Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 28, 2021 | Feb. 22, 2022 | Jun. 29, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 28, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BJRI | ||
Entity Registrant Name | BJ’S RESTAURANTS, INC. | ||
Entity Central Index Key | 0001013488 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 23,412,159 | ||
Entity Public Float | $ 1,077,215,305 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 33-0485615 | ||
Entity Address, Address Line One | 7755 Center Avenue | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Huntington Beach | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92647 | ||
City Area Code | (714) | ||
Local Phone Number | 500-2400 | ||
Title of 12(b) Security | Common Stock, No Par Value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 0-21423 | ||
Documents Incorporated by Reference | Certain portions of the following documents are incorporated by reference into Part III of this Form 10-K: The Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on June 8, 2022. | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Los Angeles, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2021 | Dec. 29, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 38,527 | $ 51,664 |
Accounts and other receivables, net | 29,055 | 23,630 |
Inventories, net | 11,579 | 10,671 |
Prepaid expenses and other current assets | 11,654 | 9,325 |
Total current assets | 90,815 | 95,290 |
Property and equipment, net | 506,111 | 534,841 |
Operating lease assets | 365,244 | 375,557 |
Goodwill | 4,673 | 4,673 |
Deferred income taxes | 24,902 | 6,227 |
Other assets, net | 43,421 | 42,836 |
Total assets | 1,035,166 | 1,059,424 |
Current liabilities: | ||
Accounts payable | 48,840 | 37,770 |
Accrued expenses | 112,354 | 103,320 |
Current operating lease obligations | 39,240 | 36,809 |
Total current liabilities | 200,434 | 177,899 |
Long-term operating lease obligations | 436,016 | 456,869 |
Long-term debt | 50,000 | 116,800 |
Other liabilities | 14,945 | 14,068 |
Total liabilities | 701,395 | 765,636 |
Commitments and contingencies (Note 7) | ||
Shareholders’ equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | ||
Capital surplus | 72,513 | 71,722 |
Retained earnings | 261,258 | 222,066 |
Total shareholders’ equity | 333,771 | 293,788 |
Total liabilities and shareholders’ equity | $ 1,035,166 | $ 1,059,424 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 28, 2021 | Dec. 29, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 23,304,000 | 23,318,000 |
Common stock, shares outstanding | 23,304,000 | 23,318,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | ||
Income Statement [Abstract] | ||||
Revenues | $ 1,087,038 | $ 778,510 | $ 1,161,450 | |
Restaurant operating costs (excluding depreciation and amortization): | ||||
Cost of sales | [1] | 288,110 | 195,573 | 295,009 |
Labor and benefits | 401,408 | 305,628 | 424,370 | |
Occupancy and operating | [1] | 267,888 | 220,889 | 256,383 |
General and administrative | 67,957 | 54,663 | 62,540 | |
Depreciation and amortization | 72,753 | 73,124 | 72,006 | |
Restaurant opening | 1,483 | 1,201 | 2,892 | |
Loss on disposal and impairment of assets | 3,946 | 17,141 | 3,862 | |
Gain on lease transactions, net | (3,278) | (4,731) | ||
Total costs and expenses | 1,103,545 | 864,941 | 1,112,331 | |
(Loss) income from operations | (16,507) | (86,431) | 49,119 | |
Other (expense) income: | ||||
Interest expense, net | (5,002) | (7,078) | (4,613) | |
Gain from legal settlements | 2,284 | |||
Other income, net | 2,327 | 1,275 | 1,788 | |
Total other expense | (2,675) | (3,519) | (2,825) | |
(Loss) income before income taxes | (19,182) | (89,950) | 46,294 | |
Income tax (benefit) expense | (15,576) | (32,065) | 1,056 | |
Net (loss) income | $ (3,606) | $ (57,885) | $ 45,238 | |
Net (loss) income per share: | ||||
Basic | $ (0.16) | $ (2.74) | $ 2.23 | |
Diluted | $ (0.16) | $ (2.74) | $ 2.20 | |
Weighted average number of shares outstanding: | ||||
Basic | 23,191 | 21,162 | 20,285 | |
Diluted | 23,191 | 21,162 | 20,592 | |
[1] | There were no related party costs included in cost of sales or occupancy and operating for fiscal 2021. Related party costs included in cost of sales are $28,070 and $85,794 for fiscal years 2020 and 2019, respectively. Related party costs included in occupancy and operating are $4,058 and $9,307 for fiscal years 2020 and 2019, respectively. See Note 13 for further information. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Related party costs included in cost of sales | $ 28,070 | $ 85,794 |
Related party costs included in occupancy and operating | $ 4,058 | $ 9,307 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning Balance at Jan. 01, 2019 | $ 309,221 | $ 64,342 | $ 244,879 | |||
Beginning Balance (in shares) at Jan. 01, 2019 | 21,058,000 | |||||
Exercise of stock options | $ 1,066 | $ 1,422 | (356) | |||
Exercise of stock options (in shares) | 37,000 | 37,000 | ||||
Issuance of restricted stock units | $ (1,014) | $ 5,122 | (6,136) | |||
Issuance of restricted stock units (in shares) | 127,000 | |||||
Repurchase, retirement and reclassification of common stock | (82,760) | $ (6,544) | (76,216) | |||
Repurchase, retirement and reclassification of common stock (in shares) | (2,073,000) | |||||
Stock-based compensation | 9,212 | 9,212 | ||||
Ending Balance at Dec. 31, 2019 | $ 290,287 | $ 19,502 | 67,062 | 223,225 | $ 19,502 | |
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201602Member | |||||
Dividends paid or payable | $ (10,178) | (10,178) | ||||
Net income (loss) | 45,238 | 45,238 | ||||
Ending Balance (in shares) at Dec. 31, 2019 | 19,149,000 | |||||
Issuance of common stock and warrant, net | 67,342 | $ 63,948 | 3,394 | |||
Issuance of common stock and warrant, net (in shares) | 3,500,000 | |||||
Exercise of stock options | $ 27 | $ 36 | (9) | |||
Exercise of stock options (in shares) | 1,000 | 1,000 | ||||
Issuance of restricted stock units | $ (817) | $ 7,728 | (8,545) | |||
Issuance of restricted stock units (in shares) | 163,000 | |||||
Repurchase, retirement and reclassification of common stock | (15,014) | $ (71,712) | 56,698 | |||
Repurchase, retirement and reclassification of common stock (in shares) | (495,000) | |||||
Stock-based compensation | 9,820 | 9,820 | ||||
Ending Balance at Dec. 29, 2020 | 293,788 | 71,722 | 222,066 | |||
Adjustment to dividends previously accrued | 28 | 28 | ||||
Net income (loss) | (57,885) | $ (57,885) | ||||
Ending Balance (in shares) at Dec. 29, 2020 | 22,318,000 | |||||
Issuance of common stock and warrant, net | 28,907 | $ 28,907 | ||||
Issuance of common stock and warrant, net (in shares) | 703,000 | 3,500,000 | ||||
Exercise of stock options | $ 4,511 | $ 6,394 | (1,883) | |||
Exercise of stock options (in shares) | 129,000 | 122,000 | ||||
Issuance of restricted stock units | $ (491) | $ 7,476 | (7,967) | |||
Issuance of restricted stock units (in shares) | 161,000 | |||||
Repurchase, retirement and reclassification of common stock | $ (42,777) | $ 42,777 | ||||
Stock-based compensation | 10,641 | 10,641 | ||||
Ending Balance at Dec. 28, 2021 | 333,771 | $ 72,513 | 261,258 | |||
Adjustment to dividends previously accrued | 21 | 21 | ||||
Net income (loss) | $ (3,606) | $ (3,606) | ||||
Ending Balance (in shares) at Dec. 28, 2021 | 23,304,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Dividends paid or payable | $ 0.49 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net (loss) income | $ (3,606) | $ (57,885) | $ 45,238 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation and amortization | 72,753 | 73,124 | 72,006 | |
Non-cash lease expense | 31,482 | 29,058 | 27,726 | |
Amortization of financing costs | 511 | 85 | ||
Deferred income taxes | (18,675) | (26,391) | (2,773) | |
Stock-based compensation expense | 10,331 | 9,791 | 8,918 | |
Loss on disposal and impairment of assets | 3,946 | 17,141 | 3,862 | |
Gain on lease transactions, net | (3,278) | (4,731) | ||
Changes in assets and liabilities: | ||||
Accounts and other receivables | (2,425) | 63 | 12,146 | |
Inventories, net | (386) | 396 | (969) | |
Prepaid expenses and other current assets | (2,699) | (573) | (1,393) | |
Other assets, net | (1,792) | (4,450) | (7,823) | |
Accounts payable | 7,489 | 16,784 | (9,799) | |
Accrued expenses | 9,937 | 426 | (4,410) | |
Operating lease obligations | (43,458) | (15,949) | (30,518) | |
Other liabilities | 877 | 2,199 | 3,788 | |
Net cash provided by operating activities | 64,285 | 40,541 | 115,999 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (42,189) | (43,325) | (82,157) | |
Proceeds from sale of assets | 21 | 7,609 | 4,039 | |
Net cash used in investing activities | (42,168) | (35,716) | (78,118) | |
Cash flows from financing activities: | ||||
Borrowings on line of credit | 1,056,600 | 1,252,700 | 1,043,500 | |
Payments on line of credit | (1,123,400) | (1,278,900) | (995,500) | |
Payments of debt issuance costs | (791) | (743) | ||
Proceeds from issuance of common stock, net | 28,907 | 67,342 | ||
Taxes paid on vested stock units under employee plans | (963) | (817) | (1,014) | |
Proceeds from exercise of stock options | 4,511 | 27 | 1,066 | |
Cash dividends accrued under stock compensation plans | (118) | (150) | (10,003) | |
Repurchases of common stock | (15,014) | (82,760) | ||
Net cash (used in) provided by financing activities | (35,254) | 24,445 | (44,711) | |
Net (decrease) increase in cash and cash equivalents | (13,137) | 29,270 | (6,830) | |
Cash and cash equivalents, beginning of year | 51,664 | 22,394 | 29,224 | |
Cash and cash equivalents, end of year | 38,527 | 51,664 | 22,394 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 389 | 1,314 | 5,152 | |
Cash paid for interest, net of capitalized interest | 3,709 | 5,946 | 3,992 | |
Cash paid for operating lease obligations | 71,646 | 46,303 | 51,175 | |
Supplemental disclosure of non-cash operating, investing and financing activities: | ||||
Operating lease assets obtained in exchange for operating lease liabilities | 22,036 | 27,604 | 34,046 | |
Tenant improvement allowance receivable | 3,000 | 4,163 | 3,238 | |
Property and equipment acquired and included in accounts payable | 8,221 | 4,640 | 7,076 | |
Stock-based compensation capitalized | [1] | $ 310 | $ 29 | $ 294 |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2021 | |
Accounting Policies [Abstract] | |
The Company and Summary of Significant Accounting Policies | 1. The Company and Summary of Significant Accounting Policies Description of Business BJ’s Restaurants, Inc. (referred to herein as the “Company,” “BJ’s,” “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants and to develop additional BJ’s restaurants. As of December 28, 2021, w e owned and operated 212 restaurants located in 29 states. During fiscal 2021, we opened two new restaurants and re-opened Several of our locations, in addition to our two brewpub locations in Texas, brew our signature, proprietary craft BJ’s beer All of our other restaurants receive their BJ’s beer either from one of our restaurant brewing operations, our Texas brewpubs and/or independent third-party brewers using our proprietary recipes. Basis of Presentation The accompanying consolidated financial statements include the accounts of BJ’s Restaurants, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. The consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company had no components of other comprehensive income (loss) during any of the years presented, as such; a consolidated statement of comprehensive income (loss) is not presented. The preparation of financial statements in conformity 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 2021, 2020, and 2019 ended on December 28, 2021, December 29, 2020, and December 31, 2019, respectively, and consisted of 52 weeks of operations. Segment Disclosure The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, establishes standards for disclosures about products and services, geographic areas and major guests. We currently operate in one operating segment: casual dining company-owned restaurants. Additionally, we operate in one geographic area: the United States of America. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740). The amendments in this update are intended to simplify the accounting for income taxes by removing certain exceptions in the existing guidance and simplify areas such as franchise taxes, recognition of deferred taxes for goodwill, separate entity financial 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 and receivables. We currently maintain our day-to-day operating cash balances with a major financial institution. At times, our operating cash balances may be in excess of the FDIC insurance limit. Inventories Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) or net realizable value. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the estimated useful life of the asset or the lease term, including reasonably assured renewal periods or exercised options, of the respective lease, whichever is shorter. Renewals and betterments that materially extend the life of an asset are capitalized while maintenance and repair costs are expensed as incurred. Internal costs associated with the acquisition, development and construction of our restaurants are capitalized and allocated to the projects which they relate. When property and equipment are sold or otherwise disposed of, the asset accounts and related accumulated depreciation or amortization accounts are relieved, and any gain or loss is included in earnings. Additionally, any interest capitalized for new restaurant construction is included in “Property and equipment, net” on our Consolidated Balance Sheets. Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: Furniture and fixtures 10 years Equipment 5‑10 years Brewing equipment 10-20 years Building improvements the shorter of 20 years or the remaining lease term Leasehold improvements the shorter of the useful life or the lease term, including reasonably assured renewal periods Goodwill We perform impairment testing annually, during the fourth quarter, and more frequently if factors and circumstances indicate 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. We currently have one reporting unit, which is casual dining company-owned restaurants in the United States of America. If it is concluded that the fair value of our reporting unit is less than the goodwill carrying value, 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. Based on our impairment assessment, we did not record any impairment to goodwill during fiscal 2021, 2020 or 2019. 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. The assets are generally reviewed for impairment on a restaurant level basis, and inclusive of property and equipment and lease right-of-use assets; or at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. 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 assets or the strategy for the overall business; significant negative industry or economic trends; or our expectation to dispose of long-lived assets before the end of their previously estimated useful lives. We use the undiscounted cash flow method to assess the recoverability of potentially impaired long-lived assets by comparing the carrying value of the assets to the undiscounted cash flows expected to be generated by the assets. If the carrying value of the assets exceeds the undiscounted cash flows expected to be generated by the assets, an impairment charge is recognized for the amount by which the carrying value exceeds the fair value of the assets. We measure the fair value by discounting estimated future cash flows using assumptions that are consistent with what a market participant would use. As a result of this analysis, we determined that our restaurant in Pasadena, California was impaired during the third quarter of fiscal 2021. We recorded a $2.2 million charge to operating income for the amount by which the carrying value of the restaurant’s assets exceeded its fair value estimated using the discounted cash flow method. We closed our Pasadena restaurant during the first quarter of 2022. See Note 14 for further information. In fiscal 2020, w e recorded a $ 13.7 million charge to operating income related to impairment expense s. We did no t incur an impairment expense in fiscal 2019 . Self-Insurance Liability We retain large deductibles or self-insured retentions for a portion of our general liability insurance and our team member workers’ compensation programs. We maintain coverage with a third-party insurer to limit our total exposure for these programs. The accrued liability associated with these programs is based on our estimate of the ultimate costs within our retention amount to settle known claims as well as claims incurred but not yet reported to us (“IBNR claims”) as of the balance sheet dates. Our estimated liability is based on information provided by a third-party actuary, combined with our judgments regarding a number of assumptions and factors, including the frequency and severity of claims, our loss development factors, loss cost, history, case jurisdiction, related legislation, and our claims settlement practice. Significant judgment is required to estimate IBNR claims as parties have yet to assert such claims. Revenue Recognition Revenues from food and beverage sales at restaurants are recognized when payment is tendered. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected from the credit card processor. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. Gift card sales are recorded as a liability and recognized as revenues upon redemption in our restaurants. Deferred gift card revenue, included in “Accrued expenses” on the accompanying Consolidated Balance Sheets, was $19.5 million and $17.3 million as of December 28, 2021 and December 29, 2020, respectively. Based on historical redemption rates, a portion of our gift card sales are not expected to be redeemed and will be recognized as gift card “breakage” over time. Estimated gift card breakage is recorded as “Revenues” on our Consolidated Statements of Operations and recognized in proportion to our historical redemption pattern, unless there is a legal obligation to remit the unredeemed gift cards to government authorities. The estimated gift card breakage is based on when the likelihood of redemption becomes remote, which has typically been 24 months after the original gift card issuance date. Our “BJ’s Premier Rewards Plus” guest loyalty program enables participants to earn points for qualifying purchases that can be redeemed for food and beverages in the future. We allocate the transaction price between the goods delivered and the future goods that will be delivered, on a relative standalone selling price basis, and defer the revenues allocated to the points, less expected expirations, until such points are redeemed. 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 2021, 2020 and 2019 was approximately $14.7 million, $13.2 million and $25.2 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Operations. Income Taxes We utilize the liability method of accounting for income taxes. Deferred income taxes are recognized based on the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted We provide for income taxes based on our expected federal and state tax liabilities. Our estimates include, but are not limited to, effective federal, state and local income tax rates, allowable tax credits for items such as FICA taxes paid on reported tip income and estimates related to depreciation expense allowable for tax purposes. We usually file our income tax returns several months after our fiscal year-end. All tax returns are subject to audit by federal and state governments for years after the returns are filed and could be subject to differing interpretations of the tax laws. We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained through an audit, based on the technical merits of the position. Interest and penalties related to uncertain tax positions are included in “Income tax (benefit) expense” on our Consolidated Statements of Operations. Restaurant Opening Expense Restaurant payroll, supplies, training, other start-up costs and rent expense incurred prior to the opening of a new restaurant are expensed as incurred. Leases We determine if a contract contains a lease at inception. Our material operating leases consist of restaurant locations and office space. U.S. GAAP requires that our leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date, and the lease term used in the evaluation includes the non-cancellable period for which we have the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option would result in an economic penalty. All of our restaurant leases and office space are classified as operating leases. We have elected to account for lease and non-lease components as a single lease component for office and beverage gas equipment. We do not have any finance leases. We have elected the short-term lease recognition exemption for all classes of underlying assets. Leases with an initial term of 12 months or less that do not include an option to purchase the underlying asset that we are reasonably certain to exercise are not recorded on the balance sheet. Expense for short-term leases is recognized on a straight-line basis over the lease term. We disburse cash for leasehold improvements, furniture and fixtures and equipment to build out and equip our leased premises. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening the related restaurants, pursuant to agreed-upon terms in our leases. Tenant improvement allowances can take the form of cash payments upon the opening of the related restaurants, full or partial credits against minimum or percentage rents otherwise payable by us, or a combination thereof. All tenant improvement allowances received by us are recorded as a contra operating lease asset and amortized over the term of the lease. The lease term used for straight-line rent expense is calculated from the commencement date (the date we take possession of the premises) through the lease termination date (including any options where exercise is reasonably certain and failure to exercise such option would result in an economic penalty). We expense rent from commencement date through restaurant open date as preopening expense. Once a restaurant opens for business, we record straight-line rent expense plus any additional variable contingent rent expense to the extent it is due under the lease agreement. There is potential for variability in the rent holiday period, which begins on the commencement date and ends on the restaurant open date, during which no cash rent payments are typically due under the terms of the lease. Factors that may affect the length of the rent holiday period generally pertain to construction related delays. Extension of the rent holiday period due to delays in restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the rest of the lease term (post-opening). We record a lease liability equal to the present value of future payments discounted at the estimated fully collateralized incremental borrowing rate (discount rate) corresponding with the lease term. Our lease liability calculation is the total rent payable during the lease term, including rent escalations in which the amount of future rent is certain or fixed on the straight-line basis over the term of the lease (including the rent holiday period beginning upon our possession of the premises, and any fixed payments stated in the lease). This liability is reduced monthly by the minimum rents paid, offset by the imputed interest. A corresponding operating lease asset is also recorded equaling the initial amount of the lease liability, plus any lease payments made to the lessor before or at the lease commencement date and any initial direct costs incurred, less any lease incentives received. Monthly, this asset is reduced by the straight-line rent, offset by the imputed interest. Certain leases contain provisions that require additional rent payments based upon restaurant sales volume (“variable lease cost”). Contingent rent is accrued each period as the liabilities are incurred, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense as a percentage of revenues over the term of the lease in restaurants where we pay contingent rent. We monitor for events or changes in circumstances that require reassessment of our leases. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the operating lease asset. Management makes judgments regarding the reasonably certain lease term and incremental borrowing rate for each restaurant property lease, which can impact the classification and accounting for a lease as finance or operating, the rent holiday and/or escalations in payments that are taken into consideration when calculating straight-line rent, and the term over which leasehold improvements for each restaurant are amortized. Net (Loss) Income Per Share Basic and diluted net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Potentially dilutive shares are excluded from the computation of diluted net (loss) per share since they have an anti-dilutive effect, yet potentially dilutive shares are included in the computation of diluted net income per share. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants exercised their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are antidilutive. Once these performance-based RSUs vest, they are included in our basic net (loss) income per share calculation. The following table presents a reconciliation of basic and diluted net (loss) income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): Fiscal Year 2021 2020 2019 Numerator: Net (loss) income for basic and diluted net (loss) income per share $ (3,606 ) $ (57,885 ) $ 45,238 Denominator: Weighted-average shares outstanding - basic 23,191 21,162 20,285 Dilutive effect of equity awards — — 307 Weighted-average shares outstanding - diluted 23,191 21,162 20,592 At December 28, 2021, December 29, 2020, and December 31, 2019, there were approximately 0.7 million, 1.1 million, and 0.5 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net (loss) income per share because they are anti-dilutive. Additionally, at December 28, 2021, there were warrants to purchase 876,949 shares, which were anti-dilutive. Stock‑Based Compensation Under our shareholder approved stock-based compensation plan, we have granted incentive stock options, non-qualified stock options, and restricted stock units that generally vest over three to five years. Incentive and non-qualified stock options expire ten years from the date of grant. We have also granted performance-based restricted stock units under our shareholder approved stock-based compensation plan that vest after three years based on achievement of certain performance targets. Stock-based compensation is measured in accordance with U.S. GAAP based on the estimated fair value of the awards granted. To value stock options on the grant date, we utilize the Black-Scholes option-pricing model which requires us to make certain assumptions and judgments regarding the inputs. These judgments include expected volatility, risk-free interest rate, expected option life, and dividend yield. These estimations and judgments are determined by us using many different variables that, in many cases, are outside of our control. The changes in these variables or trends, including stock price volatility and risk-free interest rate, may significantly impact the grant date fair value at initial recognition resulting in a significant impact to our financial results. The tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are classified as “Cash flows from financing activities” within our Consolidated Statements of Cash Flows and “Income tax (benefit) expense” within the Consolidated Statements of Operations for the period realized. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 28, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The liability related to our gift cards and loyalty program, included in “Accrued expenses,” on our Consolidated Balance Sheets were as follows (in thousands): December 28, 2021 December 29, 2020 Gift card liability $ 19,499 $ 17,274 Deferred loyalty revenue $ 3,949 $ 6,121 Revenue recognized on our Consolidated Statements of Operations for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year were as follows (in thousands): Fiscal Year 2021 2020 2019 Revenue recognized from gift card liability $ 9,220 $ 10,883 $ 12,064 Revenue recognized from customer loyalty program $ 8,816 $ 8,734 $ 9,363 |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 28, 2021 | |
Receivables [Abstract] | |
Accounts and Other Receivables | 3. Accounts and Other Receivables Accounts and other receivables consisted of the following (in thousands): December 28, 2021 December 29, 2020 Credit cards $ 6,658 $ 3,394 Third-party gift card sales 3,886 2,798 Tenant improvement allowances 5,813 4,163 Third-party delivery 2,495 2,348 Income taxes 7,255 10,367 Other 2,948 560 $ 29,055 $ 23,630 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 28, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): December 28, 2021 December 29, 2020 Land $ 4,462 $ 2,507 Building improvements 391,660 388,091 Leasehold improvements 306,582 299,135 Furniture and fixtures 162,970 159,200 Equipment 345,293 328,884 1,210,967 1,177,817 Less accumulated depreciation and amortization (729,483 ) (661,486 ) 481,484 516,331 Construction in progress 24,627 18,510 Property and equipment, net $ 506,111 $ 534,841 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 28, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 28, 2021 December 29, 2020 Payroll related $ 34,625 $ 34,467 Workers’ compensation and general liability 21,048 20,365 Deferred revenue from gift cards 19,499 17,274 Deferred loyalty revenue 3,949 6,121 Insurance related 4,909 4,267 Sales taxes 5,965 1,992 Other taxes 5,398 5,128 Other current rent related 2,031 2,398 Utilities 2,231 2,384 Merchant cards 1,770 874 Other 10,929 8,050 $ 112,354 $ 103,320 |
Leases
Leases | 12 Months Ended |
Dec. 28, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases Lease costs included in “Occupancy and operating” and “General and administrative” on the Consolidated Statements of Operations consisted of the following (in thousands): Fiscal Year 2021 2020 2019 Lease cost $ 57,807 $ 55,996 $ 54,329 Variable lease cost 1,739 142 3,017 Total lease costs $ 59,546 $ 56,138 $ 57,346 Weighted-average lease term and discount rate as of December 28, 2021 were as follows: Weighted-average remaining lease term 12.0 Years Weighted-average discount rate 5.6 Operating lease obligation maturities as of December 28, 2021 were as follows (in thousands): 2022 $ 66,737 2023 61,453 2024 56,625 2025 52,021 2026 50,376 Thereafter 320,098 Total lease payments 607,310 Less: imputed interest (132,054 ) Present value of operating lease obligations $ 475,256 In response to the impact of the COVID-19 pandemic on our operations, from April 1, 2020 to June 30, 2020, we suspended the payment of rent and did not make lease payments under our existing lease agreements for the majority of our leases. During the suspension of payments, we continued to recognize expenses and liabilities for lease obligations and corresponding lease assets on the balance sheet in accordance with ASU 2016-02, Leases (Topic 842). We negotiated lease payment deferrals and rent concessions for the majority of our leases. The negotiated concessions primarily were in the form of rent deferrals (full or partial) or abatements. In accordance with the relief issued in April 2020 by the FASB titled ASC Topic 842 and ASC Topic 840, Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, we did not recognize contractual rent concessions as a lease contract modification when the total payments required by the modified contract were substantially the same or less than the total payments required by the original contract . Lease concessions that provided a substantial increase in the rights of the lessor or our obligations under the lease w ere accounted for as lease modification s in accordance with ASC Topic 842. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7 . Commitments and Contingencies 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 guests, team members 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, team member workers’ compensation and employment practice liability insurance requirements. We maintain coverage with a third-party insurer to limit our total exposure. We believe that most of our team member 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 team member 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 type 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 $17.2 million as of December 28, 2021. 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 28, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Line of Credit On November 3, 2021, we entered into a Fourth Amended and Restated Credit Agreement (“Credit Facility”) with Bank of America, N.A. (“BofA”), JPMorgan Chase Bank, N.A., certain other parties and BofA Securities, Inc. to amend and restate our existing unsecured revolving line of credit (the “Line of Credit”) to improve the pricing, extend the maturity date, change the interest reference rate, eliminate certain financial covenants and conditions, and reset other financial covenants starting with the fourth quarter of 2021. As of December 28, 2021, our Credit Facility matures on November 3, 2026, and provides us with revolving loan commitments totaling $215 million, which may be increased up to $315 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. As of December 28, 2021, there were borrowings of $50.0 million and letters of credit totaling approximately $17.2 million outstanding under the Credit Facility. Available borrowings under the Credit Facility were $147.8 million as of December 28, 2021. Borrowings under the Line of Credit bear interest at an annual rate equal to either (a) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a percentage not to exceed 2.00% (with a floor on BSBY of 0.00%), or (b) a percentage not to exceed 1.00% above a Base Rate equal to the highest of (i) the Federal Funds Rate plus 1/2 of 1.00%, (ii) BofA’s Prime Rate, (iii) the BSBY rate plus 1.00%, and (iv) 1.00%, in either case depending on the level of lease and debt obligations of the Company as compared to EBITDA and lease expenses. The weighted average interest rate during fiscal 2021 was approximately 4.0%. The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At December 28, 2021, we were in compliance with these covenants. Pursuant to the Line of Credit, we are required to pay certain customary fees and expenses associated with maintenance and use of the Line of Credit, including letter of credit issuance fees, unused commitment fees and interest on the Line of Credit, which are payable monthly. Interest expense and commitment fees under the Credit Facility were approximately $5.0 million, $7.1 million and $4.6 million, for fiscal 2021, 2020 and 2019, respectively. We also capitalized approximately $0.1 million of interest expense related to new restaurant construction during both fiscal 202 1 and 2020 . Additionally, for both fiscal 202 1 and 202 0 , we capitalized approximately $ 0.8 million of fees related to the amended and modified credit agreement, which are amortized over the remaini ng term of the Credit Facility. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 28, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | 9. Shareholders’ Equity Private Placement On May 5, 2020, we completed the sale of $70 million of our common stock to certain funds and accounts advised by T. Rowe Price Associates, Inc., acting as investment adviser, and to Act III Holdings, LLC (“Act III,” and collectively “the investors”). The investors purchased a total of 3,500,000 shares of BJ’s Restaurants common stock for $20.00 per share in a private placement under Section 4(2) of the Securities Act of 1933, as amended. The Company also issued a five year warrant to purchase 875,000 shares of our common stock with an exercise price of $27.00 per share to Act III. The warrant expires on May 4, 2025, five years following the issuance. We accounted for the common stock and the warrant issued based on their relative fair values. The fair value of the warrant was estimated using the Black-Scholes pricing model. We recor ded the net proceeds of $64.0 million related to the 3,500,000 shares of common stock to “Retained earnings” and the net proceeds of $3.4 million related to the warrant to “Capital surplus” on our Consolidated Balance Sheets. At-the-Market Offering On January 21, 2021, we 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 December 28, 2021 or December 29, 2020. 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. Cash Dividends Due to the COVID-19 pandemic, our Board of Directors suspended quarterly cash dividends until it is determined that resumption of dividend payments is in the best interest of the Company and its shareholders. As such, the only cash dividends paid during fiscal 2021 were related to dividends (declared prior to fiscal 2020) which vested under our stock compensation plans. Stock Repurchases As of December 28, 2021, we have approximately $24.4 million remaining under the current $500 million share repurchase plan approved by our Board of Directors. We have suspended our repurchase program until the Board determines that resumption of repurchases is in the best interest of the Company and its shareholders and is permitted by our Credit Facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 28, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes Income tax (benefit) expense for the last three fiscal years consists of the following (in thousands): Fiscal Year 2021 2020 2019 Current: Federal $ 2,776 $ (5,360 ) $ 1,907 State 323 (314 ) 1,922 3,099 (5,674 ) 3,829 Deferred: Federal (16,872 ) (21,403 ) (2,652 ) State (1,803 ) (4,988 ) (121 ) (18,675 ) (26,391 ) (2,773 ) Income tax (benefit) expense $ (15,576 ) $ (32,065 ) $ 1,056 Income tax (benefit) expense for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2021 2020 2019 Income tax at statutory rates (21.0 )% (21.0 )% 21.0 % State income taxes, net of federal benefit (5.0 ) (5.2 ) 3.0 Permanent differences 0.9 0.3 (0.6 ) Income tax credits (58.9 ) (5.1 ) (20.1 ) Return to provision 2.1 — — Prior year tax credit true-up — (0.4 ) (0.7 ) Benefit from net operating loss carryback 2.8 (5.2 ) — Change in valuation allowance (1.1 ) — — Other, net (1.0 ) 1.0 (0.3 ) (81.2 )% (35.6 )% 2.3 % The components of the deferred income tax asset (liability) consist of the following (in thousands): December 28, 2021 December 29, 2020 Deferred income tax asset: Gift cards $ 1,430 $ 2,192 Accrued expenses 11,803 11,235 Other 3,875 3,656 Deferred revenues 28 5 Stock-based compensation 4,123 4,323 Deferred rent 123,544 130,116 Income tax credits 41,826 27,506 Net operating losses 5,569 4,305 State tax 72 55 Gross deferred income tax asset 192,270 183,393 Valuation allowance (586 ) (802 ) Deferred income tax asset, net of valuation allowance 191,684 182,591 Deferred income tax liability: Property and equipment (52,371 ) (57,249 ) Intangible assets (1,646 ) (1,605 ) Operating lease assets (108,333 ) (113,083 ) Smallwares (4,432 ) (4,427 ) Deferred income tax liability (166,782 ) (176,364 ) Net deferred income tax asset $ 24,902 $ 6,227 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. Intended to provide economic relief to those impacted by the COVID-19 pandemic, the CARES Act includes provisions, among others, allowing for the carryback of net operating losses generated in 2018, 2019 and 2020, refunds of alternative minimum tax credits, temporary modification to the limitations placed on the tax deductibility of net interest expense, and technical amendments regarding the expensing of qualified improvement property (“QIP”). As a result of the CARES Act, the Company is able to carryback losses generated in 2020 and reduce taxes payable for accelerated depreciation on qualified improvements property in 2018 and 2019. The NOL carryback freed up credits of $6.2M that can be used to offset future tax liabilities. At December 28, 2021, we had federal and California income tax credit carryforwards of approximately $42.0 million and $0.8 million, respectively, consisting primarily of the credit for FICA taxes paid on reported team member tip income and California enterprise zone credits. The FICA tax credits will begin to expire in 2036, and the California enterprise zone credits will begin to expire in 2023. At December 28, 2021, we have state net operating losses (“NOLs”) of approximately $76.3 million that will expire over various periods beginning 2022. As of December 28, 2021, and December 29, 2020, we have recorded a valuation allowance against certain state net operating loss and tax credit carryforwards of $0.6 million and $0.8 million, respectively, net of the federal benefit which are not more likely than not to be realized prior to expiration. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 28, 2021 and December 29, 2020, we had accrued $0.1 million for interest and penalties with respect to uncertain tax positions. As of December 28, 2021, our accrual for unrecognized tax benefits was approximately $1.2 million, of which approximately $1.0 million, if reversed would impact our A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Fiscal Year 2021 2020 2019 Gross unrecognized tax benefits at beginning of year $ 1,333 $ 1,345 $ 1,532 Increases for tax positions taken in prior years — 190 10 Decreases for tax positions taken in prior years (20 ) (291 ) (5 ) Increases for tax positions taken in the current year 69 89 130 Lapse in statute of limitations (184 ) — (322 ) Gross unrecognized tax benefits at end of year $ 1,198 $ 1,333 $ 1,345 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of December 28, 2021, the earliest tax year still subject to examination by the Internal Revenue Service is 2015. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2016. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 28, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Plans | 11. Stock-Based Compensation Plans Our current shareholder approved stock-based compensation plan is the BJ’s Restaurants, Inc. Equity Incentive Plan, (as amended from time to time, “the Plan”). Under the Plan, we may issue shares of our common stock to team members, officers, directors and consultants. We have granted incentive stock options, non-qualified stock options, restricted stock and performance and time-based restricted stock units. Stock options are charged against the Plan share reserve on the basis of one share for each share granted. Grants of restricted stock, RSUs, performance shares and performance units, if any, are currently charged against the Plan share reserve on the basis of 1.5 shares for each share granted. The Plan also contains other limits on the terms of incentive grants such as limits on the number that can be granted to a team member during any fiscal year. All options granted under the Plan expire within 10 years of their date of grant. Under the Plan, we issue time-based and performance-based RSUs and non-qualified stock options to vice presidents and above on an annual basis, as well as new hires who are given the option between receiving their full grant as a time-based RSU or split half and half between non-qualified stock options and time-based RSUs. We issue time-based RSUs to other select support team members, and we issue time-based RSUs to non-employee members of our Board of Directors. We also issue RSUs, and previously issued non-qualified 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 managers, directors of operations and directors of kitchen operations. GSSOP grants are dependent on the length of each participant’s service with us and position. All GSSOP participants are required to remain in good standing during their vesting period. The Plan permits our Board of Directors to set the vesting terms and exercise period for awards at their discretion; however, the grant of awards with no minimum vesting period or a vesting period less than one year may not exceed 5% of the total number of shares authorized under the Plan. Stock options and time-based RSUs vest ratably over one, three or five years for non-GSSOP participants and either cliff vest at five or three years or cliff vest at 33% on the third anniversary and 67% on the fifth anniversary for GSSOP participants. Performance-based RSUs generally cliff vest on the third anniversary of the grant date in an amount from 0% to 225% of the grant quantity, dependent on the level of performance target achievement. On January 15, 2021, our Board of Directors approved special fully-vested restricted stock grants, in lieu of cash bonuses, to Restaurant Support Center team members at the Vice President and Director levels. These grants were in amounts designed to approximate a portion of their potential incentive compensation, which was approximately $0.5 million. The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): Fiscal Year 2021 2020 2019 Labor and benefits $ 2,748 $ 2,755 $ 2,372 General and administrative $ 7,583 $ 7,036 $ 6,546 Capitalized (1) $ 310 $ 29 $ 294 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. Stock Options The fair value of each stock option grant was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions: Fiscal Year 2021 2020 2019 Expected volatility 60.8 % 33.5 % 34.5 % Risk-free interest rate 0.6 % 1.6 % 2.5 % Expected option life 5 years 5 years 5 years Dividend yield — 1.5 % 1.5 % Fair value of options granted $ 23.22 $ 10.38 $ 15.67 The exercise price of our stock options under our stock-based compensation plan is required to equal or exceed the fair value of our common stock at market close on the option grant date or the most recent trading day when grants take place on market holidays. The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life Outstanding at January 1, 2019 588 $ 38.14 189 $ 37.41 5.0 Granted 107 $ 53.09 Exercised (37 ) $ 28.89 Forfeited (13 ) $ 40.88 Outstanding at December 31, 2019 645 $ 41.09 340 $ 38.96 5.5 Granted 161 $ 38.37 Exercised (1 ) $ 35.45 Forfeited (4 ) $ 38.82 Outstanding at December 29, 2020 801 $ 40.56 503 $ 39.91 5.2 Granted 117 $ 45.50 Exercised (129 ) $ 37.40 Forfeited (14 ) $ 44.11 Outstanding at December 28, 2021 775 $ 41.77 519 $ 41.02 5.0 Information relating to significant option groups outstanding as of December 28, 2021, is as follows (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable Weighted Average Exercise Price $16.27 – $35.45 49 2.70 $ 31.02 43 $ 31.78 $35.95 – $35.95 90 5.05 $ 35.95 90 $ 35.95 $37.10 – $37.58 14 7.77 $ 37.44 4 $ 37.36 $37.70 – $37.70 136 6.05 $ 37.70 136 $ 37.70 $38.24 – $38.24 1 1.51 $ 38.24 1 $ 38.24 $38.90 – $38.90 141 8.05 $ 38.90 41 $ 38.90 $39.33 – $45.37 84 4.85 $ 42.77 63 $ 42.87 $45.92 – $45.92 2 7.30 $ 45.92 1 $ 45.92 $46.91 – $46.91 86 9.05 $ 46.91 — $ — $47.04 – $53.22 172 5.19 $ 50.79 140 $ 50.22 $16.27 – $53.22 775 6.13 $ 41.77 519 $ 41.02 As of December 28, 2021, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $2.3 million, which is generally expected to be recognized over the next five years. Time-Based Restricted Stock Units The following table presents time-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at January 1, 2019 494 $ 40.99 Granted 179 $ 45.88 Vested or released (118 ) $ 35.57 Forfeited (46 ) $ 44.49 Outstanding at December 31, 2019 509 $ 43.65 Granted 270 $ 29.14 Vested or released (156 ) $ 43.20 Forfeited (37 ) $ 42.51 Outstanding at December 29, 2020 586 $ 37.14 Granted 260 $ 45.05 Vested or released (147 ) $ 41.96 Forfeited (80 ) $ 36.93 Outstanding at December 28, 2021 619 $ 39.35 The fair value of our time-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the most recent trading day when grants take place on market holidays. The fair value of each time-based RSU is expensed over the vesting period (e.g., one, three or five years). As of December Performance-Based Restricted Stock Units The following table presents performance-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at January 1, 2019 105 $ 38.32 Granted 31 $ 53.22 Vested or released (28 ) $ 42.41 Forfeited (3 ) $ 43.13 Outstanding at December 31, 2019 105 $ 41.42 Granted 42 $ 38.90 Vested or released (29 ) $ 35.95 Forfeited (9 ) $ 35.95 Outstanding at December 29, 2020 109 $ 42.39 Granted 46 $ 46.91 Vested or released (35 ) $ 37.70 Forfeited (8 ) $ 44.14 Outstanding at December 28, 2021 112 $ 45.60 The fair value of our performance-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the most recent trading day when grants take place on market holidays. The fair value of each performance-based RSU is expensed based on management’s current estimate of the level that the performance goal will be achieved. As of December |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 28, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 12. Benefit Plans We maintain We also maintain a non-qualified deferred compensation plan (the “DCP”) for our executive officers and other highly compensated team members, as defined in the DCP, who are otherwise ineligible for participation in our 401(k) plan. The DCP allows participating team members to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses. Additionally, the DCP allows for a voluntary company match as determined by our compensation committee. During fiscal 2021, there were no Company contributions made or accrued. We pay for related administrative costs, which were not material during fiscal 2021. Team member deferrals are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature. Our investment in variable life insurance contracts, reflected in “Other assets, net” on our Consolidated Balance Sheets, was $14.3 million and $13.4 million as of December 28, 2021 and December 29, 2020, respectively. Our obligation to participating team members, included in “Other liabilities” on the accompanying Consolidated Balance Sheets, was $14.2 million and $13.3 million as of December 28, 2021 and December 29, 2020, respectively. All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions James Dal Pozzo, the former Chairman of the Board and Chief Executive Officer of the Jacmar Companies (“Jacmar”), is a member of our Board of Directors. Jacmar, through its affiliation with Distribution Market Advantage (“DMA”), a consortium of large, regional food distributors located throughout the United States, was our largest distributor of food, beverage, paper products and supplies from 2006 through June 30, 2020, when our contract with DMA expired. Effective June 1, 2020, after conducting an extensive request for proposal process and evaluation, we entered into an agreement with US Foods, replacing DMA. The new agreement expires in July 2023. Through June 30, 2020, Jacmar serviced our restaurants in California and Nevada, while other DMA distributors serviced our restaurants in all other states. Under the terms of our agreement with DMA, Jacmar was required to sell products to us at the same prices as the other DMA distributors. Jacmar did not provide us with any produce, liquor, wine or beer products, all of which were provided by other third-party vendors and included in “Cost of sales” on the Consolidated Statements of Operations. Effective July 1, 2020, with the expiration of our DMA agreement, Jacmar is no longer considered a related party. The cost of food, beverage, paper products and supplies provided by Jacmar included within restaurant operating costs consisted of the following (in thousands): Fiscal Year 2021 2020 2019 Cost of sales: Third-party suppliers $ 288,110 100.0 % $ 167,503 85.6 % $ 209,215 70.9 % Jacmar — — 28,070 14.4 85,794 29.1 Cost of sales $ 288,110 100.0 % $ 195,573 100.0 % $ 295,009 100.0 % Occupancy and operating: Third-party suppliers $ 267,888 100.0 % $ 216,831 98.2 % $ 247,076 96.4 % Jacmar — — 4,058 1.8 9,307 3.6 Occupancy and operating $ 267,888 100.0 % $ 220,889 100.0 % $ 256,383 100.0 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 28, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On December 30, 2021, we closed our Pasadena, California restaurant. We are currently under contract to sell certain assets of the restaurant to a third-party buyer. In the third quarter of fiscal 2021, we impaired the restaurant and recorded a $2.2 million charge to operating income for the amount by which the carrying value of the restaurant’s assets exceeded its fair value estimated using the discounted cash flow method. On January 17, 2022, we entered into a consulting agreement for defined services with Act III Management, LLC, an affiliate of BJ’s Act III, LLC, for $100,000, with a possible additional phase for $45,000. The agreement will expire on December 31, 2022, unless terminated earlier by us or Act III Management with a 90 day advance written notice. |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business BJ’s Restaurants, Inc. (referred to herein as the “Company,” “BJ’s,” “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants and to develop additional BJ’s restaurants. As of December 28, 2021, w e owned and operated 212 restaurants located in 29 states. During fiscal 2021, we opened two new restaurants and re-opened Several of our locations, in addition to our two brewpub locations in Texas, brew our signature, proprietary craft BJ’s beer All of our other restaurants receive their BJ’s beer either from one of our restaurant brewing operations, our Texas brewpubs and/or independent third-party brewers using our proprietary recipes. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of BJ’s Restaurants, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. The consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company had no components of other comprehensive income (loss) during any of the years presented, as such; a consolidated statement of comprehensive income (loss) is not presented. The preparation of financial statements in conformity 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 2021, 2020, and 2019 ended on December 28, 2021, December 29, 2020, and December 31, 2019, respectively, and consisted of 52 weeks of operations. |
