BBQ (BBQ) 10-Q 13 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document and entity information [Abstract]
Document type	10-Q
Document period end date	Mar. 31, 2019
Document Period Focus	Q1
Amendment flag	false
Document Fiscal Year Focus	2019
Entity registrant name	FAMOUS DAVES OF AMERICA INC
Entity central index key	0001021270
Entity current reporting status	Yes
Current fiscal year end date	--12-29
Entity filer category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity common stock shares outstanding		9,273,905
Trading Symbol	DAVE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Current assets:
Cash and cash equivalents	$ 8,868	$ 11,598
Restricted cash	840	842
Accounts receivable, net of allowance for doubtful accounts of $202,000 and $192,000, respectively	3,194	4,300
Inventories	843	722
Prepaid income taxes and income taxes receivable	377	377
Prepaid expenses and other current assets	1,102	1,363
Total current assets	15,224	19,202
Property, equipment and leasehold improvements, net	11,114	10,385
Other assets:
Operating lease right-of-use assets	16,338
Goodwill	1,104	61
Intangible assets, net	3,452	1,428
Deferred tax asset, net	5,753	5,747
Other assets	1,687	1,533
Total assets	54,672	38,356
Current liabilities:
Accounts payable	3,772	3,765
Current portion of lease liabilities	1,927
Current portion of long-term debt and financing lease obligations	164	1,369
Accrued compensation and benefits	1,188	808
Other current liabilities	3,043	2,970
Total current liabilities	10,094	8,912
Long-term liabilities:
Lease liabilities, less current portion	16,908
Long-term debt, less current portion	2,358	2,411
Other liabilities	2,630	4,492
Total liabilities	31,990	15,815
Shareholders' equity:
Common stock, $.01 par value, 100,000 shares authorized, 9,274 and 9,085 shares issued and outstanding at March 31, 2019 and December 30, 2018, respectively	93	91
Additional paid-in capital	7,456	7,375
Retained earnings	15,133	15,075
Total shareholders' equity	22,682	22,541
Total liabilities and shareholders' equity	$ 54,672	$ 38,356

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 202	$ 192
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000	100,000
Common stock issued (in shares)	9,274	9,085
Common Stock, Shares, Outstanding	9,274	9,085

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Revenue:
Total revenue	$ 14,193	$ 12,844
Costs and expenses:
Food and beverage costs	3,360	2,717
Labor and benefits costs	3,957	3,196
Operating expenses	3,169	2,841
Depreciation and amortization expenses	264	393
General and administrative expenses	2,517	1,874
National advertising fund expenses	409	469
Asset impairment, estimated lease termination charges and other closing costs, net	407	(104)
Net gain on disposal of property	(6)	(1)
Total costs and expenses	14,077	11,385
Income from operations	116	1,459
Other income (expense):
Interest expense	(71)	(145)
Interest income	54	5
Total other expense	(17)	(140)
Income before income taxes	99	1,319
Income tax expense	(17)	(321)
Net income	$ 82	$ 998
Basic net income per share	$ 0.01	$ 0.13
Diluted net income per share	$ 0.01	$ 0.13
Weighted average shares outstanding - basic	9,085	7,407
Weighted average shares outstanding - diluted	9,189	7,407
Restaurant Sales
Revenue:
Total revenue	$ 10,314	$ 8,713
Franchise Royalty and Fees
Revenue:
Total revenue	3,204	3,408
Franchisee National Advertising Fund Contributions
Revenue:
Total revenue	409	469
Licensing and Other Revenue
Revenue:
Total revenue	$ 266	$ 254

