require that our leases be evaluated and classified as operating or capital leases for financial reporting purposes. The term used for this evaluation includes renewal option periods only in instances in which the exercise of the renewal option can be reasonably assured and failure to exercise such option would result in an economic penalty. All of our restaurant leases are classified as operating leases. We disburse cash for leasehold improvements, furniture and fixtures and equipment to build out and equip our leased premises. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening the related restaurants, pursuant to agreed-upon terms in our leases. Tenant improvement allowances can take the form of cash payments upon the opening of the related restaurants, full or partial credits against minimum or percentage rents otherwise payable by us or a combination thereof. All tenant improvement allowances received by us are recorded as a deferred lease incentive and amortized over the term of the lease. The related cash received from the landlord is reflected as “Landlord contribution for tenant improvements” within operating activities of our Consolidated Statements of Cash Flows. | |||||||||||||
The lease term used for straight-line rent expense is calculated from the date we obtain possession of the leased premises through the lease termination date. We expense rent from possession date through restaurant open date as preopening expense. Once a restaurant opens for business, we record straight-line rent over the lease term plus contingent rent to the extent it exceeded the minimum rent obligation per the lease agreement. | |||||||||||||
There is potential for variability in the rent holiday period, which begins on the possession date and ends on the restaurant open date, during which no cash rent payments are typically due under the terms of the lease. Factors that may affect the length of the rent holiday period generally relate to construction related delays. Extension of the rent holiday period due to delays in restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the rest of the lease term (post-opening). | |||||||||||||
For leases that contain rent escalations in which the amount of future rent is certain or can be reasonably calculated, we record the total rent payable during the lease term, as determined above, on the straight-line basis over the term of the lease (including the rent holiday period beginning upon our possession of the premises), and record the difference between the minimum rents paid and the straight-line rent as deferred rent. Certain leases contain provisions that require additional rent payments based upon restaurant sales volume (“contingent rent”). Contingent rent is accrued each period as the liabilities are incurred, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense as a percentage of revenues over the term of the lease in restaurants where we pay contingent rent. | |||||||||||||
Management makes judgments regarding the probable term for each restaurant property lease, which can impact the classification and accounting for a lease as capital or operating, the rent holiday and/or escalations in payments that are taken into consideration when calculating straight-line rent and the term over which leasehold improvements for each restaurant are amortized. These judgments may produce materially different amounts of depreciation, amortization and rent expense than would be reported if different assumed lease terms were used. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying value of cash and cash equivalents, investments classified as held-to-maturity or other current assets, accounts receivable and current liabilities approximate fair values due to the short-term maturity of these instruments. Investments classified as non-current assets are recorded at fair value based on valuation models and methodologies provided by a third party using either “Level 2” or “Level 3” inputs when the fair value of the investment cannot be determined based on current trades on the open market. Declines in fair value below our carrying value deemed to be other than temporary are charged against net earnings. | |||||||||||||
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) using the treasury stock method. Performance-based restricted stock units have been excluded from the diluted computation because the performance-based criteria have not been met. The consolidated financial statements present basic and diluted net income per share. | |||||||||||||
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): | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income for basic and diluted net income per share | $ | 27,397 | $ | 21,022 | $ | 31,409 | |||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding-basic | 27,710 | 28,194 | 27,994 | ||||||||||
Dilutive effect of equity awards | 606 | 701 | 863 | ||||||||||
Weighted-average shares outstanding-diluted | 28,316 | 28,895 | 28,857 | ||||||||||
At December 30, 2014, December 31, 2013, and January 1, 2013, there were approximately 0.8 million, 0.7 million, and 0.3 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. | |||||||||||||
Stock-Based Compensation | |||||||||||||
Under shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified stock options, and restricted stock units that generally vest over three to five years and expire ten years from the date of grant. Stock-based compensation is measured in accordance with U.S. GAAP based on the underlying fair value of the awards granted. In valuing stock options, we are required to make certain assumptions and judgments regarding the grant date fair value utilizing the Black-Scholes option-pricing model. 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 cash flow tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are required to be classified as financing cash flows. |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||
Dec. 30, 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. 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. | |||||||||
During fiscal 2014, all remaining investments were liquidated. At December 31, 2013, all highly liquid investments with maturities of three months or less at the date of purchase were classified as cash equivalents and included with “Cash and cash equivalents” on our accompanying Consolidated Balance Sheets. Marketable securities, which we had the intent and ability to hold until maturity, were classified as held-to-maturity securities and reported at amortized cost, which approximated fair value. | |||||||||
Investments in marketable securities consist of the following (in thousands): | |||||||||
December 31, 2013 | |||||||||
Held-to-maturity | Amortized | Average | |||||||
Cost | Maturity (1) | ||||||||
Short-term marketable securities: | |||||||||
Municipal securities, U.S. Treasury and direct agency obligations | $6,943 | 5 months | |||||||
Domestic corporate obligations | 1,045 | 10 months | |||||||
$7,988 | |||||||||
Long-term marketable securities: | |||||||||
Municipal securities and direct agency obligations | $1,803 | 14 months | |||||||
$1,803 | |||||||||
-1 | Average maturity is determined from the respective balance sheet date 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 | 12 Months Ended | |||
Dec. 30, 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 December 31, 2013, our marketable securities were held by institutional brokers, classified as held-to-maturity securities and reported at amortized cost, which approximated fair value (effectively, Level 2). We placed a majority of our cash, in excess of our current operating needs, with major financial institutions and institutional brokers that, in turn, invested 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; therefore we did not experience any losses on these marketable securities. |
Accounts_and_Other_Receivables
Accounts and Other Receivables | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Accounts and Other Receivables | 4. Accounts and Other Receivables | ||||||||
Accounts and other receivables consisted of the following (in thousands): | |||||||||
December 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit cards | $5,644 | $5,498 | |||||||
Third party gift cards | 1,780 | 1,239 | |||||||
Tenant improvement allowances | 5,705 | 5,078 | |||||||
Income taxes | 3,950 | – | |||||||
Other | 1,717 | 961 | |||||||
$18,796 | $12,776 | ||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | 5. Property and Equipment | ||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
December 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $10,403 | $6,530 | |||||||
Building improvements | 278,906 | 253,255 | |||||||
Leasehold improvements | 202,518 | 187,115 | |||||||
Furniture and fixtures | 107,591 | 99,224 | |||||||
Equipment | 208,057 | 189,656 | |||||||
807,475 | 735,780 | ||||||||
Less accumulated depreciation and amortization | (291,617) | (238,898) | |||||||
515,858 | 496,882 | ||||||||
Construction in progress | 25,491 | 16,715 | |||||||
Property and equipment, net | $541,349 | $513,597 | |||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | 6. Accrued Expenses | ||||||||
Accrued expenses consisted of the following (in thousands): | |||||||||
December 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll related | $19,362 | $14,168 | |||||||
Workers compensation | 17,014 | 12,812 | |||||||
Deferred revenue from gift cards | 9,587 | 7,798 | |||||||
Sales taxes | 4,933 | 4,816 | |||||||
Other taxes | 3,862 | 4,520 | |||||||
Deferred lease incentives–current | 3,949 | 3,772 | |||||||
Other current rent related | 2,575 | 2,477 | |||||||
Utilities | 1,899 | 1,880 | |||||||
Legal and other settlements | 201 | 1,379 | |||||||
Customer loyalty program | 2,271 | 1,562 | |||||||
Other | 6,977 | 5,470 | |||||||
$72,630 | $60,654 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 7. Commitments and Contingencies | ||||
Leases | |||||
We lease our restaurant and office facilities under non-cancelable operating leases with remaining terms ranging from approximately 1 to 20 years with renewal options ranging from 5 to 20 years. Rent expense for fiscal 2014, 2013, and 2012 was $35.9 million, $32.8 million, and $29.7 million, respectively. | |||||
We have certain operating leases that contain fixed rent escalation clauses. Rent expense for these leases has been calculated on the straight-line basis over the term of the leases, resulting in deferred rent of approximately $24.8 million and $22.3 million at December 30, 2014 and December 31, 2013, respectively. The deferred rent is presented on the accompanying Consolidated Balance Sheets and will be amortized to rent expense over the life of the leases. | |||||
