Popeyes Louisiana Kitchen (PLKI) 10-Q 27 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	4 Months Ended
	Apr. 19, 2015	15-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	POPEYES LOUISIANA KITCHEN, INC.
Entity Central Index Key	1041379
Current Fiscal Year End Date	-15
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	19-Apr-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		23,150,956

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Apr. 19, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Current assets:
Cash and cash equivalents	$6.30	$8.40
Accounts and current notes receivable, net	9.5	8.6
Other current assets	6.6	7.4
Advertising cooperative assets, restricted	37.6	32.4
Total current assets	60	56.8
Long-term assets:
Property and equipment, net	96.5	95.7
Goodwill	11.1	11.1
Trademarks and other intangible assets, net	94.5	94.7
Other long-term assets, net	1.8	2
Total long-term assets	203.9	203.5
Total assets	263.9	260.3
Current liabilities:
Accounts payable	5.4	7.4
Other current liabilities	6.8	12.4
Current debt maturities	0.3	0.3
Advertising cooperative liabilities	37.6	32.4
Total current liabilities	50.1	52.5
Long-term liabilities:
Long-term debt	109.5	109.6
Deferred credits and other long-term liabilities	34	32.4
Total long-term liabilities	143.5	142
Commitments and contingencies
Shareholders’ equity:
Preferred stock ($.01 par value; 2,500,000 shares authorized; 0 shares issued and outstanding)	0	0
Common stock ($.01 par value; 150,000,000 shares authorized; 23,150,421 and 23,143,609 shares issued and outstanding at April 19, 2015 and December 28, 2014, respectively)	0.2	0.2
Capital in excess of par value	37.6	46.4
Accumulated earnings	32.9	19.3
Accumulated other comprehensive loss	-0.4	-0.1
Total shareholders’ equity	70.3	65.8
Total liabilities and shareholders’ equity	$263.90	$260.30

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)	Apr. 19, 2015	Dec. 28, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	2,500,000	2,500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	23,150,421	23,143,609
Common stock, shares outstanding (in shares)	23,150,421	23,143,609

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	4 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Revenues:
Sales by Company-operated restaurants	$34.70	$29.40
Franchise royalties and fees	43.1	38.8
Rent from franchised restaurants	1.7	1.9
Total revenues	79.5	70.1
Expenses:
Restaurant food, beverages and packaging	11.3	9.6
Restaurant employee, occupancy and other expenses	15.9	13.8
General and administrative expenses	25.3	24.4
Occupancy expenses - franchise restaurants	0.9	0.9
Depreciation and amortization	2.9	2.6
Other expenses (income), net	0.1	0.1
Total expenses	56.4	51.4
Operating profit	23.1	18.7
Interest expense, net	1.1	0.9
Income before income taxes	22	17.8
Income tax expense	8.4	6.7
Net income	$13.60	$11.10
Earnings per common share, basic (usd per share)	$0.59	$0.47
Earnings per common share, diluted (usd per share)	$0.58	$0.46
Weighted-average shares outstanding:
Basic (in shares)	22.9	23.5
Diluted (in shares)	23.3	23.9

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Statement of Comprehensive Income [Abstract]
Net income	$13.60	$11.10
Other comprehensive income
Net change in fair value of cash flow hedge	-0.5	0
Reclassification adjustments for derivative losses included in earnings	0.1	0.3
Other comprehensive income (loss), before income taxes	-0.4	0.3
Income tax on other comprehensive income (loss)	0.1	-0.1
Other comprehensive income (loss), net of income taxes	-0.3	0.2
Comprehensive income	$13.30	$11.30

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (USD $)	Total	Common Stock	Capital in Excess of Par	Accumulated Deficit	Accumulated Other Comprehensive Loss
In Millions, except Share data, unless otherwise specified
Beginning balance at Dec. 28, 2014	$65.80	$0.20	$46.40	$19.30	($0.10)
Beginning balance, shares at Dec. 28, 2014		23,143,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13.6			13.6
Other comprehensive income, net of income tax	-0.3				-0.3
Repurchases and retirement of shares	-11		-11
Repurchases and retirement of shares, shares		-183,847
Issuance of common stock under stock option plan	0.6		0.6
Issuance of common stock under stock option plan, shares		69,462
Issuance of restricted stock awards, net of forfeitures	-5		-5
Issuance of restricted stock awards, net of forfeitures, shares		121,197
Excess tax benefits from stock-based compensation	4.9		4.9
Stock-based compensation expense	1.7		1.7
Ending balance at Apr. 19, 2015	$70.30	$0.20	$37.60	$32.90	($0.40)
Ending balance, shares at Apr. 19, 2015		23,150,421