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 3 months ended Mar. 31, 2019 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in Shares) at Dec. 30, 2018	9,085
Balance at Dec. 30, 2018	$ 91	$ 7,375	$ 15,075	$ 22,541
Stock-based compensation (in Shares)	189
Stock-based compensation	$ 2	81		83
Net income			82	82
Balance (in Shares) at Mar. 31, 2019	9,274
Balance at Mar. 31, 2019	$ 93	$ 7,456	15,133	22,682
Cumulative effect of change in accounting principle			$ (24)	$ (24)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Cash flows from operating activities:
Net income	$ 82	$ 998
Adjustments to reconcile net income to cash flows provided by operations:
Depreciation and amortization	264	393
Stock-based compensation	83	47
Net gain on disposal of property	(6)	(1)
Asset impairment and estimated lease termination charges (gain)	386	(185)
Bad debts expense (recovery)	21	(147)
Other non-cash items	33	(149)
Accounts receivable, net	743	61
Other assets	53	6
Accounts payable	(9)	32
Accrued and other liabilities	(24)	(879)
Cash flows provided by operating activities	1,626	176
Cash flows from investing activities:
Proceeds from the sale of assets	6	1
Purchases of property, equipment and leasehold improvements	(221)	(41)
Payments for acquired restaurants	(3,841)
Advances on notes receivable	(150)	(458)
Cash flows used for investing activities	(4,206)	(498)
Cash flows from financing activities:
Payments for debt issuance costs	(15)
Payments on long-term debt and financing lease obligations	(137)	(320)
Proceeds from exercise of stock options		389
Cash flows (used for) provided by financing activities	(152)	69
Decrease in cash, cash equivalents and restricted cash	(2,732)	(253)
Cash, cash equivalents and restricted cash, beginning of period	12,440	10,426
Cash, cash equivalents and restricted cash, end of period	9,708	10,173
Supplemental Disclosures
Cash paid for interest	11	$ 128
Increase (decrease) in accrued property and equipment purchases	$ (35)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
Nature Of Business And Significant Accounting Policies [Abstract]
Nature Of Business And Significant Accounting Policies [Text Block]	(1) Basis of Presentation Basis of Presentation Famous Dave’s of America, Inc. (“Famous Dave’s” or the “Company”) was incorporated in Minnesota on March 14, 1994. The Company develops, owns, operates and franchises restaurants under the name "Famous Dave’s." As of March 31, 2019, there were 138 Famous Dave’s restaurants operating in 33 states, the Commonwealth of Puerto Rico, Canada, and the United Arab Emirates, including 21 Company-owned restaurants and 117 franchise-operated restaurants. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) Rules and Regulations. These unaudited consolidated financial statements represent the consolidated financial statements of the Company and its subsidiaries as of March 31, 2019 and December 30, 2018, and for the three months ended March 31, 2019 and April 1, 2018. The information furnished in these consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 as filed with the SEC on March 4, 2019. Due to the seasonality of the Company’s business, revenue and operating results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year or any other interim period. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. These reclassifications did not have an impact on the reported net income for any of the periods presented. Income Taxes The Company maintains a federal deferred tax asset (“DTA”) in the amount of $5.8 million for each of the periods ended March 31, 2019 and December 30, 2018. The Company evaluates the DTA on a quarterly basis to determine whether current facts and circumstances indicate that the DTA may not be fully realizable. As of March 31, 2019, the Company concluded that the DTA is fully realizable and that a valuation allowance was not considered necessary; however, the Company will continue to evaluate the asset on a quarterly basis until the DTA has been fully utilized. The following table presents the Company’s effective tax rates for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2019 April 1, 2018 ​ Effective tax rate ​ ​ 17.2 % ​ 24.3 % ​ The Company provides for income taxes based on its estimate of federal and state income tax liabilities. These estimates include, among other items, effective rates for state and local income taxes, allowable tax credits for items such as taxes paid on reported tip income, estimates related to depreciation and amortization expense allowable for tax purposes, and the tax deductibility of certain other items. The Company’s estimates are based on the information available at the time that the Company prepares the income tax provision. The Company generally files its annual income tax returns several months after its fiscal year-end. Income tax returns are subject to audit by federal, state, and local governments, generally years after the tax returns are filed. These returns could be subject to material adjustments or differing interpretations of the tax laws. Restricted cash and marketing fund The Company has a system-wide marketing development fund, to which Company-owned restaurants, in addition to the majority of franchise-operated restaurants, contribute a percentage of net sales for use in public relations and marketing development efforts. The assets held by this fund are considered to be restricted. Accordingly, the Company reflects the cash related to this fund within restricted cash and reflects the liability within accounts payable on the Company’s consolidated balance sheets. The Company had approximately $697,000 and $700,000 in this fund as of March 31, 2019 and December 30, 2018, respectively. In conjunction with the Company’s credit agreements, the Company has deposited amounts for undrawn letters of credit in cash collateral accounts. The Company had approximately $143,000 and $143,000 in restricted cash as of March 31, 2019 and December 30, 2018, respectively, related to these undrawn letters of credit. Concentrations of Credit Risk Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Under the updated standard, an entity is required to apply the requirements of Topic 718 to nonemployee awards, except for specific guidance on inputs to an option-pricing model and the attribution of cost. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in the grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling or goods or services as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within that fiscal year. Early adoption was permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted this new standard as of the effective date. Adoption of the new standard did not have a material impact on the Company’s consolidated financial statements. Beginning in fiscal 2019, the Company adopted Topic 842, Leases, which had a material impact on the Company’s consolidated financial statements. See Note 7 – Leases.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2019
Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	(2) Intangible Assets, net The Company has intangible assets that consist of liquor licenses, lease interest assets and reacquired franchise rights, net. The liquor licenses are indefinite-lived assets and are not subject to amortization. The lease interest assets are amortized to occupancy costs on a straight-line basis over the remaining term of each respective lease. Reacquired franchise rights are amortized to depreciation and amortization expense on a straight-line basis over the remaining life of the reacquired franchise agreement. A reconciliation of the Company’s intangible assets as of March 31, 2019 and December 30, 2018, respectively, are presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ March 31, 2019 December 30, 2018 Lease interest assets, gross carrying amount ​ ​ ​ $ 1,123 ​ $ 1,091 Lease interest assets, accumulated amortization ​ ​ ​ ​ (333) ​ ​ (323) Lease interest assets, net carrying amount ​ ​ ​ ​ 790 ​ ​ 768 Reacquired franchise rights, net ​ ​ ​ ​ 2,027 ​ ​ 25 Liquor licenses ​ ​ ​ ​ 635 ​ ​ 635 Intangible assets, net ​ ​ ​ $ 3,452 ​ $ 1,428 ​ The following table provides the projected future amortization of reacquired franchise rights, net and lease interest assets for the next five years, as of March 31, 2019: ​ ​ ​ ​ ​ ​ ​ (in thousands) Reacquired Franchise Rights, net ​ Lease Interest Assets Fiscal 2019 $ 338 ​ $ 44 Fiscal 2020 ​ 367 ​ ​ 51 Fiscal 2021 ​ 367 ​ ​ 36 Fiscal 2022 ​ 367 ​ ​ 36 Fiscal 2023 ​ 367 ​ ​ 36 Thereafter ​ 221 ​ ​ 587 ​ $ 2,027 ​ $ 790 ​

LONG-TERM DEBT AND FINANCING LE

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-term Debt and Financing Lease Obligations [Text Block]	(3) Long-Term Debt and Financing Lease Obligations Long-term debt Long-term debt consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 ​ December 30, 2018 Real Estate Loan ​ $ 2,664 $ 2,705 Less: deferred financing costs ​ (142) (131) Less: current portion of long-term debt ​ (164) (163) Long-term debt, less current portion ​ $ 2,358 $ 2,411 ​ The weighted-average interest rate of long-term debt outstanding as of March 31, 2019 and December 30, 2018 was 4.19% and 4.41%, respectively. The Company is subject to various financial and non-financial covenants on its long-term debt, including a debt-service coverage ratio. As of March 31, 2019, the Company was compliant with all of its covenants. Financing Lease Obligation The Company repaid its financing lease obligation during the three months ended March 31, 2019.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets [Text Block]	(4) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 December 30, 2018 Prepaid expenses and deferred costs $ 639 $ 767 Prepaid insurance ​ ​ 463 ​ ​ 596 ​ $ 1,102 $ 1,363 ​

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities, Current [Abstract]
Other Current Liabilities Disclosure [Text Block]	(5) Other Current Liabilities Other current liabilities consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 ​ December 30, 2018 Gift cards payable ​ $ 1,099 ​ $ 1,035 Accrued expenses ​ 1,343 ​ 1,238 Asset retirement obligations and lease reserves ​ ​ 29 ​ ​ 161 Sales tax payable ​ 345 ​ 274 State income tax payable ​ ​ 16 ​ ​ 16 Deferred franchise fees ​ 207 ​ 207 Accrued property and equipment purchases ​ 4 ​ 39 Other current liabilities ​ $ 3,043 ​ $ 2,970 ​

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2019
Other Liabilities [Abstract]
Other Liabilities Disclosure [Text Block]	(6) Other Liabilities Other liabilities consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 ​ December 30, 2018 Deferred rent ​ $ — ​ $ 1,787 Deferred franchise fees ​ ​ 1,575 ​ ​ 1,791 Miscellaneous other liabilities ​ 851 ​ 441 Asset retirement obligations ​ 8 ​ 16 Accrual for uncertain tax position ​ ​ 10 ​ ​ 10 Long-term lease reserve ​ — ​ 254 Long-term deferred compensation ​ 186 ​ 193 Other liabilities ​ $ 2,630 ​ $ 4,492 ​