A number of the leases also provide for contingent rent based on a percentage of sales above a specified minimum. Total contingent rent, included in rent expense, above the minimum, for fiscal 2014, 2013, and 2012 were approximately $3.5 million, $3.6 million, and $4.4 million, respectively. | |||||
Future minimum annual rent payments under non-cancelable operating leases are as follows (in thousands): | |||||
2015 | $36,443 | ||||
2016 | 36,624 | ||||
2017 | 37,525 | ||||
2018 | 36,564 | ||||
2019 | 34,641 | ||||
Thereafter | 337,712 | ||||
$ | 519,509 | ||||
Additionally, we have entered into lease agreements related to the construction of future restaurants with commencement dates subsequent to December 30, 2014. Our aggregate future commitment relating to these leases is $24.3 million. | |||||
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. | |||||
Letters of Credit | |||||
We have irrevocable standby letters of credit outstanding as required under our workers’ compensation insurance arrangements that total $15.2 million as of December 30, 2014, which automatically renew each October 31 for one year unless 30 days’ notice, prior to such renewal date, is given by the financial institution that provides the letters. The standby letters of credit have been issued under our credit facility and therefore reduce the amount available for borrowing under that facility. | |||||
Other Commitments | |||||
We have severance and employment agreements with certain of our executive officers that provide for payments to those officers in the event of a termination of their employment as a result of a change in control of the Company, or without cause, as defined in those agreements. Aggregate payments totaling approximately $2.0 million would have been required by those agreements had all such officers terminated their employment for those reasons as of December 30, 2014. Additionally, our future estimated cash payments under existing contractual purchase obligations for goods and services as of December 30, 2014, are approximately $20.5 million. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended |
Dec. 30, 2014 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt |
Line of Credit | |
On September 3, 2014, we entered into a new loan agreement (“Credit Facility”) which amended and restated in its entirety our prior loan agreement dated February 17, 2012. This Credit Facility, which matures on September 3, 2019, provides us with revolving loan commitments totaling $150 million, of which $50 million may be used for issuances of letters of credit. Availability under the Credit Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. The Credit Facility contains a commitment increase feature that could provide for an additional $50 million in available credit upon our request and the satisfaction of certain conditions. Our obligations under the Credit Facility are unsecured. As of December 30, 2014, there were borrowings of $58.0 million outstanding under the Credit Facility and there were outstanding letters of credit totaling approximately $15.2 million. The Credit Facility bears interest at either our choice of LIBOR plus a percentage not to exceed 1.75%, or at a rate ranging from Bank of America’s publicly announced prime rate to 0.75% above Bank of America’s prime rate, based on our level of lease and debt obligations as compared to EBITDA and lease expenses. At December 30, 2014, interest paid on the borrowings under the Credit Facility was approximately $0.2 million. The weighted average interest rate was approximately 1.26%. | |
The Credit Facility contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At December 30, 2014, we were in compliance with these covenants. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 30, 2014 | |
Equity [Abstract] | |
Shareholders' Equity | 9. Shareholders’ Equity |
Preferred Stock | |
We are authorized to issue 5.0 million shares in one or more series of preferred stock and to determine the rights, preferences, privileges and restrictions to be granted to, or imposed upon, any such series, including the voting rights, redemption provisions (including sinking fund provisions), dividend rights, dividend rates, liquidation rates, liquidation preferences, conversion rights and the description and number of shares constituting any wholly unissued series of preferred stock. No shares of preferred stock were issued or outstanding at December 30, 2014 or December 31, 2013. We currently have no plans to issue shares of preferred stock. | |
Common Stock | |
Shareholders are entitled to one vote for each share of common stock held of record. Pursuant to the requirements of California law, shareholders are entitled to accumulate votes in connection with the election of directors. Shareholders of our outstanding common stock are entitled to receive dividends if and when declared by the Board of Directors. We have no plans to pay any cash dividends in the foreseeable future. | |
Stock Repurchases | |
In April 2014, our Board of Directors authorized a $50 million share repurchase plan, which was increased to $150 million in August 2014. We repurchased and retired approximately 2.8 million shares of our common stock during fiscal 2014, at an average price of $34.62 per share for a total of $100 million, recorded as a reduction in common stock. As of December 30, 2014, approximately $50 million remains available for additional repurchases under our authorized repurchase program. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 10. Income Taxes | ||||||||||||
The income tax expense (benefit) consists of the following for the last three fiscal years (in thousands): | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $3,990 | $6,082 | $3,204 | ||||||||||
State | 520 | 3,071 | 1,279 | ||||||||||
4,510 | 9,153 | 4,483 | |||||||||||
Deferred: | |||||||||||||
Federal | 3,381 | (3,744) | 5,361 | ||||||||||
State | 1,035 | (1,419) | 1,403 | ||||||||||
4,416 | (5,163) | 6,764 | |||||||||||
Provision for income taxes | $8,926 | $3,990 | $11,247 | ||||||||||
The provision for income taxes differs from the amount that would result from applying the federal statutory rate as follows for the last three fiscal years: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax at statutory rates | 35.0% | 35.0% | 35.0% | ||||||||||
State income taxes, net of federal benefit | 1.0 | 3.8 | 4.1 | ||||||||||
Permanent differences | 0.1 | (0.4) | (0.2) | ||||||||||
Income tax credits | (10.9) | (20.1) | (10.2) | ||||||||||
Other, net | (0.6) | (2.3) | (2.3) | ||||||||||
24.6% | 16.0% | 26.4% | |||||||||||
The components of the deferred income tax asset (liability) consist of the following (in thousands): | |||||||||||||
December 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Current deferred income tax asset: | |||||||||||||
State tax | $542 | $1,004 | |||||||||||
Gift cards | 815 | 649 | |||||||||||
Accrued expenses | 11,364 | 8,191 | |||||||||||
Other | 2,029 | 772 | |||||||||||
Valuation allowance | (155) | — | |||||||||||
Total current deferred income tax asset | 14,595 | 10,616 | |||||||||||
Non-current deferred income tax asset (liability): | |||||||||||||
Property and equipment | (70,346) | (53,574) | |||||||||||
Intangible assets | (2,112) | (1,660) | |||||||||||
Smallwares | (4,665) | (4,423) | |||||||||||
Accrued expenses | 5,389 | 3,187 | |||||||||||
Stock-based compensation | 5,495 | 4,995 | |||||||||||
Deferred rent | 9,719 | 8,819 | |||||||||||
Income tax credits | 15,823 | 11,828 | |||||||||||
Net operating losses | 557 | 153 | |||||||||||
Other | 1,752 | 210 | |||||||||||
Valuation allowance | (586) | (114) | |||||||||||
Total non-current deferred income tax liability | (38,974) | (30,579) | |||||||||||
Net deferred income tax liability | $(24,379) | $(19,963) | |||||||||||
At December 30, 2014, we had federal and California income tax credit carryforwards of approximately $15.9 million and $2.1 million, respectively, consisting primarily of the credit for FICA taxes paid on reported employee tip income and California enterprise zone credits. The FICA tax credits will begin to expire in 2032 and the California enterprise zone credits will begin to expire in 2023. | |||||||||||||
As of December 30, 2014 and December 31, 2013, we have recorded a valuation allowance against certain state net operating loss and tax credit carryforwards, the benefits of which are not more likely than not to be realized prior to expiration, in the amount of $0.7 million and $0.1 million, respectively, net of federal benefit. | |||||||||||||
We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 30, 2014, the amount recorded for interest and penalties changed for tax positions taken in the current year. As of December 30, 2014, unrecognized tax benefits recorded was approximately $2.2 million, of which approximately $0.8 million, if reversed, would impact our effective tax rate. We anticipate a decrease of $1.4 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 January 3, 2012 | $870 | ||||||||||||
Increase for tax positions taken during the current period | 27 | ||||||||||||
Balance at January 1, 2013 | 897 | ||||||||||||
Decrease for tax positions taken during the current period | (678) | ||||||||||||
Balance at December 31, 2013 | 219 | ||||||||||||
Increase for tax positions taken in prior years | 1,798 | ||||||||||||
Decrease for tax positions taken in prior years | (52) | ||||||||||||
Increase for tax positions taken in current year | 317 | ||||||||||||
Decrease for statute expiration | (109) | ||||||||||||
Balance at December 30, 2014 | $2,173 | ||||||||||||
Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of December 30, 2014, the earliest tax year still subject to examination by the Internal Revenue Service is 2011. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2010. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 30, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock-Based Compensation Plans | 11. Stock-Based Compensation Plans | ||||||||||||||||||||
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 time-based and performance-based 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. Time-based 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. Performance-based RSUs 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): | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Labor and benefits | $1,456 | $1,341 | $1,255 | ||||||||||||||||||
General and administrative | $3,167 | $3,077 | $3,330 | ||||||||||||||||||
