Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BJRI | |
Entity Registrant Name | BJs RESTAURANTS INC | |
Entity Central Index Key | 1013488 | |
Current Fiscal Year End Date | -18 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,226,323 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $25,961 | $30,683 |
Accounts and other receivables | 17,594 | 18,796 |
Inventories | 7,823 | 8,010 |
Prepaids and other current assets | 7,676 | 9,234 |
Deferred income taxes | 14,595 | 14,595 |
Total current assets | 73,649 | 81,318 |
Property and equipment, net | 543,751 | 541,349 |
Goodwill | 4,673 | 4,673 |
Other assets, net | 21,368 | 19,743 |
Total assets | 643,441 | 647,083 |
Current liabilities: | ||
Accounts payable | 32,823 | 34,395 |
Accrued expenses | 76,125 | 72,630 |
Total current liabilities | 108,948 | 107,025 |
Deferred income taxes | 39,139 | 38,974 |
Deferred rent | 25,675 | 24,803 |
Deferred lease incentives | 53,203 | 51,705 |
Long-term debt | 38,600 | 58,000 |
Other liabilities | 18,654 | 17,887 |
Total liabilities | 284,219 | 298,394 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, no par value, 125,000 shares authorized and 26,347 and 26,229 shares issued and outstanding as of March 31, 2015 and December 30, 2014, respectively | 91,348 | 93,971 |
Capital surplus | 57,758 | 54,217 |
Retained earnings | 210,116 | 200,501 |
Total shareholders' equity | 359,222 | 348,689 |
Total liabilities and shareholders' equity | $643,441 | $647,083 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
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 | 26,347,000 | 26,229,000 |
Common stock, shares outstanding | 26,347,000 | 26,229,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Income Statement [Abstract] | ||
Revenues | $225,069 | $205,822 |
Costs and expenses: | ||
Cost of sales | 56,171 | 51,187 |
Labor and benefits | 79,695 | 74,396 |
Occupancy and operating | 46,590 | 45,074 |
General and administrative | 13,493 | 12,826 |
Depreciation and amortization | 14,361 | 13,452 |
Restaurant opening | 1,284 | 1,128 |
Loss on disposal of assets | 383 | 422 |
Legal and other settlements | 1,550 | |
Total costs and expenses | 211,977 | 200,035 |
Income from operations | 13,092 | 5,787 |
Other income: | ||
Interest (expense) income, net | -241 | 7 |
Other income, net | 336 | 386 |
Total other income | 95 | 393 |
Income before income taxes | 13,187 | 6,180 |
Income tax expense | 3,572 | 1,522 |
Net income | $9,615 | $4,658 |
Net income per share: | ||
Basic | $0.37 | $0.16 |
Diluted | $0.36 | $0.16 |
Weighted average number of shares outstanding: | ||
Basic | 26,310 | 28,369 |
Diluted | 26,916 | 28,978 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 | ||
Cash flows from operating activities: | ||||
Net income | $9,615 | $4,658 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 14,361 | 13,452 | ||
Deferred income taxes | 165 | 1,596 | ||
Stock-based compensation expense | 1,259 | 1,242 | ||
Loss on disposal of assets | 383 | 422 | ||
Changes in assets and liabilities: | ||||
Accounts and other receivables | 3,401 | -78 | ||
Landlord contribution for tenant improvements | -2,199 | 400 | ||
Inventories | 187 | 298 | ||
Prepaids and other current assets | 1,483 | 896 | ||
Other assets | -1,756 | -333 | ||
Accounts payable | -2,702 | -1,417 | ||
Accrued expenses | 3,495 | 8,395 | ||
Deferred rent | 872 | 608 | ||
Deferred lease incentives | 1,498 | -984 | ||
Other liabilities | 767 | 226 | ||
Net cash provided by operating activities | 30,829 | 29,381 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | -15,750 | -24,648 | ||
Proceeds from sale of assets | 4,932 | |||
Proceeds from marketable securities sold | 2,838 | |||
Purchases of marketable securities | -3,300 | |||
Net cash used in investing activities | -15,750 | -20,178 | ||
Cash flows from financing activities: | ||||
Borrowings on line of credit | 30,100 | |||
Payments on line of credit | -49,500 | |||
Excess tax benefit from stock-based compensation | 2,355 | 1,167 | ||
Taxes paid on vested stock units under employee plans | -133 | -314 | ||
Proceeds from exercise of stock options | 4,151 | 1,818 | ||
Repurchases of common stock | -6,774 | |||
Net cash (used in)/provided by financing activities | -19,801 | 2,671 | ||
Net (decrease)/increase in cash and cash equivalents | -4,722 | 11,874 | ||
Cash and cash equivalents, beginning of period | 30,683 | 22,995 | ||
Cash and cash equivalents, end of period | 25,961 | 34,869 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 6,336 | 2,012 | ||
Cash paid for interest, net of capitalized interest | 175 | |||
Supplemental disclosure of non-cash investing and financing activities: | ||||
Fixed assets acquired by accounts payable | 11,424 | 6,997 | ||
Stock-based compensation capitalized | $60 | [1] | $43 | [1] |
[1] | Capitalized stock-based compensation is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION |
The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company” or in the first person notations “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. | |
Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to requirements of the U.S. Securities and Exchange Commission (“SEC”). A description of our accounting policies and other financial information is included in our audited consolidated financial statements as filed with the SEC on Form 10-K for the year ended December 30, 2014. We believe that the disclosures included in our accompanying interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying consolidated balance sheet as of December 30, 2014, has been derived from our audited consolidated financial statements. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“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. In April 2015, the FASB proposed a one-year deferral of the effective date; however, the deferral has not yet been approved. 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 (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. | |