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee Operating And Finance Leases [Text Block]	(7) Leases The Company leases the property for its corporate headquarters, most of its Company-owned stores, and certain office and restaurant equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities in its consolidated balance sheets. The Company had two finance leases as of December 31, 2018, which expired during the three months ended March 31, 2019. ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. Because most of the Company's leases do not provide an implicit rate of return, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease ROU assets also exclude lease incentives received. Where the Company is the lessee, at initial adoption, the Company has elected to account for non-lease components associated with its leases (e.g., common area maintenance costs) and lease components separately for substantially all of its asset classes. Subsequent to adoption, the Company will combine lease and non-lease components. Lease terms for Company-owned stores generally range from 5-20 years with one or more five-year renewal options and generally require the Company to pay a proportionate share of real estate taxes, insurance, common area, and other operating costs in addition to a base or fixed rent. The Company has elected the short term lease exemption for certain qualifying leases with lease terms of twelve months or less and, accordingly, did not record right-of-use assets and lease liabilities. These leases with initial terms of less than 12 months are recorded directly to occupancy expense on a straight-line basis over the term of the lease. Additionally, the Company has decided to utilize the package of practical expedients and the practical expedient to not reassess certain land easements. The Company has decided not to utilize the practical expedient to use hindsight . Certain of the Company’s leases also provide for variable lease payments in the form of percentage rent, in which additional rent is calculated as a percentage of sales in excess of a base amount, and not included in the calculation of the operating lease liability or ROU asset. The Company's leases have remaining lease terms of 0.25 to 21 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Economic performance of a store is the primary factor used to estimate whether an option to extend a lease term will be exercised or not. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense for the period presented is as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 31, 2019 Operating lease cost ​ $ 544 Short-term lease cost ​ ​ 18 Variable lease cost ​ ​ 3 Sublease income ​ ​ (69) Total lease cost ​ $ 496 ​ Supplemental cash flow information related to leases for the period presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands) ​ March 31, 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 650 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 5,651 ​ Weighted-average remaining lease term of operating leases (in years) ​ ​ 11.47 ​ Weighted-average discount rate of operating leases ​ ​ 5.64 % ​ The maturities of the Company’s lease liabilities as of March 31, 2019 is as follows (in thousands): ​ ​ ​ ​ ​ ​ 2019 ​ $ 2,210 ​ 2020 ​ ​ 2,876 ​ 2021 ​ ​ 2,836 ​ 2022 ​ ​ 2,587 ​ 2023 ​ ​ 2,067 ​ Thereafter ​ ​ 14,574 ​ Total future minimum payments ​ ​ 27,150 ​ Less imputed interest ​ ​ (8,315) ​ Total lease liability ​ $ 18,835 ​ As of December 31, 2018, the Company had one operating lease that had not commenced for a new restaurant site in Oklahoma City, Oklahoma. The lease has a 15-year term with two five-year renewal options.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	​ (8) Revenue Recognition The Company recognizes franchise fee revenue on a straight-line basis over the life of the related franchise agreements and any exercised renewal periods. Cash payments are due upon the opening of a new restaurant or upon the execution of a renewal of the related franchise agreement. The Company’s performance obligation with respect to franchise fee revenues consists of a license to utilize the Company’s brand for a specified period of time, which is satisfied equally over the life of each franchise agreement. Area development fees are deferred until a new restaurant is opened pursuant to the area development agreement, at which time revenue is recognized on a straight-line basis over the life of the franchise agreement. Cash payments for area development agreements are typically due when an area development agreement has been executed. Gift card breakage revenue is recognized proportionately as gift cards are redeemed utilizing an estimated breakage rate based on the Company’s historical experience. Gift card breakage revenue is reported within the licensing and other revenue line item of the consolidated statements of operations. The Company defers revenue associated with the estimated selling price of reward points, which we refer to as Bones, earned pursuant to the Company’s loyalty program and establishes a corresponding liability. This deferral is based on the estimated value of the product for which the reward is expected to be redeemed, net of estimated unredeemed Bones. When a Guest redeems an earned reward, the Company recognizes revenue for the redeemed product and reduces the deferred revenue. Deferred revenue associated with the Company’s loyalty program was not material as of March 31, 2019 and December 30, 2018. The Company’s revenue is generally disaggregated within the consolidated statements of operations. Gift card breakage revenue was not material to the Company’s consolidated financial statements. The Company recognized revenue related to gift cards of approximately $133,000 during the three months ended March 31, 2019, which is reflected in the restaurant sales, net, line item of its consolidated statements of operations. Gift cards payable of approximately $1.1 million is expected to be recognized as revenue over the next 12 months. The following table illustrates estimated revenues expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2019: ​ ​ ​ ​ ​ (in thousands) ​ Fiscal Year ​ 2019 ​ $ 138 2020 ​ 185 2021 ​ 178 2022 ​ 167 2023 ​ 149 Thereafter ​ 965 Total ​ $ 1,782 ​ Contract liabilities consist of deferred revenue resulting from franchise fees paid by franchisees. We classify these liabilities within other current liabilities and other liabilities within our consolidated balance sheets based on the expected timing of revenue recognition associated with these liabilities. The following table reflects the change in contract liabilities between December 30, 2018 and March 31, 2019: ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Balance, December 30, 2018 ​ $ 1,998 Revenue recognized ​ ​ (216) Balance, March 31, 2019 ​ $ 1,782 ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
Performance Shares Stock Options Other Forms Of Compensation And Common Share Repurchases [Abstract]
Performance Shares, Stock Options, Other Forms of Compensation and Common Share Repurchases [Text Block]	(9) Stock-based Compensation Effective May 5, 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”), pursuant to which the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and other stock and cash awards to eligible participants. The Company also maintains an Amended and Restated 2005 Stock Incentive Plan (the “2005 Plan”). Together, the 2015 Plan and 2005 Plan are referred to herein as the “Plans.” The 2005 Plan prohibits the granting of incentives after May 12, 2015, the tenth anniversary of the date the 2005 Plan was approved by the Company’s shareholders. Nonetheless, the 2005 Plan will remain in effect until all outstanding incentives granted thereunder have either been satisfied or terminated. As of March 31, 2019, there were 229,477 shares available for grant pursuant to the 2015 Plan. For purposes of net income per share, there were approximately 179,000 and 430,000 stock options outstanding as of March 31, 2019 and April 1, 2018, respectively that were not included in the computation of diluted net income per share because their impact was antidilutive. As of March 31, 2019, the total compensation cost related to unvested stock option awards was approximately $1.4 million which is expected to be recognized over a period of approximately 3.43 years. Stock options granted to employees and directors generally vest over two to five years, in monthly or annual installments, as outlined in each agreement. Options generally expire ten years from the date of grant. Compensation expense equal to the grant date fair value of the options is recognized in general and administrative expense over the applicable service period. The Company utilizes the Black-Scholes option pricing model when determining the compensation cost associated with stock options issued using the following significant assumptions: ● Stock price – Published trading market values of the Company’s common stock as of the date of grant. ● Exercise price – The stated exercise price of the stock option. ● Expected life – The simplified method as outlined in ASC 718. ● Expected dividend – The rate of dividends that the Company expects to pay over the term of the stock option. ● Volatility – Actual volatility over the most recent historical period equivalent to the expected life of the option. ● Risk-free interest rate – The daily United States Treasury yield curve rate. The Company recognized stock-based compensation expense in its consolidated statements of operations for the three months ended March 31, 2019 and April 1, 2018, respectively, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands) March 31, 2019 April 1, 2018 ​ Stock options ​ $ 60 ​ $ 47 ​ Restricted stock ​ 23 ​ — ​ ​ ​ $ 83 ​ $ 47 ​ ​ Information regarding the Company’s stock options is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of options in thousands) Options Exercise Price Life in Years Options outstanding at December 30, 2018 384 ​ $ 7.43 ​ 6.7 Granted 40 ​ 4.81 ​ ​ Forfeited or expired ​ (3) ​ ​ 6.71 ​ ​ Options outstanding at March 31, 2019 421 ​ $ 7.18 ​ 6.7 ​ Information regarding the Company’s restricted stock is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of awards in thousands) Awards Award Date Fair Value Life in Years Unvested at December 30, 2018 — ​ $ — ​ ​ Granted 189 ​ 5.00 ​ ​ Vested ​ (4) ​ ​ 5.00 ​ ​ Unvested at March 31, 2019 185 ​ $ 5.00 ​ 3.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2019 ​ April 1, 2018 ​ Weighted-average fair value of options granted during the period ​ $ 2.33 ​ $ 3.39 ​ Expected life (in years) ​ 5.5 ​ 6.1 ​ Expected dividend ​ $ — ​ $ — ​ Expected stock volatility ​ 50.31 % 46.66 % Risk-free interest rate ​ 2.5 % 2.7 % ​