Legal and other settlements | $232 | $– | $– | ||||||||||||||||||
Capitalized (1) | $213 | $215 | $195 | ||||||||||||||||||
-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: | |||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 37.7% | 36.5% | 36.74% | ||||||||||||||||||
Risk free interest rate | 1.64% | 0.76% | 0.69% | ||||||||||||||||||
Expected option life | 5 years | 5 years | 5 years | ||||||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||||||
Fair value of options granted | $10.78 | $11.04 | $12.38 | ||||||||||||||||||
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 | Weighted | |||||||||||||||||
(in thousands) | Average | (in thousands) | Average | Average | |||||||||||||||||
Exercise | Exercise Price | Remaining | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Life | |||||||||||||||||||||
Outstanding at January 3, 2012 | 1,791 | $ | 18.53 | 1,113 | $ | 16.85 | 4.5 | ||||||||||||||
Granted | 363 | $ | 37.69 | ||||||||||||||||||
Exercised | (119 | ) | $ | 15.83 | |||||||||||||||||
Forfeited | (10 | ) | $ | 30.2 | |||||||||||||||||
Outstanding at January 1, 2013 | 2,025 | $ | 22.08 | 1,403 | $ | 17.76 | 4.5 | ||||||||||||||
Granted | 186 | $ | 33.74 | ||||||||||||||||||
Exercised | (93 | ) | $ | 17.05 | |||||||||||||||||
Forfeited | (69 | ) | $ | 38.41 | |||||||||||||||||
Outstanding at December 31, 2013 | 2,049 | $ | 22.82 | 1,514 | $ | 18.74 | 3.9 | ||||||||||||||
Granted | 231 | $ | 30.49 | ||||||||||||||||||
Exercised | (665 | ) | $ | 17.21 | |||||||||||||||||
Forfeited | (93 | ) | $ | 36.33 | |||||||||||||||||
Outstanding at December 30, 2014 | 1,522 | $ | 25.62 | 1,008 | $ | 21.46 | 4.2 | ||||||||||||||
Information relating to significant option groups outstanding at December 30, 2014, is as follows (shares in thousands): | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Outstanding | Weighted | Weighted | Exercisable | Weighted | ||||||||||||||||
Exercise Prices | Average | Average | Average | ||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life | |||||||||||||||||||||
$ 9.37 – $12.78 | 164 | 3.1 | $ | 10.77 | 164 | $ | 10.77 | ||||||||||||||
$15.50 – $16.63 | 78 | 2.79 | $ | 16.54 | 78 | $ | 16.54 | ||||||||||||||
$18.86 – $18.86 | 316 | 5 | $ | 18.86 | 316 | $ | 18.86 | ||||||||||||||
$19.38 – $22.14 | 156 | 1.99 | $ | 20.59 | 155 | $ | 20.59 | ||||||||||||||
$23.26 – $29.88 | 254 | 6.25 | $ | 27.24 | 98 | $ | 23.49 | ||||||||||||||
$29.91 – $34.24 | 165 | 8.38 | $ | 33.32 | 24 | $ | 33.66 | ||||||||||||||
$34.29 – $34.29 | 245 | 7.93 | $ | 34.29 | 98 | $ | 34.29 | ||||||||||||||
$35.57 – $46.32 | 132 | 6.66 | $ | 40.42 | 75 | $ | 39.31 | ||||||||||||||
$48.64 – $48.64 | 1 | 9.93 | $ | 48.64 | – | $ | – | ||||||||||||||
$49.71 – $49.71 | 11 | 7.26 | $ | 49.71 | – | $ | – | ||||||||||||||
$ 9.37 – $49.71 | 1,522 | 5.59 | $ | 25.62 | 1,008 | $ | 21.46 | ||||||||||||||
As of December 30, 2014, total unrecognized stock-based compensation expense related to non-vested stock options was $4.3 million, which is generally expected to be recognized over the next five years. | |||||||||||||||||||||
Time-Vested Restricted Stock Units | |||||||||||||||||||||
Time-vested restricted stock unit activity was as follows: | |||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
(in thousands) | Average | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding at January 3, 2012 | 616 | $20.48 | |||||||||||||||||||
Granted | 160 | $43.34 | |||||||||||||||||||
Vested or released | (213 | ) | $17.49 | ||||||||||||||||||
Forfeited | (77 | ) | $27.91 | ||||||||||||||||||
Outstanding at January 1, 2013 | 486 | $28.14 | |||||||||||||||||||
Granted | 169 | $32.63 | |||||||||||||||||||
Vested or released | (150 | ) | $15.66 | ||||||||||||||||||
Forfeited | (72 | ) | $34.04 | ||||||||||||||||||
Outstanding at December 31, 2013 | 433 | $33.23 | |||||||||||||||||||
Granted | 130 | $31.71 | |||||||||||||||||||
Vested or released | (80 | ) | $21.36 | ||||||||||||||||||
Forfeited | (56 | ) | $35.60 | ||||||||||||||||||
Outstanding at December 30, 2014 | 427 | $34.66 | |||||||||||||||||||
The fair value of the time-vested RSUs is the quoted market value of our common stock on the date of grant. The fair value of each time-vested RSU is expensed over the period during which the restrictions are expected to lapse (i.e., five years). As of December 30, 2014, total unrecognized stock-based compensation expense related to non-vested restricted shares was approximately $7.4 million, which is generally expected to be recognized over the next five years. | |||||||||||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||||||||||
Performance-based restricted stock unit activity was as follows: | |||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
(in thousands) | Average | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2013 | – | $– | |||||||||||||||||||
Granted | 36 | $32.49 | |||||||||||||||||||
Vested or released | – | $– | |||||||||||||||||||
Forfeited | (6 | ) | $32.49 | ||||||||||||||||||
Outstanding at December 30, 2014 | 30 | $32.49 | |||||||||||||||||||
The fair value of the performance-based RSUs is the quoted market value of our common stock on the date of grant. The fair value of each performance-based RSU is recognized when it is probable the performance goal will be achieved. As of December 30, 2014, total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $0.6 million. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 12. Employee Benefit Plans |
We maintain a voluntary, contributory 401(k) plan for all eligible employees. Employees may elect to contribute up to 100% of their earnings, up to the IRS maximum for the plan year of participation. Additionally, eligible participants may also elect allowable catch-up contributions as provided for by the IRS. Our executive officers and other highly compensated employees are not eligible to participate in the 401(k) plan. Employee contributions are matched by us at a rate of 33% for the first 6% of deferred earnings. We contributed approximately $0.3 million, $0.3 million, and $0.3 million in fiscal 2014, 2013, and 2012, respectively. | |
We also maintain a non-qualified deferred compensation plan (the “DCP”) for our executive officers and other highly compensated employees, as defined in the DCP who are otherwise ineligible for participation in our 401(k) plan. The DCP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses. Additionally, the DCP allows for a voluntary company match as determined by the Company’s compensation committee. During fiscal 2014, there were no contributions made or accrued by us. We pay for related administrative costs, which were not significant during fiscal 2014. Employee deferrals are deposited into a rabbi trust and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature. Our investment in variable life insurance contracts, reflected in “Other assets, net” on our Consolidated Balance Sheets, was $4.2 million and $3.2 million as of December 30, 2014 and December 31, 2013, respectively. Our obligation to participating employees, included in “Other liabilities” on the accompanying Consolidated Balance Sheets, was $4.1 million and $3.3 million as of December 30, 2014 and December 31, 2013, respectively. All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Income. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions |
As of December 30, 2014, we believe that Jacmar Companies and their affiliates (collectively referred to herein as “Jacmar”) owned approximately 12.0% 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 $86.7 million, $82.8 million, and $78.0 million of food, beverage, paper products and supplies for fiscal 2014, 2013, and 2012, respectively, which represents 21.9%, 22.6%, and 23.9% of our total costs of sales and operating and occupancy costs, respectively. We had trade payables related to these products of $4.0 million and $4.8 million, at December 30, 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 “Cost of sales” on the Consolidated Statements of Income. |
Selected_Consolidated_Quarterl
Selected Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Consolidated Quarterly Financial Data (Unaudited) | 14. Selected Consolidated Quarterly Financial Data (Unaudited) | ||||||||||||||||
Our summarized unaudited consolidated quarterly financial data is as follows (in thousands, except per share data): | |||||||||||||||||
April 1, | July 1, | September 30, | December 30, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Total revenues | $ | 205,822 | $ | 219,380 | $ | 206,450 | $ | 213,917 | |||||||||
Income from operations | $ | 5,787 | $ | 10,689 | $ | 8,034 | $ | 10,916 | |||||||||
Net income | $ | 4,658 | $ | 8,004 | $ | 6,482 | $ | 8,253 | |||||||||
Basic net income per share (1) | $ | 0.16 | $ | 0.28 | $ | 0.23 | $ | 0.31 | |||||||||
Diluted net income per share (1) | $ | 0.16 | $ | 0.28 | $ | 0.23 | $ | 0.31 | |||||||||
April 2, | July 2, | October 1, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenues | $ | 188,625 | $ | 198,487 | $ | 188,245 | $ | 199,768 | |||||||||
Income from operations | $ | 10,832 | $ | 11,777 | $ | 3,486 | $ | (2,235 | ) | ||||||||
Net income | $ | 8,273 | $ | 8,597 | $ | 3,648 | $ | 504 | |||||||||
Basic net income per share (1) | $ | 0.29 | $ | 0.31 | $ | 0.13 | $ | 0.02 | |||||||||
Diluted net income per share (1) | $ | 0.29 | $ | 0.3 | $ | 0.13 | $ | 0.02 | |||||||||
-1 | Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on the Consolidated Statements of Income. |
The_Company_and_Summary_of_Sig1
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 30, 2014 | ||||
Accounting Policies [Abstract] | ||||
Description of Business | Description of Business | |||
BJ’s Restaurants, Inc. (referred to herein as the “Company” or “BJ’s” or in the first person notations “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants then in existence and to develop additional BJ’s restaurants. As of December 30, 2014, we owned and operated 156 restaurants located in 18 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewery®, BJ’s Restaurant & Brewhouse®, BJ’s Pizza & Grill® or BJ’s Grill®. During fiscal 2014, we opened 11 new restaurants and closed an existing, smaller format “Pizza & Grill” restaurant in Belmont Shore, California when its lease expired. Several of our BJ’s Restaurant & Brewery® locations brew our signature, proprietary craft BJ’s beer on the restaurant premises. All of our other restaurants receive their BJ’s beer either from one of our breweries and/or independent third party brewers using our proprietary recipes. | ||||
Basis of Presentation | Basis of Presentation | |||