Segment Disclosure | Segment Disclosure The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, establishes standards for disclosures about products and services, geographic areas and major guests. We currently operate in one operating segment: casual dining company-owned restaurants. Additionally, we operate in one geographic area: the United States of America. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740). The amendments in this update are intended to simplify the accounting for income taxes by removing certain exceptions in the existing guidance and simplify areas such as franchise taxes, recognition of deferred taxes for goodwill, separate entity financial |
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 and receivables. We currently maintain our day-to-day operating cash balances with a major financial institution. At times, our operating cash balances may be in excess of the FDIC insurance limit. |
Inventories | Inventories Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) or net realizable value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the estimated useful life of the asset or the lease term, including reasonably assured renewal periods or exercised options, of the respective lease, whichever is shorter. Renewals and betterments that materially extend the life of an asset are capitalized while maintenance and repair costs are expensed as incurred. Internal costs associated with the acquisition, development and construction of our restaurants are capitalized and allocated to the projects which they relate. When property and equipment are sold or otherwise disposed of, the asset accounts and related accumulated depreciation or amortization accounts are relieved, and any gain or loss is included in earnings. Additionally, any interest capitalized for new restaurant construction is included in “Property and equipment, net” on our Consolidated Balance Sheets. Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: Furniture and fixtures 10 years Equipment 5‑10 years Brewing equipment 10-20 years Building improvements the shorter of 20 years or the remaining lease term Leasehold improvements the shorter of the useful life or the lease term, including reasonably assured renewal periods |
Goodwill | Goodwill We perform impairment testing annually, during the fourth quarter, and more frequently if factors and circumstances indicate 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. We currently have one reporting unit, which is casual dining company-owned restaurants in the United States of America. If it is concluded that the fair value of our reporting unit is less than the goodwill carrying value, 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. Based on our impairment assessment, we did not record any impairment to goodwill during fiscal 2021, 2020 or 2019. |
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. The assets are generally reviewed for impairment on a restaurant level basis, and inclusive of property and equipment and lease right-of-use assets; or at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. 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 assets or the strategy for the overall business; significant negative industry or economic trends; or our expectation to dispose of long-lived assets before the end of their previously estimated useful lives. We use the undiscounted cash flow method to assess the recoverability of potentially impaired long-lived assets by comparing the carrying value of the assets to the undiscounted cash flows expected to be generated by the assets. If the carrying value of the assets exceeds the undiscounted cash flows expected to be generated by the assets, an impairment charge is recognized for the amount by which the carrying value exceeds the fair value of the assets. We measure the fair value by discounting estimated future cash flows using assumptions that are consistent with what a market participant would use. As a result of this analysis, we determined that our restaurant in Pasadena, California was impaired during the third quarter of fiscal 2021. We recorded a $2.2 million charge to operating income for the amount by which the carrying value of the restaurant’s assets exceeded its fair value estimated using the discounted cash flow method. We closed our Pasadena restaurant during the first quarter of 2022. See Note 14 for further information. In fiscal 2020, w e recorded a $ 13.7 million charge to operating income related to impairment expense s. We did no t incur an impairment expense in fiscal 2019 . |
Self-Insurance Liability | Self-Insurance Liability We retain large deductibles or self-insured retentions for a portion of our general liability insurance and our team member workers’ compensation programs. We maintain coverage with a third-party insurer to limit our total exposure for these programs. The accrued liability associated with these programs is based on our estimate of the ultimate costs within our retention amount to settle known claims as well as claims incurred but not yet reported to us (“IBNR claims”) as of the balance sheet dates. Our estimated liability is based on information provided by a third-party actuary, combined with our judgments regarding a number of assumptions and factors, including the frequency and severity of claims, our loss development factors, loss cost, history, case jurisdiction, related legislation, and our claims settlement practice. Significant judgment is required to estimate IBNR claims as parties have yet to assert such claims. |
Revenue Recognition | Revenue Recognition Revenues from food and beverage sales at restaurants are recognized when payment is tendered. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected from the credit card processor. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. Gift card sales are recorded as a liability and recognized as revenues upon redemption in our restaurants. Deferred gift card revenue, included in “Accrued expenses” on the accompanying Consolidated Balance Sheets, was $19.5 million and $17.3 million as of December 28, 2021 and December 29, 2020, respectively. Based on historical redemption rates, a portion of our gift card sales are not expected to be redeemed and will be recognized as gift card “breakage” over time. Estimated gift card breakage is recorded as “Revenues” on our Consolidated Statements of Operations and recognized in proportion to our historical redemption pattern, unless there is a legal obligation to remit the unredeemed gift cards to government authorities. The estimated gift card breakage is based on when the likelihood of redemption becomes remote, which has typically been 24 months after the original gift card issuance date. Our “BJ’s Premier Rewards Plus” guest loyalty program enables participants to earn points for qualifying purchases that can be redeemed for food and beverages in the future. We allocate the transaction price between the goods delivered and the future goods that will be delivered, on a relative standalone selling price basis, and defer the revenues allocated to the points, less expected expirations, until such points are redeemed. |
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 2021, 2020 and 2019 was approximately $14.7 million, $13.2 million and $25.2 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Operations. |
Income Taxes | Income Taxes We utilize the liability method of accounting for income taxes. Deferred income taxes are recognized based on the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted We provide for income taxes based on our expected federal and state tax liabilities. Our estimates include, but are not limited to, effective federal, state and local income tax rates, allowable tax credits for items such as FICA taxes paid on reported tip income and estimates related to depreciation expense allowable for tax purposes. We usually file our income tax returns several months after our fiscal year-end. All tax returns are subject to audit by federal and state governments for years after the returns are filed and could be subject to differing interpretations of the tax laws. We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained through an audit, based on the technical merits of the position. Interest and penalties related to uncertain tax positions are included in “Income tax (benefit) expense” on our Consolidated Statements of Operations. |
Restaurant Opening Expense | Restaurant Opening Expense Restaurant payroll, supplies, training, other start-up costs and rent expense incurred prior to the opening of a new restaurant are expensed as incurred. |
Leases | Leases We determine if a contract contains a lease at inception. Our material operating leases consist of restaurant locations and office space. U.S. GAAP requires that our leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date, and the lease term used in the evaluation includes the non-cancellable period for which we have the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option would result in an economic penalty. All of our restaurant leases and office space are classified as operating leases. We have elected to account for lease and non-lease components as a single lease component for office and beverage gas equipment. We do not have any finance leases. We have elected the short-term lease recognition exemption for all classes of underlying assets. Leases with an initial term of 12 months or less that do not include an option to purchase the underlying asset that we are reasonably certain to exercise are not recorded on the balance sheet. Expense for short-term leases is recognized on a straight-line basis over the lease term. We disburse cash for leasehold improvements, furniture and fixtures and equipment to build out and equip our leased premises. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening the related restaurants, pursuant to agreed-upon terms in our leases. Tenant improvement allowances can take the form of cash payments upon the opening of the related restaurants, full or partial credits against minimum or percentage rents otherwise payable by us, or a combination thereof. All tenant improvement allowances received by us are recorded as a contra operating lease asset and amortized over the term of the lease. The lease term used for straight-line rent expense is calculated from the commencement date (the date we take possession of the premises) through the lease termination date (including any options where exercise is reasonably certain and failure to exercise such option would result in an economic penalty). We expense rent from commencement date through restaurant open date as preopening expense. Once a restaurant opens for business, we record straight-line rent expense plus any additional variable contingent rent expense to the extent it is due under the lease agreement. There is potential for variability in the rent holiday period, which begins on the commencement date and ends on the restaurant open date, during which no cash rent payments are typically due under the terms of the lease. Factors that may affect the length of the rent holiday period generally pertain to construction related delays. Extension of the rent holiday period due to delays in restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the rest of the lease term (post-opening). We record a lease liability equal to the present value of future payments discounted at the estimated fully collateralized incremental borrowing rate (discount rate) corresponding with the lease term. Our lease liability calculation is the total rent payable during the lease term, including rent escalations in which the amount of future rent is certain or fixed on the straight-line basis over the term of the lease (including the rent holiday period beginning upon our possession of the premises, and any fixed payments stated in the lease). This liability is reduced monthly by the minimum rents paid, offset by the imputed interest. A corresponding operating lease asset is also recorded equaling the initial amount of the lease liability, plus any lease payments made to the lessor before or at the lease commencement date and any initial direct costs incurred, less any lease incentives received. Monthly, this asset is reduced by the straight-line rent, offset by the imputed interest. Certain leases contain provisions that require additional rent payments based upon restaurant sales volume (“variable lease cost”). Contingent rent is accrued each period as the liabilities are incurred, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense as a percentage of revenues over the term of the lease in restaurants where we pay contingent rent. We monitor for events or changes in circumstances that require reassessment of our leases. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the operating lease asset. Management makes judgments regarding the reasonably certain lease term and incremental borrowing rate for each restaurant property lease, which can impact the classification and accounting for a lease as finance or operating, the rent holiday and/or escalations in payments that are taken into consideration when calculating straight-line rent, and the term over which leasehold improvements for each restaurant are amortized. |