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Cash flows provided by (used in) operating activities:
Net income	$13.60	$11.10
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2.9	2.6
Net gain (loss) on sale and disposal of assets	-0.1	0.1
Deferred income taxes	0.7	-0.1
Non-cash interest expense, net	0.2	0.4
Excess tax benefits from stock-based payment arrangements	-4.9	-1.1
Stock-based compensation expense	1.7	1.6
Change in operating assets and liabilities:
Accounts receivable	-0.8	-0.5
Other operating assets	5.7	6.6
Accounts payable and other operating liabilities	-9.8	-3.5
Net cash provided by operating activities	9.2	17.2
Cash flows used in investing activities:
Capital expenditures	-5.7	-6.6
Net cash used in investing activities	-5.7	-6.6
Cash flows provided by (used in) financing activities:
Share repurchases	-11	-10
Proceeds from exercise of employee stock options	0.6	0.6
Excess tax benefits from stock-based payment arrangements	4.9	1.1
Other financing activities, net	-0.1	-0.1
Net cash used in financing activities	-5.6	-8.4
Net increase (decrease) in cash and cash equivalents	-2.1	2.2
Cash and cash equivalents at beginning of year	8.4	9.6
Cash and cash equivalents at end of quarter	$6.30	$11.80

Description_of_Business

Description of Business	4 Months Ended
	Apr. 19, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business
	Popeyes Louisiana Kitchen, Inc. (“PLKI” or the “Company”) develops, operates and franchises quick-service restaurants under the trade names Popeyes ® Louisiana Kitchen and Popeyes ® Chicken & Biscuits (collectively “Popeyes”) in 48 states, the District of Columbia, three territories, and 27 foreign countries.

Other_Current_Assets

Other Current Assets	4 Months Ended
	Apr. 19, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets
	(In millions)	4/19/15		12/28/14
	Prepaid income taxes	$	3.5	$	2.8
	Prepaid expenses and other current assets	3.1		4.6
		$	6.6	$	7.4

Significant_Accounting_Policie

Significant Accounting Policies	4 Months Ended
	Apr. 19, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies
	The Company’s significant accounting policies are presented in Note 2 to the Company’s consolidated financial statements for the fiscal year ended December 28, 2014, which are contained in the Company’s 2014 Annual Report on Form 10-K (“2014 Form 10-K”). The significant accounting policies that are most critical and aid in fully understanding and evaluating the reported financial results include the following:
	Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, certain information required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements is not included. The Consolidated Balance Sheet data as of December 28, 2014 that is presented herein was derived from the Company’s audited consolidated financial statements for the fiscal year then ended. The condensed consolidated financial statements as of April 19, 2015, have not been audited by the Company’s independent registered public accountants, but in the opinion of management, they contain all normal recurring adjustments necessary for a fair statement of the Company’s financial condition and results of operations for the interim periods presented. Interim period operating results are not necessarily indicative of the results expected for the full fiscal year. The Company suggests that the accompanying financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Form 10-K. Except as disclosed herein, there has been no material change in the information disclosed in the notes to our consolidated financial statements included in the 2014 Form 10-K.
	Use of Estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates affect the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Revenue Recognition — Franchise Operations.  Revenues from franchising activities include development fees associated with a franchisee’s planned development of a specified number of restaurants within a defined geographic territory, franchise fees associated with the opening of new restaurants, renewal fees associated with the renewal of the franchise agreement, transfer fees for the transfer of a restaurant to another entity, and ongoing royalty fees which are generally based on five percent of net restaurant sales. Development fees and franchise fees are recorded as deferred franchise revenue when received and are recognized as revenue when the restaurants covered by the fees are opened or all material services or conditions relating to the fees have been substantially performed or satisfied by the Company. The Company recognizes royalty revenues as earned. Franchise renewal fees are recognized when a renewal agreement becomes effective.
		16 Weeks Ended
	(In millions)	19-Apr-15		20-Apr-14
	Franchise royalties	$	41.6	$	37.2
	Franchise fees	1.5		1.6
	Franchise royalties and fees	$	43.1	$	38.8
	Recent Accounting Pronouncements That the Company Has Not Yet Adopted. In May 2014, the FASB issued guidance for recognizing revenue in contracts with customers across all industries. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard allows for either a full retrospective or modified retrospective transition method. In April 2015, the FASB proposed to defer the effective date by one year. Under the proposal, the new revenue standard would be effective for annual reporting periods beginning after December 15, 2017. The new standard will not impact our recognition of sales from Company-operated restaurants, ongoing royalty fees which are based on a percentage of franchise sales, or rent from franchised restaurants which are composed of rental income and other fees associated with properties leased or subleased to franchisees. The Company is evaluating the impact that adopting this guidance will have on its consolidated financial statements.
	In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The standard is effective for our fiscal year 2016 and will be applied on a retrospective basis. The Company had $0.8 million and $0.9 million of debt issuance costs at April 19, 2015 and December 28, 2014, respectively.
	We have reviewed other recently issued accounting pronouncements by the FASB and other standards-setting bodies and concluded that they are either not applicable to our business or are expected to have an immaterial impact on the financial statements upon adoption.