In April, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Currently, debt issuance costs are recorded as an asset and amortization of these deferred financing costs is recorded in interest expense. Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. ASU 2015-03 is effective for the Company on January 1, 2016, and will be applied on a retrospective basis. We are currently evaluating the impact this guidance will have on our consolidated financial statements and only anticipate a change in our presentation since the standard does not alter the accounting for debt issuance costs. |
Marketable_Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 2. MARKETABLE SECURITIES |
During fiscal 2014, all investments were liquidated. Prior to that, 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. | |
Additionally, our investment policy restricted 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 determined the appropriate classification of our marketable securities at the time of purchase and reevaluated the held-to-maturity or available-for-sale designations as of each balance sheet date. Marketable securities were 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 were classified as short-term and marketable securities with maturities or expected put dates greater than 12 months were classified as long-term. Gains or losses were determined on the specific identification cost method and recorded in earnings when realized. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 3. 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 March 31, 2015, there were borrowings of $38.6 million outstanding under the Credit Facility and there were outstanding letters of credit totaling approximately $14.0 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 March 31, 2015, interest paid on the borrowings under the Credit Facility was approximately $0.2 million. The weighted average interest rate was approximately 1.42%. | |
The Credit Facility contains provisions requiring us to maintain compliance with certain financial and non-financial covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At March 31, 2015, we were in compliance with these covenants. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income Per Share | 4. 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): | |||||||||
For The Thirteen | |||||||||
Weeks Ended | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income for basic and diluted net income per share | $ | 9,615 | $ | 4,658 | |||||
Denominator: | |||||||||
Weighted-average shares outstanding – basic | 26,310 | 28,369 | |||||||
Dilutive effect of equity awards | 606 | 609 | |||||||
Weighted-average shares outstanding – diluted | 26,916 | 28,978 | |||||||
For the thirteen weeks ended March 31, 2015 and April 1, 2014, there were approximately 0.1 million and 0.8 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. |
Related_Party
Related Party | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party | 5. RELATED PARTY |
As of March 31, 2015, 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. We also understand that Jacmar and its affiliates are the controlling shareholders of the Shakey’s pizza parlor chain. 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 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 $21.6 million and $20.9 million of food, beverage, paper products and supplies for the thirteen weeks ended March 31, 2015 and April 1, 2014, respectively, which represents 21.1% and 21.8% of our total costs of sales and operating and occupancy costs, respectively. We had trade payables related to these products of $5.4 million and $4.0 million, at March 31, 2015 and December 30, 2014, respectively. Jacmar does not provide us with any produce, liquor, wine or beer products, all of which are provided by other vendors and are included in “Cost of sales” on the Consolidated Statements of Income. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | 6. STOCK-BASED COMPENSATION | ||||||||||||||||
Our shareholder approved stock-based compensation plan is the 2005 Equity Incentive Plan (“the Plan”). Under the Plan, we may issue shares of our common stock to employees, officers, directors and consultants. We have granted incentive stock options, non-qualified stock options and time-based restricted stock units (“RSUs”). In fiscal 2014, we also issued performance-based 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 for our restaurant general managers, executive kitchen mangers and restaurant field supervision that utilizes Company RSUs or stock options and is dependent on each participant’s extended service with us in their respective positions while 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 of the date of grant if the targets have been achieved. | |||||||||||||||||
The following table presents information related to stock-based compensation (in thousands): | |||||||||||||||||
For The Thirteen | |||||||||||||||||
Weeks Ended | |||||||||||||||||
March 31, | April 1, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Labor and benefits | $ | 339 | $ | 517 | |||||||||||||
General and administrative | $ | 920 | $ | 725 | |||||||||||||
Capitalized (1) | $ | 60 | $ | 43 | |||||||||||||
-1 | Capitalized stock-based compensation is included in “Property and equipment, net” on the Consolidated Balance Sheets. | ||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the Thirteen Weeks Ended | |||||||||||||||||
