Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 03, 2017 | Feb. 24, 2017 | Jun. 28, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 3, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | --01-03 | ||
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 | 21,858,646 | ||
Entity Public Float | $ 942,922,138 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 03, 2017 | Dec. 29, 2015 | |
Current assets: | |||
Cash and cash equivalents | $ 22,761 | $ 34,604 | |
Accounts and other receivables, net | 14,698 | 25,364 | |
Inventories, net | 9,907 | 8,893 | |
Prepaid expenses and other current assets | 11,324 | 7,171 | |
Deferred income taxes | 18,383 | 16,971 | |
Total current assets | 77,073 | 93,003 | |
Property and equipment, net | 601,324 | 561,832 | |
Goodwill | 4,673 | 4,673 | |
Other assets, net | 25,809 | 22,157 | |
Total assets | 708,879 | 681,665 | |
Current liabilities: | |||
Accounts payable | [1] | 31,145 | 33,033 |
Accrued expenses | 94,553 | 83,861 | |
Total current liabilities | 125,698 | 116,894 | |
Deferred income taxes | 55,154 | 46,669 | |
Deferred rent | 30,424 | 27,627 | |
Deferred lease incentives | 54,119 | 53,837 | |
Long-term debt | 148,000 | 100,500 | |
Other liabilities | 20,587 | 19,655 | |
Total liabilities | 433,982 | 365,182 | |
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 22,332 and 24,672 shares issued and outstanding as of January 3, 2017 and December 29, 2015, respectively | 7,367 | ||
Capital surplus | 66,200 | 63,290 | |
Retained earnings | 208,697 | 245,826 | |
Total shareholders' equity | 274,897 | 316,483 | |
Total liabilities and shareholders' equity | $ 708,879 | $ 681,665 | |
[1] | Included in accounts payable for fiscal years 2016 and 2015 is $5,782 and $4,320, respectively, of related party trade payables. See Note 11 for further information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 03, 2017 | 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 | 22,332,000 | 24,672,000 |
Common stock, shares outstanding | 22,332,000 | 24,672,000 |
Accounts payable, related party trade payables | $ 5,782 | $ 4,320 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | ||
Income Statement [Abstract] | ||||
Revenues | $ 993,052 | $ 919,597 | $ 845,569 | |
Restaurant operating costs (excluding depreciation and amortization): | ||||
Cost of sales | [1] | 251,460 | 226,942 | 212,979 |
Labor and benefits | 345,370 | 317,050 | 298,703 | |
Occupancy and operating | [1] | 204,583 | 192,739 | 182,149 |
General and administrative | 55,373 | 53,827 | 51,558 | |
Depreciation and amortization | 64,275 | 59,417 | 55,387 | |
Restaurant opening | 6,977 | 6,562 | 4,973 | |
Loss on disposal and impairment of assets | 2,971 | 2,908 | 1,963 | |
Gain on lease termination, net | (2,910) | |||
Legal and other settlements | 402 | 2,431 | ||
Total costs and expenses | 931,411 | 856,535 | 810,143 | |
Income from operations | 61,641 | 63,062 | 35,426 | |
Other (expense) income: | ||||
Interest (expense), net | (1,730) | (1,015) | (238) | |
Other income, net | 1,180 | 60 | 1,135 | |
Total other (expense) income | (550) | (955) | 897 | |
Income before income taxes | 61,091 | 62,107 | 36,323 | |
Income tax expense | 15,534 | 16,782 | 8,926 | |
Net income | $ 45,557 | $ 45,325 | $ 27,397 | |
Net income per share: | ||||
Basic | $ 1.91 | $ 1.76 | $ 0.99 | |
Diluted | $ 1.88 | $ 1.73 | $ 0.97 | |
Weighted average number of shares outstanding: | ||||
Basic | 23,824 | 25,718 | 27,710 | |
Diluted | 24,233 | 26,231 | 28,316 | |
[1] | Included in cost of sales for fiscal years 2016, 2015, and 2014 are $81,789, $78,887 and $77,783, respectively, of related party costs. Included in operating and occupancy for fiscal years 2016, 2015, and 2014 are $9,041, $8,507 and $8,899, respectively, of related party costs. See Note 11 for further information. |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Income Statement [Abstract] | |||
Cost of sales, related party costs | $ 81,789 | $ 78,887 | $ 77,783 |
Related party operating and occupancy costs | $ 9,041 | $ 8,507 | $ 8,899 |
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 Dec. 31, 2013 | 28,295 | |||
Beginning 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) | (2,069) | |||
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 |
Exercise of stock options (in shares) | 88 | 88 | ||
Exercise of stock options | $ 2,126 | $ 2,931 | (805) | |
Issuance of restricted stock units (in shares) | 53 | |||
Issuance of restricted stock units | $ (323) | $ 2,002 | (2,325) | |
Repurchase of common stock (in shares) | (2,500) | (2,481) | ||
Repurchase of common stock | $ (94,986) | $ (12,300) | (82,686) | |
Stock-based compensation | 5,707 | 5,707 | ||
Tax benefit from stock option exercises | 333 | 333 | ||
Net income | 45,557 | 45,557 | ||
Ending Balance (in shares) at Jan. 03, 2017 | 22,332 | |||
Ending Balance at Jan. 03, 2017 | $ 274,897 | $ 66,200 | $ 208,697 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | ||
Cash flows from operating activities: | ||||
Net income | $ 45,557 | $ 45,325 | $ 27,397 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 64,275 | 59,417 | 55,387 | |
Deferred income taxes | 7,073 | 5,319 | 4,416 | |
Stock-based compensation expense | 5,527 | 5,395 | 4,855 | |
Loss on disposal and impairment of assets | 2,971 | 2,908 | 1,963 | |
Gain on lease termination, net | (2,910) | |||
Changes in assets and liabilities: | ||||
Accounts and other receivables | 9,904 | (994) | (5,393) | |
Landlord contribution for tenant improvements | 762 | 426 | (627) | |
Inventories, net | (1,014) | (883) | (577) | |
Prepaid expenses and other current assets | (5,065) | 1,477 | (1,662) | |
Other assets, net | (5,257) | (3,282) | (2,706) | |
Accounts payable | 542 | (1,983) | 842 | |
Accrued expenses | 10,692 | 11,274 | 12,179 | |
Deferred rent | 2,797 | 2,947 | 2,532 | |
Deferred lease incentives | 282 | 2,753 | (248) | |
Other liabilities | (687) | 35 | 1,682 | |
Net cash provided by operating activities | 138,359 | 127,224 | 100,040 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (109,363) | (86,070) | (88,124) | |
Proceeds from sale of assets | 4,511 | 3,478 | 13,143 | |
Proceeds from marketable securities sold | 18,950 | |||
Purchases of marketable securities | (9,159) | |||
Net cash used in investing activities | (104,852) | (82,592) | (65,190) | |
Cash flows from financing activities: | ||||
Borrowings on line of credit | 1,179,800 | 529,400 | 125,000 | |
Payments on line of credit | (1,132,300) | (486,900) | (67,000) | |
Excess tax benefit from stock-based compensation | 333 | 4,220 | 3,803 | |
Taxes paid on vested stock units under employee plans | (323) | (293) | (445) | |
Proceeds from exercise of stock options | 2,126 | 8,411 | 11,480 | |
Repurchases of common stock | (94,986) | (95,549) | (100,000) | |
Net cash used in financing activities | (45,350) | (40,711) | (27,162) | |
Net (decrease) increase in cash and cash equivalents | (11,843) | 3,921 | 7,688 | |
Cash and cash equivalents, beginning of year | 34,604 | 30,683 | 22,995 | |
Cash and cash equivalents, end of year | 22,761 | 34,604 | 30,683 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 6,803 | 12,097 | 4,936 | |