ASSET IMPAIRMENT AND ESTIMATED

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS	3 Months Ended
	Mar. 31, 2019
Asset Impairment Charges [Abstract]
Asset Impairment, Estimated Lease Termination and Other Closing Costs [Text Block]	(10) Asset Impairment, Estimated Lease Termination and Other Closing Costs The following is a summary of asset impairment, estimated lease termination and other closing costs for the three months ended March 31, 2019 and April 1, 2018. These costs are included in asset impairment, estimated lease termination and other closing costs in the consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (dollars in thousands) March 31, 2019 April 1, 2018 Asset impairments, net ​ $ 348 ​ $ 150 Lease termination charges (income) and related costs ​ ​ 20 ​ ​ (433) Restaurant closure expenses ​ ​ 39 ​ ​ 179 Asset impairment, estimated lease termination charges and other closing costs ​ $ 407 ​ $ (104) ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(11) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement framework establishes a three-tier hierarchy. The three levels, in order of priority, are as follows: Level 1: Level 2: Level 3: For assets and liabilities falling within Level 3 of the fair value hierarchy, a change in the input assumptions used could result in a change in the estimated fair value of the asset or liability. Transfers in and out of levels will be based on the Company’s judgment of the availability of unadjusted quoted prices in active markets, other observable inputs, and non-observable inputs. The carrying amounts of cash and cash equivalents reported in the consolidated balance sheets approximates fair value based on current interest rates and short-term maturities. The carrying amount of accounts receivable approximates fair value due to the short-term nature of accounts receivable. The Company believes that the carrying amount of long-term debt approximates fair value due to the minimal difference between market interest rates and the fixed interest rate on a portion of the Company’s long-term debt, as well as that there has been no significant change in the credit risk or credit markets since origination. The Company had no assets measured at fair value in its consolidated balance sheets as of March 31, 2019 and December 30, 2018.

RESTAURANT ACQUISITIONS

RESTAURANT ACQUISITIONS	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Restaurant Acquisition [Text Block]	(12) Restaurant Acquisition On March 4, 2019, the Company completed the acquisition of the assets and operations of four Famous Dave's restaurants in Colorado (the “Colorado Restaurants”). The sellers of the Colorado Restaurants were Quebec Square BBQ, Inc., Cornerstar BBQ, Inc., Razorback BBQ, Inc., and Larkridge BBQ, Inc. The contract purchase price of the restaurants was approximately $4.1 million, exclusive of acquisition costs of approximately $157,000, which are reflected in general and administrative expenses, plus the assumption of the gift card liability associated with the Colorado Restaurants. The Company also purchased inventory on hand as of the acquisition date. Effective as of the same date of the acquisition, the franchise agreements for each restaurant were terminated. The acquisition was accounted for using the purchase method of accounting in accordance with ASC 805 “Business Combinations” and, accordingly, the consolidated statements of operations include the results of these operations from the date of acquisition. The assets acquired and the liabilities assumed were recorded at estimated fair values based on information available. The following table presents the provisional allocation of assets acquired and liabilities assumed during the three months ended March 31, 2019: ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Assets acquired: ​ ​ ​ Cash and cash equivalents ​ $ 10 Inventory ​ ​ 150 Property, plant, equipment and leasehold improvements, net ​ ​ 1,902 Identifiable intangible assets, net ​ ​ 1,495 Total identifiable assets acquired ​ ​ 3,557 Liabilities assumed: ​ ​ ​ Gift card liability ​ ​ (172) Net assets acquired ​ ​ 3,385 Goodwill ​ ​ 1,043 Total consideration transferred ​ $ 4,428 ​ The Company expects goodwill to be deductible for tax purposes, subject to amortization. Unaudited pro forma results of operations for the three month periods ended March 31, 2019 and April 1, 2018, as if the Company had acquired majority ownership of all operations on January 1, 2018 is as follows. The pro forma results include estimates and assumptions which management believes are reasonable. However, pro forma results are not necessarily indicative of the results that would have occurred if the business combination had been in effect on the dates indicated, or which may result in the future. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, 2019 ​ April 1, 2018 ​ (in thousands) ​ ​ ​ ​ ​ Pro forma revenues ​ $ 16,292 ​ $ 16,249 ​ Pro forma net income (loss) ​ $ 388 ​ $ 1,237 ​ Basic pro forma net income (loss) per share ​ $ 0.04 ​ $ 0.17 ​ Diluted pro forma net income (loss) per share ​ $ 0.04 ​ $ 0.17 ​ ​