Net (Loss) Income Per Share | Net (Loss) Income Per Share Basic and diluted net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Potentially dilutive shares are excluded from the computation of diluted net (loss) per share since they have an anti-dilutive effect, yet potentially dilutive shares are included in the computation of diluted net income per share. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants exercised their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are antidilutive. Once these performance-based RSUs vest, they are included in our basic net (loss) income per share calculation. The following table presents a reconciliation of basic and diluted net (loss) income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): Fiscal Year 2021 2020 2019 Numerator: Net (loss) income for basic and diluted net (loss) income per share $ (3,606 ) $ (57,885 ) $ 45,238 Denominator: Weighted-average shares outstanding - basic 23,191 21,162 20,285 Dilutive effect of equity awards — — 307 Weighted-average shares outstanding - diluted 23,191 21,162 20,592 At December 28, 2021, December 29, 2020, and December 31, 2019, there were approximately 0.7 million, 1.1 million, and 0.5 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net (loss) income per share because they are anti-dilutive. Additionally, at December 28, 2021, there were warrants to purchase 876,949 shares, which were anti-dilutive. |
Stock-Based Compensation | Stock‑Based Compensation Under our shareholder approved stock-based compensation plan, we have granted incentive stock options, non-qualified stock options, and restricted stock units that generally vest over three to five years. Incentive and non-qualified stock options expire ten years from the date of grant. We have also granted performance-based restricted stock units under our shareholder approved stock-based compensation plan that vest after three years based on achievement of certain performance targets. Stock-based compensation is measured in accordance with U.S. GAAP based on the estimated fair value of the awards granted. To value stock options on the grant date, we utilize the Black-Scholes option-pricing model which requires us to make certain assumptions and judgments regarding the inputs. These judgments include expected volatility, risk-free interest rate, expected option life, and dividend yield. These estimations and judgments are determined by us using many different variables that, in many cases, are outside of our control. The changes in these variables or trends, including stock price volatility and risk-free interest rate, may significantly impact the grant date fair value at initial recognition resulting in a significant impact to our financial results. The tax benefits resulting from tax deductions in excess of the compensation cost recognized (excess tax benefits) are classified as “Cash flows from financing activities” within our Consolidated Statements of Cash Flows and “Income tax (benefit) expense” within the Consolidated Statements of Operations for the period realized. |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives | Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: Furniture and fixtures 10 years Equipment 5‑10 years Brewing equipment 10-20 years Building improvements the shorter of 20 years or the remaining lease term Leasehold improvements the shorter of the useful life or the lease term, including reasonably assured renewal periods |
Reconciliation of Basic and Diluted Net (loss) Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation | The following table presents a reconciliation of basic and diluted net (loss) income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): Fiscal Year 2021 2020 2019 Numerator: Net (loss) income for basic and diluted net (loss) income per share $ (3,606 ) $ (57,885 ) $ 45,238 Denominator: Weighted-average shares outstanding - basic 23,191 21,162 20,285 Dilutive effect of equity awards — — 307 Weighted-average shares outstanding - diluted 23,191 21,162 20,592 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Gift Cards Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets | The liability related to our gift cards and loyalty program, included in “Accrued expenses,” on our Consolidated Balance Sheets were as follows (in thousands): December 28, 2021 December 29, 2020 Gift card liability $ 19,499 $ 17,274 Deferred loyalty revenue $ 3,949 $ 6,121 |
Revenue Recognized on Consolidated Statements of Operations for Redemption of Gift Cards and Loyalty Rewards Deferred | Revenue recognized on our Consolidated Statements of Operations for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year were as follows (in thousands): Fiscal Year 2021 2020 2019 Revenue recognized from gift card liability $ 9,220 $ 10,883 $ 12,064 Revenue recognized from customer loyalty program $ 8,816 $ 8,734 $ 9,363 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | Accounts and other receivables consisted of the following (in thousands): December 28, 2021 December 29, 2020 Credit cards $ 6,658 $ 3,394 Third-party gift card sales 3,886 2,798 Tenant improvement allowances 5,813 4,163 Third-party delivery 2,495 2,348 Income taxes 7,255 10,367 Other 2,948 560 $ 29,055 $ 23,630 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): December 28, 2021 December 29, 2020 Land $ 4,462 $ 2,507 Building improvements 391,660 388,091 Leasehold improvements 306,582 299,135 Furniture and fixtures 162,970 159,200 Equipment 345,293 328,884 1,210,967 1,177,817 Less accumulated depreciation and amortization (729,483 ) (661,486 ) 481,484 516,331 Construction in progress 24,627 18,510 Property and equipment, net $ 506,111 $ 534,841 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): December 28, 2021 December 29, 2020 Payroll related $ 34,625 $ 34,467 Workers’ compensation and general liability 21,048 20,365 Deferred revenue from gift cards 19,499 17,274 Deferred loyalty revenue 3,949 6,121 Insurance related 4,909 4,267 Sales taxes 5,965 1,992 Other taxes 5,398 5,128 Other current rent related 2,031 2,398 Utilities 2,231 2,384 Merchant cards 1,770 874 Other 10,929 8,050 $ 112,354 $ 103,320 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Leases [Abstract] | |
Summary of Lease Costs | Lease costs included in “Occupancy and operating” and “General and administrative” on the Consolidated Statements of Operations consisted of the following (in thousands): Fiscal Year 2021 2020 2019 Lease cost $ 57,807 $ 55,996 $ 54,329 Variable lease cost 1,739 142 3,017 Total lease costs $ 59,546 $ 56,138 $ 57,346 |
Summary of Weighted-Average Lease Term and Discount Rate | Weighted-average lease term and discount rate as of December 28, 2021 were as follows: Weighted-average remaining lease term 12.0 Years Weighted-average discount rate 5.6 |
Summary of Operating Lease Obligation Maturities | Operating lease obligation maturities as of December 28, 2021 were as follows (in thousands): 2022 $ 66,737 2023 61,453 2024 56,625 2025 52,021 2026 50,376 Thereafter 320,098 Total lease payments 607,310 Less: imputed interest (132,054 ) Present value of operating lease obligations $ 475,256 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax (benefit) expense for the last three fiscal years consists of the following (in thousands): Fiscal Year 2021 2020 2019 Current: Federal $ 2,776 $ (5,360 ) $ 1,907 State 323 (314 ) 1,922 3,099 (5,674 ) 3,829 Deferred: Federal (16,872 ) (21,403 ) (2,652 ) State (1,803 ) (4,988 ) (121 ) (18,675 ) (26,391 ) (2,773 ) Income tax (benefit) expense $ (15,576 ) $ (32,065 ) $ 1,056 |
Income Tax Expense (Benefit) Differs from Amount that would Result from Applying Federal Statutory Rate | Income tax (benefit) expense for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2021 2020 2019 Income tax at statutory rates (21.0 )% (21.0 )% 21.0 % State income taxes, net of federal benefit (5.0 ) (5.2 ) 3.0 Permanent differences 0.9 0.3 (0.6 ) Income tax credits (58.9 ) (5.1 ) (20.1 ) Return to provision 2.1 — — Prior year tax credit true-up — (0.4 ) (0.7 ) Benefit from net operating loss carryback 2.8 (5.2 ) — Change in valuation allowance (1.1 ) — — Other, net (1.0 ) 1.0 (0.3 ) (81.2 )% (35.6 )% 2.3 % |
Components of Deferred Income Tax Asset (Liability) | The components of the deferred income tax asset (liability) consist of the following (in thousands): December 28, 2021 December 29, 2020 Deferred income tax asset: Gift cards $ 1,430 $ 2,192 Accrued expenses 11,803 11,235 Other 3,875 3,656 Deferred revenues 28 5 Stock-based compensation 4,123 4,323 Deferred rent 123,544 130,116 Income tax credits 41,826 27,506 Net operating losses 5,569 4,305 State tax 72 55 Gross deferred income tax asset 192,270 183,393 Valuation allowance (586 ) (802 ) Deferred income tax asset, net of valuation allowance 191,684 182,591 Deferred income tax liability: Property and equipment (52,371 ) (57,249 ) Intangible assets (1,646 ) (1,605 ) Operating lease assets (108,333 ) (113,083 ) Smallwares (4,432 ) (4,427 ) Deferred income tax liability (166,782 ) (176,364 ) Net deferred income tax asset $ 24,902 $ 6,227 |
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): Fiscal Year 2021 2020 2019 Gross unrecognized tax benefits at beginning of year $ 1,333 $ 1,345 $ 1,532 Increases for tax positions taken in prior years — 190 10 Decreases for tax positions taken in prior years (20 ) (291 ) (5 ) Increases for tax positions taken in the current year 69 89 130 Lapse in statute of limitations (184 ) — (322 ) Gross unrecognized tax benefits at end of year $ 1,198 $ 1,333 $ 1,345 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Stock-Based Compensation Recognized within Our Consolidated Financial Statements | The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): Fiscal Year 2021 2020 2019 Labor and benefits $ 2,748 $ 2,755 $ 2,372 General and administrative $ 7,583 $ 7,036 $ 6,546 Capitalized (1) $ 310 $ 29 $ 294 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option | The fair value of each stock option grant was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions: Fiscal Year 2021 2020 2019 Expected volatility 60.8 % 33.5 % 34.5 % Risk-free interest rate 0.6 % 1.6 % 2.5 % Expected option life 5 years 5 years 5 years Dividend yield — 1.5 % 1.5 % Fair value of options granted $ 23.22 $ 10.38 $ 15.67 |
Stock Option Activity | The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life Outstanding at January 1, 2019 588 $ 38.14 189 $ 37.41 5.0 Granted 107 $ 53.09 Exercised (37 ) $ 28.89 Forfeited (13 ) $ 40.88 Outstanding at December 31, 2019 645 $ 41.09 340 $ 38.96 5.5 Granted 161 $ 38.37 Exercised (1 ) $ 35.45 Forfeited (4 ) $ 38.82 Outstanding at December 29, 2020 801 $ 40.56 503 $ 39.91 5.2 Granted 117 $ 45.50 Exercised (129 ) $ 37.40 Forfeited (14 ) $ 44.11 Outstanding at December 28, 2021 775 $ 41.77 519 $ 41.02 5.0 |
Information Relating to Significant Option Groups Outstanding | Information relating to significant option groups outstanding as of December 28, 2021, is as follows (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable Weighted Average Exercise Price $16.27 – $35.45 49 2.70 $ 31.02 43 $ 31.78 $35.95 – $35.95 90 5.05 $ 35.95 90 $ 35.95 $37.10 – $37.58 14 7.77 $ 37.44 4 $ 37.36 $37.70 – $37.70 136 6.05 $ 37.70 136 $ 37.70 $38.24 – $38.24 1 1.51 $ 38.24 1 $ 38.24 $38.90 – $38.90 141 8.05 $ 38.90 41 $ 38.90 $39.33 – $45.37 84 4.85 $ 42.77 63 $ 42.87 $45.92 – $45.92 2 7.30 $ 45.92 1 $ 45.92 $46.91 – $46.91 86 9.05 $ 46.91 — $ — $47.04 – $53.22 172 5.19 $ 50.79 140 $ 50.22 $16.27 – $53.22 775 6.13 $ 41.77 519 $ 41.02 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents time-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at January 1, 2019 494 $ 40.99 Granted 179 $ 45.88 Vested or released (118 ) $ 35.57 Forfeited (46 ) $ 44.49 Outstanding at December 31, 2019 509 $ 43.65 Granted 270 $ 29.14 Vested or released (156 ) $ 43.20 Forfeited (37 ) $ 42.51 Outstanding at December 29, 2020 586 $ 37.14 Granted 260 $ 45.05 Vested or released (147 ) $ 41.96 Forfeited (80 ) $ 36.93 Outstanding at December 28, 2021 619 $ 39.35 |