Cash paid for interest, net of capitalized interest | 1,351 | 503 | 175 | |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Fixed assets accrued in accounts payable | 8,485 | 10,915 | 10,294 | |
Stock-based compensation capitalized | [1] | $ 180 | $ 285 | $ 213 |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and 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 |
Jan. 03, 2017 | |
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 January 3, 2017, we owned and operated 187 restaurants located in 24 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewhouse ® ® ® ® ® 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 year 2016 ended on January 3, 2017 and consisted of 53 weeks of operations. Fiscal years 2015 and 2014 ended on December 29, 2015, and December 30, 2014, respectively, and consisted of 52 weeks of operations. Segment Disclosure Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 280, Segment Reporting Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases 2016-02 In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting paid-in 2016-09 In April 2016, the FASB issued ASU 2016-10, 2014-09, Revenue from Contracts with Customers 2014-09 2016-10 2014-09 2016-10 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 Inventories Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) 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. 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 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 2016, 2015 or 2014. Intangible Assets Definite-lived intangible assets are comprised of trademarks and are 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 2016, 2015 or 2014. 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 and 2014, we recorded impairment expense of $0.4 million and $0.3 million, respectively, which is included in “Loss on disposal of assets and impairments” in the Consolidated Statements of Income. We did not incur an impairment expense in fiscal 2016. Revenue Recognition Revenues from food and beverage sales at restaurants are recognized when payment is tendered at the point-of-sale. non-usage 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 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, but may be impacted by changes in commodity prices or promotional activities. 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 2016, 2015, and 2014 was approximately $18.9 million, $20.5 million and $19.2 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 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. We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained through an 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 Gain on Lease Termination On August 3, 2015, the landlord of our Century City, California restaurant notified us that they were exercising their right to terminate our lease in return for a $6.0 million termination fee. Our Century City restaurant was located at The Westfield Century City Mall, which was being significantly reconfigured and renovated, requiring the restaurant to be closed by the end of January 2016. As a result of the forced lease termination, we recorded a $6.0 million termination fee receivable in accordance with our lease provision. This fee offset by the remaining net book value of the restaurants fixed assets resulted in a $2.9 million net gain. 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 probable 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 and applies these selected terms consistently to each lease. These judgments 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 2016 2015 2014 Numerator: Net income for basic and diluted net income per share $45,557 $45,325 $27,397 Denominator: Weighted-average shares outstanding - basic 23,824 25,718 27,710 Dilutive effect of equity awards 409 513 606 Weighted-average shares outstanding - diluted 24,233 26,231 28,316 At January 3, 2017, December 29, 2015, and December 30, 2014, there were approximately 0.3 million, 0.2 million, and 0.8 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. Stock-Based Under our shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Jan. 03, 2017 | |
Receivables [Abstract] | |
Accounts and Other Receivables | 2. Accounts and Other Receivables Accounts and other receivables consisted of the following (in thousands): January 3, December 29, 2015 Credit cards $5,272 $6,282 Third party gift cards 3,016 2,933 Tenant improvement allowances 4,517 5,279 Income taxes 1,255 4,039 Lease termination fee – 6,000 Other 638 831 $14,698 $25,364 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 03, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment January 3, December 29, 2015 Land $10,933 $8,658 Building improvements 344,450 308,875 Leasehold improvements 240,811 222,157 Furniture and fixtures 128,582 116,308 Equipment 258,356 230,790 983,132 886,788 Less accumulated depreciation and amortization (404,702) (345,765) 578,430 541,023 Construction in progress 22,894 20,809 Property and equipment, net $601,324 $561,832 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 03, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4. Accrued Expenses Accrued expenses consisted of the following (in thousands): January 3, December 29, 2015 Payroll related $26,374 $20,984 Workers’ compensation 19,834 19,753 Deferred revenue from gift cards 12,968 11,363 Sales taxes 7,044 5,332 Other taxes 5,089 4,992 Deferred lease incentives - current 4,568 4,268 Other current rent related 2,908 2,482 Utilities 1,981 2,026 Customer loyalty program 2,780 2,424 Merchant cards 1,782 1,277 Other 9,225 8,960 $94,553 $83,861 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 03, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Leases We lease our restaurant and office facilities under non-cancelable 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 $30.4 million and $27.6 million at January 3, 2017 and December 29, 2015, respectively. The deferred rent will be amortized to rent expense over each respective lease term. A number of our leases require us to pay contingent rent based on a percentage of sales above a specified minimum. Total contingent rent included within rent expense for fiscal 2016, 2015, and 2014 was approximately $3.8 million, $3.6 million, and $3.5 million, respectively. Future minimum annual rent payments under non-cancelable 2017 $45,685 2018 45,283 2019 43,367 2020 42,390 2021 41,859 Thereafter 367,838 $586,422 Additionally, we have entered into lease agreements related to the construction of future restaurants with commencement dates subsequent to January 3, 2017. Our aggregate future commitment relating to these leases is $3.5 million and is not included in the above future minimum annual rent payments. 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. Letters of Credit We have irrevocable standby letters of credit outstanding, as required under our workers’ compensation insurance arrangements, of $14.5 million as of January 3, 2017. Our standby letters of credit 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 issued under our Credit Facility 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 January 3, 2017. Additionally, our future estimated cash payments under existing contractual purchase obligations for goods and services as of January 3, 2017, are approximately $28.7 million. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 03, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Line of Credit On November 18, 2016, we entered into a Second Amended and Restated Credit Agreement 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 an additional $50 million. The Credit Facility, which matures on November 18, 2021, now provides us with revolving loan commitments totaling $250 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 January 3, 2017, there were borrowings of $148.0 million and letters of credit totaling approximately $14.5 million outstanding under the Credit Facility. Available borrowings under the Credit Facility were $87.5 million as of January 3, 2017. 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 fiscal 2016 was approximately 1.53%. 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 January 3, 2017, we were in compliance with these covenants. Interest expense related to the borrowings under the Credit Facility for fiscal 2016, 2015, and 2014 was approximately $1.4 million, $0.5 million and $0.1 million, respectively. We also capitalized approximately $0.2 million of interest expense related to new restaurant construction during fiscal 2016 and fiscal 2015. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 03, 2017 | |
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 we are authorized 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 January 3, 2017 or December 29, 2015. 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 During fiscal 2016, we repurchased and retired approximately 2.5 million shares of our common stock at an average price of $38.28 per share for a total of $95.0 million, which is recorded as a reduction in common stock, with any excess charged to retained earnings. As of January 3, 2017, approximately $59.5 million remains available for additional repurchases under our $350 million authorized share repurchase program. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 03, 2017 | |
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 2016 2015 2014 Current: Federal $6,034 $8,161 $3,990 State 2,427 3,302 520 8,461 11,463 4,510 Deferred: Federal 6,869 5,278 3,381 State 204 41 1,035 7,073 5,319 4,416 Income tax expense $15,534 $16,782 $8,926 Income tax expense for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2016 2015 2014 Income tax at statutory rates 35.0% 35.0% 35.0% State income taxes, net of federal benefit 3.3 3.7 1.0 Permanent differences – 0.2 0.1 Income tax credits (11.9) (12.5) (10.9) Other, net (1.0) 0.6 (0.6) 25.4% 27.0% 24.6% The components of the deferred income tax asset (liability) consist of the following (in thousands): January 3, December 29, 2015 Current deferred income tax asset: State tax $985 $885 Gift cards 1,521 988 Accrued expenses 13,752 13,839 Other 2,193 1,398 Valuation allowance (68) (139) Total current deferred income tax asset 18,383 16,971 Non-current Property and equipment (80,842) (77,120) Intangible assets (2,085) (2,048) Smallwares (5,488) (5,038) Accrued expenses 6,255 5,942 Stock-based compensation 6,152 5,346 Deferred rent 11,637 10,874 Income tax credits 6,559 13,188 Net operating losses 785 562 Other 2,071 2,079 Valuation allowance (198) (454) Total non-current (55,154) (46,669) Net deferred income tax liability $(36,771) $(29,698) At January 3, 2017, we had federal and California income tax credit carryforwards of approximately $6.5 million and $1.4 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 2034 and the California enterprise zone credits will begin to expire in 2023. As of January 3, 2017 and December 29, 2015, we have recorded a valuation allowance against certain state net operating loss and tax credit carryforwards of $0.3 million and $0.6 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 January 3, 2017, the amount recorded for interest and penalties changed for tax positions taken in the current year. As of January 3, 2017, unrecognized tax benefits recorded was approximately $1.2 million, of which approximately $0.9 million, if reversed would impact our effective tax rate. We anticipate no change in our liability for unrecognized tax benefits within the next twelve-month period. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 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 year 386 Lapse in statute of limitations (35) Balance at December 29, 2015 2,998 Increase for tax positions taken in prior years 126 Decrease for tax positions taken in prior years (2,037) Increase for tax positions taken in current year 188 Lapse in statute of limitations (30) Balance at January 3, 2017 $1,245 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of January 3, 2017, 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 2012. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Jan. 03, 2017 | |
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”), 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 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 The following table presents information for the classification of the related to stock-based compensation (in thousands): Fiscal Year 2016 2015 2014 Labor and benefits $1,786 $1,427 $1,456 General and administrative $3,741 $3,968 $3,167 Legal and other settlements $– $– $232 Capitalized (1) $180 $285 $213 (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 was estimated on the date of grant using the Black-Scholes Fiscal Year 2016 2015 2014 Expected volatility 35.8% 37.0% 37.7% Risk free interest rate 1.51% 1.39% 1.64% Expected option life 5 years 5 years 5 years Dividend yield 0% 0% 0% Fair value of options granted $14.08 $16.33 $10.78 The exercise price of the stock options grants under our stock-based compensation plan is required to equal or exceed the fair market value of the shares on the grant date. The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Shares (in thousands) Weighted Weighted 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 Granted 146 $41.78 Exercised (88) $24.03 Forfeited (55) $40.56 Outstanding at January 3, 2017 1,227 $31.95 802 $27.73 4.5 Information relating to significant option groups outstanding as of January 3, 2017, is as follows (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Weighted Exercisable Weighted $9.37 – $16.63 60 1.46 $12.70 60 $12.70 $18.86 – $18.86 276 2.99 $18.86 276 $18.86 $20.81 – $29.88 147 6.13 $28.21 80 $26.91 $30.39 – $34.24 111 6.31 $33.44 74 $33.61 $34.29 – $34.29 245 5.92 $34.29 196 $34.29 $34.89 – $42.41 184 7.75 $40.12 49 $36.44 $42.94 – $47.04 174 7.38 $46.25 60 $45.94 $48.64 – $51.08 13 6.00 $49.71 4 $49.65 $52.47 – $52.47 6 8.15 $52.47 1 $52.47 $52.98 – $52.98 11 8.16 $52.98 2 $52.98 $9.37 – $52.98 1,227 5.62 $31.95 802 $27.73 As of January 3, 2017, total unrecognized stock-based compensation expense related to non-vested Time-Based Restricted Stock Units The following table presents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value 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 Granted 155 $40.82 Vested or released (63) $39.47 Forfeited (61) $42.12 Outstanding at January 3, 2017 460 $39.75 The fair value of 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 January 3, 2017, total unrecognized stock-based compensation expense related to non-vested Performance-Based Restricted Stock Units The following table presents performance-based restricted stock unit activity: 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 Granted 32 $42.41 Vested or released – $– Forfeited (7) $36.37 Outstanding at January 3, 2017 54 $37.87 The fair value of 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 January 3, 2017, total unrecognized stock-based compensation expense related to non-vested |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 03, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans We maintain a voluntary, contributory 401(k) plan for eligible employees. Employees may elect to contribute up to the IRS maximum for the plan year. Additionally, eligible participants may also elect catch-up We also maintain a non-qualified |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 03, 2017 | |
