BJ's Restaurants (BJRI) 10-Q 31 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 27, 2016	Oct. 28, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	BJRI
Entity Registrant Name	BJs RESTAURANTS INC
Entity Central Index Key	1,013,488
Current Fiscal Year End Date	--01-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		23,258,257

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2016	Dec. 29, 2015
Current assets:
Cash and cash equivalents	$ 25,948	$ 34,604
Accounts and other receivables, net	11,961	25,364
Inventories, net	9,513	8,893
Prepaid expenses and other current assets	2,566	7,171
Deferred income taxes	16,971	16,971
Total current assets	66,959	93,003
Property and equipment, net	598,370	561,832
Goodwill	4,673	4,673
Other assets, net	24,661	22,157
Total assets	694,663	681,665
Current liabilities:
Accounts payable	33,748	33,033
Accrued expenses	88,756	83,861
Total current liabilities	122,504	116,894
Deferred income taxes	50,786	46,669
Deferred rent	29,852	27,627
Deferred lease incentives	54,497	53,837
Long-term debt	109,300	100,500
Other liabilities	19,170	19,655
Total liabilities	386,109	365,182
Commitments and contingencies
Shareholders' equity:
Preferred stock, 5,000 shares authorized, none issued or outstanding
Common stock, no par value, 125,000 shares authorized and 23,618 and 24,672 shares issued and outstanding as of September 27, 2016 and December 29, 2015, respectively		7,367
Capital surplus	65,742	63,290
Retained earnings	242,812	245,826
Total shareholders' equity	308,554	316,483
Total liabilities and shareholders' equity	$ 694,663	$ 681,665

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 27, 2016	Dec. 29, 2015
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	23,618,000	24,672,000
Common stock, shares outstanding	23,618,000	24,672,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2016	Sep. 29, 2015	Sep. 27, 2016	Sep. 29, 2015
Income Statement [Abstract]
Revenues	$ 233,702	$ 229,412	$ 727,431	$ 686,494
Costs and expenses:
Cost of sales	59,882	56,198	183,091	169,428
Labor and benefits	82,034	78,953	252,793	237,444
Occupancy and operating	50,474	48,960	149,691	143,227
General and administrative	12,921	13,620	41,050	40,698
Depreciation and amortization	16,292	15,093	47,930	44,008
Restaurant opening	2,218	2,298	5,216	5,702
Loss on disposal and impairment of assets	810	689	2,266	1,713
Gain on lease termination, net		(2,910)		(2,910)
Legal and other settlements			369
Total costs and expenses	224,631	212,901	682,406	639,310
Income from operations	9,071	16,511	45,025	47,184
Other income (expense):
Interest expense, net	(344)	(201)	(1,100)	(710)
Other income (expense), net	378	(257)	813	224
Total other income (expense)	34	(458)	(287)	(486)
Income before income taxes	9,105	16,053	44,738	46,698
Income tax expense	1,868	3,689	12,068	12,281
Net income	$ 7,237	$ 12,364	$ 32,670	$ 34,417
Net income per share:
Basic	$ 0.30	$ 0.48	$ 1.35	$ 1.33
Diluted	$ 0.30	$ 0.48	$ 1.33	$ 1.30
Weighted average number of shares outstanding:
Basic	24,091	25,493	24,172	25,926
Diluted	24,486	25,964	24,589	26,466