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2019
Variable interest entity not primary beneficiary abstract
Variable interest entity disclosure [Text Block]	(13) Variable Interest Entities A variable interest holder is considered to be the primary beneficiary of a variable interest entity (“VIE”) if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Once an entity is determined to be a VIE, the primary beneficiary is required to consolidate the entity. The Company has an installment agreement with one of its franchisees as the result of refranchising its Lincoln, Nebraska restaurant. This franchisee is a VIE; however, the owners of the franchise operations are the primary beneficiaries of the entities, not the Company. Therefore, the franchise operations are not required to be consolidated in the Company’s consolidated financial statements. On November 1, 2017, the Company sold its Frederick, Maryland restaurant. Pursuant to the terms of the Frederick Agreement, the Company remained the primary obligor of the lease. As of March 31, 2019, the amount of future lease payments for which the Company would be liable in the event of a default are approximately $529,000. An accrual related to the future lease obligation was not considered necessary as of March 31, 2019. On July 18, 2018, the Company and Clark Championship Products LLC (“Clark”), an entity owned by Travis Clark, became members of Mercury BBQ LLC (“Mercury”) for the purposes of building out and operating the inaugural Clark Crew BBQ restaurant in Oklahoma City, Oklahoma (the “Restaurant”). Clark will own 80% of the units outstanding of Mercury and the Company will own 20% of the units outstanding of Mercury. Mercury shall be governed by three managers, two of which will be appointed by the Company and one of which will be appointed by Clark. Also on July 18, 2018, the Company entered into a secured promissory note in the amount of $1.4 million (the “Loan”) with Mercury, the proceeds of which are required to be used for the build out of the Restaurant. The Loan bears interest at a rate of 10% per annum and requires payments of 100% of the excess monthly cash flows until the Loan and all interest accrued thereon is repaid. The Loan requires a balloon payment of unpaid principal and accrued interest on July 15, 2023 and may be prepaid at any time. Also on July 18, 2018, the Company and Clark entered into an intellectual property license agreement (the “License Agreement”) pursuant to which Clark granted to the Company an exclusive license to use and sublicense the patents, trademarks, trade names, service marks, logos and designs related to Clark Crew BBQ restaurants and products. The term of the License Agreement is indefinite and may only be terminated by mutual written consent, unless the Company breaches the License Agreement. Because the Company will provide more than half of the subordinated financial support of Mercury and controls Mercury via its representation on the board of managers, the Company has concluded that Mercury is a VIE, of which the Company is the primary beneficiary and must consolidate Mercury. There has been no material revenue or expenses related to Mercury during the three months ended March 31, 2019.

LITIGATION

LITIGATION	3 Months Ended
	Mar. 31, 2019
Litigation [Abstract]
Litigation Disclosure [Text Block]	(14) Litigation In the normal course of business, the Company is involved in a number of litigation matters that are incidental to the operation of the business. These matters generally include, among other things, matters with regard to employment and general business-related issues. The Company currently believes that the resolution of any of these pending matters will not have a material adverse effect on its financial position or liquidity, but an adverse decision in more than one of the matters could be material to its consolidated results of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	(15) Related Party Transactions Anand D. Gala Charles Davidson is a franchisee of the Company and is the beneficial owner of approximately 18.2% of the Company’s common stock as of the date that these financial statements were available to be issued, by virtue of his ownership interest in Wexford Capital. The following table outlines amounts received from related parties during the three months ended March 31, 2019, and April 1, 2018: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) March 31, 2019 April 1, 2018 Revenues and NAF contributions - Anand Gala $ 388 ​ $ 382 Revenues and NAF contributions - Charles Davidson ​ 77 ​ ​ 75 The following table outlines accounts receivable from related parties as of March 31, 2019 and December 30, 2018: ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2019 December 30, 2018 Accounts receivable, net - Anand Gala ​ $ 291 ​ $ 271 Accounts receivable, net - Charles Davidson ​ ​ 40 ​ ​ 44 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events Disclosure [Text Block]	(16) Subsequent Events The Company has evaluated for the occurrence of subsequent events through the issuance date of the Company’s consolidated financial statements. No other recognized or non-recognized subsequent events occurred that require recognition or disclosure in the consolidated financial statements, except as noted below. On April 29, 2019, Famous Dave’s Ribs, Inc. (“Ribs”), a wholly-owned subsidiary of the Company completed the acquisition of three Famous Dave’s restaurants in Michigan and Ohio (the “Big Ten Ribs Purchased Restaurants”). The seller of the Big Ten Ribs Purchased Restaurants was Big Ten Ribs, Inc. which was a franchisee of the Company. Pursuant to the asset purchase agreement by and between Ribs and Big Ten Ribs, Inc., signed March 12, 2019, the contract purchase price for the Big Ten Ribs Purchased Restaurants was approximately Also on April 29, 2019, Ribs completed the acquisition of one Famous Dave’s restaurant in Grandville, Michigan (the “Grandville Restaurant”). On May 13, 2019, Ribs completed the acquisition of two Famous Dave’s restaurants in Wisconsin (along with the Grandville Restaurant, the “Team R n’ B Wisconsin Purchased Restaurants”). The seller of the Team R n’ B Wisconsin Purchased Restaurants was Team R n’ B Wisconsin, LLC, which was a franchisee of the Company. Pursuant to the asset purchase agreement by and between Ribs and Team R n’ B Wisconsin, LLC, signed March 12, 2019, the contract purchase price for the Team R n’ B Wisconsin Purchased Restaurants was approximately $69,000, exclusive of closing costs, plus an amount equal to the book value of the restaurant inventory, plus the assumption of the gift card liability associated with the Team R n’ B Wisconsin Purchased Restaurants. The Company funded the purchase price with cash on hand. As of the date that these financial statements were available to be issued, the Company was still reviewing the financial information of the acquired restaurants. As such, it was impractical to include in these consolidated financial statements the pro forma effect of the acquisitions. ​

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2019
Nature Of Business And Significant Accounting Policies [Abstract]
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2019 April 1, 2018 ​ Effective tax rate ​ ​ 17.2 % ​ 24.3 %