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. Under the terms of our agreement with DMA, Jacmar is required to sell products to us at the same prices as the other DMA distributors. 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. The cost of food, beverage, paper products and supplies provided by Jacmar included within cost of sales and occupancy and operating expenses consisted of the following (in thousands): Fiscal Year 2016 2015 2014 Cost of Sales: Third party suppliers $169,671 67.5% $148,055 65.2% $135,196 63.5% Jacmar 81,789 32.5 78,887 34.8 77,783 36.5 Total Cost of Sales $251,460 100.0% $226,942 100.0% $212,979 100.0% Occupancy and Operating: Third party suppliers $195,542 95.6% $184,232 95.6% $173,250 95.1% Jacmar 9,041 4.4 8,507 4.4 8,899 4.9 Total Occupancy and Operating $204,583 100.0% $192,739 100.0% $182,149 100.0% The amounts included in trade payables related to Jacmar consisted of the following (in thousands): January 3, December 29, Third party suppliers $25,363 $28,713 Jacmar 5,782 4,320 Total Accounts Payable $31,145 $33,033 |
Selected Consolidated Quarterly
Selected Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 03, 2017 | |
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 the following (in thousands, except per share data): March 29, June 28, September 27, 2016 January 3, Total revenues $243,401 $250,328 $233,702 $265,621 Income from operations $16,393 $19,561 $9,071 $16,616 Net income $11,644 $13,789 $7,237 $12,887 Basic net income per share (1) $0.48 $0.57 $0.30 $0.56 Diluted net income per share (1) $0.47 $0.56 $0.30 $0.55 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 (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 Si20
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2017 | |
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 January 3, 2017, we owned and operated 187 restaurants located in 24 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewhouse ® ® ® ® ® |
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 year 2016 ended on January 3, 2017 and consisted of 53 weeks of operations. Fiscal years 2015 and 2014 ended on December 29, 2015, and December 30, 2014, 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 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases 2016-02 In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting paid-in 2016-09 In April 2016, the FASB issued ASU 2016-10, 2014-09, Revenue from Contracts with Customers 2014-09 2016-10 2014-09 2016-10 |
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 |
Inventories | Inventories Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) |
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. 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 2016, 2015 or 2014. |
Intangible Assets | Intangible Assets Definite-lived intangible assets are comprised of trademarks and are 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 2016, 2015 or 2014. 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 and 2014, we recorded impairment expense of $0.4 million and $0.3 million, respectively, which is included in “Loss on disposal of assets and impairments” in the Consolidated Statements of Income. We did not incur an impairment expense in fiscal 2016. |
Revenue Recognition | Revenue Recognition Revenues from food and beverage sales at restaurants are recognized when payment is tendered at the point-of-sale. non-usage |
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 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, but may be impacted by changes in commodity prices or promotional activities. |
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 2016, 2015, and 2014 was approximately $18.9 million, $20.5 million and $19.2 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 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. We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained through an 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 |
Gain on Lease Termination | Gain on Lease Termination On August 3, 2015, the landlord of our Century City, California restaurant notified us that they were exercising their right to terminate our lease in return for a $6.0 million termination fee. Our Century City restaurant was located at The Westfield Century City Mall, which was being significantly reconfigured and renovated, requiring the restaurant to be closed by the end of January 2016. As a result of the forced lease termination, we recorded a $6.0 million termination fee receivable in accordance with our lease provision. This fee offset by the remaining net book value of the restaurants fixed assets resulted in a $2.9 million net gain. 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 probable 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 and applies these selected terms consistently to each lease. These judgments 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 |
The Company and Summary of Si21
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
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 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 2016 2015 2014 Numerator: Net income for basic and diluted net income per share $45,557 $45,325 $27,397 Denominator: Weighted-average shares outstanding - basic 23,824 25,718 27,710 Dilutive effect of equity awards 409 513 606 Weighted-average shares outstanding - diluted 24,233 26,231 28,316 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | Accounts and other receivables consisted of the following (in thousands): January 3, December 29, 2015 Credit cards $5,272 $6,282 Third party gift cards 3,016 2,933 Tenant improvement allowances 4,517 5,279 Income taxes 1,255 4,039 Lease termination fee – 6,000 Other 638 831 $14,698 $25,364 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment January 3, December 29, 2015 Land $10,933 $8,658 Building improvements 344,450 308,875 Leasehold improvements 240,811 222,157 Furniture and fixtures 128,582 116,308 Equipment 258,356 230,790 983,132 886,788 Less accumulated depreciation and amortization (404,702) (345,765) 578,430 541,023 Construction in progress 22,894 20,809 Property and equipment, net $601,324 $561,832 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): January 3, December 29, 2015 Payroll related $26,374 $20,984 Workers’ compensation 19,834 19,753 Deferred revenue from gift cards 12,968 11,363 Sales taxes 7,044 5,332 Other taxes 5,089 4,992 Deferred lease incentives - current 4,568 4,268 Other current rent related 2,908 2,482 Utilities 1,981 2,026 Customer loyalty program 2,780 2,424 Merchant cards 1,782 1,277 Other 9,225 8,960 $94,553 $83,861 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Annual Rent Payments under Non-cancelable Operating Leases | Future minimum annual rent payments under non-cancelable 2017 $45,685 2018 45,283 2019 43,367 2020 42,390 2021 41,859 Thereafter 367,838 $586,422 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