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 27, 2016	Sep. 29, 2015
Cash flows from operating activities:
Net income		$ 32,670	$ 34,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		47,930	44,008
Deferred income taxes		4,117	3,493
Stock-based compensation expense		4,580	3,940
Loss on disposal and impairment of assets		2,266	1,713
Gain on lease termination, net			(2,910)
Changes in assets and liabilities:
Accounts and other receivables		12,844	1,900
Landlord contribution for tenant improvements		559	(1,349)
Inventories		(620)	(626)
Prepaid expenses and other current assets		3,891	5,295
Other assets		(3,729)	(2,795)
Accounts payable		(3,172)	(5,288)
Accrued expenses		4,895	11,791
Deferred rent		2,225	2,441
Deferred lease incentives		660	3,496
Other liabilities		(485)	106
Net cash provided by operating activities		108,631	99,632
Cash flows from investing activities:
Purchases of property and equipment		(80,682)	(63,088)
Proceeds from sale of assets			3,478
Net cash used in investing activities		(80,682)	(59,610)
Cash flows from financing activities:
Borrowings on line of credit		749,700	340,400
Payments on line of credit		(740,900)	(330,900)
Excess tax benefit from stock-based compensation		289	3,978
Taxes paid on vested stock units under employee plans		(208)	(196)
Proceeds from exercise of stock options		1,890	7,924
Repurchases of common stock		(47,376)	(65,339)
Net cash used in financing activities		(36,605)	(44,133)
Net decrease in cash and cash equivalents		(8,656)	(4,111)
Cash and cash equivalents, beginning of period		34,604	30,683
Cash and cash equivalents, end of period		25,948	26,572
Supplemental disclosure of cash flow information:
Cash paid for income taxes		6,786	11,097
Cash paid for interest, net of capitalized interest		904	361
Supplemental disclosure of non-cash investing and financing activities:
Fixed assets acquired by accounts payable		14,802	15,962
Stock-based compensation capitalized	[1]	$ 226	$ 206
[1]	Capitalized stock-based compensation relates to our restaurant development personnel and is included in "Property and equipment, net" on the Consolidated Balance Sheets.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 27, 2016
Accounting Policies [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments which are, in the opinion of management, necessary for a fair presentation of the statements of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the year ended December 29, 2015. The disclosures included in our accompanying interim financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance requires the recognition of most leases on the balance sheet 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. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, and therefore are not recorded within our balance sheet. We are currently evaluating the impact that this guidance will have on our consolidated financial statements as well as the expected adoption method. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance will change how companies account for certain aspects of share-based payments to employees. Companies will be required to recognize the difference between the estimated and the actual tax impact of awards within the income statement when the awards vest or are settled, and additional paid-in capital (“APIC”) pools will be eliminated. This ASU also impacts the classification of awards as either equity or liabilities and the classification of share-based transactions within the statement of cash flows. ASU 2016-09 In April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 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 and expands related disclosure requirements. ASU 2016-10 clarifies ASU 2014-09 to address the potential for diversity in practice at the adoption. ASU 2016-10 is effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements as well as the expected adoption method.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 27, 2016
Debt Disclosure [Abstract]
Long-Term Debt	2. LONG-TERM DEBT Line of Credit On August 24, 2016, we entered into an amendment to our existing loan agreement (“Credit Facility”) dated September 3, 2014, pursuant to which we increased the amount available under our revolving loan by $50 million. The Credit Facility, which matures on September 3, 2019, now provides us with revolving loan commitments totaling $200 million, of which $50 million may be used for the issuance 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. Our obligations under the Credit Facility are unsecured. As of September 27, 2016, there were borrowings of $109.3 million and letters of credit totaling approximately $14.9 million outstanding under the Credit Facility. Available borrowings under the Credit Facility were $75.8 million as of September 27, 2016. The Credit Facility bears interest at our choice of LIBOR plus a percentage not to exceed 1.75%, or at a rate ranging from Bank of America’s 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 plus lease expenses. The weighted average interest rate during the thirty-nine weeks ended September 27, 2016 was approximately 1.48%. 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 September 27, 2016, we were in compliance with these covenants. Interest expense related to the borrowings under the Credit Facility was $0.9 million and $0.4 million during the thirty-nine weeks ended September 27, 2016 and September 29, 2015, respectively. We also capitalized approximately $0.2 million and $0.1 million of interest expense related to new restaurant construction and significant remodel construction during the thirty-nine weeks ended September 27, 2016 and September 29, 2015, respectively.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 27, 2016
Earnings Per Share [Abstract]
Net Income Per Share	3. NET INCOME PER SHARE Basic net income per share is computed by dividing net income 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 in-the-money 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 that were included in the dilutive net income per share computation (in thousands): For The Thirteen Weeks Ended For The Thirty-Nine Weeks September 27, September 29, September 27, September 29, 2015 Numerator: Net income $7,237 $12,364 $32,670 $34,417 Denominator: Weighted-average shares outstanding – basic 24,091 25,493 24,172 25,926 Dilutive effect of equity awards 395 471 417 540 Weighted-average shares outstanding – diluted 24,486 25,964 24,589 26,466 For the thirteen weeks ended September 27, 2016 and September 29, 2015, there were approximately 0.4 million and 0.2 million shares of common stock equivalents, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive. For the thirty-nine weeks ended September 27, 2016 and September 29, 2015, there were approximately 0.3 million and 0.2 million shares of common stock equivalents, respectively, that were excluded from the calculation of diluted net income per share because they are anti-dilutive.