The accompanying consolidated financial statements include the accounts of BJ’s Restaurants, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 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. | ||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions for the reporting period and as of the financial statement date. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. | ||||
Our fiscal year consists of 52 or 53 weeks and ends on the Tuesday closest to December 31 for financial reporting purposes. Fiscal years 2014, 2013, and 2012 ended on December 30, 2014, December 31, 2013, and January 1, 2013, respectively, and consisted of 52 weeks of operations. | ||||
Segment Disclosure | Segment Disclosure | |||
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 280, Segment Reporting, establishes standards for disclosures about products and services, geographic areas and major customers. We currently operate in one operating segment: casual dining restaurants, several of which have on-premise brewing operations that produce BJ’s signature, proprietary craft beers for our restaurants. Additionally, we operate in one geographic area: the United States of America. | ||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance expands related disclosure requirements. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016, and early application is not permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this guidance will have on our consolidated financial statements as well as the expected adoption method. | ||||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Going Concern (ASC Subtopic 205-40). This update requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the financial statements are issued. Management is required to make this evaluation for both annual and interim reporting periods and must disclose whether its plans alleviate that doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for interim periods beginning after December 15, 2016, and early adoption is permitted. We do not believe the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||
Cash and cash equivalents consist of highly liquid investments and money market funds with an original maturity of three months or less when purchased. Cash and cash equivalents are stated at cost, which approximates fair market value. | ||||
Concentration of Credit Risk | Concentration of Credit Risk | |||
Financial instruments which potentially subject us to a concentration of credit risk principally consist of cash and cash equivalents. We currently maintain our day-to-day operating cash balances with a major financial institution. At times, our operating cash balances may be in excess of the FDIC insurance limit. At December 30, 2014, we did not have investments in marketable securities. At December 31, 2013, we had approximately $9.8 million of investments in marketable securities, of which $0.1 million were considered cash and cash equivalents, held by institutional brokers. We placed a majority of our temporary excess cash with major financial institutions and institutional brokers that, in turn, invested in instruments with expected 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 did not experience any losses in these accounts during fiscal 2014, 2013 or 2012, and believe we were not exposed to significant risk on cash and cash equivalents. | ||||
Inventories | Inventories | |||
Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) or market. | ||||
Property and Equipment | Property and Equipment | |||
Property and equipment are recorded at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the estimated useful life of the asset or the primary lease term of the respective lease including exercised options, whichever is shorter. Renewals and betterments that materially extend the life of an asset are capitalized while maintenance and repair costs are expensed as incurred. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation or amortization accounts are relieved, and any gain or loss is included in earnings. | ||||
Goodwill | Goodwill | |||
We perform impairment testing annually, during the fourth quarter, and more frequently if factors and circumstances indicate an impairment may have occurred. When evaluating goodwill for impairment, we first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, we calculate the implied estimated fair value of the reporting unit and compare it to the carrying value of the goodwill. If the carrying value of the goodwill is greater than the implied estimated fair value, an impairment charge is recorded to reduce the carrying value to the implied estimated fair value. This adjusted carrying value becomes the new goodwill accounting basis value. We believe that no impairments of goodwill occurred during fiscal 2014, 2013 or 2012. | ||||
Intangible Assets | Intangible Assets | |||
Definite-lived intangible assets are composed of trademarks and amortized over their estimated useful lives of ten years and tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. Indefinite-lived intangible assets are not subject to amortization and tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. We believe that no impairments of intangible assets occurred during fiscal 2014, 2013 or 2012. Intangible assets are included in “Other assets, net” on the accompanying Consolidated Balance Sheets. | ||||
Long-Lived Assets | Long-Lived Assets | |||
We assess potential impairments of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assets are generally reviewed for impairment in total as well as on a restaurant by restaurant basis. Factors considered include, but are not limited to, significant underperformance by the restaurant relative to expected historical or projected future operating results, significant changes in the manner of use of the acquired assets or the strategy for the overall business, and significant negative industry or economic trends. The recoverability is assessed in most cases by comparing the carrying value of the asset to the undiscounted cash flows expected to be generated by the asset. This assessment process requires the use of estimates and assumptions regarding future restaurant cash flows and estimated useful lives, which are subject to a significant degree of judgment. If these assumptions change in the future, we may be required to record impairment charges for these assets or for the entire restaurant. If the carrying amount is greater than the anticipated undiscounted cash flows, an impairment charge is recorded as the difference between the carrying amount and the assets fair value. In fiscal 2014 and 2013, we recorded impairment expense of $0.3 million and $3.1 million, respectively, which is included in “Loss on disposal of assets and impairments” in the Consolidated Statements of Income, representing a reduction in the carrying value of one of our underperforming BJ’s Pizza & Grill® and BJ’s Restaurant & Brewhouse® restaurants, respectively. There was no long-lived asset impairment recorded during fiscal 2012. | ||||
Revenue Recognition | Revenue Recognition | |||
Revenues from food and beverage sales at restaurants are recognized when payment is tendered at the point-of-sale. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected. Revenues from the sale of gift cards are deferred and recognized upon redemption. Deferred gift card revenue, included in “Accrued expenses” on the accompanying Consolidated Balance Sheets, was $9.6 million and $7.8 million as of December 30, 2014 and December 31, 2013, respectively. We recognize gift card breakage income when the likelihood of the redemption of the cards becomes remote, which is typically 24 months after original issuance. Gift card breakage income is recorded in “Other income, net” on the Consolidated Statements of Income. | ||||
Customer Loyalty Program | Customer Loyalty Program | |||
Our “BJ’s Premier Rewards” customer loyalty program enables participants to earn points for each qualifying purchase. The points can then be redeemed for rewards including food discounts, trips, events and other items. We measure our total rewards obligation based on the estimated number of customers that will ultimately earn and claim rewards under the program, and record the estimated related expense as reward points accumulate. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. | ||||
Sales Taxes | Sales Taxes | |||
Revenues are presented net of sales taxes. The obligation is included in other accrued expenses until the taxes are remitted to the appropriate taxing authorities. | ||||
Advertising Costs | Advertising Costs | |||
Advertising costs are expensed as incurred. Advertising expense for fiscal 2014, 2013, and 2012 was approximately $19.2 million, $17.1 million, and $10.6 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Income. | ||||
Income Taxes | Income Taxes | |||
We provide for income taxes based on our estimate of federal and state tax liabilities. Our estimates include, but are not limited to, effective state and local income tax rates, allowable tax credits for items such as FICA taxes paid on reported tip income and estimates related to depreciation expense allowable for tax purposes. We usually file our income tax returns several months after our fiscal year-end. We file our tax returns with the advice and compilation of tax consultants. All tax returns are subject to audit by federal and state governments, usually years after the returns are filed, and could be subject to differing interpretation of the tax laws. | ||||
We utilize the liability method of accounting for income taxes. Deferred income taxes are recognized based on the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. | ||||
We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Interest and penalties related to uncertain tax positions are included in income tax expense. | ||||
Restaurant Opening Expense | Restaurant Opening Expense | |||
Restaurant payroll, supplies, training, other start-up costs and rent expense incurred prior to the opening of a new restaurant are expensed as incurred. | ||||
Legal and Other Settlements | Legal and Other Settlements | |||
In fiscal 2014, legal and other settlements related to professional fees and other expenses incurred in connection with our shareholder settlement dated April 21, 2014. In fiscal 2013, legal and other settlements primarily related to the proposed settlements of certain California employment practices lawsuits, an alleged trademark infringement lawsuit, an employment separation agreement, a Texas Alcoholic Beverage Commission settlement related to our beer distribution model, and a California sales tax audit assessment. We agreed to these settlements, in order to avoid the costs, risks and uncertainties inherent in litigation and to eliminate the further diversion of our management’s time and attention, and without admitting any liability on our part. | ||||