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 2016 2015 2014 Current: Federal $6,034 $8,161 $3,990 State 2,427 3,302 520 8,461 11,463 4,510 Deferred: Federal 6,869 5,278 3,381 State 204 41 1,035 7,073 5,319 4,416 Income tax expense $15,534 $16,782 $8,926 |
Income Tax Expense Differs from Amount that would Result from Applying Federal Statutory Rate | Income tax expense for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2016 2015 2014 Income tax at statutory rates 35.0% 35.0% 35.0% State income taxes, net of federal benefit 3.3 3.7 1.0 Permanent differences – 0.2 0.1 Income tax credits (11.9) (12.5) (10.9) Other, net (1.0) 0.6 (0.6) 25.4% 27.0% 24.6% |
Components of Deferred Income Tax Asset (Liability) | The components of the deferred income tax asset (liability) consist of the following (in thousands): January 3, December 29, 2015 Current deferred income tax asset: State tax $985 $885 Gift cards 1,521 988 Accrued expenses 13,752 13,839 Other 2,193 1,398 Valuation allowance (68) (139) Total current deferred income tax asset 18,383 16,971 Non-current Property and equipment (80,842) (77,120) Intangible assets (2,085) (2,048) Smallwares (5,488) (5,038) Accrued expenses 6,255 5,942 Stock-based compensation 6,152 5,346 Deferred rent 11,637 10,874 Income tax credits 6,559 13,188 Net operating losses 785 562 Other 2,071 2,079 Valuation allowance (198) (454) Total non-current (55,154) (46,669) Net deferred income tax liability $(36,771) $(29,698) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 31, 2013 $219 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 year 386 Lapse in statute of limitations (35) Balance at December 29, 2015 2,998 Increase for tax positions taken in prior years 126 Decrease for tax positions taken in prior years (2,037) Increase for tax positions taken in current year 188 Lapse in statute of limitations (30) Balance at January 3, 2017 $1,245 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Information for Classification Related to Stock-Based compensation | The following table presents information for the classification of the related to stock-based compensation (in thousands): Fiscal Year 2016 2015 2014 Labor and benefits $1,786 $1,427 $1,456 General and administrative $3,741 $3,968 $3,167 Legal and other settlements $– $– $232 Capitalized (1) $180 $285 $213 (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 was estimated on the date of grant using the Black-Scholes Fiscal Year 2016 2015 2014 Expected volatility 35.8% 37.0% 37.7% Risk free interest rate 1.51% 1.39% 1.64% Expected option life 5 years 5 years 5 years Dividend yield 0% 0% 0% Fair value of options granted $14.08 $16.33 $10.78 |
Stock Option Activity | The exercise price of the stock options grants under our stock-based compensation plan is required to equal or exceed the fair market value of the shares on the grant date. The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Shares (in thousands) Weighted Weighted 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 Granted 146 $41.78 Exercised (88) $24.03 Forfeited (55) $40.56 Outstanding at January 3, 2017 1,227 $31.95 802 $27.73 4.5 |
Information Relating to Significant Option Groups Outstanding | Information relating to significant option groups outstanding as of January 3, 2017, is as follows (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Weighted Exercisable Weighted $9.37 – $16.63 60 1.46 $12.70 60 $12.70 $18.86 – $18.86 276 2.99 $18.86 276 $18.86 $20.81 – $29.88 147 6.13 $28.21 80 $26.91 $30.39 – $34.24 111 6.31 $33.44 74 $33.61 $34.29 – $34.29 245 5.92 $34.29 196 $34.29 $34.89 – $42.41 184 7.75 $40.12 49 $36.44 $42.94 – $47.04 174 7.38 $46.25 60 $45.94 $48.64 – $51.08 13 6.00 $49.71 4 $49.65 $52.47 – $52.47 6 8.15 $52.47 1 $52.47 $52.98 – $52.98 11 8.16 $52.98 2 $52.98 $9.37 – $52.98 1,227 5.62 $31.95 802 $27.73 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value 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 Granted 155 $40.82 Vested or released (63) $39.47 Forfeited (61) $42.12 Outstanding at January 3, 2017 460 $39.75 |
Performance Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents performance-based restricted stock unit activity: 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 Granted 32 $42.41 Vested or released – $– Forfeited (7) $36.37 Outstanding at January 3, 2017 54 $37.87 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Cost of Sales, Occupancy and Operating Expenses | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Trade Payables Related to Jacmar | The cost of food, beverage, paper products and supplies provided by Jacmar included within cost of sales and occupancy and operating expenses consisted of the following (in thousands): Fiscal Year 2016 2015 2014 Cost of Sales: Third party suppliers $169,671 67.5% $148,055 65.2% $135,196 63.5% Jacmar 81,789 32.5 78,887 34.8 77,783 36.5 Total Cost of Sales $251,460 100.0% $226,942 100.0% $212,979 100.0% Occupancy and Operating: Third party suppliers $195,542 95.6% $184,232 95.6% $173,250 95.1% Jacmar 9,041 4.4 8,507 4.4 8,899 4.9 Total Occupancy and Operating $204,583 100.0% $192,739 100.0% $182,149 100.0% |
Trade Payables | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Trade Payables Related to Jacmar | The amounts included in trade payables related to Jacmar consisted of the following (in thousands): January 3, December 29, Third party suppliers $25,363 $28,713 Jacmar 5,782 4,320 Total Accounts Payable $31,145 $33,033 |
Selected Consolidated Quarter29
Selected Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 03, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Unaudited Consolidated Quarterly Financial Data | Our summarized unaudited consolidated quarterly financial data is the following (in thousands, except per share data): March 29, June 28, September 27, 2016 January 3, Total revenues $243,401 $250,328 $233,702 $265,621 Income from operations $16,393 $19,561 $9,071 $16,616 Net income $11,644 $13,789 $7,237 $12,887 Basic net income per share (1) $0.48 $0.57 $0.30 $0.56 Diluted net income per share (1) $0.47 $0.56 $0.30 $0.55 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 $0.43 (1) Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on the Consolidated Statements of Income. |
Company and Summary of Signific
Company and Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016USD ($) | Jan. 03, 2017USD ($)RestaurantStateSegmentshares | Dec. 29, 2015USD ($)shares | Dec. 30, 2014USD ($)shares | Aug. 03, 2015USD ($) | Oct. 01, 1991Restaurant | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of restaurants owned | Restaurant | 187 | 5 | ||||