Performance Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents performance-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at January 1, 2019 105 $ 38.32 Granted 31 $ 53.22 Vested or released (28 ) $ 42.41 Forfeited (3 ) $ 43.13 Outstanding at December 31, 2019 105 $ 41.42 Granted 42 $ 38.90 Vested or released (29 ) $ 35.95 Forfeited (9 ) $ 35.95 Outstanding at December 29, 2020 109 $ 42.39 Granted 46 $ 46.91 Vested or released (35 ) $ 37.70 Forfeited (8 ) $ 44.14 Outstanding at December 28, 2021 112 $ 45.60 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 28, 2021 | |
Cost of Sales, Occupancy and Operating Expenses | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Accounts Payables Related to Jacmar | The cost of food, beverage, paper products and supplies provided by Jacmar included within restaurant operating costs consisted of the following (in thousands): Fiscal Year 2021 2020 2019 Cost of sales: Third-party suppliers $ 288,110 100.0 % $ 167,503 85.6 % $ 209,215 70.9 % Jacmar — — 28,070 14.4 85,794 29.1 Cost of sales $ 288,110 100.0 % $ 195,573 100.0 % $ 295,009 100.0 % Occupancy and operating: Third-party suppliers $ 267,888 100.0 % $ 216,831 98.2 % $ 247,076 96.4 % Jacmar — — 4,058 1.8 9,307 3.6 Occupancy and operating $ 267,888 100.0 % $ 220,889 100.0 % $ 256,383 100.0 % |
Company and Summary of Signific
Company and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 28, 2021USD ($)RestaurantStateSegmentshares | Dec. 29, 2020USD ($)shares | Dec. 29, 2020USD ($) | Dec. 31, 2019USD ($)shares | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of restaurants owned | Restaurant | 212 | |||
Number of states in which entity operates | State | 29 | |||
Number of new restaurants opened | Restaurant | 2 | |||
Number of breweries in operation | Restaurant | 1 | |||
Number of operating segments | Segment | 1 | |||
Impairment of goodwill | $ | $ 0 | $ 0 | $ 0 | |
Tangible Asset Impairment Charges | $ | 2,200,000 | $ 13,700,000 | 0 | |
Deferred revenue from gift cards | $ | 19,499,000 | 17,274,000 | $ 17,274,000 | |
Advertising expense | $ | $ 14,700,000 | $ 13,200,000 | $ 25,200,000 | |
Common stock equivalents excluded from calculation of diluted net income per share | shares | 700,000 | 1,100,000 | 500,000 | |
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 | |||
Warrant to Purchase Shares | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Common stock equivalents excluded from calculation of diluted net income per share | shares | 876,949 | |||
United States | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | State | 1 | |||
Brewpub Equipment [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of breweries in operation | Restaurant | 2 |
Estimated Useful Lives (Detail)
Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 28, 2021 | |
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 [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Brewpub Equipment [Member] | 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 (loss) Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ (3,606) | $ (57,885) | $ 45,238 |
Weighted-average shares outstanding - basic | 23,191 | 21,162 | 20,285 |
Dilutive effect of equity awards | 307 | ||
Weighted-average shares outstanding - diluted | 23,191 | 21,162 | 20,592 |
Gift Cards Liability and Loyalt
Gift Cards Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 28, 2021 | Dec. 29, 2020 |
Contract With Customer Asset And Liability [Abstract] | ||
Gift card liability | $ 19,499 | $ 17,274 |
Deferred loyalty revenue | $ 3,949 | $ 6,121 |
Revenue Recognized on Consolida
Revenue Recognized on Consolidated Statements of Operations for Redemption of Gift Cards and Loyalty Rewards Deferred (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Abstract] | |||
Revenue recognized from gift card liability | $ 9,220 | $ 10,883 | $ 12,064 |
Revenue recognized from customer loyalty program | $ 8,816 | $ 8,734 | $ 9,363 |
Schedule of Accounts and Other
Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 28, 2021 | Dec. 29, 2020 |
Receivables [Abstract] | ||
Credit cards | $ 6,658 | $ 3,394 |
Third-party gift card sales | 3,886 | 2,798 |
Tenant improvement allowances | 5,813 | 4,163 |
Third-party delivery | 2,495 | 2,348 |
Income taxes | 7,255 | 10,367 |
Other | 2,948 | 560 |
Total accounts and other receivables | $ 29,055 | $ 23,630 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 28, 2021 | Dec. 29, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,210,967 | $ 1,177,817 |
Less accumulated depreciation and amortization | (729,483) | (661,486) |
Property and equipment, excluding construction in progress | 481,484 | 516,331 |
Construction in progress | 24,627 | 18,510 |
Property and equipment, net | 506,111 | 534,841 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,462 | 2,507 |
Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 391,660 | 388,091 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 306,582 | 299,135 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 162,970 | 159,200 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 345,293 | $ 328,884 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 28, 2021 | Dec. 29, 2020 |
Payables And Accruals [Abstract] | ||
Payroll related | $ 34,625 | $ 34,467 |
Workers’ compensation and general liability | 21,048 | 20,365 |
Deferred revenue from gift cards | 19,499 | 17,274 |
Deferred loyalty revenue | 3,949 | 6,121 |
Insurance related | 4,909 | 4,267 |
Sales taxes | 5,965 | 1,992 |
Other taxes | 5,398 | 5,128 |
Other current rent related | 2,031 | 2,398 |
Utilities | 2,231 | 2,384 |
Merchant cards | 1,770 | 874 |
Other | 10,929 | 8,050 |
Accrued Liabilities | $ 112,354 | $ 103,320 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lease cost | $ 57,807 | $ 55,996 | $ 54,329 |
Variable lease cost | 1,739 | 142 | 3,017 |
Total lease costs | $ 59,546 | $ 56,138 | $ 57,346 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Lease Term and Discount Rate (Detail) | Dec. 28, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term | 12 years |
Weighted-average discount rate | 5.60% |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Obligation Maturities (Detail) $ in Thousands | Dec. 28, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 66,737 |
2023 | 61,453 |
2024 | 56,625 |
2025 | 52,021 |
2026 | 50,376 |
Thereafter | 320,098 |
Total lease payments | 607,310 |
Less: imputed interest | (132,054) |
Present value of operating lease obligations | $ 475,256 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 28, 2021USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Letters of credit outstanding amount | $ 17.2 |
Letters of credit renewal period, years | 1 year |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | |||
Loan agreement, initiation Date | Nov. 3, 2021 | ||
Letters of credit outstanding amount | $ 17.2 | ||
Weighted average interest rate | 4.00% | ||
Loan agreement, description | The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. | ||
Credit Facility Debt Instrument | |||
Line Of Credit Facility [Line Items] | |||
Loan agreement, expiration date | Nov. 3, 2026 | ||
Revolving loan commitments under loan agreement | $ 215 | ||
Line of credit outstanding amount | 50 | ||
Available borrowings under credit facility | 147.8 | ||
Letters of credit outstanding amount | 17.2 | ||
Interest expense and commitment fees | 5 | $ 7.1 | $ 4.6 |
Interest expense on line of credit | 0.1 | 0.1 | |
Fees related to modified credit agreement | 0.8 | $ 0.8 | |
Letter of Credit | |||
Line Of Credit Facility [Line Items] | |||
Revolving loan commitments under loan agreement | $ 50 | ||
BSBY | |||
Line Of Credit Facility [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | BSBY rate plus 1.00% | ||
Maximum | Credit Facility Debt Instrument | |||
Line Of Credit Facility [Line Items] | |||
Increase in line of credit | $ 315 | ||
Maximum | BSBY | Credit Facility Debt Instrument | |||
Line Of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 2.00% | ||
Minimum | Base Rate | |||
Line Of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 1.00% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Jan. 21, 2021USD ($)$ / sharesshares | May 05, 2020USD ($)$ / sharesshares | Dec. 28, 2021USD ($)Serieshares | Dec. 29, 2020USD ($)shares |
Class Of Stock [Line Items] | ||||
Issuance of common stock | $ 28,907,000 | $ 67,342,000 | ||
Proceeds from issuance of common stock, net | $ 28,907,000 | $ 67,342,000 | ||
Preferred stock, shares authorized | shares | 5,000,000 | 5,000,000 | ||
Series of preferred stock, minimum | Serie | 1 | |||
Preferred stock, issued | shares | 0 | 0 | ||
Preferred stock, outstanding | shares | 0 | 0 | ||
Voting rights, per share | one | |||
Common stock remaining under the same repurchase plan | $ 24,400,000 | |||
Current amount authorized under the share repurchase plan | $ 500,000,000 | |||
Retained Earnings [Member] | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock (in shares) | shares | 3,500,000 | |||
Proceeds from issuance of common stock, net | $ 64,000,000 | |||
Capital Surplus [Member] | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock | $ 3,394,000 | |||
Net proceeds of warrant | $ 3,400,000 | |||
Private Placement | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock | $ 70,000,000 | |||
Issuance of common stock (in shares) | shares | 3,500,000 | |||
Common stock, per share | $ / shares | $ 20 | |||
Term of warrants | 5 years | |||
Number of shares issuable on exercise of warrants | shares | 875,000 | |||
Warrants exercise price, per share | $ / shares | $ 27 | |||
Stock transaction, Description | On May 5, 2020, we completed the sale of $70 million of our common stock to certain funds and accounts advised by T. Rowe Price Associates, Inc., acting as investment adviser, and to Act III Holdings, LLC (“Act III,” and collectively “the investors”). The investors purchased a total of 3,500,000 shares of BJ’s Restaurants common stock for $20.00 per share in a private placement under Section 4(2) of the Securities Act of 1933, as amended. The Company also issued a five year warrant to purchase 875,000 shares of our common stock with an exercise price of $27.00 per share to Act III. The warrant expires on May 4, 2025, five years following the issuance. | |||
Date on which warrant expires | May 4, 2025 | |||
At The Market Offering | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock (in shares) | shares | 703,399 | |||
Common stock, per share | $ / shares | $ 42.65 | |||
Number of shares issuable on exercise of warrants | shares | 876,949 | |||
Warrants exercise price, per share | $ / shares | $ 26.94 | |||
Proceeds from issuance of common stock, gross | $ 30,000,000 |
Income Tax Expense (Benefit) (D
Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 2,776 | $ (5,360) | $ 1,907 |
State | 323 | (314) | 1,922 |
Current Income Tax Expense (Benefit), Total | 3,099 | (5,674) | 3,829 |
Deferred: | |||
Federal | (16,872) | (21,403) | (2,652) |
State | (1,803) | (4,988) | (121) |
Deferred income taxes | (18,675) | (26,391) | (2,773) |
Income tax (benefit) expense | $ (15,576) | $ (32,065) | $ 1,056 |
Income Tax Expense (Benefit) Di
Income Tax Expense (Benefit) Differs from Amount that would Result from Applying Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rates | (21.00%) | (21.00%) | 21.00% |
State income taxes, net of federal benefit | (5.00%) | (5.20%) | 3.00% |
Permanent differences | 0.90% | 0.30% | (0.60%) |
Income tax credits | (58.90%) | (5.10%) | (20.10%) |
Return to provision | 2.10% | ||
Prior year tax credit true-up | (0.40%) | (0.70%) | |
Benefit from net operating loss carryback | 2.80% | (5.20%) | |
Change in valuation allowance | (1.10%) | ||
Other, net | (1.00%) | 1.00% | (0.30%) |
Effective Income Tax Rate, Continuing Operations, Total | (81.20%) | (35.60%) | 2.30% |
Components of Deferred Income T
Components of Deferred Income Tax Asset (Liability) (Detail) - USD ($) $ in Thousands | Dec. 28, 2021 | Dec. 29, 2020 |
Deferred income tax asset: | ||
Gift cards | $ 1,430 | $ 2,192 |
Accrued expenses | 11,803 | 11,235 |
Other | 3,875 | 3,656 |
Deferred revenues | 28 | 5 |
Stock-based compensation | 4,123 | 4,323 |
Deferred rent | 123,544 | 130,116 |
Income tax credits | 41,826 | 27,506 |
Net operating losses | 5,569 | 4,305 |
State tax | 72 | 55 |
Gross deferred income tax asset | 192,270 | 183,393 |
Valuation allowance | (586) | (802) |
Deferred income tax asset, net of valuation allowance | 191,684 | 182,591 |
Deferred income tax liability: | ||
Property and equipment | (52,371) | (57,249) |
Intangible assets | (1,646) | (1,605) |
Operating lease assets | (108,333) | (113,083) |
Smallwares | (4,432) | (4,427) |
Deferred income tax liability | (166,782) | (176,364) |
Net deferred income tax asset | $ 24,902 | $ 6,227 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Net operating loss carryback | $ 6,200,000 | |||
Income tax credit carryforwards | 41,826,000 | $ 27,506,000 | ||
Net operating losses | 5,569,000 | 4,305,000 | ||
Valuation allowances against net operating loss and tax credit carryforwards | 586,000 | 802,000 | ||
Accrued penalties and interest to uncertain tax positions | 100,000 | 100,000 | ||
Unrecognized tax benefits | 1,198,000 | $ 1,333,000 | $ 1,345,000 | $ 1,532,000 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 1,000,000 | |||
Anticipated decrease 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 | $ 42,000,000 | |||
Tax credits expiration year | 2036 | |||
Federal | Earliest Tax Year | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2015 | |||