Investment Settlement | Investment Settlement | |||
In December 2009, we agreed to a settlement with our former broker-dealer for the full liquidation of our auction rate securities (“ARS”) investment portfolio. Under the terms of the settlement agreement, we were entitled to potential future recoveries of our loss on that portfolio based on the performance of those auction rate securities through December 2012. We received recoveries of approximately $0.8 million for fiscal 2012. | ||||
Leases | Leases | |||
We lease the majority of our restaurant locations. We account for our leases in accordance with U.S. GAAP, which require that our leases be evaluated and classified as operating or capital leases for financial reporting purposes. The term used for this evaluation includes renewal option periods only in instances in which the exercise of the renewal option can be reasonably assured and failure to exercise such option would result in an economic penalty. All of our restaurant leases are classified as operating leases. We disburse cash for leasehold improvements, furniture and fixtures and equipment to build out and equip our leased premises. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening the related restaurants, pursuant to agreed-upon terms in our leases. Tenant improvement allowances can take the form of cash payments upon the opening of the related restaurants, full or partial credits against minimum or percentage rents otherwise payable by us or a combination thereof. All tenant improvement allowances received by us are recorded as a deferred lease incentive and amortized over the term of the lease. The related cash received from the landlord is reflected as “Landlord contribution for tenant improvements” within operating activities of our Consolidated Statements of Cash Flows. | ||||
The lease term used for straight-line rent expense is calculated from the date we obtain possession of the leased premises through the lease termination date. We expense rent from possession date through restaurant open date as preopening expense. Once a restaurant opens for business, we record straight-line rent over the lease term plus contingent rent to the extent it exceeded the minimum rent obligation per the lease agreement. | ||||
There is potential for variability in the rent holiday period, which begins on the possession date and ends on the restaurant open date, during which no cash rent payments are typically due under the terms of the lease. Factors that may affect the length of the rent holiday period generally relate to construction related delays. Extension of the rent holiday period due to delays in restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the rest of the lease term (post-opening). | ||||
For leases that contain rent escalations in which the amount of future rent is certain or can be reasonably calculated, we record the total rent payable during the lease term, as determined above, on the straight-line basis over the term of the lease (including the rent holiday period beginning upon our possession of the premises), and record the difference between the minimum rents paid and the straight-line rent as deferred rent. Certain leases contain provisions that require additional rent payments based upon restaurant sales volume (“contingent rent”). Contingent rent is accrued each period as the liabilities are incurred, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense as a percentage of revenues over the term of the lease in restaurants where we pay contingent rent. | ||||
Management makes judgments regarding the probable term for each restaurant property lease, which can impact the classification and accounting for a lease as capital or operating, the rent holiday and/or escalations in payments that are taken into consideration when calculating straight-line rent and the term over which leasehold improvements for each restaurant are amortized. These judgments may produce materially different amounts of depreciation, amortization and rent expense than would be reported if different assumed lease terms were used. | ||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||
The carrying value of cash and cash equivalents, investments classified as held-to-maturity or other current assets, accounts receivable and current liabilities approximate fair values due to the short-term maturity of these instruments. Investments classified as non-current assets are recorded at fair value based on valuation models and methodologies provided by a third party using either “Level 2” or “Level 3” inputs when the fair value of the investment cannot be determined based on current trades on the open market. Declines in fair value below our carrying value deemed to be other than temporary are charged against net earnings. | ||||
Net Income Per Share | 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) using the treasury stock method. Performance-based restricted stock units have been excluded from the diluted computation because the performance-based criteria have not been met. The consolidated financial statements present basic and diluted net income per share. | ||||
Stock-Based Compensation | Stock-Based Compensation | |||
Under shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified stock options, and restricted stock units that generally vest over three to five years and expire ten years from the date of grant. Stock-based compensation is measured in accordance with U.S. GAAP based on the underlying fair value of the awards granted. In valuing stock options, we are required to make certain assumptions and judgments regarding the grant date fair value utilizing the Black-Scholes option-pricing model. 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 cash flow tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are required to be classified as financing cash flows. | ||||
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. 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. | |||
During fiscal 2014, all remaining investments were liquidated. At December 31, 2013, all highly liquid investments with maturities of three months or less at the date of purchase were classified as cash equivalents and included with “Cash and cash equivalents” on our accompanying Consolidated Balance Sheets. Marketable securities, which we had the intent and ability to hold until maturity, were classified as held-to-maturity securities and reported at amortized cost, which approximated fair value. | ||||
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. |
The_Company_and_Summary_of_Sig2
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Estimated Useful Lives | Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: | ||||||||||||
Furniture and fixtures | 10 years | ||||||||||||
Equipment | 5-10 years | ||||||||||||
Brewery equipment | 10-20 years | ||||||||||||
Building improvements | the shorter of 20 years or the remaining lease term | ||||||||||||
Leasehold improvements | the shorter of the useful life or the lease term | ||||||||||||
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): | ||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income for basic and diluted net income per share | $ | 27,397 | $ | 21,022 | $ | 31,409 | |||||||
Denominator: | |||||||||||||
Weighted-average shares outstanding-basic | 27,710 | 28,194 | 27,994 | ||||||||||
Dilutive effect of equity awards | 606 | 701 | 863 | ||||||||||
Weighted-average shares outstanding-diluted | 28,316 | 28,895 | 28,857 | ||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||
Investments in Marketable Securities | Investments in marketable securities consist of the following (in thousands): | ||||||||
December 31, 2013 | |||||||||
Held-to-maturity | Amortized | Average | |||||||
Cost | Maturity (1) | ||||||||
Short-term marketable securities: | |||||||||
Municipal securities, U.S. Treasury and direct agency obligations | $6,943 | 5 months | |||||||
Domestic corporate obligations | 1,045 | 10 months | |||||||
$7,988 | |||||||||
Long-term marketable securities: | |||||||||
Municipal securities and direct agency obligations | $1,803 | 14 months | |||||||
$1,803 | |||||||||
-1 | Average maturity is determined from the respective balance sheet date and reported in the table as the lesser of the original maturity date or the expected put date for each investment type. |
Accounts_and_Other_Receivables1
Accounts and Other Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts and Other Receivables | Accounts and other receivables consisted of the following (in thousands): | ||||||||
December 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit cards | $5,644 | $5,498 | |||||||
Third party gift cards | 1,780 | 1,239 | |||||||
Tenant improvement allowances | 5,705 | 5,078 | |||||||
Income taxes | 3,950 | – | |||||||
Other | 1,717 | 961 | |||||||
$18,796 | $12,776 | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consisted of the following (in thousands): | ||||||||
December 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $10,403 | $6,530 | |||||||
Building improvements | 278,906 | 253,255 | |||||||
Leasehold improvements | 202,518 | 187,115 | |||||||
Furniture and fixtures | 107,591 | 99,224 | |||||||
Equipment | 208,057 | 189,656 | |||||||
807,475 | 735,780 | ||||||||
Less accumulated depreciation and amortization | (291,617) | (238,898) | |||||||
515,858 | 496,882 | ||||||||
Construction in progress | 25,491 | 16,715 | |||||||
Property and equipment, net | $541,349 | $513,597 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | Accrued expenses consisted of the following (in thousands): | ||||||||
December 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll related | $19,362 | $14,168 | |||||||
Workers compensation | 17,014 | 12,812 | |||||||
Deferred revenue from gift cards | 9,587 | 7,798 | |||||||
Sales taxes | 4,933 | 4,816 | |||||||
Other taxes | 3,862 | 4,520 | |||||||
Deferred lease incentives–current | 3,949 | 3,772 | |||||||
Other current rent related | 2,575 | 2,477 | |||||||
Utilities | 1,899 | 1,880 | |||||||
Legal and other settlements | 201 | 1,379 | |||||||
Customer loyalty program | 2,271 | 1,562 | |||||||
Other | 6,977 | 5,470 | |||||||
$72,630 | $60,654 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Annual Rent Payments under Non-cancelable Operating Leases | Future minimum annual rent payments under non-cancelable operating leases are as follows (in thousands): | ||||