Fair_Value_Measurements

Fair Value Measurements	4 Months Ended
	Apr. 19, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements
	The following table reflects assets and liabilities that are measured at fair value on a recurring basis as of April 19, 2015 and December 28, 2014:
	(In millions)	Quoted Prices in		Significant		Significant		Carrying
		Active Markets for		Other		Unobservable		Value
		Identical Asset or		Observable		Inputs
		Liability		Inputs		(Level 3)
		(Level 1)		(Level 2)
	19-Apr-15
	Financial Assets
	Cash equivalents	$	6.6	$	—	$	—	$	6.6
	Restricted cash (advertising cooperative assets)	4.3		—		—		4.3
	Total assets at fair value	$	10.9	$	—	$	—	$	10.9
	Financial Liabilities
	Interest rate swap agreement	$	—	$	0.5	$	—	$	0.5
	Long term debt and other borrowings	—		114.1		—		109.8
	Total liabilities at fair value	$	—	$	114.6	$	—	$	110.3
	28-Dec-14
	Financial Assets
	Cash equivalents	$	9	$	—	$	—	$	9
	Restricted cash (advertising cooperative assets)	4.3		—		—		4.3
	Interest rate swap agreement	—		—		—		—
	Total assets at fair value	$	13.3	$	—	$	—	$	13.3
	Financial Liabilities
	Long term debt and other borrowings	$	—	$	115.7	$	—	$	109.9
	Total liabilities at fair value	$	—	$	115.7	$	—	$	109.9
	There were no transfers among levels within the fair value hierarchy during the sixteen weeks ended April 19, 2015.
	At April 19, 2015 and December 28, 2014, the fair value of the Company’s current assets and current liabilities approximates carrying value because of the short-term nature of these instruments.
	The fair value of the Company’s interest rate swap at April 19, 2015 and December 28, 2014, respectively, was based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swap, as well as considering published discount factors, and projected London Interbank Offered Rates (“LIBOR”). The fair value of each of the Company’s long-term debt instruments is based on the amount of future cash flows associated with each instrument, discounted using the Company’s current borrowing rate for a similar debt instrument of comparable maturity and is considered a Level 2 valuation.

Other_Current_Liabilities

Other Current Liabilities	4 Months Ended
	Apr. 19, 2015
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities
	(In millions)	4/19/15		12/28/14
	Accrued wages, bonuses and severances	$	3.6	$	8.5
	Other	3.2		3.9
		$	6.8	$	12.4

LongTerm_Debt

Long-Term Debt	4 Months Ended
	Apr. 19, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term Debt
		4/19/15			12/28/14
	(In millions)
	2013 Credit Facility	$	106		$	106
	Capital lease obligations	2.2			2.2
	Other notes	1.6			1.7
		109.8			109.9
	Less current portion	(0.3		)	(0.3		)
	Long-term debt	$	109.5		$	109.6
	2013 Credit Facility. On December 18, 2013, the Company entered into a bank credit facility with a group of lenders consisting of a five year $125.0 million revolving credit facility. During the second quarter 2014, the Company increased its revolving credit capacity by $10.0 million, to $135.0 million.
	Under the terms of the 2013 Credit Facility, the Company can request additional revolving loan commitments of up to $115.0 million.
	Under the terms of the revolving credit facility, the Company may obtain other short-term borrowings up to $10.0 million and letters of credit up to $20.0 million. Collectively, these other borrowings and letters of credit may not exceed the amount of unused borrowings under the 2013 Credit Facility. As of April 19, 2015, the Company had $0.1 million of outstanding letters of credit. Availability for short-term borrowings and letters of credit under the revolving credit facility was $28.9 million.
	As of the end of the first quarter 2015, the Company was in compliance with the financial and other covenants of the 2013 Credit Facility. The Company’s weighted average interest rate for all outstanding indebtedness under the 2013 Credit Facility was 1.7% as of April 19, 2015.
	Interest Rate Swap Agreements. On December 16, 2014, the Company entered an interest rate swap contract effective January 5, 2015 under the 2013 facility. The Company used this interest rate swap agreement to fix the interest rate exposure on a portion of its outstanding revolving debt. The Company’s interest rate swap agreement limits the interest rate exposure on $53 million of floating rate debt to a fixed rate of 2.70%. The swap agreement is scheduled to expire January 5, 2018.

