Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BJRI | ||
Entity Registrant Name | BJs RESTAURANTS INC | ||
Entity Central Index Key | 1,013,488 | ||
Current Fiscal Year End Date | --12-29 | ||
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 | 24,100,968 | ||
Entity Public Float | $ 1,087,651,544 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 34,604 | $ 30,683 |
Accounts and other receivables, net | 25,364 | 18,796 |
Inventories, net | 8,893 | 8,010 |
Prepaids and other current assets | 7,171 | 9,234 |
Deferred income taxes | 16,971 | 14,595 |
Total current assets | 93,003 | 81,318 |
Property and equipment, net | 561,832 | 541,349 |
Goodwill | 4,673 | 4,673 |
Other assets, net | 22,157 | 19,743 |
Total assets | 681,665 | 647,083 |
Current liabilities: | ||
Accounts payable | 33,033 | 34,395 |
Accrued expenses | 83,861 | 72,630 |
Total current liabilities | 116,894 | 107,025 |
Deferred income taxes | 46,669 | 38,974 |
Deferred rent | 27,627 | 24,803 |
Deferred lease incentives | 53,837 | 51,705 |
Long-term debt | 100,500 | 58,000 |
Other liabilities | 19,655 | 17,887 |
Total liabilities | $ 365,182 | $ 298,394 |
Commitments and contingencies (Note 5) | ||
Shareholders' equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | ||
Common stock, no par value, 125,000 shares authorized and 24,672 and 26,229 shares issued and outstanding as of December 29, 2015 and December 30, 2014, respectively | $ 7,367 | $ 93,971 |
Capital surplus | 63,290 | 54,217 |
Retained earnings | 245,826 | 200,501 |
Total shareholders' equity | 316,483 | 348,689 |
Total liabilities and shareholders' equity | $ 681,665 | $ 647,083 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 29, 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 | ||
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 24,672,000 | 26,229,000 |
Common stock, shares outstanding | 24,672,000 | 26,229,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenues | $ 919,597 | $ 845,569 | $ 775,125 |
Costs and expenses: | |||
Cost of sales | 226,942 | 212,979 | 191,891 |
Labor and benefits | 317,050 | 298,703 | 273,458 |
Occupancy and operating | 192,739 | 182,149 | 173,981 |
General and administrative | 53,827 | 51,558 | 49,105 |
Depreciation and amortization | 59,417 | 55,387 | 49,007 |
Restaurant opening | 6,562 | 4,973 | 9,132 |
Loss on disposal of assets and impairments | 2,908 | 1,963 | 3,879 |
Gain on lease termination, net | (2,910) | ||
Legal and other settlements | 2,431 | 812 | |
Total costs and expenses | 856,535 | 810,143 | 751,265 |
Income from operations | 63,062 | 35,426 | 23,860 |
Other (expense) income: | |||
Interest (expense) income, net | (1,015) | (238) | 133 |
Other income, net | 60 | 1,135 | 1,019 |
Total other (expense) income | (955) | 897 | 1,152 |
Income before income taxes | 62,107 | 36,323 | 25,012 |
Income tax expense | 16,782 | 8,926 | 3,990 |
Net income | $ 45,325 | $ 27,397 | $ 21,022 |
Net income per share: | |||
Basic | $ 1.76 | $ 0.99 | $ 0.75 |
Diluted | $ 1.73 | $ 0.97 | $ 0.73 |
Weighted average number of shares outstanding: | |||
Basic | 25,718 | 27,710 | 28,194 |
Diluted | 26,231 | 28,316 | 28,895 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] |
Beginning Balance (in shares) at Jan. 01, 2013 | 28,072 | |||
Beginning Balance at Jan. 01, 2013 | $ 371,834 | $ 180,940 | $ 38,812 | $ 152,082 |
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 | 4,633 | 4,633 | ||
Tax benefit from stock option exercises | 2,923 | 2,923 | ||
Net income | 21,022 | 21,022 | ||
Ending Balance (in shares) at Dec. 31, 2013 | 28,295 | |||
Ending Balance at Dec. 31, 2013 | $ 401,436 | $ 182,491 | 45,841 | 173,104 |
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) | |||
Repurchase of common stock | (100,000) | $ (100,000) | ||
Stock-based compensation | 5,018 | 5,018 | ||
Tax benefit from stock option exercises | 3,803 | 3,803 | ||
Net income | 27,397 | 27,397 | ||
Ending Balance (in shares) at Dec. 30, 2014 | 26,229 | |||
Ending Balance at Dec. 30, 2014 | $ 348,689 | $ 93,971 | 54,217 | 200,501 |
Exercise of stock options (in shares) | 432 | 432 | ||
Exercise of stock options | $ 8,411 | $ 8,945 | (534) | |
Issuance of restricted stock units (in shares) | 80 | |||
Issuance of restricted stock units | $ (293) | (293) | ||
Repurchase of common stock (in shares) | (2,100) | (2,069) | ||
Repurchase of common stock | $ (95,549) | $ (95,549) | ||
Stock-based compensation | 5,680 | 5,680 | ||
Tax benefit from stock option exercises | 4,220 | 4,220 | ||
Net income | 45,325 | 45,325 | ||
Ending Balance (in shares) at Dec. 29, 2015 | 24,672 | |||
Ending Balance at Dec. 29, 2015 | $ 316,483 | $ 7,367 | $ 63,290 | $ 245,826 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | ||
Cash flows from operating activities: | ||||
Net income | $ 45,325 | $ 27,397 | $ 21,022 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 59,417 | 55,387 | 49,007 | |
Deferred income taxes | 5,319 | 4,416 | (3,448) | |
Stock-based compensation expense | 5,395 | 4,855 | 4,418 | |
Loss on disposal of assets and impairments | 2,908 | 1,963 | 3,879 | |
Gain on lease termination, net | (2,910) | |||
Changes in assets and liabilities: | ||||
Accounts and other receivables | (994) | (5,393) | 6,846 | |
Landlord contribution for tenant improvements | 426 | (627) | (611) | |
Inventories | (883) | (577) | (1,372) | |
Prepaids and other current assets | 1,477 | (1,662) | (409) | |
Other assets | (3,282) | (2,706) | (2,800) | |
Accounts payable | (1,983) | 842 | 7,571 | |
Accrued expenses | 11,274 | 12,179 | 3,582 | |
Deferred rent | 2,947 | 2,532 | 3,626 | |
Deferred lease incentives | 2,753 | (248) | 3,531 | |
Other liabilities | 35 | 1,682 | 702 | |
Net cash provided by operating activities | 127,224 | 100,040 | 95,544 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (86,070) | (88,124) | (117,060) | |
Deposit received on land held for sale | 3,295 | |||
Proceeds from sale of assets | 3,478 | 13,143 | 7,823 | |
Proceeds from marketable securities sold | 18,950 | 41,404 | ||
Purchases of marketable securities | (9,159) | (25,345) | ||
Collection of notes receivable | 28 | |||
Net cash used in investing activities | (82,592) | (65,190) | (89,855) | |
Cash flows from financing activities: | ||||
Borrowings on line of credit | 529,400 | 125,000 | ||
Payments on line of credit | (486,900) | (67,000) | ||
Excess tax benefit from stock-based compensation | 4,220 | 3,803 | 1,208 | |
Taxes paid on vested stock units under employee plans | (293) | (445) | (527) | |
Proceeds from exercise of stock options | 8,411 | 11,480 | 1,551 | |
Repurchases of common stock | (95,549) | (100,000) | ||
Net cash (used in) provided by financing activities | (40,711) | (27,162) | 2,232 | |
Net increase in cash and cash equivalents | 3,921 | 7,688 | 7,921 | |
Cash and cash equivalents, beginning of year | 30,683 | 22,995 | 15,074 | |
Cash and cash equivalents, end of year | 34,604 | 30,683 | 22,995 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 12,097 | 4,936 | 5,411 | |
Cash paid for interest, net of capitalized interest | 503 | 175 | ||
Supplemental disclosure of non-cash investing and financing activities: | ||||
Fixed assets accrued in accounts payable | 10,915 | 10,294 | 8,226 | |
Stock-based compensation capitalized | [1] | $ 285 | $ 213 | $ 215 |
[1] | Capitalized stock-based compensation is included in "Property and equipment, net" on the Consolidated Balance Sheets. |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2015 | |
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,” “BJ’s,” “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants and to develop additional BJ’s restaurants. As of December 29, 2015, we owned and operated 171 restaurants located in 22 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewery ® ® ® ® ® 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 2015, 2014, and 2013 ended on December 29, 2015, December 30, 2014, and December 31, 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 Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 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, 2017, and early application is permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this standard 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 or 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, certain debt issuance costs are recorded as an asset and amortized to 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 annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this standard update is not expected to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory (Topic 330). This update provides guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. This update defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation, and is effective for annual and interim periods beginning after December 15, 2016. The adoption of this standard update is not expected to have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This update requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. Other than the revised balance sheet presentation of deferred tax liabilities and assets, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2015, the FASB completed redeliberations on its new leases standard and plans to issue final standards during the first quarter of fiscal 2016. The guidance will result in key changes to lease accounting and will aim to bring leases onto balance sheets to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it owns versus leases. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, with no related assets and liabilities, on our balance sheet. We are currently evaluating the impact this guidance will have on our consolidated financial statements as well as the expected adoption method. 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 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. 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 lease term, including reasonably assured renewal periods or exercised options, of the respective lease, 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. Internal costs associated with the acquisition, development and construction of our restaurants are capitalized and allocated to the projects which they relate. When property and equipment are sold or otherwise disposed of, the asset accounts 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 Brewing 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, including reasonably assured renewal periods 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 our reporting unit is less than its carrying value. If it is concluded that this is the case, we estimate the fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying value of the reporting unit is greater than the estimated fair value, an impairment charge is recorded for the difference between the implied fair value of goodwill and its carrying amount. To calculate the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is first allocated to all of the other assets and liabilities of that unit based on their relative fair values. The excess of the reporting unit’s fair value over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. This adjusted carrying value becomes the new goodwill accounting basis value. We did not record any impairment to goodwill during fiscal 2015, 2014 or 2013. Intangible Assets Definite-lived intangible assets are comprised of trademarks and amortized over their estimated useful lives of ten years. Definite-lived intangible assets are 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 did not record any impairment of intangible assets during fiscal 2015, 2014 or 2013. Intangible assets are included in “Other assets, net” on the accompanying Consolidated Balance Sheets. Long-Lived Assets We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These 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 by comparing the carrying value of the asset to the undiscounted cash flows expected to be generated by the asset. 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 estimated fair value. In fiscal 2015, 2014 and 2013, we recorded impairment expense of $0.4 million, $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. 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. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. 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 $11.4 million and $9.6 million as of December 29, 2015 and December 30, 2014, 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. Cost of Sales Cost of sales is comprised of food and beverage costs, including the cost to produce and distribute our proprietary craft beer, soda and ciders. The components of cost of sales are variable and typically fluctuate directly with sales volumes. We reclassify certain food costs from cost of sales to marketing (which is included in “Occupancy and operating” expenses on our Consolidated Statements of Income) for promotional activities. During fiscal 2015, 2014, and 2013, we reclassified $4.6 million, $2.5 million, and $2.9 million, respectively. Sales Taxes Revenues are presented net of sales tax collected. The obligations to the appropriate tax authorities are 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 2015, 2014, and 2013 was approximately $20.5 million, $19.2 million, and $17.1 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Income Taxes 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 provide for income taxes based on our expected 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. All tax returns are subject to audit by federal and state governments for years after the returns are filed, and could be subject to differing interpretations of the tax laws. 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. Gain on Lease Termination On August 3, 2015, the landlord of our Century City restaurant notified us that they are exercising their right to terminate our lease in return for a $6.0 million termination fee. Our Century City restaurant is located at The Westfield Century City Mall, which is being significantly reconfigured and renovated, necessitating the closure of the restaurant by the end of January 2016. As a result of the termination fee, offset by the accelerated depreciation of our fixed assets, we recorded a gain on lease termination of $2.9 million in fiscal 2015. In January 2016, we received the $6.0 million termination fee from the landlord. 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 lease term used for this evaluation includes renewal option periods when the exercise of the renewal option can be reasonably assured and failure to exercise the option would result in an economic penalty. All of our restaurant leases are classified as operating leases. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening our 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 the cash flow from operating activities section 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 the restaurant opening date as restaurant opening expense within our statement of operations. Once a restaurant opens for business, we record straight-line rent over the lease term plus contingent rent to the extent it exceeds the minimum rent obligation per the lease agreement. Cash rent payments are not typically due under the terms of our leases during the rent holiday period, which begins on the possession date and ends on the restaurant opening date. Factors that may affect the length of the rent holiday period include construction related delays. Extension of the rent holiday period due to delays in a restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the remainder of the lease term (post-opening). For leases that contain rent escalations in which the amount of future rent can be reasonably calculated, we record the total rent payable under the lease on a straight-line basis over the probable term (including the rent holiday period beginning upon our possession of the premises). Differences between rent payments and the straight-line rent expense are recorded as deferred rent. Certain leases contain provisions that require additional rent payments based upon a restaurant’s sales volume (“contingent rent”). Contingent rent is accrued each period based on the actual sales, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense 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 calculation of straight-line rent, and the term over which leasehold improvements are amortized. These judgments produce materially different amounts of depreciation, amortization and rent expense than would be reported if different lease terms were used. 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 income per share computation because the performance-based criteria have not been met. The following table presents a reconciliation of basic and diluted net income per share, including 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 2015 2014 2013 Numerator: Net income for basic and diluted net income per share $ 45,325 $ 27,397 $ 21,022 Denominator: Weighted-average shares outstanding-basic 25,718 27,710 28,194 Dilutive effect of equity awards 513 606 701 Weighted-average shares outstanding-diluted 26,231 28,316 28,895 At December 29, 2015, December 30, 2014, and December 31, 2013, there were approximately 0.2 million, 0.8 million, and 0.7 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. Stock-Based Under our shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified stock options, and restricted stock units (“RSUs”), including performance and time-based 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 estimated fair value of the awards granted. In valuing stock options, we are required to make certain assumptions and judgments regarding the inputs to 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 using many different variables that, in many cases, are outside of our control. Changes in these variables may significantly impact the compensation cost recognized for these grants resulting in a significant impact to our financial results. The tax benefits resulting from tax deductions in excess of the compensation cost recognized for stock options (excess tax benefits) are classified as financing cash flows within the Consolidated Statements of Cash Flows. |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 29, 2015 | |