Number of states in which entity operates | State | 24 | |||||
Number of new restaurants opened | Restaurant | 17 | |||||
Number of operating segments | Segment | 1 | |||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | |||
Impairment expenses of long-lived assets | 0 | 400,000 | 300,000 | |||
Deferred revenue from gift cards | 12,968,000 | 11,363,000 | ||||
Advertising expense | $ 18,900,000 | 20,500,000 | $ 19,200,000 | |||
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 | 0.3 | 0.2 | 0.8 | |||
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 | |||||
Landlord | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease termination fee receivable | $ 6,000,000 | |||||
Gain on lease termination, net | $ 6,000,000 | |||||
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 |
Jan. 03, 2017 | |
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 | |||||||||
Jan. 03, 2017 | Sep. 27, 2016 | Jun. 28, 2016 | Mar. 29, 2016 | Dec. 29, 2015 | Sep. 29, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income for basic and diluted net income per share | $ 12,887 | $ 7,237 | $ 13,789 | $ 11,644 | $ 10,908 | $ 12,364 | $ 12,438 | $ 9,615 | $ 45,557 | $ 45,325 | $ 27,397 |
Weighted-average shares outstanding - basic | 23,824 | 25,718 | 27,710 | ||||||||
Dilutive effect of equity awards | 409 | 513 | 606 | ||||||||
Weighted-average shares outstanding - diluted | 24,233 | 26,231 | 28,316 |
Schedule of Accounts and Other
Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands | Jan. 03, 2017 | Dec. 29, 2015 |
Receivables [Abstract] | ||
Credit cards | $ 5,272 | $ 6,282 |
Third party gift cards | 3,016 | 2,933 |
Tenant improvement allowances | 4,517 | 5,279 |
Income taxes | 1,255 | 4,039 |
Lease termination fee | 6,000 | |
Other | 638 | 831 |
Total accounts and other receivables | $ 14,698 | $ 25,364 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 03, 2017 | Dec. 29, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 983,132 | $ 886,788 |
Less accumulated depreciation and amortization | (404,702) | (345,765) |
Property and equipment, excluding construction in progress | 578,430 | 541,023 |
Construction in progress | 22,894 | 20,809 |
Property and equipment, net | 601,324 | 561,832 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,933 | 8,658 |
Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 344,450 | 308,875 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 240,811 | 222,157 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 128,582 | 116,308 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 258,356 | $ 230,790 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 03, 2017 | Dec. 29, 2015 |
Payables and Accruals [Abstract] | ||
Payroll related | $ 26,374 | $ 20,984 |
Workers' compensation | 19,834 | 19,753 |
Deferred revenue from gift cards | 12,968 | 11,363 |
Sales taxes | 7,044 | 5,332 |
Other taxes | 5,089 | 4,992 |
Deferred lease incentives - current | 4,568 | 4,268 |
Other current rent related | 2,908 | 2,482 |
Utilities | 1,981 | 2,026 |
Customer loyalty program | 2,780 | 2,424 |
Merchant cards | 1,782 | 1,277 |
Other | 9,225 | 8,960 |
Accrued Liabilities | $ 94,553 | $ 83,861 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Operating Leased Assets [Line Items] | |||
Rent expenses | $ 42,800 | $ 39,400 | $ 35,900 |
Deferred rent | 30,424 | 27,627 | |
Total contingent rentals | 3,800 | $ 3,600 | $ 3,500 |
Aggregate future commitment relating to lease agreements | 586,422 | ||
Letters of credit outstanding amount | $ 14,500 | ||
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 | 28,700 | ||
Property Subject to Operating Lease | |||
Operating Leased Assets [Line Items] | |||
Aggregate future commitment relating to lease agreements | $ 3,500 | ||
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 | Jan. 03, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 45,685 |
2,018 | 45,283 |
2,019 | 43,367 |
2,020 | 42,390 |
2,021 | 41,859 |
Thereafter | 367,838 |
Operating Leases, Future Minimum Payments Due, Total | $ 586,422 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Nov. 18, 2016 | Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 |
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding amount | $ 14,500,000 | |||
Line of credit outstanding amount | 148,000,000 | |||
Available borrowings under credit facility | 87,500,000 | |||
Interest expense capitalized | 200,000 | $ 200,000 | ||
Interest expense on line of credit | $ 1,400,000 | $ 500,000 | $ 100,000 | |
Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average interest rate | 1.53% | |||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Revolving loan commitments under loan agreement | $ 50,000,000 | |||
Second Amended and Restated Credit Agreement amendment | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving loan commitments under loan agreement | 250,000,000 | |||
Loan agreement, expiration date | Nov. 18, 2021 | |||
Additional Increase in revolving loan | $ 50,000,000 | |||
Maximum | Second Amended and Restated Credit Agreement amendment | Revolving Credit Facility | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, adjustment to interest rate | 1.75% | |||
Minimum | Second Amended and Restated Credit Agreement amendment | Revolving Credit Facility | 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) | 12 Months Ended | ||
Jan. 03, 2017USD ($)Series$ / sharesshares | Dec. 29, 2015USD ($)shares | Dec. 30, 2014USD ($) | |
Equity [Abstract] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Series of preferred stock, minimum | Series | 1 | ||
Preferred stock, issued | 0 | 0 | |
Preferred stock, outstanding | 0 | 0 | |
Voting rights, per share | One | ||
Number of shares repurchased during the period | 2,500,000 | ||
Repurchased average price per share | $ / shares | $ 38.28 | ||
Shares repurchased, value | $ | $ 94,986,000 | $ 95,549,000 | $ 100,000,000 |
Total amount authorized under the share repurchase program | $ | 350,000,000 | ||
Common stock additional repurchases under authorized repurchase program | $ | $ 59,500,000 |
Income Tax Expense (Benefit) (D
Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Current: | |||
Federal | $ 6,034 | $ 8,161 | $ 3,990 |
State | 2,427 | 3,302 | 520 |
Current Income Tax Expense (Benefit), Total | 8,461 | 11,463 | 4,510 |
Deferred: | |||
Federal | 6,869 | 5,278 | 3,381 |
State | 204 | 41 | 1,035 |
Deferred income taxes | 7,073 | 5,319 | 4,416 |
Income tax expense | $ 15,534 | $ 16,782 | $ 8,926 |
Income Tax Expense Differs from
Income Tax Expense Differs from Amount that would Result from Applying Federal Statutory Rate (Detail) | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rates | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.30% | 3.70% | 1.00% |
Permanent differences | 0.20% | 0.10% | |
Income tax credits | (11.90%) | (12.50%) | (10.90%) |
Other, net | (1.00%) | 0.60% | (0.60%) |
Effective Income Tax Rate, Continuing Operations, Total | 25.40% | 27.00% | 24.60% |
Components of Deferred Income T
Components of Deferred Income Tax Asset (Liability) (Detail) - USD ($) $ in Thousands | Jan. 03, 2017 | Dec. 29, 2015 |
Current deferred income tax asset: | ||
State tax | $ 985 | $ 885 |
Gift cards | 1,521 | 988 |