State or Local Taxing Jurisdiction | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax credit carryforwards | $ 800,000 | |||
Tax credits expiration year | 2023 | |||
State or Local Taxing Jurisdiction | Earliest Tax Year | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2016 | |||
Expiration Periods Beginning 2022 | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
State net operating losses | $ 76,300,000 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at beginning of year | $ 1,333 | $ 1,345 | $ 1,532 |
Increases for tax positions taken in prior years | 190 | 10 | |
Decreases for tax positions taken in prior years | (20) | (291) | (5) |
Increases for tax positions taken in the current year | 69 | 89 | 130 |
Lapse in statute of limitations | (184) | (322) | |
Gross unrecognized tax benefits at end of year | $ 1,198 | $ 1,333 | $ 1,345 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | Jan. 15, 2021 | Dec. 28, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares charged to reserve per granted share | 1 | |
Share basis for number shares charged to reserve | 1 | |
Expiration term of stock options | 10 years | |
Vesting terms | The Plan permits our Board of Directors to set the vesting terms and exercise period for awards at their discretion; however, the grant of awards with no minimum vesting period or a vesting period less than one year may not exceed 5% of the total number of shares authorized under the Plan. | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares charged to reserve per granted share | 1.5 | |
Stock granted for foregone cash compensation for salary reductions | $ 0.5 | |
Stock Options and Time-based RSUs [Member] | Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 1 year | |
Stock Options and Time-based RSUs [Member] | Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Stock Options and Time-based RSUs [Member] | Vesting Period Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years | |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Third Anniversary | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 33.00% | |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Fifth Anniversary | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 67.00% | |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years | |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Performance Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 3 | |
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 | 225.00% | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 2.3 | |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years | |
Time-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 11.2 | |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized within Our Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Capitalized | [1] | $ 310 | $ 29 | $ 294 |
Labor and benefits | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 2,748 | 2,755 | 2,372 | |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 7,583 | $ 7,036 | $ 6,546 | |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Mo
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option (Detail) - $ / shares | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 60.80% | 33.50% | 34.50% |
Risk-free interest rate | 0.60% | 1.60% | 2.50% |
Expected option life | 5 years | 5 years | 5 years |
Dividend yield | 1.50% | 1.50% | |
Fair value of options granted | $ 23.22 | $ 10.38 | $ 15.67 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Options Outstanding, Shares | ||||
Outstanding, Beginning Balance | 801 | 645 | 588 | |
Granted | 117 | 161 | 107 | |
Exercised | (129) | (1) | (37) | |
Forfeited | (14) | (4) | (13) | |
Outstanding, Ending Balance | 775 | 801 | 645 | 588 |
Options Outstanding, Weighted Average Exercise Price | ||||
Outstanding, Beginning Balance | $ 40.56 | $ 41.09 | $ 38.14 | |
Granted | 45.50 | 38.37 | 53.09 | |
Exercised | 37.40 | 35.45 | 28.89 | |
Forfeited | 44.11 | 38.82 | 40.88 | |
Outstanding, Ending Balance | $ 41.77 | $ 40.56 | $ 41.09 | $ 38.14 |
Options Exercisable, Shares | ||||
Options Exercisable Outstanding, Beginning Balance | 503 | 340 | 189 | |
Options Exercisable Outstanding, Ending Balance | 519 | 503 | 340 | 189 |
Options Exercisable, Weighted Average Exercise Price | ||||
Options Exercisable, Beginning Balance | $ 39.91 | $ 38.96 | $ 37.41 | |
Options Exercisable, Ending Balance | $ 41.02 | $ 39.91 | $ 38.96 | $ 37.41 |
Options Exercisable, Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 5 years 6 months | 5 years 2 months 12 days | 5 years 6 months | 5 years |
Information Relating to Signifi
Information Relating to Significant Option Groups Outstanding (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Options Outstanding | 775 | 801 | 645 | 588 |
Weighted Average Exercise Price, Options Outstanding | $ 41.77 | $ 40.56 | $ 41.09 | $ 38.14 |
Options Exercisable | 519 | 503 | 340 | 189 |
Weighted Average Exercise Price, Options Exercisable | $ 41.02 | $ 39.91 | $ 38.96 | $ 37.41 |
$29.88 - $34.14 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 16.27 | |||
Range of Exercise Prices, high | $ 35.45 | |||
Options Outstanding | 49 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 2 years 8 months 12 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 31.02 | |||
Options Exercisable | 43 | |||
Weighted Average Exercise Price, Options Exercisable | $ 31.78 | |||
$34.24 - $35.78 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 35.95 | |||
Range of Exercise Prices, high | $ 35.95 | |||
Options Outstanding | 90 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 18 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 35.95 | |||
Options Exercisable | 90 | |||
Weighted Average Exercise Price, Options Exercisable | $ 35.95 | |||
$35.95 - $35.95 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 37.10 | |||
Range of Exercise Prices, high | $ 37.58 | |||
Options Outstanding | 14 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 9 months 7 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 37.44 | |||
Options Exercisable | 4 | |||
Weighted Average Exercise Price, Options Exercisable | $ 37.36 | |||
$37.03 - $37.58 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 37.70 | |||
Range of Exercise Prices, high | $ 37.70 | |||
Options Outstanding | 136 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 18 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 37.70 | |||
Options Exercisable | 136 | |||
Weighted Average Exercise Price, Options Exercisable | $ 37.70 | |||
$37.70 - $37.70 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 38.24 | |||
Range of Exercise Prices, high | $ 38.24 | |||
Options Outstanding | 1 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 1 year 6 months 3 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 38.24 | |||
Options Exercisable | 1 | |||
Weighted Average Exercise Price, Options Exercisable | $ 38.24 | |||
$38.24 - $42.41 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 38.90 | |||
Range of Exercise Prices, high | $ 38.90 | |||
Options Outstanding | 141 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 8 years 18 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 38.90 | |||
Options Exercisable | 41 | |||
Weighted Average Exercise Price, Options Exercisable | $ 38.90 | |||
$42.94 - $45.92 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 39.33 | |||
Range of Exercise Prices, high | $ 45.37 | |||
Options Outstanding | 84 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 4 years 10 months 6 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 42.77 | |||
Options Exercisable | 63 | |||
Weighted Average Exercise Price, Options Exercisable | $ 42.87 | |||
$47.04 - $47.04 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 45.92 | |||
Range of Exercise Prices, high | $ 45.92 | |||
Options Outstanding | 2 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 3 months 18 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 45.92 | |||
Options Exercisable | 1 | |||
Weighted Average Exercise Price, Options Exercisable | $ 45.92 | |||
$48.64 - $52.98 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 46.91 | |||
Range of Exercise Prices, high | $ 46.91 | |||
Options Outstanding | 86 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 9 years 18 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 46.91 | |||
$53.22 - $53.22 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 47.04 | |||
Range of Exercise Prices, high | $ 53.22 | |||
Options Outstanding | 172 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 2 months 8 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 50.79 | |||
Options Exercisable | 140 | |||
Weighted Average Exercise Price, Options Exercisable | $ 50.22 | |||
$29.88 - $53.22 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 16.27 | |||
Range of Exercise Prices, high | $ 53.22 | |||
Options Outstanding | 775 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 1 month 17 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 41.77 | |||
Options Exercisable | 519 | |||
Weighted Average Exercise Price, Options Exercisable | $ 41.02 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 586 | 509 | 494 |
Granted, Shares | 260 | 270 | 179 |
Vested or released, Shares | (147) | (156) | (118) |
Forfeited, Shares | (80) | (37) | (46) |
Outstanding Ending Balance, Shares | 619 | 586 | 509 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Shares | $ 37.14 | $ 43.65 | $ 40.99 |
Granted, Weighted Average Fair Value | 45.05 | 29.14 | 45.88 |
Vested or released, Weighted Average Fair Value | 41.96 | 43.20 | 35.57 |
Forfeited, Weighted Average Fair Value | 36.93 | 42.51 | 44.49 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 39.35 | $ 37.14 | $ 43.65 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 109 | 105 | 105 |
Granted, Shares | 46 | 42 | 31 |
Vested or released, Shares | (35) | (29) | (28) |
Forfeited, Shares | (8) | (9) | (3) |
Outstanding Ending Balance, Shares | 112 | 109 | 105 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Shares | $ 42.39 | $ 41.42 | $ 38.32 |
Granted, Weighted Average Fair Value | 46.91 | 38.90 | 53.22 |
Vested or released, Weighted Average Fair Value | 37.70 | 35.95 | 42.41 |
Forfeited, Weighted Average Fair Value | 44.14 | 35.95 | 43.13 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 45.60 | $ 42.39 | $ 41.42 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | |
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 | $ 500,000 | $ 200,000 | $ 600,000 |
Base compensation percentage for participating team members based on eligible bonus maximum | 100.00% | ||
Other assets, net | $ 43,421,000 | 42,836,000 | |
Other liabilities | 14,945,000 | 14,068,000 | |
Deferred compensation plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other assets, net | 14,300,000 | 13,400,000 | |
Other liabilities | 14,200,000 | $ 13,300,000 | |
Contributions made or accrued | $ 0 |
Related Party - Additional Info
Related Party - Additional Information (Detail) | Jun. 01, 2020 | Dec. 28, 2021 |
Related Party Transactions [Abstract] | ||
New agreement maturing date | 2020-06 | |
Agreement maturing date | 2023-07 |
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 | |||
Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 | ||
Related Party Transaction [Line Items] | ||||
Total cost of sales | [1] | $ 288,110 | $ 195,573 | $ 295,009 |
Total occupancy and operating | [1] | $ 267,888 | $ 220,889 | $ 256,383 |
Cost of sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |
Occupancy and operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |
Jacmar | ||||
Related Party Transaction [Line Items] | ||||
Total cost of sales | $ 28,070 | $ 85,794 | ||
Total occupancy and operating | $ 4,058 | $ 9,307 | ||
Jacmar | Cost of sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 14.40% | 29.10% | ||
Jacmar | Occupancy and operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 1.80% | 3.60% | ||
Third Party Suppliers | ||||
Related Party Transaction [Line Items] | ||||
Total cost of sales | $ 288,110 | $ 167,503 | $ 209,215 | |
Total occupancy and operating | $ 267,888 | $ 216,831 | $ 247,076 | |
Third Party Suppliers | Cost of sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 85.60% | 70.90% | |
Third Party Suppliers | Occupancy and operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 98.20% | 96.40% | |
[1] | There were no related party costs included in cost of sales or occupancy and operating for fiscal 2021. Related party costs included in cost of sales are $28,070 and $85,794 for fiscal years 2020 and 2019, respectively. Related party costs included in occupancy and operating are $4,058 and $9,307 for fiscal years 2020 and 2019, respectively. See Note 13 for further information. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Jun. 17, 2022 | Sep. 28, 2021 | Dec. 28, 2021 | Dec. 29, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||||
Tangible Asset Impairment Charges | $ 2,200,000 | $ 13,700,000 | $ 0 | ||
Agreement maturity date | Dec. 31, 2022 | ||||
Pasadena, California Restaurant | |||||
Subsequent Event [Line Items] | |||||
Tangible Asset Impairment Charges | $ 2,200,000 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Payment for consulting agreement for defined services | $ 100,000,000 | ||||
Payment for possible additional phase | $ 45,000,000 | ||||
Period of advance written notice | 90 days |