Receivables [Abstract] | |
Accounts and Other Receivables | 2. Accounts and Other Receivables Accounts and other receivables consisted of the following (in thousands): December 29, 2015 December 30, 2014 Credit cards $6,282 $5,644 Third party gift cards 1,952 1,780 Tenant improvement allowances 5,279 5,705 Income taxes 4,039 3,950 Lease termination fee 6,000 – Other 1,812 1,717 $ 25,364 $ 18,796 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 29, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment December 29, December 30, 2014 Land $8,658 $10,403 Building improvements 308,875 278,906 Leasehold improvements 222,157 202,518 Furniture and fixtures 116,308 107,591 Equipment 230,790 208,057 886,788 807,475 Less accumulated depreciation and amortization (345,765) (291,617) 541,023 515,858 Construction in progress 20,809 25,491 Property and equipment, net $561,832 $541,349 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 29, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 29, 2015 December 30, 2014 Payroll related $20,984 $19,362 Workers compensation 19,753 17,014 Deferred revenue from gift cards 11,363 9,587 Sales taxes 5,332 4,933 Other taxes 4,992 3,862 Deferred lease incentives-current 4,268 3,949 Other current rent related 2,482 2,575 Utilities 2,026 1,899 Customer loyalty program 2,424 2,271 Merchant cards 1,277 1,146 Other 8,960 6,032 $83,861 $72,630 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Leases We lease our restaurant and office facilities under non-cancelable operating leases with remaining terms ranging from approximately 10 to 20 years and renewal options ranging from 5 to 20 years. Rent expense for fiscal 2015, 2014, and 2013 was $39.4 million, $35.9 million, and $32.8 million, respectively. We have certain operating leases that contain fixed rent escalation clauses or rent escalation clauses in which the amount of the future rent can be calculated. Total rent due for these leases is expensed on a straight-line basis over each respective lease term, resulting in deferred rent of approximately $27.6 million and $24.8 million at December 29, 2015 and December 30, 2014, respectively. The deferred rent will be amortized to rent expense over each respective lease term. A number of our leases also require us to pay contingent rent based on a percentage of sales above a specified minimum. Total contingent rent, included in rent expense for fiscal 2015, 2014, and 2013 were approximately $3.6 million, $3.5 million, and $3.6 million, respectively. Future minimum annual rent payments under non-cancelable operating leases are as follows (in thousands): 2016 $40,433 2017 41,795 2018 40,841 2019 38,927 2020 38,253 Thereafter 356,278 $ 556,527 Additionally, we have entered into lease agreements related to the construction of future restaurants with commencement dates subsequent to December 29, 2015. Our aggregate future commitment relating to these leases is $32.7 million and is not included in the above future minimum annual rent payments. Legal Proceedings We are subject to private lawsuits, administrative proceedings and demands that arise in the ordinary course of our business. Typically these claims originate from customers, employees and others and relate 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. In addition, 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 $15.0 million as of December 29, 2015, 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. 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 29, 2015. Additionally, our future estimated cash payments under existing contractual purchase obligations for goods and services as of December 29, 2015, are approximately $32.1 million. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 29, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. 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 29, 2015, there were borrowings of $100.5 million outstanding under the Credit Facility and there were outstanding letters of credit totaling approximately $15.0 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. Interest paid on the borrowings under the Credit Facility during fiscal 2015 was approximately $0.7 million. The weighted average interest rate was approximately 1.33%. 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 29, 2015, we were in compliance with these covenants. We capitalized approximately $0.2 million and $0.05 million of interest expense related to new restaurant openings and major remodels during fiscal 2015 and 2014, respectively. There was no interest expense capitalized during fiscal 2013. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 29, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 7. Shareholders’ Equity Preferred Stock We are authorized to issue 5.0 million shares of 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 29, 2015 or December 30, 2014. 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 We repurchased and retired approximately 2.1 million shares of our common stock during fiscal 2015, at an average price of $46.18 per share for a total of $95.5 million, recorded as a reduction in common stock. As of December 29, 2015, approximately $54.5 million remains available for additional repurchases under our authorized repurchase program. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Income tax expense (benefit) for the last three fiscal years consists of the following (in thousands): Fiscal Year 2015 2014 2013 Current: Federal $8,161 $3,990 $6,082 State 3,302 520 3,071 11,463 4,510 9,153 Deferred: Federal 5,278 3,381 (3,744) State 41 1,035 (1,419) 5,319 4,416 (5,163) Provision for income taxes $ 16,782 $8,926 $3,990 The provision for income taxes for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2015 2014 2013 Income tax at statutory rates 35.0% 35.0% 35.0% State income taxes, net of federal benefit 3.7 1.0 3.8 Permanent differences 0.2 0.1 (0.4) Income tax credits (12.5) (10.9) (20.1) Other, net 0.6 (0.6) (2.3) 27.0% 24.6% 16.0% The components of the deferred income tax asset (liability) consist of the following (in thousands): December 29, 2015 December 30, 2014 Current deferred income tax asset: State tax $885 $542 Gift cards 988 815 Accrued expenses 13,839 11,364 Other 1,398 2,029 Valuation allowance (139) (155) Total current deferred income tax asset 16,971 14,595 Non-current deferred income tax asset (liability): Property and equipment (77,120) (70,346) Intangible assets (2,048) (2,112) Smallwares (5,038) (4,665) Accrued expenses 5,942 5,389 Stock-based compensation 5,346 5,495 Deferred rent 10,874 9,719 Income tax credits 13,188 15,823 Net operating losses 562 557 Other 2,079 1,752 Valuation allowance (454) (586) Total non-current deferred income tax liability (46,669) (38,974) Net deferred income tax liability $(29,698) $(24,379) At December 29, 2015, we had federal and California income tax credit carryforwards of approximately $14.0 million and $1.7 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 2033 and the California enterprise zone credits will begin to expire in 2023. As of December 29, 2015 and December 30, 2014, we have recorded a valuation allowance against certain state net operating loss and tax credit carryforwards of $0.6 million and $0.7 million, respectively, net of federal benefit which are not more likely than not to be realized prior to expiration. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 29, 2015, the amount recorded for interest and penalties changed for tax positions taken in the current year. As of December 29, 2015, unrecognized tax benefits recorded was approximately $3.0 million, of which approximately $0.8 million, if reversed, would impact our effective tax rate. We anticipate a decrease of $1.7 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 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 Increase for tax positions taken in prior years 474 Increase for tax positions taken in current period 386 Lapse in statute of limitations (35) Balance at December 29, 2015 $ 2,998 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of December 29, 2015, the earliest tax year still subject to examination by the Internal Revenue Service is 2012. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2011. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 9. Stock-Based Compensation Plans Our current 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 performance and time-based restricted stock units. Stock options and stock appreciation rights are charged against the Plan share reserve on the basis of one share for each one share granted. Other types of grants, including RSUs, 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 on the terms of incentive grants such as limits on the number 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 and stock options to officers. We issue time-based RSUs and stock options to other support employees. We also issue time-based RSUs and stock options 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. GSSOP grants are dependent on the length of each participant’s service with us (at least five years) and position. All GSSOP participants must remain in good standing during their service period. The Plan permits us to set the vesting terms and exercise period for awards at our discretion. Stock options generally vest ratably over 3 or 5 years, cliff vest at 3 or 5 years, or vest at 33% on the third anniversary and 67% on the fifth anniversary, and expire ten years from date of grant. Time-based RSUs generally vest ratably over three or five years 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 in a quantity that is dependent on the level of target achievement. The following table presents information related to stock-based compensation (in thousands): Fiscal Year 2015 2014 2013 Labor and benefits $ 1,427 $ 1,456 $ 1,341 General and administrative $ 3,968 $ 3,167 $ 3,077 Legal and other settlements $– $ 232 $– Capitalized (1) $ 285 $ 213 $ 215 (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 Fiscal Year 2015 2014 2013 Expected volatility 37.0% 37.7% 36.5% Risk free interest rate 1.39% 1.64% 0.76% Expected option life 5 years 5 years 5 years Dividend yield 0% 0% 0% Fair value of options granted $16.33 $10.78 $11.04 The exercise price of the stock options under our stock-based compensation plan is required to equal or exceed the fair market value of the shares on the option grant date. The following table represents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Shares (in thousands) Weighted Weighted 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 Granted 175 $ 47.38 Exercised (432 ) $ 19.46 Forfeited (41 ) $ 35.02 Outstanding at December 29, 2015 1,224 $ 30.59 729 $ 25.41 4.9 Information relating to significant option groups outstanding at December 29, 2015, the following (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Weighted Exercisable Weighted $ 9.37 – $16.63 70 2.51 $ 12.65 70 $ 12.65 $18.86 – $18.86 288 4.00 $ 18.86 288 $ 18.86 $19.96 – $27.34 74 3.28 $ 22.27 68 $ 21.85 $29.88 – $29.88 124 8.03 $ 29.88 24 $ 29.88 $29.91– $34.24 137 7.34 $ 33.35 46 $ 33.61 $34.29 – $34.29 245 6.93 $ 34.29 147 $ 34.29 $35.57 – $45.37 122 6.13 $ 40.57 82 $ 39.56 $47.04 – $47.04 132 9.05 $ 47.04 – $ – $48.64 – $52.47 21 7.90 $ 50.50 4 $ 49.62 $52.98 – $52.98 11 9.17 $ 52.98 – $ – $ 9.37 – $52.98 1,224 6.11 $ 30.59 729 $ 25.41 As of December 29, 2015, total unrecognized stock-based compensation expense related to non-vested stock options was $4.5 million, which is generally expected to be recognized over the next five years. Time-Based Restricted Stock Units Time-based restricted stock unit activity was the following: Shares (in thousands) Weighted Average Fair Value 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 Granted 148 $ 47.99 Vested or released (89 ) $ 29.75 Forfeited (57 ) $ 39.43 Outstanding at December 29, 2015 429 $ 39.63 The fair value of the time-based RSUs is the quoted market value of our common stock on the date of grant. The fair value of each time-based RSU is expensed over the vesting period (3 to 5 years). As of December 29, 2015, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $8.7 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 the following: Shares (in thousands) Weighted 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 Granted – $ – Vested or released – $ – Forfeited (1 ) $32.49 Outstanding at December 29, 2015 29 $ 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 29, 2015, total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $0.4 million. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 29, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. 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. Additionally, eligible participants may also elect 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 $0.6 million, $0.3 million, and $0.3 million in fiscal 2015, 2014, and 2013, 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 2015, there were no contributions made or accrued by us. We pay for related administrative costs, which were not significant during fiscal 2015. 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 $5.5 million and $4.2 million as of December 29, 2015 and December 30, 2014, respectively. Our obligation to participating employees, included in “Other liabilities” on the accompanying Consolidated Balance Sheets, was $4.8 million and $4.1 million as of December 29, 2015 and December 30, 2014, 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. 29, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions The Jacmar Companies and their affiliates (collectively referred to herein as “Jacmar”) is one of our shareholders and 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 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 $87.4 million, $86.7 million, and $82.8 million of food, beverage, paper products and supplies for fiscal 2015, 2014, and 2013, respectively, which represents 20.8%, 21.9%, and 22.6% of our total costs of sales and operating and occupancy costs, respectively. We had trade payables related to these products of $4.3 million and $4.0 million, at December 29, 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 third party vendors and are included in “Cost of sales” on the Consolidated Statements of Income. |
Selected Consolidated Quarterly
Selected Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 29, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Quarterly Financial Data (Unaudited) | 12. Selected Consolidated Quarterly Financial Data (Unaudited) Our summarized unaudited consolidated quarterly financial data is as follows (in thousands, except per share data): March 31, June 30, September 29, 2015 December 29, Total revenues $ 225,069 $ 232,013 $ 229,412 $ 233,103 Income from operations $ 13,092 $ 17,581 $ 16,511 $ 15,878 Net income $ 9,615 $ 12,438 $ 12,364 $ 10,908 Basic net income per share (1) $ 0.37 $ 0.48 $ 0.48 $ 0.43 Diluted net income per share (1) $ 0.36 $ 0.47 $ 0.48 $ 0.43 April 1, 2014 July 1, 2014 September 30, 2014 December 30, 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 (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 Si19
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business BJ’s Restaurants, Inc. (referred to herein as the “Company,” “BJ’s,” “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants and to develop additional BJ’s restaurants. As of December 29, 2015, we owned and operated 171 restaurants located in 22 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewery ® ® ® ® ® |
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 2015, 2014, and 2013 ended on December 29, 2015, December 30, 2014, and December 31, 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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 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, 2017, and early application is permitted. This update permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact this standard 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 or 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, certain debt issuance costs are recorded as an asset and amortized to 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 annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this standard update is not expected to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory: Simplifying the Measurement of Inventory (Topic 330). This update provides guidance on the subsequent measurement of inventory, which changes the measurement from lower of cost or market to lower of cost and net realizable value. This update defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation, and is effective for annual and interim periods beginning after December 15, 2016. The adoption of this standard update is not expected to have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This update requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. Other than the revised balance sheet presentation of deferred tax liabilities and assets, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In December 2015, the FASB completed redeliberations on its new leases standard and plans to issue final standards during the first quarter of fiscal 2016. The guidance will result in key changes to lease accounting and will aim to bring leases onto balance sheets to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it owns versus leases. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, with no related assets and liabilities, on our balance sheet. We are currently evaluating the impact this guidance will have on our consolidated financial statements as well as the expected adoption method. |