Deferred_Credits_and_Other_Lon

Deferred Credits and Other Long-Term Liabilities	4 Months Ended
	Apr. 19, 2015
Deferred Credits and Other Long-Term Liabilities [Abstract]
Deferred Credits and Other Long-Term Liabilities	Deferred Credits and Other Long-Term Liabilities
	(In millions)	4/19/15		12/28/14
	Deferred franchise revenues	$	4.8	$	3.7
	Deferred gains on unit conversions	0.6		0.8
	Deferred rentals	7.5		7.6
	Above-market rent obligations	2.5		2.5
	Deferred income taxes	16.4		16
	Other	2.2		1.8
		$	34	$	32.4

Other_Expenses_Income_Net

Other Expenses (Income), Net	4 Months Ended
	Apr. 19, 2015
Other Income and Expenses [Abstract]
Other Expenses (Income), Net	Other Expenses (Income), Net
		16 Weeks Ended
	(In millions)	4/19/15			4/20/14
	Disposals of property and equipment	$	—		$	0.1
	Net gain on sale of assets	(0.1		)	—
	Executive transition expenses	0.2			—
	Other expenses (income), net	$	0.1		$	0.1
	In the sixteen week period ending April 19, 2015, the Company incurred $0.2 million in other expenses related to executive transition expenses.

Commitments_and_Contingencies

Commitments and Contingencies	4 Months Ended
	Apr. 19, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Formula and Supply Agreements. The 2014 supply agreement provides that the Company agrees to utilize, and to require its franchisees to utilize, Diversified Foods and Seasonings, L.L.C. (“Diversified”) as the exclusive supplier of certain agreed upon core products in the continental United States. The term of the supply agreement continues until March 2034, unless earlier terminated in accordance with the terms of the agreement.
	Business Process Services. Subsequent to the end of the first quarter, the Company extended the contract for its accounting and information technology services with a third party provider for three years. The future minimum payments under the extension are approximately $1.4 million annually.
	Litigation. The Company is a defendant in various legal proceedings arising in the ordinary course of business, including claims resulting from “slip and fall” accidents, employment-related claims, claims from guests or employees alleging illness, injury or other food quality, health or operational concerns and claims related to franchise matters. The Company establishes reserves to provide for the settlement of such matters when payment is probable and reasonably estimable. The Company’s management believes their ultimate resolution will not have a material adverse effect on the Company’s financial condition or its results of operations.
	Insurance Programs. The Company carries property, general liability, business interruption, crime, directors and officers liability, privacy and network liability, employment practices liability, environmental and workers’ compensation insurance policies which it believes are customary for businesses of its size and type. Pursuant to the terms of their franchise agreements, the Company’s franchisees are also required to maintain certain types and levels of insurance coverage, including commercial general liability insurance, workers’ compensation insurance, all risk property and automobile insurance.

Interest_Expense_Net

Interest Expense, Net	4 Months Ended
	Apr. 19, 2015
Banking and Thrift, Interest [Abstract]
Interest Expense, Net	Interest Expense, Net
		16 Weeks Ended
	(In millions)	4/19/15		4/20/14
	Interest on debt	$	0.8	$	0.3
	Reclassification adjustment for derivative losses	0.1		0.3
	Amortization and write-offs of debt issuance costs	0.1		0.1
	Other debt related charges	0.1		0.2
		$	1.1	$	0.9
	The increase in interest expense on debt for the sixteen week period ended April 19, 2015 was primarily due to higher outstanding borrowings under the 2013 Credit Facility and higher net interest rate swap payments under the Company’s interest rate swap agreement.

Income_Taxes

Income Taxes	4 Months Ended
	Apr. 19, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	The Company's effective tax rates were 38.2% and 37.6% for the sixteen week periods ended April 19, 2015 and April 20, 2014, respectively. Higher state income tax obligations and expiration of certain tax credits have resulted in a higher effective tax rate in 2015. The effective tax rates differ from statutory rates due to adjustments to estimated tax reserves, tax credits and permanent differences between reported income and taxable income for tax purposes.
	As of April 19, 2015 and December 28, 2014, the amount of unrecognized tax benefits were approximately $1.3 million, of which approximately $0.3 million and $0.2 million, respectively, if recognized, would affect the effective income tax rate.
	The Company files income tax returns in the United States and various state jurisdictions. The U.S. federal tax years 2011 through 2013 are open to audit. In general, the state tax years open to audit range from 2010 through 2013.