Accrued expenses | 13,752 | 13,839 |
Other | 2,193 | 1,398 |
Valuation allowance | (68) | (139) |
Total current deferred income tax asset | 18,383 | 16,971 |
Non-current deferred income tax asset (liability): | ||
Property and equipment | (80,842) | (77,120) |
Intangible assets | (2,085) | (2,048) |
Smallwares | (5,488) | (5,038) |
Accrued expenses | 6,255 | 5,942 |
Stock-based compensation | 6,152 | 5,346 |
Deferred rent | 11,637 | 10,874 |
Income tax credits | 6,559 | 13,188 |
Net operating losses | 785 | 562 |
Other | 2,071 | 2,079 |
Valuation allowance | (198) | (454) |
Total non-current deferred income tax liability | (55,154) | (46,669) |
Net deferred income tax liability | $ (36,771) | $ (29,698) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 6,559,000 | $ 13,188,000 | ||
Valuation allowances against net operating loss and tax credit carryforwards | 300,000 | 600,000 | ||
Unrecognized tax benefits | 1,245,000 | $ 2,998,000 | $ 2,173,000 | $ 219,000 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 900,000 | |||
Anticipated change in liability for unrecognized tax benefits within next twelve-month period | 0 | |||
Federal | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 6,500,000 | |||
Tax credits expiration year | 2,034 | |||
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 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 1,400,000 | |||
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 | 2,012 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 2,998 | $ 2,173 | $ 219 |
Increase for tax positions taken in prior years | 126 | 474 | 1,798 |
Decrease for tax positions taken in prior years | (2,037) | (52) | |
Increase for tax positions taken during the current year | 188 | 386 | 317 |
Decrease for statute expiration | (30) | (35) | (109) |
Ending Balance | $ 1,245 | $ 2,998 | $ 2,173 |
Stock-Based Compensation Plan45
Stock-Based Compensation Plans - Additional Information (Detail) $ in Millions | 12 Months Ended |
Jan. 03, 2017USD ($)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 |
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 |
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 | $ | $ 3.8 |
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] | |
Vesting percentage | 33.00% |
Stock Options | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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] | |
Vesting percentage | 33.00% |
Time-Vested Restricted Stock Units | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 | $ | $ 0.8 |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Performance Based Restricted Stock Units | Minimum | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 0.00% |
Performance Based Restricted Stock Units | Maximum | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 150.00% |
Time-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 8.8 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Information for Classification
Information for Classification Related to Stock-Based compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Capitalized | [1] | $ 180 | $ 285 | $ 213 |
Labor and benefits | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,786 | 1,427 | 1,456 | |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 3,741 | $ 3,968 | 3,167 | |
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 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 | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 35.80% | 37.00% | 37.70% |
Risk free interest rate | 1.51% | 1.39% | 1.64% |
Expected option life | 5 years | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% | 0.00% |
Fair value of options granted | $ 14.08 | $ 16.33 | $ 10.78 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Options Outstanding, Shares | ||||
Outstanding, Beginning Balance | 1,224 | 1,522 | 2,049 | |
Granted | 146 | 175 | 231 | |
Exercised | (88) | (432) | (665) | |
Forfeited | (55) | (41) | (93) | |
Outstanding, Ending Balance | 1,227 | 1,224 | 1,522 | 2,049 |
Options Exercisable, Shares | ||||
Options Exercisable Outstanding, Beginning Balance | 729 | 1,008 | 1,514 | |
Options Exercisable Outstanding, Ending Balance | 802 | 729 | 1,008 | 1,514 |
Options outstanding, Weighted Average Exercise Price | ||||
Outstanding, Beginning Balance | $ 30.59 | $ 25.62 | $ 22.82 | |
Granted | 41.78 | 47.38 | 30.49 | |
Exercised | 24.03 | 19.46 | 17.21 | |
Forfeited | 40.56 | 35.02 | 36.33 | |
Outstanding, Ending Balance | 31.95 | 30.59 | 25.62 | $ 22.82 |
Options Exercisable, Weighted Average Exercise Price | ||||
Options Exercisable, Beginning Balance | 25.41 | 21.46 | 18.74 | |
Options Exercisable, Ending Balance | $ 27.73 | $ 25.41 | $ 21.46 | $ 18.74 |
Options Exercisable, Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 4 years 6 months | 4 years 10 months 24 days | 4 years 2 months 12 days | 3 years 10 months 24 days |
Information Relating to Signifi
Information Relating to Significant Option Groups Outstanding (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Options Outstanding | 1,227 | 1,224 | 1,522 | 2,049 |
Weighted Average Exercise Price, Options Outstanding | $ 31.95 | $ 30.59 | $ 25.62 | $ 22.82 |
Options Exercisable | 802 | 729 | 1,008 | 1,514 |
Weighted Average Exercise Price, Options Exercisable | $ 27.73 | $ 25.41 | $ 21.46 | $ 18.74 |
$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 | 60 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 1 year 5 months 16 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 12.70 | |||
Options Exercisable | 60 | |||
Weighted Average Exercise Price, Options Exercisable | $ 12.70 | |||
$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 | 276 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 2 years 11 months 27 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 18.86 | |||
Options Exercisable | 276 | |||
Weighted Average Exercise Price, Options Exercisable | $ 18.86 | |||
$20.81 - $29.88 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 20.81 | |||
Range of Exercise Prices, high | $ 29.88 | |||
Options Outstanding | 147 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 1 month 17 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 28.21 | |||
Options Exercisable | 80 | |||
Weighted Average Exercise Price, Options Exercisable | $ 26.91 | |||
$30.39 - $34.24 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 30.39 | |||
Range of Exercise Prices, high | $ 34.24 | |||
Options Outstanding | 111 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 3 months 22 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 33.44 | |||
Options Exercisable | 74 | |||
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 | 5 years 11 months 1 day | |||
Weighted Average Exercise Price, Options Outstanding | $ 34.29 | |||
Options Exercisable | 196 | |||
Weighted Average Exercise Price, Options Exercisable | $ 34.29 | |||
$34.29 - $42.41 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 34.89 | |||
Range of Exercise Prices, high | $ 42.41 | |||
Options Outstanding | 184 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 9 months | |||
Weighted Average Exercise Price, Options Outstanding | $ 40.12 | |||
Options Exercisable | 49 | |||
Weighted Average Exercise Price, Options Exercisable | $ 36.44 | |||