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 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. |
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 lease term, including reasonably assured renewal periods or exercised options, of the respective lease, 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. Internal costs associated with the acquisition, development and construction of our restaurants are capitalized and allocated to the projects which they relate. When property and equipment are sold or otherwise disposed of, the asset accounts 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 our reporting unit is less than its carrying value. If it is concluded that this is the case, we estimate the fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying value of the reporting unit is greater than the estimated fair value, an impairment charge is recorded for the difference between the implied fair value of goodwill and its carrying amount. To calculate the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is first allocated to all of the other assets and liabilities of that unit based on their relative fair values. The excess of the reporting unit’s fair value over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. This adjusted carrying value becomes the new goodwill accounting basis value. We did not record any impairment to goodwill during fiscal 2015, 2014 or 2013. |
Intangible Assets | Intangible Assets Definite-lived intangible assets are comprised of trademarks and amortized over their estimated useful lives of ten years. Definite-lived intangible assets are 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 did not record any impairment of intangible assets during fiscal 2015, 2014 or 2013. Intangible assets are included in “Other assets, net” on the accompanying Consolidated Balance Sheets. |
Long-Lived Assets | Long-Lived Assets We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These 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 by comparing the carrying value of the asset to the undiscounted cash flows expected to be generated by the asset. 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 estimated fair value. In fiscal 2015, 2014 and 2013, we recorded impairment expense of $0.4 million, $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. |
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. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. 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 $11.4 million and $9.6 million as of December 29, 2015 and December 30, 2014, 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. |
Cost of Sales | Cost of Sales Cost of sales is comprised of food and beverage costs, including the cost to produce and distribute our proprietary craft beer, soda and ciders. The components of cost of sales are variable and typically fluctuate directly with sales volumes. We reclassify certain food costs from cost of sales to marketing (which is included in “Occupancy and operating” expenses on our Consolidated Statements of Income) for promotional activities. During fiscal 2015, 2014, and 2013, we reclassified $4.6 million, $2.5 million, and $2.9 million, respectively. |
Sales Taxes | Sales Taxes Revenues are presented net of sales tax collected. The obligations to the appropriate tax authorities are 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 2015, 2014, and 2013 was approximately $20.5 million, $19.2 million, and $17.1 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Income. |
Income Taxes | Income Taxes 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 provide for income taxes based on our expected 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. All tax returns are subject to audit by federal and state governments for years after the returns are filed, and could be subject to differing interpretations of the tax laws. 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. |
Gain on Lease Termination | Gain on Lease Termination On August 3, 2015, the landlord of our Century City restaurant notified us that they are exercising their right to terminate our lease in return for a $6.0 million termination fee. Our Century City restaurant is located at The Westfield Century City Mall, which is being significantly reconfigured and renovated, necessitating the closure of the restaurant by the end of January 2016. As a result of the termination fee, offset by the accelerated depreciation of our fixed assets, we recorded a gain on lease termination of $2.9 million in fiscal 2015. In January 2016, we received the $6.0 million termination fee from the landlord. |
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 lease term used for this evaluation includes renewal option periods when the exercise of the renewal option can be reasonably assured and failure to exercise the option would result in an economic penalty. All of our restaurant leases are classified as operating leases. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening our 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 the cash flow from operating activities section 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 the restaurant opening date as restaurant opening expense within our statement of operations. Once a restaurant opens for business, we record straight-line rent over the lease term plus contingent rent to the extent it exceeds the minimum rent obligation per the lease agreement. Cash rent payments are not typically due under the terms of our leases during the rent holiday period, which begins on the possession date and ends on the restaurant opening date. Factors that may affect the length of the rent holiday period include construction related delays. Extension of the rent holiday period due to delays in a restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the remainder of the lease term (post-opening). For leases that contain rent escalations in which the amount of future rent can be reasonably calculated, we record the total rent payable under the lease on a straight-line basis over the probable term (including the rent holiday period beginning upon our possession of the premises). Differences between rent payments and the straight-line rent expense are recorded as deferred rent. Certain leases contain provisions that require additional rent payments based upon a restaurant’s sales volume (“contingent rent”). Contingent rent is accrued each period based on the actual sales, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense 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 calculation of straight-line rent, and the term over which leasehold improvements are amortized. These judgments produce materially different amounts of depreciation, amortization and rent expense than would be reported if different lease terms were used. |
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 income per share computation because the performance-based criteria have not been met. |
Stock-Based Compensation | Stock-Based Under our shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified stock options, and restricted stock units (“RSUs”), including performance and time-based 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 estimated fair value of the awards granted. In valuing stock options, we are required to make certain assumptions and judgments regarding the inputs to 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 using many different variables that, in many cases, are outside of our control. Changes in these variables may significantly impact the compensation cost recognized for these grants resulting in a significant impact to our financial results. The tax benefits resulting from tax deductions in excess of the compensation cost recognized for stock options (excess tax benefits) are classified as financing cash flows within the Consolidated Statements of Cash Flows. |
The Company and Summary of Si20
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
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 Brewing 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, including reasonably assured renewal periods |