Components_of_Earnings_Per_Com

Components of Earnings Per Common Share Computation	4 Months Ended
	Apr. 19, 2015
Earnings Per Share [Abstract]
Components of Earnings Per Common Share Computation	Components of Earnings Per Common Share Computation
	The Company’s basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include employee stock options, non-vested restricted stock awards and non-vested restricted share units. Performance based awards are included in the average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods.
	Potentially dilutive shares are excluded from the diluted earnings per share computation in periods in which they have an anti-dilutive effect. There were approximately 0.1 million potentially dilutive shares excluded from the computation of diluted earnings per share for the sixteen week periods ended April 19, 2015 and April 20, 2014, respectively.
		16 Weeks Ended
	(In millions)	4/19/15		4/20/14
	Numerator for earnings per share computation:
	Net Income	$	13.6	$	11.1
	Denominator for basic earnings per share — weighted average shares	22.9		23.5
	Dilutive employee stock awards	0.4		0.4
	Denominator for diluted earnings per share	23.3		23.9

Segment_Information

Segment Information	4 Months Ended
	Apr. 19, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information
	The Company is engaged in developing, operating and franchising Popeyes Louisiana Kitchen quick-service restaurants. Based on its internal reporting and management structure, the Company has determined that it has two reportable segments: franchise operations and Company-operated restaurants. The Company-operated restaurant segment derives its revenues from the operation of Company owned restaurants. The franchise segment consists of domestic and international franchising activities and derives its revenues principally from (1) ongoing royalty payments that are determined based on a percentage of franchisee sales; (2) franchise fees associated with new restaurant openings; (3) development fees associated with the opening of new franchised restaurants in a given market; and (4) rental income associated with properties leased or subleased to franchisees.
		16 Weeks Ended
	(In millions)	4/19/15		4/20/14
	Revenues
	Franchise operations	$	44.8	$	40.7
	Company-operated restaurants	34.7		29.4
		$	79.5	$	70.1
	Operating profit
	Franchise operations	$	20.1	$	16.6
	Company-operated restaurants	6		4.8
		26.1		21.4
	Less unallocated expenses
	Depreciation and amortization	2.9		2.6
	Other expenses (income), net	0.1		0.1
	Operating Profit	23.1		18.7
	Interest expense, net	1.1		0.9
	Income before income taxes	$	22	$	17.8
	Capital expenditures
	Franchise operations	$	0.3	$	2.7
	Company-operated restaurants	5.4		3.9
		$	5.7	$	6.6

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	4 Months Ended
	Apr. 19, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, certain information required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements is not included. The Consolidated Balance Sheet data as of December 28, 2014 that is presented herein was derived from the Company’s audited consolidated financial statements for the fiscal year then ended. The condensed consolidated financial statements as of April 19, 2015, have not been audited by the Company’s independent registered public accountants, but in the opinion of management, they contain all normal recurring adjustments necessary for a fair statement of the Company’s financial condition and results of operations for the interim periods presented. Interim period operating results are not necessarily indicative of the results expected for the full fiscal year. The Company suggests that the accompanying financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2014 Form 10-K. Except as disclosed herein, there has been no material change in the information disclosed in the notes to our consolidated financial statements included in the 2014 Form 10-K.
Use of Estimates	Use of Estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates affect the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition — Franchise Operations.  Revenues from franchising activities include development fees associated with a franchisee’s planned development of a specified number of restaurants within a defined geographic territory, franchise fees associated with the opening of new restaurants, renewal fees associated with the renewal of the franchise agreement, transfer fees for the transfer of a restaurant to another entity, and ongoing royalty fees which are generally based on five percent of net restaurant sales. Development fees and franchise fees are recorded as deferred franchise revenue when received and are recognized as revenue when the restaurants covered by the fees are opened or all material services or conditions relating to the fees have been substantially performed or satisfied by the Company. The Company recognizes royalty revenues as earned. Franchise renewal fees are recognized when a renewal agreement becomes effective.
Recent Accounting Pronouncements That the Company Has Not Yet Adopted	Recent Accounting Pronouncements That the Company Has Not Yet Adopted. In May 2014, the FASB issued guidance for recognizing revenue in contracts with customers across all industries. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard allows for either a full retrospective or modified retrospective transition method. In April 2015, the FASB proposed to defer the effective date by one year. Under the proposal, the new revenue standard would be effective for annual reporting periods beginning after December 15, 2017. The new standard will not impact our recognition of sales from Company-operated restaurants, ongoing royalty fees which are based on a percentage of franchise sales, or rent from franchised restaurants which are composed of rental income and other fees associated with properties leased or subleased to franchisees. The Company is evaluating the impact that adopting this guidance will have on its consolidated financial statements.
	In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The standard is effective for our fiscal year 2016 and will be applied on a retrospective basis. The Company had $0.8 million and $0.9 million of debt issuance costs at April 19, 2015 and December 28, 2014, respectively.
	We have reviewed other recently issued accounting pronouncements by the FASB and other standards-setting bodies and concluded that they are either not applicable to our business or are expected to have an immaterial impact on the financial statements upon adoption.