March 31, | April 1, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected volatility | 37.1 | % | 37.9 | % | |||||||||||||
Risk free interest rate | 1.4 | % | 1.6 | % | |||||||||||||
Expected option life | 5 years | 5 years | |||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Fair value of options granted | $ | 16.45 | $ | 10.63 | |||||||||||||
U.S. GAAP requires us to make certain assumptions and judgments regarding the grant date fair value. These judgments include expected volatility, risk free interest rate, expected option life, dividend yield and vesting percentage. These estimations and judgments are determined by us using many different variables that, in many cases, are outside of our control. The changes in these variables or trends, including stock price volatility and risk free interest rate, may significantly impact the grant date fair value, resulting in a significant impact to our financial results. | |||||||||||||||||
The exercise price of the stock options under our stock-based compensation plans shall be equal to or exceed 100% of the fair market value of the shares at the date of option grant. The following table represents stock option activity: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
(in thousands) | Average | (in thousands) | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding at December 30, 2014 | 1,522 | $ | 25.62 | 1,008 | $ | 21.46 | |||||||||||
Granted | 158 | $ | 47.66 | ||||||||||||||
Exercised | (229 | ) | $ | 18.14 | |||||||||||||
Forfeited | (12 | ) | $ | 32.52 | |||||||||||||
Outstanding at March 31, 2015 | 1,439 | $ | 29.17 | 858 | $ | 23.47 | |||||||||||
As of March 31, 2015, total unrecognized stock-based compensation expense related to non-vested stock options was $6.0 million, which is generally expected to be recognized over the next five years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Time-Vested Restricted Stock Units | |||||||||||||||||
Time-vested restricted stock unit activity was as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
(in thousands) | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 30, 2014 | 427 | $ | 34.66 | ||||||||||||||
Granted | 64 | $ | 48.68 | ||||||||||||||
Vested or released | (25 | ) | $ | 29.04 | |||||||||||||
Forfeited | (15 | ) | $ | 37.71 | |||||||||||||
Outstanding at March 31, 2015 | 451 | $ | 36.88 | ||||||||||||||
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 (e.g., five years). As of March 31, 2015, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $8.9 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 30, 2014 | 30 | $ | 32.49 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested or released | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 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 March 31, 2015, total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $0.6 million. |
Income_Taxes
Income Taxes | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Income Taxes | 7. INCOME TAXES | ||||
We calculate our interim income tax provision in accordance with ASC Topic 270, Interim Reporting and ASC Topic 740, Accounting for Income Taxes. At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. | |||||
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 March 31, 2015, 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 December 30, 2014 | $ | 2,173 | |||
Increase for tax positions taken in current period | 6 | ||||
Balance at March 31, 2015 | $ | 2,179 | |||
Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of March 31, 2015, 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. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 8. LEGAL PROCEEDINGS |
We are subject to private lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from customers, employees and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability insurance and our employee workers’ compensation programs. We maintain coverage with a third party insurer to limit our total exposure for these programs. We believe that most of our customer claims will be covered by our general liability insurance, subject to coverage limits and the portion of such claims that are self-insured. Punitive damages awards and employee unfair practice claims, however, are not covered by our general liability insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these types of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims. |
Stock_Repurchases
Stock Repurchases | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stock Repurchases | 9. 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. During the thirteen weeks ended March 31, 2015, we repurchased and retired approximately 0.1 million shares of our common stock at an average price of $48.04 per share for a total of approximately $6.8 million, which is recorded as a reduction in our common stock account. As of March 31, 2015, approximately $43.2 million remains available for additional repurchases under our authorized repurchase program. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company” or in the first person notations “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. |
Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to requirements of the U.S. Securities and Exchange Commission (“SEC”). A description of our accounting policies and other financial information is included in our audited consolidated financial statements as filed with the SEC on Form 10-K for the year ended December 30, 2014. We believe that the disclosures included in our accompanying interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying consolidated balance sheet as of December 30, 2014, has been derived from our audited consolidated financial statements. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“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. In April 2015, the FASB proposed a one-year deferral of the effective date; however, the deferral has not yet been approved. 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 (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. | |
In April, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30). This update requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Currently, debt issuance costs are recorded as an asset and amortization of these deferred financing costs is recorded in interest expense. Under the new standard, debt issuance costs will continue to be amortized over the life of the debt instrument and amortization will continue to be recorded in interest expense. ASU 2015-03 is effective for the Company on January 1, 2016, and will be applied on a retrospective basis. We are currently evaluating the impact this guidance will have on our consolidated financial statements and only anticipate a change in our presentation since the standard does not alter the accounting for debt issuance costs. | |
Marketable Securities | During fiscal 2014, all investments were liquidated. Prior to that, 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. |
Additionally, our investment policy restricted 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 determined the appropriate classification of our marketable securities at the time of purchase and reevaluated the held-to-maturity or available-for-sale designations as of each balance sheet date. Marketable securities were 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 were classified as short-term and marketable securities with maturities or expected put dates greater than 12 months were classified as long-term. Gains or losses were determined on the specific identification cost method and recorded in earnings when realized. | |
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. |
Income Taxes | We calculate our interim income tax provision in accordance with ASC Topic 270, Interim Reporting and ASC Topic 740, Accounting for Income Taxes. At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards (Stock Options and Restricted Stock Units) Included in Dilutive Net Income Per Share Computation | The following table presents a reconciliation of basic and diluted net income per share computations and the number of dilutive equity awards (stock options and restricted stock units) that were included in the dilutive net income per share computation (in thousands): | ||||||||
For The Thirteen | |||||||||
Weeks Ended | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income for basic and diluted net income per share | $ | 9,615 | $ | 4,658 | |||||
Denominator: | |||||||||
Weighted-average shares outstanding – basic | 26,310 | 28,369 | |||||||
Dilutive effect of equity awards | 606 | 609 | |||||||
Weighted-average shares outstanding – diluted | 26,916 | 28,978 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Information Related to Stock-Based Compensation | The following table presents information related to stock-based compensation (in thousands): | ||||||||||||||||
For The Thirteen | |||||||||||||||||
Weeks Ended | |||||||||||||||||
March 31, | April 1, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Labor and benefits | $ | 339 | $ | 517 | |||||||||||||
General and administrative | $ | 920 | $ | 725 | |||||||||||||
Capitalized (1) | $ | 60 | $ | 43 | |||||||||||||
-1 | Capitalized stock-based compensation is included in “Property and equipment, net” on the Consolidated Balance Sheets. | ||||||||||||||||
Black-Scholes Option-Pricing Model with Weighted Average Assumptions | The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||||
For the Thirteen Weeks Ended | |||||||||||||||||
March 31, | April 1, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected volatility | 37.1 | % | 37.9 | % | |||||||||||||
Risk free interest rate | 1.4 | % | 1.6 | % | |||||||||||||
Expected option life | 5 years | 5 years | |||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Fair value of options granted | $ | 16.45 | $ | 10.63 | |||||||||||||
Stock Option Activity | The exercise price of the stock options under our stock-based compensation plans shall be equal to or exceed 100% of the fair market value of the shares at the date of option grant. The following table represents stock option activity: | ||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
(in thousands) | Average | (in thousands) | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding at December 30, 2014 | 1,522 | $ | 25.62 | 1,008 | $ | 21.46 | |||||||||||
Granted | 158 | $ | 47.66 | ||||||||||||||
Exercised | (229 | ) | $ | 18.14 | |||||||||||||
Forfeited | (12 | ) | $ | 32.52 | |||||||||||||
Outstanding at March 31, 2015 | 1,439 | $ | 29.17 | 858 | $ | 23.47 | |||||||||||
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 December 30, 2014 | 427 | $ | 34.66 | ||||||||||||||
Granted | 64 | $ | 48.68 | ||||||||||||||
Vested or released | (25 | ) | $ | 29.04 | |||||||||||||
Forfeited | (15 | ) | $ | 37.71 | |||||||||||||
Outstanding at March 31, 2015 | 451 | $ | 36.88 | ||||||||||||||
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 30, 2014 | 30 | $ | 32.49 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested or released | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 30 | $ | 32.49 |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||
Balance at December 30, 2014 | $ | 2,173 | |||