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, including 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 2015 2014 2013 Numerator: Net income for basic and diluted net income per share $ 45,325 $ 27,397 $ 21,022 Denominator: Weighted-average shares outstanding-basic 25,718 27,710 28,194 Dilutive effect of equity awards 513 606 701 Weighted-average shares outstanding-diluted 26,231 28,316 28,895 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | Accounts and other receivables consisted of the following (in thousands): December 29, 2015 December 30, 2014 Credit cards $6,282 $5,644 Third party gift cards 1,952 1,780 Tenant improvement allowances 5,279 5,705 Income taxes 4,039 3,950 Lease termination fee 6,000 – Other 1,812 1,717 $ 25,364 $ 18,796 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment December 29, December 30, 2014 Land $8,658 $10,403 Building improvements 308,875 278,906 Leasehold improvements 222,157 202,518 Furniture and fixtures 116,308 107,591 Equipment 230,790 208,057 886,788 807,475 Less accumulated depreciation and amortization (345,765) (291,617) 541,023 515,858 Construction in progress 20,809 25,491 Property and equipment, net $561,832 $541,349 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): December 29, 2015 December 30, 2014 Payroll related $20,984 $19,362 Workers compensation 19,753 17,014 Deferred revenue from gift cards 11,363 9,587 Sales taxes 5,332 4,933 Other taxes 4,992 3,862 Deferred lease incentives-current 4,268 3,949 Other current rent related 2,482 2,575 Utilities 2,026 1,899 Customer loyalty program 2,424 2,271 Merchant cards 1,277 1,146 Other 8,960 6,032 $83,861 $72,630 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
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): 2016 $40,433 2017 41,795 2018 40,841 2019 38,927 2020 38,253 Thereafter 356,278 $ 556,527 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the last three fiscal years consists of the following (in thousands): Fiscal Year 2015 2014 2013 Current: Federal $8,161 $3,990 $6,082 State 3,302 520 3,071 11,463 4,510 9,153 Deferred: Federal 5,278 3,381 (3,744) State 41 1,035 (1,419) 5,319 4,416 (5,163) Provision for income taxes $ 16,782 $8,926 $3,990 |
Provision for Income Taxes Differs from Amount that would Result from Applying Federal Statutory Rate | The provision for income taxes for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2015 2014 2013 Income tax at statutory rates 35.0% 35.0% 35.0% State income taxes, net of federal benefit 3.7 1.0 3.8 Permanent differences 0.2 0.1 (0.4) Income tax credits (12.5) (10.9) (20.1) Other, net 0.6 (0.6) (2.3) 27.0% 24.6% 16.0% |
Components of Deferred Income Tax Asset (Liability) | The components of the deferred income tax asset (liability) consist of the following (in thousands): December 29, 2015 December 30, 2014 Current deferred income tax asset: State tax $885 $542 Gift cards 988 815 Accrued expenses 13,839 11,364 Other 1,398 2,029 Valuation allowance (139) (155) Total current deferred income tax asset 16,971 14,595 Non-current deferred income tax asset (liability): Property and equipment (77,120) (70,346) Intangible assets (2,048) (2,112) Smallwares (5,038) (4,665) Accrued expenses 5,942 5,389 Stock-based compensation 5,346 5,495 Deferred rent 10,874 9,719 Income tax credits 13,188 15,823 Net operating losses 562 557 Other 2,079 1,752 Valuation allowance (454) (586) Total non-current deferred income tax liability (46,669) (38,974) Net deferred income tax liability $(29,698) $(24,379) |
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 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 Increase for tax positions taken in prior years 474 Increase for tax positions taken in current period 386 Lapse in statute of limitations (35) Balance at December 29, 2015 $ 2,998 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
Information Related to Stock-Based Compensation | The following table presents information related to stock-based compensation (in thousands): Fiscal Year 2015 2014 2013 Labor and benefits $ 1,427 $ 1,456 $ 1,341 General and administrative $ 3,968 $ 3,167 $ 3,077 Legal and other settlements $– $ 232 $– Capitalized (1) $ 285 $ 213 $ 215 (1) Capitalized stock-based compensation is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Model, Weighted Average Assumptions and Fair Value of Options Granted | The fair value of each stock option grant issued is estimated at the date of grant using the Black-Scholes Fiscal Year 2015 2014 2013 Expected volatility 37.0% 37.7% 36.5% Risk free interest rate 1.39% 1.64% 0.76% Expected option life 5 years 5 years 5 years Dividend yield 0% 0% 0% Fair value of options granted $16.33 $10.78 $11.04 |
Stock Option Activity | The exercise price of the stock options under our stock-based compensation plan is required to equal or exceed the fair market value of the shares on the option grant date. The following table represents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Shares (in thousands) Weighted Weighted 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 Granted 175 $ 47.38 Exercised (432 ) $ 19.46 Forfeited (41 ) $ 35.02 Outstanding at December 29, 2015 1,224 $ 30.59 729 $ 25.41 4.9 |
Information Relating to Significant Option Groups Outstanding | Information relating to significant option groups outstanding at December 29, 2015, the following (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Weighted Exercisable Weighted $ 9.37 – $16.63 70 2.51 $ 12.65 70 $ 12.65 $18.86 – $18.86 288 4.00 $ 18.86 288 $ 18.86 $19.96 – $27.34 74 3.28 $ 22.27 68 $ 21.85 $29.88 – $29.88 124 8.03 $ 29.88 24 $ 29.88 $29.91– $34.24 137 7.34 $ 33.35 46 $ 33.61 $34.29 – $34.29 245 6.93 $ 34.29 147 $ 34.29 $35.57 – $45.37 122 6.13 $ 40.57 82 $ 39.56 $47.04 – $47.04 132 9.05 $ 47.04 – $ – $48.64 – $52.47 21 7.90 $ 50.50 4 $ 49.62 $52.98 – $52.98 11 9.17 $ 52.98 – $ – $ 9.37 – $52.98 1,224 6.11 $ 30.59 729 $ 25.41 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | Time-based restricted stock unit activity was the following: Shares (in thousands) Weighted Average Fair Value 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 Granted 148 $ 47.99 Vested or released (89 ) $ 29.75 Forfeited (57 ) $ 39.43 Outstanding at December 29, 2015 429 $ 39.63 |
Performance-Based Restricted Stock Units | |
Restricted Stock Unit Activity | Performance-Based Restricted Stock Units Performance-based restricted stock unit activity was the following: Shares (in thousands) Weighted 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 Granted – $ – Vested or released – $ – Forfeited (1 ) $32.49 Outstanding at December 29, 2015 29 $ 32.49 |
Selected Consolidated Quarter27
Selected Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2015 | |
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): March 31, June 30, September 29, 2015 December 29, Total revenues $ 225,069 $ 232,013 $ 229,412 $ 233,103 Income from operations $ 13,092 $ 17,581 $ 16,511 $ 15,878 Net income $ 9,615 $ 12,438 $ 12,364 $ 10,908 Basic net income per share (1) $ 0.37 $ 0.48 $ 0.48 $ 0.43 Diluted net income per share (1) $ 0.36 $ 0.47 $ 0.48 $ 0.43 April 1, 2014 July 1, 2014 September 30, 2014 December 30, 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 (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 Signific
Company and Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016USD ($) | Dec. 29, 2015USD ($)StateHotelSegmentshares | Dec. 30, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Aug. 03, 2015USD ($) | Oct. 01, 1991Hotel | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of restaurants owned | Hotel | 171 | 5 | ||||
Number of states in which entity operates | State | 22 | |||||
Number of new restaurants opened | Hotel | 16 | |||||
Number of operating segments | Segment | 1 | |||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | |||
Impairment expenses of long-lived assets | 400,000 | 300,000 | 3,100,000 | |||
Deferred revenue from gift cards | 11,363,000 | 9,587,000 | ||||
Advertising expense | 20,500,000 | $ 19,200,000 | $ 17,100,000 | |||
Lease termination fee receivable | 6,000,000 | |||||
Gain on lease termination, net | $ 2,910,000 | |||||
Common stock equivalents excluded from calculation of diluted net income per share | shares | 0.2 | 0.8 | 0.7 | |||
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 | |||||
Occupancy and Operating | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Cost of sale to marketing expenses | $ 4,600,000 | $ 2,500,000 | $ 2,900,000 | |||
Landlord | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease termination fee receivable | $ 6,000,000 | |||||
Landlord | Subsequent Event | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Gain on lease termination, net | $ 6,000 | |||||
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 | State | 1 |
Estimated Useful Lives (Detail)
Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 29, 2015 | |
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 |
Brewpub Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Brewpub 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, including reasonably assured renewal periods |
Reconciliation of Basic and Dil
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 ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2015 | Sep. 29, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 10,908 | $ 12,364 | $ 12,438 | $ 9,615 | $ 8,253 | $ 6,482 | $ 8,004 | $ 4,658 | $ 45,325 | $ 27,397 | $ 21,022 |
Weighted-average shares outstanding-basic | 25,718 | 27,710 | 28,194 | ||||||||
Dilutive effect of equity awards | 513 | 606 | 701 | ||||||||
Weighted-average shares outstanding-diluted | 26,231 | 28,316 | 28,895 |
Schedule of Accounts and Other
Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Receivables [Abstract] | ||