Other_Current_Assets_Tables

Other Current Assets (Tables)	4 Months Ended
	Apr. 19, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other current assets
	(In millions)	4/19/15		12/28/14
	Prepaid income taxes	$	3.5	$	2.8
	Prepaid expenses and other current assets	3.1		4.6
		$	6.6	$	7.4

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	4 Months Ended
	Apr. 19, 2015
Fair Value Disclosures [Abstract]
Summary of assets and liabilities that are measured at fair value on a recurring basis	The following table reflects assets and liabilities that are measured at fair value on a recurring basis as of April 19, 2015 and December 28, 2014:
	(In millions)	Quoted Prices in		Significant		Significant		Carrying
		Active Markets for		Other		Unobservable		Value
		Identical Asset or		Observable		Inputs
		Liability		Inputs		(Level 3)
		(Level 1)		(Level 2)
	19-Apr-15
	Financial Assets
	Cash equivalents	$	6.6	$	—	$	—	$	6.6
	Restricted cash (advertising cooperative assets)	4.3		—		—		4.3
	Total assets at fair value	$	10.9	$	—	$	—	$	10.9
	Financial Liabilities
	Interest rate swap agreement	$	—	$	0.5	$	—	$	0.5
	Long term debt and other borrowings	—		114.1		—		109.8
	Total liabilities at fair value	$	—	$	114.6	$	—	$	110.3
	28-Dec-14
	Financial Assets
	Cash equivalents	$	9	$	—	$	—	$	9
	Restricted cash (advertising cooperative assets)	4.3		—		—		4.3
	Interest rate swap agreement	—		—		—		—
	Total assets at fair value	$	13.3	$	—	$	—	$	13.3
	Financial Liabilities
	Long term debt and other borrowings	$	—	$	115.7	$	—	$	109.9
	Total liabilities at fair value	$	—	$	115.7	$	—	$	109.9

Other_Current_Liabilities_Tabl

Other Current Liabilities (Tables)	4 Months Ended
	Apr. 19, 2015
Other Liabilities Disclosure [Abstract]
Summary of other current liabilities
	(In millions)	4/19/15		12/28/14
	Accrued wages, bonuses and severances	$	3.6	$	8.5
	Other	3.2		3.9
		$	6.8	$	12.4

LongTerm_Debt_Tables

Long-Term Debt (Tables)	4 Months Ended
	Apr. 19, 2015
Debt Disclosure [Abstract]
Summary of long-term debt
		4/19/15			12/28/14
	(In millions)
	2013 Credit Facility	$	106		$	106
	Capital lease obligations	2.2			2.2
	Other notes	1.6			1.7
		109.8			109.9
	Less current portion	(0.3		)	(0.3		)
	Long-term debt	$	109.5		$	109.6

Deferred_Credits_and_Other_Lon1

Deferred Credits and Other Long-Term Liabilities (Tables)	4 Months Ended
	Apr. 19, 2015
Deferred Credits and Other Long-Term Liabilities [Abstract]
Deferred Credits and Other Long-Term Liabilities
	(In millions)	4/19/15		12/28/14
	Deferred franchise revenues	$	4.8	$	3.7
	Deferred gains on unit conversions	0.6		0.8
	Deferred rentals	7.5		7.6
	Above-market rent obligations	2.5		2.5
	Deferred income taxes	16.4		16
	Other	2.2		1.8
		$	34	$	32.4

Other_Expenses_Income_Net_Tabl

Other Expenses (Income), Net (Tables)	4 Months Ended
	Apr. 19, 2015
Other Income and Expenses [Abstract]
Other Expenses (Income), Net
		16 Weeks Ended
	(In millions)	4/19/15			4/20/14
	Disposals of property and equipment	$	—		$	0.1
	Net gain on sale of assets	(0.1		)	—
	Executive transition expenses	0.2			—
	Other expenses (income), net	$	0.1		$	0.1