$42.94 - $47.04 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 42.94 | |||
Range of Exercise Prices, high | $ 47.04 | |||
Options Outstanding | 174 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 4 months 17 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 46.25 | |||
Options Exercisable | 60 | |||
Weighted Average Exercise Price, Options Exercisable | $ 45.94 | |||
$48.64 - $51.08 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 48.64 | |||
Range of Exercise Prices, high | $ 51.08 | |||
Options Outstanding | 13 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years | |||
Weighted Average Exercise Price, Options Outstanding | $ 49.71 | |||
Options Exercisable | 4 | |||
Weighted Average Exercise Price, Options Exercisable | $ 49.65 | |||
$52.47 - $52.47 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 52.47 | |||
Range of Exercise Prices, high | $ 52.47 | |||
Options Outstanding | 6 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 8 years 1 month 24 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 52.47 | |||
Options Exercisable | 1 | |||
Weighted Average Exercise Price, Options Exercisable | $ 52.47 | |||
$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 | 8 years 1 month 28 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 52.98 | |||
Options Exercisable | 2 | |||
Weighted Average Exercise Price, Options Exercisable | $ 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 | 1,227 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 7 months 13 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 31.95 | |||
Options Exercisable | 802 | |||
Weighted Average Exercise Price, Options Exercisable | $ 27.73 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 429 | 427 | 433 |
Granted, Shares | 155 | 148 | 130 |
Vested or released, Shares | (63) | (89) | (80) |
Forfeited, Shares | (61) | (57) | (56) |
Outstanding Ending Balance, Shares | 460 | 429 | 427 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Weighted Average Fair Value | $ 39.63 | $ 34.66 | $ 33.23 |
Granted, Weighted Average Fair Value | 40.82 | 47.99 | 31.71 |
Vested or released, Weighted Average Fair Value | 39.47 | 29.75 | 21.36 |
Forfeited, Weighted Average Fair Value | 42.12 | 39.43 | 35.60 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 39.75 | $ 39.63 | $ 34.66 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 29 | 30 | |
Granted, Shares | 32 | 36 | |
Vested or released, Shares | 0 | 0 | 0 |
Forfeited, Shares | (7) | (1) | (6) |
Outstanding Ending Balance, Shares | 54 | 29 | 30 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Weighted Average Fair Value | $ 32.49 | $ 32.49 | |
Granted, Weighted Average Fair Value | 42.41 | $ 32.49 | |
Vested or released, Weighted Average Fair Value | 0 | 0 | 0 |
Forfeited, Weighted Average Fair Value | 36.37 | 32.49 | 32.49 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 37.87 | $ 32.49 | $ 32.49 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution rate towards employee contribution | 33.00% | ||
Percentage of deferred earnings in employer matching contribution rate | 6.00% | ||
Employer contribution | $ 500 | $ 600 | $ 300 |
Base compensation percentage for participating employees based on eligible bonus maximum | 100.00% | ||
Other assets, net | $ 25,809 | 22,157 | |
Other liabilities | 20,587 | 19,655 | |
Deferred compensation plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other assets, net | 6,200 | 5,500 | |
Other liabilities | $ 6,000 | $ 4,800 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended |
Jan. 03, 2017 | |
Jacmar | |
Related Party Transaction [Line Items] | |
Agreement terms | 5 years |
Related Party Transactions - Su
Related Party Transactions - Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses Related to Jacmar (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | ||
Related Party Transaction [Line Items] | ||||
Total Cost of Sales | [1] | $ 251,460 | $ 226,942 | $ 212,979 |
Total Occupancy and Operating | [1] | 204,583 | 192,739 | 182,149 |
Jacmar | ||||
Related Party Transaction [Line Items] | ||||
Total Cost of Sales | 81,789 | 78,887 | 77,783 | |
Total Occupancy and Operating | 9,041 | 8,507 | 8,899 | |
Third Party Suppliers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total Cost of Sales | 169,671 | 148,055 | 135,196 | |
Total Occupancy and Operating | $ 195,542 | $ 184,232 | $ 173,250 | |
Cost of Sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |
Cost of Sales | Supplier Concentration Risk | Jacmar | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 32.50% | 34.80% | 36.50% | |
Cost of Sales | Supplier Concentration Risk | Third Party Suppliers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 67.50% | 65.20% | 63.50% | |
Occupancy and Operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |
Occupancy and Operating | Supplier Concentration Risk | Jacmar | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 4.40% | 4.40% | 4.90% | |
Occupancy and Operating | Supplier Concentration Risk | Third Party Suppliers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 95.60% | 95.60% | 95.10% | |
[1] | Included in cost of sales for fiscal years 2016, 2015, and 2014 are $81,789, $78,887 and $77,783, respectively, of related party costs. Included in operating and occupancy for fiscal years 2016, 2015, and 2014 are $9,041, $8,507 and $8,899, respectively, of related party costs. See Note 11 for further information. |
Related Party Transactions - 55
Related Party Transactions - Summary of Amounts Included in Trade Payables Related to Jacmar (Detail) - USD ($) $ in Thousands | Jan. 03, 2017 | Dec. 29, 2015 | |
Related Party Transaction [Line Items] | |||
Total Accounts Payable | [1] | $ 31,145 | $ 33,033 |
Third Party Suppliers [Member] | |||
Related Party Transaction [Line Items] | |||
Total Accounts Payable | 25,363 | 28,713 | |
Jacmar | |||
Related Party Transaction [Line Items] | |||
Total Accounts Payable | $ 5,782 | $ 4,320 | |
[1] | Included in accounts payable for fiscal years 2016 and 2015 is $5,782 and $4,320, respectively, of related party trade payables. See Note 11 for further information. |
Summarized Unaudited Consolidat
Summarized Unaudited Consolidated Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jan. 03, 2017 | Sep. 27, 2016 | Jun. 28, 2016 | Mar. 29, 2016 | Dec. 29, 2015 | Sep. 29, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenues | $ 265,621 | $ 233,702 | $ 250,328 | $ 243,401 | $ 233,103 | $ 229,412 | $ 232,013 | $ 225,069 | $ 993,052 | $ 919,597 | $ 845,569 | ||||||||
Income from operations | 16,616 | 9,071 | 19,561 | 16,393 | 15,878 | 16,511 | 17,581 | 13,092 | 61,641 | 63,062 | 35,426 | ||||||||
Net income | $ 12,887 | $ 7,237 | $ 13,789 | $ 11,644 | $ 10,908 | $ 12,364 | $ 12,438 | $ 9,615 | $ 45,557 | $ 45,325 | $ 27,397 | ||||||||
Basic net income per share | $ 0.56 | [1] | $ 0.30 | [1] | $ 0.57 | [1] | $ 0.48 | [1] | $ 0.43 | [1] | $ 0.48 | [1] | $ 0.48 | [1] | $ 0.37 | [1] | $ 1.91 | $ 1.76 | $ 0.99 |
Diluted net income per share | $ 0.55 | [1] | $ 0.30 | [1] | $ 0.56 | [1] | $ 0.47 | [1] | $ 0.43 | [1] | $ 0.48 | [1] | $ 0.47 | [1] | $ 0.36 | [1] | $ 1.88 | $ 1.73 | $ 0.97 |
[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. |