Credit cards | $ 6,282 | $ 5,644 |
Third party gift cards | 1,952 | 1,780 |
Tenant improvement allowances | 5,279 | 5,705 |
Income taxes | 4,039 | 3,950 |
Lease termination fee | 6,000 | |
Other | 1,812 | 1,717 |
Total accounts and other receivables | $ 25,364 | $ 18,796 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 886,788 | $ 807,475 |
Less accumulated depreciation and amortization | (345,765) | (291,617) |
Property and equipment, excluding construction in progress | 541,023 | 515,858 |
Construction in progress | 20,809 | 25,491 |
Property and equipment, net | 561,832 | 541,349 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,658 | 10,403 |
Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 308,875 | 278,906 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 222,157 | 202,518 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 116,308 | 107,591 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 230,790 | $ 208,057 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Payables and Accruals [Abstract] | ||
Payroll related | $ 20,984 | $ 19,362 |
Workers compensation | 19,753 | 17,014 |
Deferred revenue from gift cards | 11,363 | 9,587 |
Sales taxes | 5,332 | 4,933 |
Other taxes | 4,992 | 3,862 |
Deferred lease incentives-current | 4,268 | 3,949 |
Other current rent related | 2,482 | 2,575 |
Utilities | 2,026 | 1,899 |
Customer loyalty program | 2,424 | 2,271 |
Merchant cards | 1,277 | 1,146 |
Other | 8,960 | 6,032 |
Accrued Liabilities | $ 83,861 | $ 72,630 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Rent expenses | $ 39,400 | $ 35,900 | $ 32,800 |
Deferred rent | 27,627 | 24,803 | |
Total contingent rentals | 3,600 | $ 3,500 | $ 3,600 |
Aggregate future commitment relating to lease agreements | 556,527 | ||
Letters of credit outstanding amount | $ 15,000 | ||
Letters of credit renewal period, years | 1 year | ||
Potential aggregate payments for terminated employees | $ 2,000 | ||
Future estimated cash payments under existing contractual purchase obligations | 32,100 | ||
Property Subject to Operating Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Aggregate future commitment relating to lease agreements | $ 32,700 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining term (in years) | 10 years | ||
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 Paym
Future Minimum Annual Rent Payments under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 29, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 40,433 |
2,017 | 41,795 |
2,018 | 40,841 |
2,019 | 38,927 |
2,020 | 38,253 |
Thereafter | 356,278 |
Operating Leases, Future Minimum Payments Due, Total | $ 556,527 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Sep. 03, 2014 | |
Line of Credit Facility [Line Items] | ||||
Available additional credit facility | $ 50,000,000 | |||
Letters of credit outstanding amount | $ 15,000,000 | |||
Line of credit outstanding amount | 100,500,000 | |||
Interest paid on new line of credit | 700,000 | |||
Interest expense capitalized | $ 200,000 | $ 50,000 | $ 0 | |
Unsecured Debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average interest rate | 1.33% | |||
Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving loan commitments under new loan agreement | 150,000,000 | |||
New loan agreement, expiration date | Sep. 3, 2019 | |||
Credit Facility Agreement [Member] | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Revolving loan commitments under new loan agreement | $ 50,000,000 | |||
Maximum | Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, adjustment to interest rate | 1.75% | |||
Minimum | Credit Facility Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, adjustment to interest rate | 0.75% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 29, 2015 | Dec. 30, 2014 | |
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 | |
Number of shares repurchased during the period | 2,100,000 | |
Repurchased average price per share | $ 46.18 | |
Shares repurchased, value | $ 95,549 | $ 100,000 |
Common stock additional repurchases under authorized repurchase program | $ 54,500 |
Income Tax Expense (Benefit) (D
Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 8,161 | $ 3,990 | $ 6,082 |
State | 3,302 | 520 | 3,071 |
Current Income Tax Expense (Benefit), Total | 11,463 | 4,510 | 9,153 |
Deferred: | |||
Federal | 5,278 | 3,381 | (3,744) |
State | 41 | 1,035 | (1,419) |
Deferred income taxes | 5,319 | 4,416 | (5,163) |
Provision for income taxes | $ 16,782 | $ 8,926 | $ 3,990 |
Provision for Income Taxes Diff
Provision for Income Taxes Differs from Amount that would Result from Applying Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rates | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.70% | 1.00% | 3.80% |
Permanent differences | 0.20% | 0.10% | (0.40%) |
Income tax credits | (12.50%) | (10.90%) | (20.10%) |
Other, net | 0.60% | (0.60%) | (2.30%) |
Effective Income Tax Rate, Continuing Operations, Total | 27.00% | 24.60% | 16.00% |
Components of Deferred Income T
Components of Deferred Income Tax Asset (Liability) (Detail) - USD ($) $ in Thousands | Dec. 29, 2015 | Dec. 30, 2014 |
Current deferred income tax asset: | ||
State tax | $ 885 | $ 542 |
Gift cards | 988 | 815 |
Accrued expenses | 13,839 | 11,364 |
Other | 1,398 | 2,029 |
Valuation allowance | (139) | (155) |
Total current deferred income tax asset | 16,971 | 14,595 |
Non-current deferred income tax asset (liability): | ||
Property and equipment | (77,120) | (70,346) |
Intangible assets | (2,048) | (2,112) |
Smallwares | (5,038) | (4,665) |
Accrued expenses | 5,942 | 5,389 |
Stock-based compensation | 5,346 | 5,495 |
Deferred rent | 10,874 | 9,719 |
Income tax credits | 13,188 | 15,823 |
Net operating losses | 562 | 557 |
Other | 2,079 | 1,752 |
Valuation allowance | (454) | (586) |
Total non-current deferred income tax liability | (46,669) | (38,974) |
Net deferred income tax liability | $ (29,698) | $ (24,379) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 17, 2012 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 13,188 | $ 15,823 | ||
Valuation allowances against net operating loss and tax credit carryforwards | 600 | 700 | ||
Unrecognized tax benefits | 2,998 | $ 2,173 | $ 219 | $ 897 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 800 | |||
Anticipated decrease in liability for unrecognized tax benefits within next twelve-month period | 1,700 | |||
Federal | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 14,000 | |||
Tax credits expiration year | 2,033 | |||
Federal | Earliest Tax Year | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2,012 | |||
State or Local Taxing Jurisdiction | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 1,700 | |||
Tax credits expiration year | 2,023 | |||
State or Local Taxing Jurisdiction | Earliest Tax Year | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2,011 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 219 | |
Decrease of tax positions taken in current period | $ (678) | |
Ending Balance | 2,173 | 219 |
Increase for tax positions taken in prior years | 474 | 1,798 |
Decrease for tax positions taken in prior years | (52) | |
Increase for tax positions taken during the current period | 386 | 317 |
Decrease for statute expiration | $ (35) | $ (109) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 29, 2015USD ($)shares | |
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 |
2005 Equity Incentive Plan | Minimum | |
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 |
Unrecognized stock-based compensation expense | $ | $ 4.5 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock Options | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 33.00% |
Stock Options | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 67.00% |
Stock Options | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Stock Options | Minimum | Cliff Vesting | |
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 |
Stock Options | Maximum | Cliff Vesting | |
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] | |
Unrecognized stock-based compensation expense | $ | $ 8.7 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Time-Vested Restricted Stock Units | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 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 | 67.00% |
Time-Vested Restricted Stock Units | Cliff Vesting Year Five | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options vesting percentage | 100.00% |
Time-Vested Restricted Stock Units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Time-Vested Restricted Stock Units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Performance-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 0.4 |
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 |
Information Related to Stock-Ba
Information Related to Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Capitalized | [1] | $ 285 | $ 213 | $ 215 |