Interest_Expense_Net_Tables

Interest Expense, Net (Tables)	4 Months Ended
	Apr. 19, 2015
Banking and Thrift, Interest [Abstract]
Interest Expense, Net
		16 Weeks Ended
	(In millions)	4/19/15		4/20/14
	Interest on debt	$	0.8	$	0.3
	Reclassification adjustment for derivative losses	0.1		0.3
	Amortization and write-offs of debt issuance costs	0.1		0.1
	Other debt related charges	0.1		0.2
		$	1.1	$	0.9

Components_of_Earnings_Per_Com1

Components of Earnings Per Common Share Computation (Tables)	4 Months Ended
	Apr. 19, 2015
Earnings Per Share [Abstract]
Summary of computation of earnings per share
		16 Weeks Ended
	(In millions)	4/19/15		4/20/14
	Numerator for earnings per share computation:
	Net Income	$	13.6	$	11.1
	Denominator for basic earnings per share — weighted average shares	22.9		23.5
	Dilutive employee stock awards	0.4		0.4
	Denominator for diluted earnings per share	23.3		23.9

Segment_Information_Tables

Segment Information (Tables)	4 Months Ended
	Apr. 19, 2015
Segment Reporting [Abstract]
Summary of segment information
		16 Weeks Ended
	(In millions)	4/19/15		4/20/14
	Revenues
	Franchise operations	$	44.8	$	40.7
	Company-operated restaurants	34.7		29.4
		$	79.5	$	70.1
	Operating profit
	Franchise operations	$	20.1	$	16.6
	Company-operated restaurants	6		4.8
		26.1		21.4
	Less unallocated expenses
	Depreciation and amortization	2.9		2.6
	Other expenses (income), net	0.1		0.1
	Operating Profit	23.1		18.7
	Interest expense, net	1.1		0.9
	Income before income taxes	$	22	$	17.8
	Capital expenditures
	Franchise operations	$	0.3	$	2.7
	Company-operated restaurants	5.4		3.9
		$	5.7	$	6.6

Description_of_Business_Detail

Description of Business (Details)	Apr. 19, 2015
	Country
	Territory
	State
Description of Business (Textual) [Abstract]
Number of states, franchises quick-service restaurants	48
Number of territories, franchises quick-service restaurants	3
Number of countries, franchises quick-service restaurants	27

Other_Current_Assets_Details

Other Current Assets (Details) (USD $)	Apr. 19, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Summary of other current assets
Prepaid income taxes	$3.50	$2.80
Prepaid expenses and other current assets	3.1	4.6
Other current assets	$6.60	$7.40

Significant_Accounting_Policie2

Significant Accounting Policies Significant Accounting Policies Textual (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014	Dec. 28, 2014
Accounting Policies [Abstract]
Franchise royalties	$41.60	$37.20
Franchise fees	1.5	1.6
Franchise royalties and fees	43.1	38.8
Debt issuance costs	$0.80		$0.90

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Apr. 19, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Financial Assets
Cash equivalents	$6.60	$9
Restricted cash (advertising cooperative assets)	4.3	4.3
Total assets at fair value	10.9	13.3
Financial Liabilities
Interest rate swap agreement	0.5
Long term debt and other borrowings	109.8	109.9
Total liabilities at fair value	110.3	109.9
Quoted Prices in Active Markets for Identical Asset or Liability (Level 1) [Member]
Financial Assets
Cash equivalents	6.6	9
Restricted cash (advertising cooperative assets)	4.3	4.3
Total assets at fair value	10.9	13.3
Significant Other Observable Inputs (Level 2) [Member]
Financial Liabilities
Interest rate swap agreement	0.5
Long term debt and other borrowings	114.1	115.7
Total liabilities at fair value	$114.60	$115.70

Other_Current_Liabilities_Deta

Other Current Liabilities (Details) (USD $)	Apr. 19, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Summary of other current liabilities
Accrued wages, bonuses and severances	$3.60	$8.50
Other	3.2	3.9
Other current liabilities	$6.80	$12.40

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details Textual)	4 Months Ended
	Apr. 19, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy transfers among levels	There were no transfers among levels within the fair value hierarchy during the forty weeks ended April 19, 2015.