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2019
Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ March 31, 2019 December 30, 2018 Lease interest assets, gross carrying amount ​ ​ ​ $ 1,123 ​ $ 1,091 Lease interest assets, accumulated amortization ​ ​ ​ ​ (333) ​ ​ (323) Lease interest assets, net carrying amount ​ ​ ​ ​ 790 ​ ​ 768 Reacquired franchise rights, net ​ ​ ​ ​ 2,027 ​ ​ 25 Liquor licenses ​ ​ ​ ​ 635 ​ ​ 635 Intangible assets, net ​ ​ ​ $ 3,452 ​ $ 1,428
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	​ ​ ​ ​ ​ ​ ​ (in thousands) Reacquired Franchise Rights, net ​ Lease Interest Assets Fiscal 2019 $ 338 ​ $ 44 Fiscal 2020 ​ 367 ​ ​ 51 Fiscal 2021 ​ 367 ​ ​ 36 Fiscal 2022 ​ 367 ​ ​ 36 Fiscal 2023 ​ 367 ​ ​ 36 Thereafter ​ 221 ​ ​ 587 ​ $ 2,027 ​ $ 790 ​

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule Of Debt [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 ​ December 30, 2018 Real Estate Loan ​ $ 2,664 $ 2,705 Less: deferred financing costs ​ (142) (131) Less: current portion of long-term debt ​ (164) (163) Long-term debt, less current portion ​ $ 2,358 $ 2,411

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 December 30, 2018 Prepaid expenses and deferred costs $ 639 $ 767 Prepaid insurance ​ ​ 463 ​ ​ 596 ​ $ 1,102 $ 1,363 ​

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities, Current [Abstract]
Other Current Liabilities [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 ​ December 30, 2018 Gift cards payable ​ $ 1,099 ​ $ 1,035 Accrued expenses ​ 1,343 ​ 1,238 Asset retirement obligations and lease reserves ​ ​ 29 ​ ​ 161 Sales tax payable ​ 345 ​ 274 State income tax payable ​ ​ 16 ​ ​ 16 Deferred franchise fees ​ 207 ​ 207 Accrued property and equipment purchases ​ 4 ​ 39 Other current liabilities ​ $ 3,043 ​ $ 2,970 ​

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Other Liabilities [Abstract]
Schedule Of Other Liabilities [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2019 ​ December 30, 2018 Deferred rent ​ $ — ​ $ 1,787 Deferred franchise fees ​ ​ 1,575 ​ ​ 1,791 Miscellaneous other liabilities ​ 851 ​ 441 Asset retirement obligations ​ 8 ​ 16 Accrual for uncertain tax position ​ ​ 10 ​ ​ 10 Long-term lease reserve ​ — ​ 254 Long-term deferred compensation ​ 186 ​ 193 Other liabilities ​ $ 2,630 ​ $ 4,492 ​

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, Cost [Table Text Block]	​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 31, 2019 Operating lease cost ​ $ 544 Short-term lease cost ​ ​ 18 Variable lease cost ​ ​ 3 Sublease income ​ ​ (69) Total lease cost ​ $ 496
Lessee Supplemental Cash Flow Information Of Leases [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands) ​ March 31, 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 650 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 5,651 ​ Weighted-average remaining lease term of operating leases (in years) ​ ​ 11.47 ​ Weighted-average discount rate of operating leases ​ ​ 5.64 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The maturities of the Company’s lease liabilities as of March 31, 2019 is as follows (in thousands): ​ ​ ​ ​ ​ ​ 2019 ​ $ 2,210 ​ 2020 ​ ​ 2,876 ​ 2021 ​ ​ 2,836 ​ 2022 ​ ​ 2,587 ​ 2023 ​ ​ 2,067 ​ Thereafter ​ ​ 14,574 ​ Total future minimum payments ​ ​ 27,150 ​ Less imputed interest ​ ​ (8,315) ​ Total lease liability ​ $ 18,835

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Schedule of estimated revenues expected to be recognized in the future related to unsatisfied performance obligations	​ ​ ​ ​ ​ (in thousands) ​ Fiscal Year ​ 2019 ​ $ 138 2020 ​ 185 2021 ​ 178 2022 ​ 167 2023 ​ 149 Thereafter ​ 965 Total ​ $ 1,782
Schedule of change in contract liabilities	​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Balance, December 30, 2018 ​ $ 1,998 Revenue recognized ​ ​ (216) Balance, March 31, 2019 ​ $ 1,782

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
Performance Shares Stock Options Other Forms Of Compensation And Common Share Repurchases [Abstract]
Schedule of Share-Based Compensation [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ (in thousands) March 31, 2019 April 1, 2018 ​ Stock options ​ $ 60 ​ $ 47 ​ Restricted stock ​ 23 ​ — ​ ​ ​ $ 83 ​ $ 47 ​
Schedule of Stock Options Roll Forward [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of options in thousands) Options Exercise Price Life in Years Options outstanding at December 30, 2018 384 ​ $ 7.43 ​ 6.7 Granted 40 ​ 4.81 ​ ​ Forfeited or expired ​ (3) ​ ​ 6.71 ​ ​ Options outstanding at March 31, 2019 421 ​ $ 7.18 ​ 6.7
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted Average ​ Contractual (number of awards in thousands) Awards Award Date Fair Value Life in Years Unvested at December 30, 2018 — ​ $ — ​ ​ Granted 189 ​ 5.00 ​ ​ Vested ​ (4) ​ ​ 5.00 ​ ​ Unvested at March 31, 2019 185 ​ $ 5.00 ​ 3.9
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2019 ​ April 1, 2018 ​ Weighted-average fair value of options granted during the period ​ $ 2.33 ​ $ 3.39 ​ Expected life (in years) ​ 5.5 ​ 6.1 ​ Expected dividend ​ $ — ​ $ — ​ Expected stock volatility ​ 50.31 % 46.66 % Risk-free interest rate ​ 2.5 % 2.7 % ​

ASSET IMPAIRMENT AND ESTIMATE_2

ASSET IMPAIRMENT AND ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS (Tables)	3 Months Ended
	Mar. 31, 2019
Asset Impairment Charges [Abstract]
Asset Impairment, Estimated Lease Termination and Other Closing Costs [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (dollars in thousands) March 31, 2019 April 1, 2018 Asset impairments, net ​ $ 348 ​ $ 150 Lease termination charges (income) and related costs ​ ​ 20 ​ ​ (433) Restaurant closure expenses ​ ​ 39 ​ ​ 179 Asset impairment, estimated lease termination charges and other closing costs ​ $ 407 ​ $ (104) ​