Labor and benefits | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,427 | 1,456 | 1,341 | |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 3,968 | 3,167 | $ 3,077 | |
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. |
Black-Scholes Option-Pricing Mo
Black-Scholes Option-Pricing Model, Weighted Average Assumptions and Fair Value of Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 37.00% | 37.70% | 36.50% |
Risk free interest rate | 1.39% | 1.64% | 0.76% |
Expected option life | 5 years | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% | 0.00% |
Fair value of options granted | $ 16.33 | $ 10.78 | $ 11.04 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Options Outstanding, Shares | ||||
Outstanding, Beginning Balance | 1,522 | 2,049 | 2,025 | |
Granted | 175 | 231 | 186 | |
Exercised | (432) | (665) | (93) | |
Forfeited | (41) | (93) | (69) | |
Outstanding, Ending Balance | 1,224 | 1,522 | 2,049 | 2,025 |
Options Exercisable, Shares | ||||
Options Exercisable Outstanding, Beginning Balance | 1,008 | 1,514 | 1,403 | |
Options Exercisable Outstanding, Ending Balance | 729 | 1,008 | 1,514 | 1,403 |
Options outstanding, Weighted Average Exercise Price | ||||
Outstanding, Beginning Balance | $ 25.62 | $ 22.82 | $ 22.08 | |
Granted | 47.38 | 30.49 | 33.74 | |
Exercised | 19.46 | 17.21 | 17.05 | |
Forfeited | 35.02 | 36.33 | 38.41 | |
Outstanding, Ending Balance | 30.59 | 25.62 | 22.82 | $ 22.08 |
Options Exercisable, Weighted Average Exercise Price | ||||
Options Exercisable, Beginning Balance | 21.46 | 18.74 | 17.76 | |
Options Exercisable, Ending Balance | $ 25.41 | $ 21.46 | $ 18.74 | $ 17.76 |
Options Exercisable, Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 4 years 10 months 24 days | 4 years 2 months 12 days | 3 years 10 months 24 days | 4 years 6 months |
Information Relating to Signifi
Information Relating to Significant Option Groups Outstanding (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Options Outstanding | 1,224 | 1,522 | 2,049 | 2,025 |
Weighted Average Exercise Price, Options Outstanding | $ 30.59 | $ 25.62 | $ 22.82 | $ 22.08 |
Options Exercisable | 729 | 1,008 | 1,514 | 1,403 |
Weighted Average Exercise Price, Options Exercisable | $ 25.41 | $ 21.46 | $ 18.74 | $ 17.76 |
$9.37 - $16.63 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 9.37 | |||
Range of Exercise Prices, high | $ 16.63 | |||
Options Outstanding | 70 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 2 years 6 months 4 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 12.65 | |||
Options Exercisable | 70 | |||
Weighted Average Exercise Price, Options Exercisable | $ 12.65 | |||
$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 | 288 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 4 years | |||
Weighted Average Exercise Price, Options Outstanding | $ 18.86 | |||
Options Exercisable | 288 | |||
Weighted Average Exercise Price, Options Exercisable | $ 18.86 | |||
$19.96 - $27.34 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 19.96 | |||
Range of Exercise Prices, high | $ 27.34 | |||
Options Outstanding | 74 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 3 years 3 months 11 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 22.27 | |||
Options Exercisable | 68 | |||
Weighted Average Exercise Price, Options Exercisable | $ 21.85 | |||
$29.88 - $29.88 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 29.88 | |||
Range of Exercise Prices, high | $ 29.88 | |||
Options Outstanding | 124 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 8 years 11 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 29.88 | |||
Options Exercisable | 24 | |||
Weighted Average Exercise Price, Options Exercisable | $ 29.88 | |||
$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 | 137 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 4 months 2 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 33.35 | |||
Options Exercisable | 46 | |||
Weighted Average Exercise Price, Options Exercisable | $ 33.61 | |||
$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 | 6 years 11 months 5 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 34.29 | |||
Options Exercisable | 147 | |||
Weighted Average Exercise Price, Options Exercisable | $ 34.29 | |||
$35.57- $45.37 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 35.57 | |||
Range of Exercise Prices, high | $ 45.37 | |||
Options Outstanding | 122 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 1 month 17 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 40.57 | |||
Options Exercisable | 82 | |||
Weighted Average Exercise Price, Options Exercisable | $ 39.56 | |||
$47.04 - $47.04 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 47.04 | |||
Range of Exercise Prices, high | $ 47.04 | |||
Options Outstanding | 132 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 9 years 18 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 47.04 | |||
$48.64 - $52.47 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 48.64 | |||
Range of Exercise Prices, high | $ 52.47 | |||
Options Outstanding | 21 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 10 months 24 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 50.50 | |||
Options Exercisable | 4 | |||
Weighted Average Exercise Price, Options Exercisable | $ 49.62 | |||
$52.98 - $52.98 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 52.98 | |||
Range of Exercise Prices, high | $ 52.98 | |||
Options Outstanding | 11 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 9 years 2 months 1 day | |||
Weighted Average Exercise Price, Options Outstanding | $ 52.98 | |||
$9.37 - $52.98 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 9.37 | |||
Range of Exercise Prices, high | $ 52.98 | |||
Options Outstanding | 1,224 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 1 month 10 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 30.59 | |||
Options Exercisable | 729 | |||
Weighted Average Exercise Price, Options Exercisable | $ 25.41 |
Time-Vested Restricted Stock Un
Time-Vested Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 427 | 433 | 486 |
Granted, Shares | 148 | 130 | 169 |
Vested or released, Shares | (89) | (80) | (150) |
Forfeited, Shares | (57) | (56) | (72) |
Outstanding Ending Balance, Shares | 429 | 427 | 433 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Weighted Average Fair Value | $ 34.66 | $ 33.23 | $ 28.14 |
Granted, Weighted Average Fair Value | 47.99 | 31.71 | 32.63 |
Vested or released, Weighted Average Fair Value | 29.75 | 21.36 | 15.66 |
Forfeited, Weighted Average Fair Value | 39.43 | 35.60 | 34.04 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 39.63 | $ 34.66 | $ 33.23 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance-Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 29, 2015 | Dec. 30, 2014 | |
Shares Outstanding | ||
Outstanding Beginning Balance, Shares | 30 | |
Granted, Shares | 36 | |
Vested or released, Shares | 0 | 0 |
Forfeited, Shares | (1) | (6) |
Outstanding Ending Balance, Shares | 29 | 30 |
Weighted Average Fair Value | ||
Outstanding Beginning Balance, Weighted Average Fair Value | $ 32.49 | |
Granted, Weighted Average Fair Value | $ 32.49 | |
Vested or released, Weighted Average Fair Value | 0 | 0 |
Forfeited, Weighted Average Fair Value | 32.49 | 32.49 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 32.49 | $ 32.49 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 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 | $ 0.6 | $ 0.3 | $ 0.3 |
Base compensation percentage for participating employees based on eligible bonus maximum | 100.00% | ||
Other liabilities | $ 4.8 | 4.1 | |
Other assets, net | $ 5.5 | $ 4.2 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Expenses for supply of food, beverage, paper products and supplies | $ 87.4 | $ 86.7 | $ 82.8 |
Percentage of total costs of sales and operating and occupancy costs | 20.80% | 21.90% | 22.60% |
Trade payables | $ 4.3 | $ 4 | |
Jacmar Companies | |||
Related Party Transaction [Line Items] | |||
Agreement terms | 5 years |
Summarized Unaudited Consolidat
Summarized Unaudited Consolidated Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 29, 2015 | Sep. 29, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenues | $ 233,103 | $ 229,412 | $ 232,013 | $ 225,069 | $ 213,917 | $ 206,450 | $ 219,380 | $ 205,822 | $ 919,597 | $ 845,569 | $ 775,125 | ||||||||
Income from operations | 15,878 | 16,511 | 17,581 | 13,092 | 10,916 | 8,034 | 10,689 | 5,787 | 63,062 | 35,426 | 23,860 | ||||||||
Net income | $ 10,908 | $ 12,364 | $ 12,438 | $ 9,615 | $ 8,253 | $ 6,482 | $ 8,004 | $ 4,658 | $ 45,325 | $ 27,397 | $ 21,022 | ||||||||
Basic net income per share | $ 0.43 | [1] | $ 0.48 | [1] | $ 0.48 | [1] | $ 0.37 | [1] | $ 0.31 | [1] | $ 0.23 | [1] | $ 0.28 | [1] | $ 0.16 | [1] | $ 1.76 | $ 0.99 | $ 0.75 |
Diluted net income per share | $ 0.43 | [1] | $ 0.48 | [1] | $ 0.47 | [1] | $ 0.36 | [1] | $ 0.31 | [1] | $ 0.23 | [1] | $ 0.28 | [1] | $ 0.16 | [1] | $ 1.73 | $ 0.97 | $ 0.73 |
[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. |