2015 | $36,443 | ||||
2016 | 36,624 | ||||
2017 | 37,525 | ||||
2018 | 36,564 | ||||
2019 | 34,641 | ||||
Thereafter | 337,712 | ||||
$ | 519,509 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Expense (Benefit) | The income tax expense (benefit) consists of the following for the last three fiscal years (in thousands): | ||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $3,990 | $6,082 | $3,204 | ||||||||||
State | 520 | 3,071 | 1,279 | ||||||||||
4,510 | 9,153 | 4,483 | |||||||||||
Deferred: | |||||||||||||
Federal | 3,381 | (3,744) | 5,361 | ||||||||||
State | 1,035 | (1,419) | 1,403 | ||||||||||
4,416 | (5,163) | 6,764 | |||||||||||
Provision for income taxes | $8,926 | $3,990 | $11,247 | ||||||||||
Provision for Income Taxes Differs from Amount that would Result from Applying Federal Statutory Rate | The provision for income taxes differs from the amount that would result from applying the federal statutory rate as follows for the last three fiscal years: | ||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax at statutory rates | 35.0% | 35.0% | 35.0% | ||||||||||
State income taxes, net of federal benefit | 1.0 | 3.8 | 4.1 | ||||||||||
Permanent differences | 0.1 | (0.4) | (0.2) | ||||||||||
Income tax credits | (10.9) | (20.1) | (10.2) | ||||||||||
Other, net | (0.6) | (2.3) | (2.3) | ||||||||||
24.6% | 16.0% | 26.4% | |||||||||||
Components of Deferred Income Tax Asset (Liability) | The components of the deferred income tax asset (liability) consist of the following (in thousands): | ||||||||||||
December 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Current deferred income tax asset: | |||||||||||||
State tax | $542 | $1,004 | |||||||||||
Gift cards | 815 | 649 | |||||||||||
Accrued expenses | 11,364 | 8,191 | |||||||||||
Other | 2,029 | 772 | |||||||||||
Valuation allowance | (155) | — | |||||||||||
Total current deferred income tax asset | 14,595 | 10,616 | |||||||||||
Non-current deferred income tax asset (liability): | |||||||||||||
Property and equipment | (70,346) | (53,574) | |||||||||||
Intangible assets | (2,112) | (1,660) | |||||||||||
Smallwares | (4,665) | (4,423) | |||||||||||
Accrued expenses | 5,389 | 3,187 | |||||||||||
Stock-based compensation | 5,495 | 4,995 | |||||||||||
Deferred rent | 9,719 | 8,819 | |||||||||||
Income tax credits | 15,823 | 11,828 | |||||||||||
Net operating losses | 557 | 153 | |||||||||||
Other | 1,752 | 210 | |||||||||||
Valuation allowance | (586) | (114) | |||||||||||
Total non-current deferred income tax liability | (38,974) | (30,579) | |||||||||||
Net deferred income tax liability | $(24,379) | $(19,963) | |||||||||||
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 January 3, 2012 | $870 | ||||||||||||
Increase for tax positions taken during the current period | 27 | ||||||||||||
Balance at January 1, 2013 | 897 | ||||||||||||
Decrease for tax positions taken during the current period | (678) | ||||||||||||
Balance at December 31, 2013 | 219 | ||||||||||||
Increase for tax positions taken in prior years | 1,798 | ||||||||||||
Decrease for tax positions taken in prior years | (52) | ||||||||||||
Increase for tax positions taken in current year | 317 | ||||||||||||
Decrease for statute expiration | (109) | ||||||||||||
Balance at December 30, 2014 | $2,173 | ||||||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 30, 2014 | |||||||||||||||||||||
Information Related to Stock-Based Compensation | The following table presents information related to stock-based compensation (in thousands): | ||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Labor and benefits | $1,456 | $1,341 | $1,255 | ||||||||||||||||||
General and administrative | $3,167 | $3,077 | $3,330 | ||||||||||||||||||
Legal and other settlements | $232 | $– | $– | ||||||||||||||||||
Capitalized (1) | $213 | $215 | $195 | ||||||||||||||||||
-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: | ||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 37.7% | 36.5% | 36.74% | ||||||||||||||||||
Risk free interest rate | 1.64% | 0.76% | 0.69% | ||||||||||||||||||
Expected option life | 5 years | 5 years | 5 years | ||||||||||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||||||||||
Fair value of options granted | $10.78 | $11.04 | $12.38 | ||||||||||||||||||
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 | Weighted | |||||||||||||||||
(in thousands) | Average | (in thousands) | Average | Average | |||||||||||||||||
Exercise | Exercise Price | Remaining | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Life | |||||||||||||||||||||
Outstanding at January 3, 2012 | 1,791 | $ | 18.53 | 1,113 | $ | 16.85 | 4.5 | ||||||||||||||
Granted | 363 | $ | 37.69 | ||||||||||||||||||
Exercised | (119 | ) | $ | 15.83 | |||||||||||||||||
Forfeited | (10 | ) | $ | 30.2 | |||||||||||||||||
Outstanding at January 1, 2013 | 2,025 | $ | 22.08 | 1,403 | $ | 17.76 | 4.5 | ||||||||||||||
Granted | 186 | $ | 33.74 | ||||||||||||||||||
Exercised | (93 | ) | $ | 17.05 | |||||||||||||||||
Forfeited | (69 | ) | $ | 38.41 | |||||||||||||||||
Outstanding at December 31, 2013 | 2,049 | $ | 22.82 | 1,514 | $ | 18.74 | 3.9 | ||||||||||||||
Granted | 231 | $ | 30.49 | ||||||||||||||||||
Exercised | (665 | ) | $ | 17.21 | |||||||||||||||||
Forfeited | (93 | ) | $ | 36.33 | |||||||||||||||||
Outstanding at December 30, 2014 | 1,522 | $ | 25.62 | 1,008 | $ | 21.46 | 4.2 | ||||||||||||||
Information Relating to Significant Option Groups Outstanding | Information relating to significant option groups outstanding at December 30, 2014, is as follows (shares in thousands): | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Outstanding | Weighted | Weighted | Exercisable | Weighted | ||||||||||||||||
Exercise Prices | Average | Average | Average | ||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life | |||||||||||||||||||||
$ 9.37 – $12.78 | 164 | 3.1 | $ | 10.77 | 164 | $ | 10.77 | ||||||||||||||
$15.50 – $16.63 | 78 | 2.79 | $ | 16.54 | 78 | $ | 16.54 | ||||||||||||||
$18.86 – $18.86 | 316 | 5 | $ | 18.86 | 316 | $ | 18.86 | ||||||||||||||
$19.38 – $22.14 | 156 | 1.99 | $ | 20.59 | 155 | $ | 20.59 | ||||||||||||||
$23.26 – $29.88 | 254 | 6.25 | $ | 27.24 | 98 | $ | 23.49 | ||||||||||||||
$29.91 – $34.24 | 165 | 8.38 | $ | 33.32 | 24 | $ | 33.66 | ||||||||||||||
$34.29 – $34.29 | 245 | 7.93 | $ | 34.29 | 98 | $ | 34.29 | ||||||||||||||
$35.57 – $46.32 | 132 | 6.66 | $ | 40.42 | 75 | $ | 39.31 | ||||||||||||||
$48.64 – $48.64 | 1 | 9.93 | $ | 48.64 | – | $ | – | ||||||||||||||
$49.71 – $49.71 | 11 | 7.26 | $ | 49.71 | – | $ | – | ||||||||||||||
$ 9.37 – $49.71 | 1,522 | 5.59 | $ | 25.62 | 1,008 | $ | 21.46 | ||||||||||||||
Time-Vested Restricted Stock Units | |||||||||||||||||||||
Restricted Stock Unit Activity | Time-vested restricted stock unit activity was as follows: | ||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
(in thousands) | Average | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding at January 3, 2012 | 616 | $20.48 | |||||||||||||||||||
Granted | 160 | $43.34 | |||||||||||||||||||
Vested or released | (213 | ) | $17.49 | ||||||||||||||||||
Forfeited | (77 | ) | $27.91 | ||||||||||||||||||
Outstanding at January 1, 2013 | 486 | $28.14 | |||||||||||||||||||
Granted | 169 | $32.63 | |||||||||||||||||||
Vested or released | (150 | ) | $15.66 | ||||||||||||||||||
Forfeited | (72 | ) | $34.04 | ||||||||||||||||||
Outstanding at December 31, 2013 | 433 | $33.23 | |||||||||||||||||||
Granted | 130 | $31.71 | |||||||||||||||||||
Vested or released | (80 | ) | $21.36 | ||||||||||||||||||
Forfeited | (56 | ) | $35.60 | ||||||||||||||||||
Outstanding at December 30, 2014 | 427 | $34.66 | |||||||||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||||||||||
Restricted Stock Unit Activity | Performance-based restricted stock unit activity was as follows: | ||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
(in thousands) | Average | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding at December 31, 2013 | – | $– | |||||||||||||||||||
Granted | 36 | $32.49 | |||||||||||||||||||
Vested or released | – | $– | |||||||||||||||||||
Forfeited | (6 | ) | $32.49 | ||||||||||||||||||
Outstanding at December 30, 2014 | 30 | $32.49 | |||||||||||||||||||
Selected_Consolidated_Quarterl1
Selected Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summarized Unaudited Consolidated Quarterly Financial Data | Our summarized unaudited consolidated quarterly financial data is as follows (in thousands, except per share data): | ||||||||||||||||
April 1, | July 1, | September 30, | December 30, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Total revenues | $ | 205,822 | $ | 219,380 | $ | 206,450 | $ | 213,917 | |||||||||
Income from operations | $ | 5,787 | $ | 10,689 | $ | 8,034 | $ | 10,916 | |||||||||
Net income | $ | 4,658 | $ | 8,004 | $ | 6,482 | $ | 8,253 | |||||||||
Basic net income per share (1) | $ | 0.16 | $ | 0.28 | $ | 0.23 | $ | 0.31 | |||||||||
Diluted net income per share (1) | $ | 0.16 | $ | 0.28 | $ | 0.23 | $ | 0.31 | |||||||||
April 2, | July 2, | October 1, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Total revenues | $ | 188,625 | $ | 198,487 | $ | 188,245 | $ | 199,768 | |||||||||
Income from operations | $ | 10,832 | $ | 11,777 | $ | 3,486 | $ | (2,235 | ) | ||||||||
Net income | $ | 8,273 | $ | 8,597 | $ | 3,648 | $ | 504 | |||||||||
Basic net income per share (1) | $ | 0.29 | $ | 0.31 | $ | 0.13 | $ | 0.02 | |||||||||
Diluted net income per share (1) | $ | 0.29 | $ | 0.3 | $ | 0.13 | $ | 0.02 | |||||||||
-1 | Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on the Consolidated Statements of Income. |
Company_and_Summary_of_Signifi
Company and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Share data in Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Oct. 01, 1991 |
Segment | Hotel | |||
State | ||||
Hotel | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of restaurants owned | 156 | 5 | ||
Number of states in which entity operates | 18 | |||
Number of new restaurants opened | 11 | |||
Number of operating segments | 1 | |||
Investments in marketable securities | $0 | $9,800,000 | ||
Cash and cash equivalents held by institutional broker | 100,000 | |||
Impairment of goodwill | 0 | 0 | 0 | |
Impairment expenses of long-lived assets | 300,000 | 3,100,000 | 0 | |
Deferred revenue from gift cards | 9,587,000 | 7,798,000 | ||
Advertising expense | 19,200,000 | 17,100,000 | 10,600,000 | |
Gain on investment settlement | 797,000 | |||
Common stock equivalents excluded from calculation of diluted net income per share | 0.8 | 0.7 | 0.3 | |