Related Party

Related Party	9 Months Ended
	Sep. 27, 2016
Related Party Transactions [Abstract]
Related Party	4. RELATED PARTY The Jacmar Companies and/or their affiliates (collectively referred to herein as “Jacmar”) are shareholders of ours and James Dal Pozzo, the Chief Executive Officer of Jacmar, is a member of our Board of Directors. Jacmar, through its affiliation with Distribution Market Advantage (“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 an extensive competitive bidding process. Jacmar services our restaurants in California and Nevada, while other DMA distributors service our restaurants in all other states. Jacmar supplied us with $67.1 million and $66.0 million of food, beverage, paper products and supplies during the thirty-nine weeks ended September 27, 2016 and September 29, 2015, respectively, which represents 20.2% and 21.1% of our total costs of sales and occupancy and operating expenses, respectively. We had trade payables related to these products of $5.1 million and $4.3 million, at September 27, 2016 and December 29, 2015, respectively. Jacmar does not provide us with any produce, liquor, wine or beer products, all of which are provided by other third party vendors.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 27, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	5. STOCK-BASED COMPENSATION Our current shareholder approved stock-based compensation plan is the 2005 Equity Incentive Plan (“the Plan”), as amended from time to time. 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 share granted. Other types of grants, including restricted stock units (“RSUs”), are currently charged against the Plan share reserve on the basis of 1.5 shares for each 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 stock options as well as time-based and performance-based RSUs to officers. We issue time-based RSUs and stock options to other support employees. We also issue RSUs and stock options in connection with the BJ’s Gold Standard Stock Ownership Program (the “GSSOP”). The GSSOP is a long-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 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 three or five years, cliff vest at five years, or cliff vest at 33% on the third anniversary and 67% on the fifth anniversary, and expire ten years from the date of grant. Time-based RSUs generally vest ratably over three or five years for non-GSSOP participants and either cliff vest at five years or cliff vest at 33% on the third anniversary and 67% on the fifth anniversary for GSSOP participants. Performance-based RSUs generally cliff vest on the third anniversary of the grant date in an amount from 0% to 150% of the grant quantity, dependent on the level of target achievement. The following table presents information related to stock-based compensation (in thousands): For The Thirteen Weeks Ended For The Thirty-Nine Weeks Ended September 27, September 29, September 27, September 29, Labor and benefits $413 $424 $1,321 $986 General and administrative $1,061 $988 $3,259 $2,954 Capitalized (1) $64 $80 $226 $206 (1) Capitalized stock-based compensation relates to our restaurant development personnel and 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 For the Thirty-Nine Weeks Ended September 27, September 29, Expected volatility 35.9% 37.1% Risk free interest rate 1.5% 1.4% Expected option life 5 years 5 years Dividend yield 0% 0% Fair value of options granted $14.30 $16.47 U.S. GAAP requires us to make certain assumptions and judgments regarding the grant date fair value. These judgments include expected volatility, risk free interest rate, expected option life, dividend yield and vesting percentage. These estimations and judgments are determined by us using assumptions that, in many cases, are outside of our control. The changes in these variables or trends, including stock price volatility and risk free interest rate, may significantly impact the grant date fair value, resulting in a significant impact to our financial results. The exercise price of our 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 Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Outstanding at December 29, 2015 1,224 $30.59 729 $25.41 Granted 130 42.35 Exercised (77) 24.56 Forfeited (43) 40.51 Outstanding at September 27, 2016 1,234 $31.86 747 $27.02 As of September 27, 2016, total unrecognized stock-based compensation expense related to non-vested stock options was $4.3 million, which is generally expected to be recognized over the next five years. Restricted Stock Units Time-Based Restricted Stock Units The following table represents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 429 $39.63 Granted 114 42.67 Vested or released (46) 40.42 Forfeited (44) 41.96 Outstanding at September 27, 2016 453 $40.10 The fair value of our 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 (e.g., five years). As of September 27, 2016, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $9.0 million, which is generally expected to be recognized over the next five years. Performance-Based Restricted Stock Units The following table represents performance-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 29 $32.49 Granted 32 42.41 Vested or released – – Forfeited (5) 36.06 Outstanding at September 27, 2016 56 $37.84 The fair value of our 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 September 27, 2016, total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $1.0 million, which is generally expected to be recognized over the next three years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2016
Income Tax Disclosure [Abstract]
Income Taxes	6. INCOME TAXES We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting” and ASC Topic 740, “Accounting for Income Taxes.” At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary year to date earnings. The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated during the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. As of September 27, 2016, unrecognized tax benefits recorded was approximately $1.5 million, of which approximately $1.0 million, if reversed, would impact our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 29, 2015 $2,998 Increase for tax positions taken in prior years 126 Decrease for tax positions taken in prior years (1,676) Increase for tax positions taken in current period 47 Decrease for statute expiration (19) Balance at September 27, 2016 $1,476 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of September 27, 2016, the earliest tax year still subject to examination by the Internal Revenue Service is 2013. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2011.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 27, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	7. LEGAL PROCEEDINGS We are subject to lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from customers, employees and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability and our employee workers’ compensation requirements. We maintain coverage with a third party insurer to limit our total exposure. We believe that most of our customer claims will be covered by our general liability insurance, subject to coverage limits and the portion of such claims that are self-insured. Punitive damages awards and employee unfair practice claims, however, are not covered by our general liability insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these types of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims.