Increase for tax positions taken in current period | 6 | ||||
Balance at March 31, 2015 | $ | 2,179 | |||
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
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 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | 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 | 14 | |
Line of credit outstanding amount | 38.6 | |
Interest paid on new line of credit | 0.2 | |
Weighted average interest rate | 1.42% | |
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% |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Accounting Policies [Abstract] | ||
Net income for basic and diluted net income per share | $9,615 | $4,658 |
Weighted-average shares outstanding - basic | 26,310 | 28,369 |
Dilutive effect of equity awards | 606 | 609 |
Weighted-average shares outstanding - diluted | 26,916 | 28,978 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Accounting Policies [Abstract] | ||
Common stock equivalents excluded from calculation of diluted net income per share | 0.1 | 0.8 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 | Dec. 30, 2014 |
Related Party Transaction [Line Items] | |||
Expenses for supply of food, beverage, paper products and supplies | $21.60 | $20.90 | |
Percentage of total costs of sales and operating and occupancy costs | 21.10% | 21.80% | |
Trade payables | $5.40 | $4 | |
Jacmar Companies | |||
Related Party Transaction [Line Items] | |||
Percentage of outstanding common stock | 12.00% | ||
Agreement terms | 5 years |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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% |
2005 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period | 5 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | 1.5 |
Share basis for number shares charged to reserve | 1 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration term of stock options | 10 years |
Unrecognized stock-based compensation expense | 6 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock Options | Share-based Compensation Award, Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage in year five | 20.00% |
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 | 8.9 |
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 $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Capitalized | $60 | [1] | $43 | [1] |
Labor and benefits | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 339 | 517 | ||
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $920 | $725 | ||
[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 $) | 3 Months Ended | |
Mar. 31, 2015 | Apr. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 37.10% | 37.90% |
Risk free interest rate | 1.40% | 1.60% |
Expected option life | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% |
Fair value of options granted | $16.45 | $10.63 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Options Outstanding, Shares | |
Outstanding, Beginning Balance | 1,522 |
Granted | 158 |
Exercised | -229 |
Forfeited | -12 |
Outstanding, Ending Balance | 1,439 |
Options Exercisable, Shares | |
Options Exercisable Outstanding, Beginning Balance | 1,008 |
Options Exercisable Outstanding, Ending Balance | 858 |
Options outstanding, Weighted Average Exercise Price | |
Outstanding, Beginning Balance | $25.62 |
Granted | $47.66 |
Exercised | $18.14 |
Forfeited | $32.52 |
Outstanding, Ending Balance | $29.17 |
Options Exercisable, Weighted Average Exercise Price | |
Options Exercisable, Beginning Balance | $21.46 |
Options Exercisable, Ending Balance | $23.47 |
TimeVested_Restricted_Stock_Un
Time-Vested Restricted Stock Unit Activity (Detail) (Time-Vested Restricted Stock Units, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Time-Vested Restricted Stock Units | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | 427 |
Granted, Shares | 64 |
Vested or released, Shares | -25 |
Forfeited, Shares | -15 |
Outstanding Ending Balance, Shares | 451 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $34.66 |
Granted, Weighted Average Fair Value | $48.68 |
Vested or released, Weighted Average Fair Value | $29.04 |
Forfeited, Weighted Average Fair Value | $37.71 |
Outstanding Ending Balance, Weighted Average Fair Value | $36.88 |
PerformanceBased_Restricted_St
Performance-Based Restricted Stock Unit Activity (Detail) (Performance-Based Restricted Stock Units, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Performance-Based Restricted Stock Units | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | 30 |
Granted, Shares | 0 |
Vested or released, Shares | 0 |
Forfeited, Shares | 0 |
Outstanding Ending Balance, Shares | 30 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $32.49 |
Granted, Weighted Average Fair Value | $0 |
Vested or released, Weighted Average Fair Value | $0 |
Forfeited, Weighted Average Fair Value | $0 |
Outstanding Ending Balance, Weighted Average Fair Value | $32.49 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $2,179,000 | $2,173,000 |
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 |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | |
Beginning Balance | $2,173 |
Increase for tax positions taken in current period | 6 |
Ending Balance | $2,179 |
Stock_Repurchases_Additional_I
Stock Repurchases - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Aug. 31, 2014 | Apr. 30, 2014 |
Equity [Abstract] | |||
Share repurchase program, amount authorized | $150,000,000 | $50,000,000 | |
Number of shares repurchased during the period | 0.1 | ||
Repurchased average price per share | $48.04 | ||
Shares repurchased, value | 6,800,000 | ||
Common stock additional repurchases under authorized repurchase program | $43,200,000 |