Expiration term | 10 years | |||
Incentive Stock Options, Non-qualified Stock Options And Restricted Stock Units | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Expiration term | 10 years | |||
Incentive Stock Options, Non-qualified Stock Options And Restricted Stock Units | Minimum | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period (in years) | 3 years | |||
Incentive Stock Options, Non-qualified Stock Options And Restricted Stock Units | Maximum | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period (in years) | 5 years | |||
Trademarks | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Amortization period (in years) | 10 years | |||
Impairment of intangible assets | $0 | $0 | $0 | |
United States | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | 1 |
Estimated_Useful_Lives_Detail
Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 30, 2014 | |
Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 5 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Brewery Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Brewery Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 20 years |
Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life, description | the shorter of 20 years or the remaining lease term |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life, description | the shorter of the useful life or the lease term |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Accounting Policies [Abstract] | |||||||||||
Net income for basic and diluted net income per share | $8,253 | $6,482 | $8,004 | $4,658 | $504 | $3,648 | $8,597 | $8,273 | $27,397 | $21,022 | $31,409 |
Weighted-average shares outstanding - basic | 27,710 | 28,194 | 27,994 | ||||||||
Dilutive effect of equity awards | 606 | 701 | 863 | ||||||||
Weighted-average shares outstanding - diluted | 28,316 | 28,895 | 28,857 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) | 12 Months Ended |
Dec. 30, 2014 | |
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Investment [Line Items] | ||
Short-term marketable securities, Amortized Cost | $7,988 | |
Long-term marketable securities, Amortized Cost | 1,803 | |
Held-to-maturity securities | ||
Investment [Line Items] | ||
Long-term marketable securities, Amortized Cost | 1,803 | |
Short-term marketable securities | Held-to-maturity securities | ||
Investment [Line Items] | ||
Short-term marketable securities, Amortized Cost | 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 | 6,943 | |
Marketable securities, Average Maturity (in months) | 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 | $1,803 | |
Marketable securities, Average Maturity (in months) | 14 months | [1] |
[1] | Average maturity is determined from the respective balance sheet date and reported in the table as the lesser of the original maturity date or the expected put date for each investment type. |
Schedule_of_Accounts_and_Other
Schedule of Accounts and Other Receivables (Detail) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Credit cards | $5,644 | $5,498 |
Third party gift cards | 1,780 | 1,239 |
Tenant improvement allowances | 5,705 | 5,078 |
Income taxes | 3,950 | |
Other | 1,717 | 961 |
Total accounts and other receivables | $18,796 | $12,776 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $807,475 | $735,780 |
Less accumulated depreciation and amortization | -291,617 | -238,898 |
Property and equipment, excluding construction in progress | 515,858 | 496,882 |
Construction in progress | 25,491 | 16,715 |
Property and equipment, net | 541,349 | 513,597 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,403 | 6,530 |
Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 278,906 | 253,255 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 202,518 | 187,115 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 107,591 | 99,224 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $208,057 | $189,656 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Payroll related | $19,362 | $14,168 |
Workers compensation | 17,014 | 12,812 |
Deferred revenue from gift cards | 9,587 | 7,798 |
Sales taxes | 4,933 | 4,816 |
Other taxes | 3,862 | 4,520 |
Deferred lease incentives - current | 3,949 | 3,772 |
Other current rent related | 2,575 | 2,477 |
Utilities | 1,899 | 1,880 |
Legal and other settlements | 201 | 1,379 |
Customer loyalty program | 2,271 | 1,562 |
Other | 6,977 | 5,470 |
Accrued Liabilities | $72,630 | $60,654 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Operating Leased Assets [Line Items] | |||
Rent expenses | $35,900,000 | $32,800,000 | $29,700,000 |
Deferred rent | 24,803,000 | 22,271,000 | |
Total contingent rentals | 3,500,000 | 3,600,000 | 4,400,000 |
Aggregate future commitment relating to lease agreements | 519,509,000 | ||
Letters of credit outstanding amount | 15,200,000 | ||
Letters of credit renewal period, years | 1 year | ||
Potential aggregate payments for terminated employees | 2,000,000 | ||
Future estimated cash payments under existing contractual purchase obligations | 20,500,000 | ||
Property Subject to Operating Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Aggregate future commitment relating to lease agreements | $24,300,000 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining term (in years) | 1 year | ||
Operating lease, renewal option (in years) | 5 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining term (in years) | 20 years | ||
Operating lease, renewal option (in years) | 20 years |
Future_Minimum_Annual_Rent_Pay
Future Minimum Annual Rent Payments under Non-cancelable Operating Leases (Detail) (USD $) | Dec. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $36,443 |
2016 | 36,624 |
2017 | 37,525 |
2018 | 36,564 |
2019 | 34,641 |
Thereafter | 337,712 |
Operating Leases, Future Minimum Payments Due, Total | $519,509 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 30, 2014 | Sep. 03, 2014 |
Line of Credit Facility [Line Items] | ||
Revolving loan commitments under new loan agreement | $150 | |
New loan agreement, expiration date | 3-Sep-19 | |
Available additional credit facility | 50 | |
Letters of credit outstanding amount | 15.2 | |
Line of credit outstanding amount | 58 | |
Interest paid on new line of credit | 0.2 | |
Weighted average interest rate | 1.26% | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Revolving loan commitments under new loan agreement | $50 | |
Maximum | ||
Line of Credit Facility [Line Items] | ||
Line of credit, adjustment to interest rate | 1.75% | |
Minimum | ||
Line of Credit Facility [Line Items] | ||
Line of credit, adjustment to interest rate | 0.75% |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 30, 2014 | Aug. 31, 2014 | Apr. 30, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Series of preferred stock, minimum | 1 | |||
Preferred stock, issued | 0 | 0 | ||
Preferred stock, outstanding | 0 | 0 | ||
Voting rights, per share | One | |||
Share repurchase program, amount authorized | $150,000,000 | $50,000,000 | ||
Number of shares repurchased during the period | 2,836,000 | |||
Repurchased average price per share | $34.62 | |||
Shares repurchased, value | -100,000,000 | |||
Common stock additional repurchases under authorized repurchase program | $50,000,000 |
Income_Tax_Expense_Benefit_Det
Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Current: | |||
Federal | $3,990 | $6,082 | $3,204 |
State | 520 | 3,071 | 1,279 |
Current Income Tax Expense (Benefit), Total | 4,510 | 9,153 | 4,483 |
Deferred: | |||
Federal | 3,381 | -3,744 | 5,361 |
State | 1,035 | -1,419 | 1,403 |
Deferred income taxes | 4,416 | -5,163 | 6,764 |
Provision for income taxes | $8,926 | $3,990 | $11,247 |
Provision_for_Income_Taxes_Dif
Provision for Income Taxes Differs from Amount that would Result from Applying Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rates | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.00% | 3.80% | 4.10% |
Permanent differences | 0.10% | -0.40% | -0.20% |
Income tax credits | -10.90% | -20.10% | -10.20% |
Other, net | -0.60% | -2.30% | -2.30% |
Effective Income Tax Rate, Continuing Operations, Total | 24.60% | 16.00% | 26.40% |
Components_of_Deferred_Income_
Components of Deferred Income Tax Asset (Liability) (Detail) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current deferred income tax asset: | ||
State tax | $542 | $1,004 |
Gift cards | 815 | 649 |
Accrued expenses | 11,364 | 8,191 |
Other | 2,029 | 772 |
Valuation allowance | -155 | |
Total current deferred income tax asset | 14,595 | 10,616 |
Non-current deferred income tax asset (liability): | ||
Property and equipment | -70,346 | -53,574 |
Intangible assets | -2,112 | -1,660 |
Smallwares | -4,665 | -4,423 |
Accrued expenses | 5,389 | 3,187 |
Stock-based compensation | 5,495 | 4,995 |
Deferred rent | 9,719 | 8,819 |
Income tax credits | 15,823 | 11,828 |
Net operating losses | 557 | 153 |
Other | 1,752 | 210 |
Valuation allowance | -586 | -114 |
Total non-current deferred income tax liability | -38,974 | -30,579 |
Net deferred income tax liability | ($24,379) | ($19,963) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 30, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Valuation allowances against net operating loss and tax credit carryforwards | $700,000 | $100,000 | |||
Unrecognized tax benefits | 2,173,000 | 219,000 | 897,000 | 870,000 | |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 800,000 | ||||
Anticipated decrease in liability for unrecognized tax benefits within next twelve-month period | 1,400,000 | ||||
Federal | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Income tax credit carryforwards | 15,900,000 | ||||
Tax credits expiration year | 2032 | ||||
California | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Income tax credit carryforwards | $2,100,000 | ||||
Tax credits expiration year | 2023 |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $219 | $897 | $870 |
Increase for tax positions taken in prior years | 1,798 | ||
Decrease for tax positions taken during the current period | -678 | ||
Decrease for tax positions taken in prior years | -52 | ||
Increase for tax positions taken during the current period | 317 | 27 | |
Decrease for statute expiration | -109 | ||
Ending Balance | $2,173 | $219 | $897 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 30, 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 |
2005 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period | 5 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 | 4.3 |
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 |
Time-Vested Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage in year five | 20.00% |