Stock Repurchases

Stock Repurchases	9 Months Ended
	Sep. 27, 2016
Equity [Abstract]
Stock Repurchases	8. STOCK REPURCHASES During the thirty-nine weeks ended September 27, 2016, we repurchased and retired approximately 1.2 million shares of our common stock at an average price of $40.33 per share for a total of $47.4 million, which is recorded as a reduction in common stock, with any excess charged to retained earnings. As of September 27, 2016, approximately $107.1 million remains available for additional repurchases under our $350 million authorized share repurchase program.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 27, 2016
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The financial statements presented herein include all material adjustments which are, in the opinion of management, necessary for a fair presentation of the statements of the financial condition, results of operations and cash flows for the period. Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in accordance with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the year ended December 29, 2015. The disclosures included in our accompanying interim financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance requires the recognition of most leases on the balance sheet 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. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, and therefore are not recorded within our balance sheet. We are currently evaluating the impact that this guidance will have on our consolidated financial statements as well as the expected adoption method. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance will change how companies account for certain aspects of share-based payments to employees. Companies will be required to recognize the difference between the estimated and the actual tax impact of awards within the income statement when the awards vest or are settled, and additional paid-in capital (“APIC”) pools will be eliminated. This ASU also impacts the classification of awards as either equity or liabilities and the classification of share-based transactions within the statement of cash flows. ASU 2016-09 In April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 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 and expands related disclosure requirements. ASU 2016-10 clarifies ASU 2014-09 to address the potential for diversity in practice at the adoption. ASU 2016-10 is effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements as well as the expected adoption method.
Net Income Per Share	Basic net income per share is computed by dividing net income 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 in-the-money 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.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 27, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards 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 that were included in the dilutive net income per share computation (in thousands): For The Thirteen Weeks Ended For The Thirty-Nine Weeks September 27, September 29, September 27, September 29, 2015 Numerator: Net income $7,237 $12,364 $32,670 $34,417 Denominator: Weighted-average shares outstanding – basic 24,091 25,493 24,172 25,926 Dilutive effect of equity awards 395 471 417 540 Weighted-average shares outstanding – diluted 24,486 25,964 24,589 26,466