RESTAURANT ACQUISITIONS (Tables

RESTAURANT ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Assets acquired: ​ ​ ​ Cash and cash equivalents ​ $ 10 Inventory ​ ​ 150 Property, plant, equipment and leasehold improvements, net ​ ​ 1,902 Identifiable intangible assets, net ​ ​ 1,495 Total identifiable assets acquired ​ ​ 3,557 Liabilities assumed: ​ ​ ​ Gift card liability ​ ​ (172) Net assets acquired ​ ​ 3,385 Goodwill ​ ​ 1,043 Total consideration transferred ​ $ 4,428
Business Acquisition, Pro Forma Information [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, 2019 ​ April 1, 2018 ​ (in thousands) ​ ​ ​ ​ ​ Pro forma revenues ​ $ 16,292 ​ $ 16,249 ​ Pro forma net income (loss) ​ $ 388 ​ $ 1,237 ​ Basic pro forma net income (loss) per share ​ $ 0.04 ​ $ 0.17 ​ Diluted pro forma net income (loss) per share ​ $ 0.04 ​ $ 0.17 ​ ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The following table outlines amounts received from related parties during the three months ended March 31, 2019, and April 1, 2018: ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) March 31, 2019 April 1, 2018 Revenues and NAF contributions - Anand Gala $ 388 ​ $ 382 Revenues and NAF contributions - Charles Davidson ​ 77 ​ ​ 75 The following table outlines accounts receivable from related parties as of March 31, 2019 and December 30, 2018: ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2019 December 30, 2018 Accounts receivable, net - Anand Gala ​ $ 291 ​ $ 271 Accounts receivable, net - Charles Davidson ​ ​ 40 ​ ​ 44 ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)restaurantitemstate	Apr. 01, 2018	Dec. 30, 2018USD ($)
Franchisor Disclosure Line Items
Number Of Restaurants | restaurant	138
Number of States in which Entity Operates | state	33
Effective Income Tax Rate, Continuing Operations	17.20%	24.30%
Restricted Cash And Cash Equivalents	$ 840		$ 842
Number of franchisees with outstanding balances due | item	2
Accounts receivable, net	$ 3,194		4,300
Customer Concentration Risk [Member] | Franchisee One
Franchisor Disclosure Line Items
Accounts receivable, net	704
Customer Concentration Risk [Member] | Franchisee Two
Franchisor Disclosure Line Items
Accounts receivable, net	$ 386
Entity Operated Units [Member]
Franchisor Disclosure Line Items
Number Of Restaurants | restaurant	21
Franchised Units [Member]
Franchisor Disclosure Line Items
Number Of Restaurants | restaurant	117
Public Relations and Marketing Development Fund [Member]
Franchisor Disclosure Line Items
Restricted Cash And Cash Equivalents	$ 697		700
Cash Restricted for Letters of Credit [Member]
Franchisor Disclosure Line Items
Restricted Cash And Cash Equivalents	$ 143		$ 143

INTANGIBLE ASSETS, NET - Carryi

INTANGIBLE ASSETS, NET - Carrying Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Intangible assets
Liquor licenses	$ 635	$ 635
Intangible assets, net	3,452	1,428
Lease Agreements [Member]
Intangible assets
Gross carrying amount	1,123	1,091
Accumulated amortization	(333)	(323)
Net carrying amount	790	768
Reacquired Franchise Rights [Member]
Intangible assets
Net carrying amount	$ 2,027	$ 25

INTANGIBLE ASSETS, NET - Amorti

INTANGIBLE ASSETS, NET - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Reacquired Franchise Rights [Member]
Intangible assets
Fiscal 2019	$ 338
Fiscal 2020	367
Fiscal 2021	367
Fiscal 2022	367
Fiscal 2023	367
Thereafter	221
Net carrying amount	2,027	$ 25
Lease Agreements [Member]
Intangible assets
Fiscal 2019	44
Fiscal 2020	51
Fiscal 2021	36
Fiscal 2022	36
Fiscal 2023	36
Thereafter	587
Net carrying amount	$ 790	$ 768

LONG-TERM DEBT AND FINANCING _3

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS - Narrative (Details)	Mar. 31, 2019	Dec. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt, Weighted Average Interest Rate	4.19%	4.41%

LONG-TERM DEBT AND FINANCING _4

LONG-TERM DEBT AND FINANCING LEASE OBLIGATIONS - Long-Term Debt and Financing Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Less: current portion of long-term debt	$ (164)	$ (1,369)
Long-term debt, less current portion	2,358	2,411
First Loan Agreement [Member]
Debt Instrument Carrying Amount	2,664	2,705
Long-term Debt [Member]
Less: deferred financing costs	(142)	(131)
Less: current portion of long-term debt	$ (164)	$ (163)

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure [Abstract]
Prepaid expenses and deferred costs	$ 639	$ 767
Prepaid insurance	463	596
Prepaid expenses and other current assets	$ 1,102	$ 1,363

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Accrued Liabilities, Current [Abstract]
Gift cards payable	$ 1,099	$ 1,035
Accrued expenses	1,343	1,238
Asset retirement obligations and lease reserves	29	161
Sales tax payable	345	274
State income tax payable	16	16
Deferred franchise fees	207	207
Accrued property and equipment purchases	4	39
Total other current liabilities	$ 3,043	$ 2,970

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Other Liabilities [Abstract]
Deferred rent		$ 1,787
Deferred franchise fees	$ 1,575	1,791
Miscellaneous other liabilities	851	441
Asset retirement obligations	8	16
Accrual for uncertain tax position	10	10
Long term lease reserve		254
Long term deferred compensation	186	193
Total other liabilities	$ 2,630	$ 4,492

LEASES (Details)

LEASES (Details) - lease	3 Months Ended
	Mar. 31, 2019	Dec. 30, 2018
Lessee, Lease, Description [Line Items]
Number of finance lease	0	2
Operating lease, option to extend	true
Operating lease, renewal term	5 years
Operating lease, Package practical expedient	true
Operating lease, Hindsight practical expedient	false
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term	5 years
Operating lease, number of renewal options	1
Operating lease, remaining lease term	3 months
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term	20 years
Operating lease, remaining lease term	21 years

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease expense
Operating lease cost	$ 544
Short-term lease cost	18
Variable lease cost	3
Sublease income	(69)
Total lease cost	$ 496

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 650
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,651
Weighted-average remaining lease term of operating	11 years 5 months 19 days
Weighted-average discount rate of operating leases	5.64%

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Maturities of lease liabilities
2019	$ 2,210
2020	2,876
2021	2,836
2022	2,587
2023	2,067
Thereafter	14,574
Total future minimum payments	27,150
Less imputed interest	(8,315)
Total lease liability	$ 18,835