Unrecognized stock-based compensation expense | 7.4 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Time-Vested Restricted Stock Units | Cliff Vesting Year Five | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage in year five | 100.00% |
Time-Vested Restricted Stock Units | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage in year five | 33.00% |
Time-Vested Restricted Stock Units | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage in year five | 67.00% |
Performance-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | 0.6 |
Information_Related_to_StockBa
Information Related to Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Capitalized | $213 | [1] | $215 | [1] | $195 | [1] |
Labor and benefits | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation | 1,456 | 1,341 | 1,255 | |||
General and administrative | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation | 3,167 | 3,077 | 3,330 | |||
Legal and other settlements | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation | $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 $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 37.70% | 36.50% | 36.74% |
Risk free interest rate | 1.64% | 0.76% | 0.69% |
Expected option life | 5 years | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% | 0.00% |
Fair value of options granted | $10.78 | $11.04 | $12.38 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
Options Outstanding, Shares | ||||
Outstanding, Beginning Balance | 2,049 | 2,025 | 1,791 | |
Granted | 231 | 186 | 363 | |
Exercised | -665 | -93 | -119 | |
Forfeited | -93 | -69 | -10 | |
Outstanding, Ending Balance | 1,522 | 2,049 | 2,025 | 1,791 |
Options Exercisable, Shares | ||||
Options Exercisable Outstanding, Beginning Balance | 1,514 | 1,403 | 1,113 | |
Options Exercisable Outstanding, Ending Balance | 1,008 | 1,514 | 1,403 | 1,113 |
Options outstanding, Weighted Average Exercise Price | ||||
Outstanding, Beginning Balance | $22.82 | $22.08 | $18.53 | |
Granted | $30.49 | $33.74 | $37.69 | |
Exercised | $17.21 | $17.05 | $15.83 | |
Forfeited | $36.33 | $38.41 | $30.20 | |
Outstanding, Ending Balance | $25.62 | $22.82 | $22.08 | $18.53 |
Options Exercisable, Weighted Average Exercise Price | ||||
Options Exercisable, Beginning Balance | $18.74 | $17.76 | $16.85 | |
Options Exercisable, Ending Balance | $21.46 | $18.74 | $17.76 | $16.85 |
Options Exercisable, Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 4 years 2 months 12 days | 3 years 10 months 24 days | 4 years 6 months | 4 years 6 months |
Information_Relating_to_Signif
Information Relating to Significant Option Groups Outstanding (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Options Outstanding | 1,522 | 2,049 | 2,025 | 1,791 |
Weighted Average Exercise Price, Options Outstanding | $25.62 | $22.82 | $22.08 | $18.53 |
Options Exercisable | 1,008 | 1,514 | 1,403 | 1,113 |
Weighted Average Exercise Price, Options Exercisable | $21.46 | $18.74 | $17.76 | $16.85 |
$9.37 - $12.78 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $9.37 | |||
Range of Exercise Prices, high | $12.78 | |||
Options Outstanding | 164 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 3 years 1 month 6 days | |||
Weighted Average Exercise Price, Options Outstanding | $10.77 | |||
Options Exercisable | 164 | |||
Weighted Average Exercise Price, Options Exercisable | $10.77 | |||
$15.50 - $16.63 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $15.50 | |||
Range of Exercise Prices, high | $16.63 | |||
Options Outstanding | 78 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 2 years 9 months 15 days | |||
Weighted Average Exercise Price, Options Outstanding | $16.54 | |||
Options Exercisable | 78 | |||
Weighted Average Exercise Price, Options Exercisable | $16.54 | |||
$18.86 - $18.86 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $18.86 | |||
Range of Exercise Prices, high | $18.86 | |||
Options Outstanding | 316 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years | |||
Weighted Average Exercise Price, Options Outstanding | $18.86 | |||
Options Exercisable | 316 | |||
Weighted Average Exercise Price, Options Exercisable | $18.86 | |||
$19.38 - $22.14 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $19.38 | |||
Range of Exercise Prices, high | $22.14 | |||
Options Outstanding | 156 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 1 year 11 months 27 days | |||
Weighted Average Exercise Price, Options Outstanding | $20.59 | |||
Options Exercisable | 155 | |||
Weighted Average Exercise Price, Options Exercisable | $20.59 | |||
$23.26 - $29.88 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $23.26 | |||
Range of Exercise Prices, high | $29.88 | |||
Options Outstanding | 254 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 3 months | |||
Weighted Average Exercise Price, Options Outstanding | $27.24 | |||
Options Exercisable | 98 | |||
Weighted Average Exercise Price, Options Exercisable | $23.49 | |||
$29.91 - $34.24 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $29.91 | |||
Range of Exercise Prices, high | $34.24 | |||
Options Outstanding | 165 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 8 years 4 months 17 days | |||
Weighted Average Exercise Price, Options Outstanding | $33.32 | |||
Options Exercisable | 24 | |||
Weighted Average Exercise Price, Options Exercisable | $33.66 | |||
$34.29 - $34.29 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $34.29 | |||
Range of Exercise Prices, high | $34.29 | |||
Options Outstanding | 245 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 11 months 5 days | |||
Weighted Average Exercise Price, Options Outstanding | $34.29 | |||
Options Exercisable | 98 | |||
Weighted Average Exercise Price, Options Exercisable | $34.29 | |||
$35.57 - $46.32 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $35.57 | |||
Range of Exercise Prices, high | $46.32 | |||
Options Outstanding | 132 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 7 months 28 days | |||
Weighted Average Exercise Price, Options Outstanding | $40.42 | |||
Options Exercisable | 75 | |||
Weighted Average Exercise Price, Options Exercisable | $39.31 | |||
$48.64 - $48.64 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $48.64 | |||
Range of Exercise Prices, high | $48.64 | |||
Options Outstanding | 1 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 9 years 11 months 5 days | |||
Weighted Average Exercise Price, Options Outstanding | $48.64 | |||
$49.71 - $49.71 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $49.71 | |||
Range of Exercise Prices, high | $49.71 | |||
Options Outstanding | 11 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 3 months 4 days | |||
Weighted Average Exercise Price, Options Outstanding | $49.71 | |||
$9.37 - $49.71 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | $9.37 | |||
Range of Exercise Prices, high | $49.71 | |||
Options Outstanding | 1,522 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 7 months 2 days | |||
Weighted Average Exercise Price, Options Outstanding | $25.62 | |||
Options Exercisable | 1,008 | |||
Weighted Average Exercise Price, Options Exercisable | $21.46 |
TimeVested_Restricted_Stock_Un
Time-Vested Restricted Stock Unit Activity (Detail) (Time-Vested Restricted Stock Units, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Time-Vested Restricted Stock Units | |||
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 433 | 486 | 616 |
Granted, Shares | 130 | 169 | 160 |
Vested or released, Shares | -80 | -150 | -213 |
Forfeited, Shares | -56 | -72 | -77 |
Outstanding Ending Balance, Shares | 427 | 433 | 486 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Weighted Average Fair Value | $33.23 | $28.14 | $20.48 |
Granted, Weighted Average Fair Value | $31.71 | $32.63 | $43.34 |
Vested or released, Weighted Average Fair Value | $21.36 | $15.66 | $17.49 |
Forfeited, Weighted Average Fair Value | $35.60 | $34.04 | $27.91 |
Outstanding Ending Balance, Weighted Average Fair Value | $34.66 | $33.23 | $28.14 |
PerformanceBased_Restricted_St
Performance-Based Restricted Stock Unit Activity (Detail) (Performance-Based Restricted Stock Units, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 |
Performance-Based Restricted Stock Units | |
Shares Outstanding | |
Granted, Shares | 36 |
Vested or released, Shares | 0 |
Forfeited, Shares | -6 |
Outstanding Ending Balance, Shares | 30 |
Weighted Average Fair Value | |
Granted, Weighted Average Fair Value | $32.49 |
Vested or released, Weighted Average Fair Value | $0 |
Forfeited, Weighted Average Fair Value | $32.49 |
Outstanding Ending Balance, Weighted Average Fair Value | $32.49 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Compensation and Retirement Disclosure [Abstract] | |||
Employee contribution percentage based on earning, maximum | 100.00% | ||
Employer matching contribution rate towards employee contribution | 33.00% | ||
Percentage of deferred earnings in employer matching contribution rate | 6.00% | ||
Employer contribution | $0.30 | $0.30 | $0.30 |
Base compensation percentage for participating employees based on eligible bonus maximum | 100.00% | ||
Other liabilities | 4.1 | 3.3 | |
Other assets, net | $4.20 | $3.20 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Related Party Transaction [Line Items] | |||
Expenses for supply of food, beverage, paper products and supplies | $86.70 | $82.80 | $78 |
Percentage of total costs of sales and operating and occupancy costs | 21.90% | 22.60% | 23.90% |
Trade payables | $4 | $4.80 | |
Jacmar Companies | |||
Related Party Transaction [Line Items] | |||
Percentage of outstanding common stock | 12.00% | ||
Agreement terms | 5 years |
Summarized_Unaudited_Consolida
Summarized Unaudited Consolidated Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenues | $213,917 | $206,450 | $219,380 | $205,822 | $199,768 | $188,245 | $198,487 | $188,625 | $845,569 | $775,125 | $708,325 | ||||||||
Income from operations | 10,916 | 8,034 | 10,689 | 5,787 | -2,235 | 3,486 | 11,777 | 10,832 | 35,426 | 23,860 | 40,865 | ||||||||
Net income | $8,253 | $6,482 | $8,004 | $4,658 | $504 | $3,648 | $8,597 | $8,273 | $27,397 | $21,022 | $31,409 | ||||||||
Basic net income per share | $0.31 | [1] | $0.23 | [1] | $0.28 | [1] | $0.16 | [1] | $0.02 | [1] | $0.13 | [1] | $0.31 | [1] | $0.29 | [1] | $0.99 | $0.75 | $1.12 |
Diluted net income per share | $0.31 | [1] | $0.23 | [1] | $0.28 | [1] | $0.16 | [1] | $0.02 | [1] | $0.13 | [1] | $0.30 | [1] | $0.29 | [1] | $0.97 | $0.73 | $1.09 |
[1] | Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on the Consolidated Statements of Income. |