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 27, 2016
Information Related to Stock-Based Compensation	The following table presents information related to stock-based compensation (in thousands): For The Thirteen Weeks Ended For The Thirty-Nine Weeks Ended September 27, September 29, September 27, September 29, Labor and benefits $413 $424 $1,321 $986 General and administrative $1,061 $988 $3,259 $2,954 Capitalized (1) $64 $80 $226 $206 (1) Capitalized stock-based compensation relates to our restaurant development personnel and 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 For the Thirty-Nine Weeks Ended September 27, September 29, Expected volatility 35.9% 37.1% Risk free interest rate 1.5% 1.4% Expected option life 5 years 5 years Dividend yield 0% 0% Fair value of options granted $14.30 $16.47
Stock Option Activity	The exercise price of our 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 Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Outstanding at December 29, 2015 1,224 $30.59 729 $25.41 Granted 130 42.35 Exercised (77) 24.56 Forfeited (43) 40.51 Outstanding at September 27, 2016 1,234 $31.86 747 $27.02
Time-Vested Restricted Stock Units
Restricted Stock Unit Activity	The following table represents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 429 $39.63 Granted 114 42.67 Vested or released (46) 40.42 Forfeited (44) 41.96 Outstanding at September 27, 2016 453 $40.10
Performance-Based Restricted Stock Units
Restricted Stock Unit Activity	The following table represents performance-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 29, 2015 29 $32.49 Granted 32 42.41 Vested or released – – Forfeited (5) 36.06 Outstanding at September 27, 2016 56 $37.84

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 27, 2016
Income Tax Disclosure [Abstract]
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 29, 2015 $2,998 Increase for tax positions taken in prior years 126 Decrease for tax positions taken in prior years (1,676) Increase for tax positions taken in current period 47 Decrease for statute expiration (19) Balance at September 27, 2016 $1,476

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Aug. 24, 2016	Sep. 27, 2016	Sep. 29, 2015
Line of Credit Facility [Line Items]
Letters of credit outstanding amount		$ 14,900,000
Line of credit outstanding amount		109,300,000
Available borrowings under credit facility		75,800,000
Interest expense capitalized		200,000	$ 100,000
Interest expense on line of credit		$ 900,000	$ 400,000
Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate		1.48%
Letter of Credit
Line of Credit Facility [Line Items]
Revolving loan commitments under loan agreement	$ 50,000,000
Credit Facility Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving loan commitments under loan agreement	200,000,000
Loan agreement, expiration date		Sep. 3, 2019
Increase in revolving loan	$ 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%

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2016	Sep. 29, 2015	Sep. 27, 2016	Sep. 29, 2015
Earnings Per Share [Abstract]
Net income	$ 7,237	$ 12,364	$ 32,670	$ 34,417
Weighted-average shares outstanding - basic	24,091	25,493	24,172	25,926
Dilutive effect of equity awards	395	471	417	540
Weighted-average shares outstanding - diluted	24,486	25,964	24,589	26,466

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2016	Sep. 29, 2015	Sep. 27, 2016	Sep. 29, 2015
Earnings Per Share [Abstract]
Common stock equivalents excluded from calculation of diluted net income per share	0.4	0.2	0.3	0.2

Related Party - Additional Info

Related Party - Additional Information (Detail) - Jacmar Companies - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2016	Sep. 29, 2015	Dec. 29, 2015
Related Party Transaction [Line Items]
Agreement terms	5 years
Expenses for supply of food, beverage, paper products and supplies	$ 67.1	$ 66
Percentage of total costs of sales and occupancy and operating expenses	20.20%	21.10%
Trade payables	$ 5.1		$ 4.3

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares charged to reserve per granted share | shares	1
Share basis for number shares charged to reserve | shares	1
Expiration term of stock options	10 years
Minimum | Cliff Vesting Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vesting percentage	0.00%
Maximum | Cliff Vesting Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vesting percentage	150.00%
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 | $	$ 4.3
Unrecognized stock-based compensation expenses recognition period (in years)	5 years
Stock Options | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting 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 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Time-Vested Restricted Stock Units | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting 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 | 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 | $	$ 1
Unrecognized stock-based compensation expenses recognition period (in years)	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares charged to reserve per granted share | shares	1.5
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $	$ 9
Unrecognized stock-based compensation expenses recognition period (in years)	5 years