LEASES - Additional Information

LEASES - Additional Informations (Details)	Dec. 31, 2018Optionslease
Leases [Abstract]
Number of operating lease not yet commenced | lease	1
Operating lease not yet commenced, term	15 years
Operating lease not yet commenced, option to extend	true
Operating lease not yet commenced, number of renewal options | Options	2
Operating lease not yet commenced, renewal term	5 years

REVENUE RECOGNITION - (Details)

REVENUE RECOGNITION - (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Revenue expected to be recognized	$ 1,782,000
Gift Card Breakage [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	133,000
Revenue expected to be recognized	$ 1,100,000

REVENUE RECOGNITION - Estimated

REVENUE RECOGNITION - Estimated Revenues Expected And Change In Contract Liabilities Default (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 1,782
Change in contract liabilities
Balance, December 30, 2018	1,998
Revenue recognized	(216)
Balance, March 31, 2019	1,782
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 138
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-30
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 185
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-04
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 178
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-03
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 167
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-02
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 149
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Estimated future revenues expected to be recognized for performance obligations
Revenue expected to be recognized	$ 965
Revenue, remaining performance obligation, expected timing of satisfaction, period

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Number of Shares Available for Grant	229,477
Allocated Share-based Compensation Expense	$ 83	$ 47
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 5 months 4 days
Stock Option [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	179,000	430,000
Allocated Share-based Compensation Expense	$ 60	$ 47
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized	1,400
Restricted Stock [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 23
Employees and Directors [Member] | Stock Option [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Employees and Directors [Member] | Minimum [Member] | Stock Option [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Employees and Directors [Member] | Maximum [Member] | Stock Option [Member]
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 30, 2018
Performance Shares Stock Options Other Forms Of Compensation And Common Share Repurchases [Abstract]
Outstanding options at beginning of period (in shares)	384
Options granted	40
Options forfeited or expired (in shares)	(3)
Outstanding options at end of period (in shares)	421	384
Outstanding Weighted Average Price at beginning of period	$ 7.43
Granted Weighted Average Exercise Price	4.81
Forfeited or Expired Weighted Average Exercise Price	6.71
Outstanding Weighted Average Price at end of period	$ 7.18	$ 7.43
Options Outstanding Weighted Average Remaining Contractual Term	6 years 8 months 12 days	6 years 8 months 12 days

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock (Details) - Restricted Stock [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of Awards
Granted | shares	189
Vested | shares	(4)
Unvested at end of period | shares	185
Weighted Average Award Date Fair Value
Granted | $ / shares	$ 5
Vested | $ / shares	5
Unvested at end of period | $ / shares	$ 5
Weighted Average Remaining Contractual Life in Years
Balance at end of period	3 years 10 months 24 days

STOCK-BASED COMPENSATION - Valu

STOCK-BASED COMPENSATION - Valuation Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Performance Shares Stock Options Other Forms Of Compensation And Common Share Repurchases [Abstract]
Weighted-average fair value of options granted during the period	$ 2.33	$ 3.39
Expected life (in years)	5 years 6 months	6 years 1 month 6 days
Expected dividend	0.00%	0.00%
Expected stock volatility	50.31%	46.66%
Risk-free interest rate	2.50%	2.70%

ASSET IMPAIRMENT, ESTIMATED LEA

ASSET IMPAIRMENT, ESTIMATED LEASE TERMINATION AND OTHER CLOSING COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments, net	$ 348	$ 150
Asset impairment, estimated lease termination and other closing costs	407	(104)
Lease Termination Charges [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Business exit costs	20	(433)
Restaurant Closure Expenses [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Business exit costs	$ 39	$ 179

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 30, 2018
Fair Value Disclosures [Abstract]
Assets, Fair Value Disclosure	$ 0	$ 0

RESTAURANT ACQUISITIONS - Asset

RESTAURANT ACQUISITIONS - Assets Acquired (Details)	Mar. 04, 2019USD ($)restaurant	Mar. 31, 2019USD ($)	Dec. 30, 2018USD ($)
Liabilities assumed
Goodwill		$ 1,104,000	$ 61,000
Colorado Restaurants
Business Acquisition [Line Items]
Number of restaurants acquired | restaurant	4
Acquisition costs	$ 157,000
Assets acquired:
Cash and cash equivalents		10,000
Inventory		150,000
Property, plant, equipment and leasehold improvements, net		1,902,000
Identifiable intangible assets, net		1,495,000
Total assets acquired		3,557,000
Liabilities assumed
Gift card liability		(172,000)
Net assets acquired		3,385,000
Goodwill		1,043,000
Total consideration transferred	$ 4,100,000	$ 4,428,000

RESTAURANT ACQUISITIONS - Pro F

RESTAURANT ACQUISITIONS - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Business Combinations [Abstract]
Business Acquisition, Pro Forma Revenue	$ 16,292	$ 16,249
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax	$ 388	$ 1,237
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Basic	$ 0.04	$ 0.17
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Diluted	$ 0.04	$ 0.17

VARIABLE INTEREST ENTITY (Detai

VARIABLE INTEREST ENTITY (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jul. 18, 2018
Mid-Atlantic Restaurants [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Entity Maximum Loss, Exposure Amount	$ 529
Mercury BBQ LLC [Member]
Variable Interest Entity [Line Items]
Mercury BBQ, Note Receivable, Interest Rate		10.00%
Mercury BBQ, Note Receivable, Maximum		$ 1,400
Mercury BBQ, Note Receivable, Percentage of Excess Cash Flows to Satisfy Note		100.00%
Mercury BBQ LLC [Member]
Variable Interest Entity [Line Items]
Mercury BBQ, Ownership Percentage, Company		20.00%
Clark Championship Products LLC [Member] | Mercury BBQ LLC [Member]
Variable Interest Entity [Line Items]
Mercury BBQ, Ownership Percentage, Clark		80.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Dec. 30, 2018
Director [Member]
Related Party Transaction [Line Items]
Revenues and NAF contributions	$ 388	$ 382
Accounts receivable from related parties	$ 291		$ 271
Beneficial Owner [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage	18.20%
Investor [Member]
Related Party Transaction [Line Items]
Revenues and NAF contributions	$ 77	$ 75
Accounts receivable from related parties	$ 40		$ 44

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - Famous Dave's Ribs, Inc.	Apr. 29, 2019USD ($)restaurant
Big Ten Ribs Purchased
Subsequent event line items
Number of restaurants acquired	3
Contract purchase price | $	$ 69,000
Grandville Restaurant
Subsequent event line items
Number of restaurants acquired	1