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	Apr. 19, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Summary of long-term debt
2013 Credit Facility	$106	$106
Capital lease obligations	2.2	2.2
Other notes	1.6	1.7
Long Term Debt and Other Borrowings	109.8	109.9
Less current portion	-0.3	-0.3
Long-term debt	$109.50	$109.60

LongTerm_Debt_Details_Textual

Long-Term Debt (Details Textual) (USD $)	0 Months Ended
	Dec. 18, 2013	Dec. 16, 2014	Apr. 19, 2015
2013 Credit Facility [Member] | Revolving Credit Facility [Member]
Long-Term Debt (Textual) [Abstract]
Bank credit facility period	5 years
Maximum borrowing capacity	$125,000,000		$135,000,000
Other short-term borrowings			10,000,000
Additional borrowing capacity available	115,000,000		10,000,000
Outstanding letters of credit			100,000
Remaining borrowing capacity			28,900,000
Weighted average interest rate for all outstanding indebtedness			1.70%
2013 Credit Facility [Member] | Letter of Credit [Member]
Long-Term Debt (Textual) [Abstract]
Additional borrowing capacity available			20,000,000
Interest Rate Swap [Member]
Long-Term Debt (Textual) [Abstract]
Interest rate exposure		$53,000,000
Derivative, fixed interest rate		2.70%

Deferred_Credits_and_Other_Lon2

Deferred Credits and Other Long-Term Liabilities (Details) (USD $)	Apr. 19, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Deferred Credits and Other Long-Term Liabilities
Deferred franchise revenues	$4.80	$3.70
Deferred gains on unit conversions	0.6	0.8
Deferred rentals	7.5	7.6
Above-market rent obligations	2.5	2.5
Deferred income taxes	16.4	16
Other	2.2	1.8
Deferred credits and other long-term liabilities	$34	$32.40

Other_Expenses_Income_Net_Deta

Other Expenses (Income), Net (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Other Expenses (Income), Net
Disposals of property and equipment	$0	$0.10
Net gain on sale of assets	-0.1	0
Executive transition expenses	0.2	0
Other expenses (income), net	$0.10	$0.10

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015
Loss Contingencies [Line Items]
Agreement, Term	3 years
Business Process Services [Member]
Commitments and Contingencies (Textual) [Abstract]
Contract obligation	1.4
future minimum payments under contract year two	1.4
future minimum payments under contract year three	1.4

Interest_Expense_Net_Details

Interest Expense, Net (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Interest Expense, Net
Interest on debt	$0.80	$0.30
Reclassification adjustment for derivative losses	0.1	0.3
Amortization and write-offs of debt issuance costs	0.1	0.1
Other debt related charges	0.1	0.2
Interest expense, net	$1.10	$0.90

Income_Taxes_Details

Income Taxes (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014	Dec. 28, 2014
Income Taxes (Additional Textual) [Abstract]
Effective tax rates	38.20%	37.60%
Unrecognized tax benefits	$1.30		$1.30
Recognized tax benefits	$0.30		$0.20
U.S. federal tax [Member]
Income Taxes (Textual) [Abstract]
Tax years examination	2011 through 2013
State tax [Member]
Income Taxes (Textual) [Abstract]
Tax years examination	2010 through 2013
Maximum [Member] | State tax [Member]
Income Taxes (Textual) [Abstract]
Tax years examination	2013
Minimum [Member] | State tax [Member]
Income Taxes (Textual) [Abstract]
Tax years examination	2010

Components_of_Earnings_Per_Com2

Components of Earnings Per Common Share Computation (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Numerator for earnings per share computation:
Net Income	$13.60	$11.10
Denominator for basic earnings per share — weighted average shares (in shares)	22.9	23.5
Dilutive employee stock awards (in shares)	0.4	0.4
Denominator for diluted earnings per share (in shares)	23.3	23.9

Components_of_Earnings_Per_Com3

Components of Earnings Per Common Share Computation (Details Textual)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Components of Earnings Per Common Share Computation (Textual) [Abstract]
Stock options not included in computation of diluted earnings per share (in shares)	0.1	0.1

Segment_Information_Details

Segment Information (Details) (USD $)	4 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2015	Apr. 20, 2014
Revenues
Total revenue	$79.50	$70.10
Operating profit
Operating profit, gross	26.1	21.4
Less unallocated expenses
Depreciation and amortization	2.9	2.6
Other expenses (income), net	0.1	0.1
Operating profit	23.1	18.7
Interest expense, net	1.1	0.9
Income before income taxes	22	17.8
Capital expenditures
Capital expenditures	5.7	6.6
Franchise operations [Member]
Revenues
Total revenue	44.8	40.7
Operating profit
Operating profit, gross	20.1	16.6
Capital expenditures
Capital expenditures	0.3	2.7
Company-operated restaurants [Member]
Revenues
Total revenue	34.7	29.4
Operating profit
Operating profit, gross	6	4.8
Capital expenditures
Capital expenditures	$5.40	$3.90

Segment_Information_Details_Te

Segment Information (Details Textual)	4 Months Ended
	Apr. 19, 2015
	Segment
Segment Information (Textual) [Abstract]
Number of reportable segments	2