Information Related to Stock-Ba

Information Related to Stock-Based Compensation (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 27, 2016	Sep. 29, 2015	Sep. 27, 2016	Sep. 29, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Capitalized	[1]	$ 64	$ 80	$ 226	$ 206
Labor and benefits
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation		413	424	1,321	986
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation		$ 1,061	$ 988	$ 3,259	$ 2,954
[1]	Capitalized stock-based compensation relates to our restaurant development personnel and 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	9 Months Ended
	Sep. 27, 2016	Sep. 27, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	35.90%	37.10%
Risk free interest rate	1.50%	1.40%
Expected option life	5 years	5 years
Dividend yield	0.00%	0.00%
Fair value of options granted	$ 14.30	$ 16.47

Stock Option Activity (Detail)

Stock Option Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 27, 2016$ / sharesshares
Options Outstanding, Shares
Outstanding, Beginning Balance | shares	1,224
Granted | shares	130
Exercised | shares	(77)
Forfeited | shares	(43)
Outstanding, Ending Balance | shares	1,234
Options Exercisable, Shares
Options Exercisable Outstanding, Beginning Balance | shares	729
Options Exercisable Outstanding, Ending Balance | shares	747
Options outstanding, Weighted Average Exercise Price
Outstanding, Beginning Balance | $ / shares	$ 30.59
Granted | $ / shares	42.35
Exercised | $ / shares	24.56
Forfeited | $ / shares	40.51
Outstanding, Ending Balance | $ / shares	31.86
Options Exercisable, Weighted Average Exercise Price
Options Exercisable, Beginning Balance | $ / shares	25.41
Options Exercisable, Ending Balance | $ / shares	$ 27.02

Time-Based Restricted Stock Uni

Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 27, 2016$ / sharesshares
Shares Outstanding
Outstanding Beginning Balance, Shares | shares	429
Granted, Shares | shares	114
Vested or released, Shares | shares	(46)
Forfeited, Shares | shares	(44)
Outstanding Ending Balance, Shares | shares	453
Weighted Average Fair Value
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares	$ 39.63
Granted, Weighted Average Fair Value | $ / shares	42.67
Vested or released, Weighted Average Fair Value | $ / shares	40.42
Forfeited, Weighted Average Fair Value | $ / shares	41.96
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares	$ 40.10

Performance-Based Restricted St

Performance-Based Restricted Stock Unit Activity (Detail) - Performance-Based Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 27, 2016$ / sharesshares
Shares Outstanding
Outstanding Beginning Balance, Shares | shares	29
Granted, Shares | shares	32
Vested or released, Shares | shares	0
Forfeited, Shares | shares	(5)
Outstanding Ending Balance, Shares | shares	56
Weighted Average Fair Value
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares	$ 32.49
Granted, Weighted Average Fair Value | $ / shares	42.41
Vested or released, Weighted Average Fair Value | $ / shares	0
Forfeited, Weighted Average Fair Value | $ / shares	36.06
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares	$ 37.84

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2016	Dec. 29, 2015
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized tax benefits	$ 1,476	$ 2,998
Unrecognized tax benefits that would impact effective tax rate, if reversed	$ 1,000
Federal | Earliest Tax Year
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax examination, years open	2,013
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) $ in Thousands	9 Months Ended
	Sep. 27, 2016USD ($)
Income Tax Disclosure [Abstract]
Beginning Balance	$ 2,998
Increase for tax positions taken in prior years	126
Decrease for tax positions taken in prior years	(1,676)
Increase for tax positions taken in current period	47
Decrease for statute expiration	(19)
Ending Balance	$ 1,476

Stock Repurchases - Additional

Stock Repurchases - Additional Information (Detail) $ / shares in Units, shares in Millions	9 Months Ended
	Sep. 27, 2016USD ($)$ / sharesshares
Equity [Abstract]
Number of shares repurchased during the period | shares	1.2
Repurchased average price per share | $ / shares	$ 40.33
Shares repurchased, value	$ 47,400,000
Total amount authorized under the share repurchase program	350,000,000
Common stock additional repurchases under authorized repurchase program	$ 107,100,000