Popeyes Louisiana Kitchen (PLKI) 10-Q 25 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	4 Months Ended
	Apr. 17, 2016	May. 13, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	POPEYES LOUISIANA KITCHEN, INC.
Entity Central Index Key	1,041,379
Current Fiscal Year End Date	--12-25
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 17, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		21,893,795

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Apr. 17, 2016	Dec. 27, 2015
Current assets:
Cash and cash equivalents	$ 13.4	$ 9.1
Accounts and current notes receivable, net	10.5	9.2
Other current assets	4	8.5
Advertising cooperative assets, restricted	35.5	35.4
Total current assets	63.4	62.2
Long-term assets:
Property and equipment, net	98.1	97.7
Goodwill	11.1	11.1
Trademarks and other intangible assets, net	94.1	94.2
Other long-term assets, net	0.7	0.8
Total long-term assets	204	203.8
Total assets	267.4	266
Current liabilities:
Accounts payable	6.7	6.7
Other current liabilities	7.6	13.1
Current debt maturities	0.5	0.3
Advertising cooperative liabilities	35.5	35.4
Total current liabilities	50.3	55.5
Long-term liabilities:
Long-term debt	133.9	111.6
Deferred credits and other long-term liabilities	39.9	39.3
Total long-term liabilities	$ 173.8	$ 150.9
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; 21,974,727 and 22,449,697 shares issued and outstanding at April 17, 2016 and December 27, 2015, respectively)	0.2	0.2
Capital in excess of par value	0	0
Accumulated earnings	43.6	59.6
Accumulated other comprehensive loss	(0.5)	(0.2)
Total shareholders’ equity	43.3	59.6
Total liabilities and shareholders’ equity	$ 267.4	$ 266

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Apr. 17, 2016	Dec. 27, 2015
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)	21,974,727	22,449,697
Common stock, shares outstanding (in shares)	21,974,727	22,449,697

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Revenues:
Sales by Company-operated restaurants	$ 34.6	$ 34.7
Franchise royalties and fees	45.7	43.1
Rent from franchised restaurants	1.9	1.7
Total revenues	82.2	79.5
Expenses:
Restaurant food, beverages and packaging	10.9	11.3
Restaurant employee, occupancy and other expenses	16.7	15.9
General and administrative expenses	28.7	25.3
Occupancy expenses - franchise restaurants	0.9	0.9
Depreciation and amortization	3	2.9
Other expenses (income), net	(0.1)	0.1
Total expenses	60.1	56.4
Operating profit	22.1	23.1
Interest expense, net	1.3	1.1
Income before income taxes	20.8	22
Income tax expense	7.9	8.4
Net income	$ 12.9	$ 13.6
Earnings per common share, basic (in dollars per share)	$ 0.58	$ 0.59
Earnings per common share, diluted (in dollars per share)	$ 0.58	$ 0.58
Weighted-average shares outstanding:
Basic (in shares)	22.1	22.9
Diluted (in shares)	22.4	23.3

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 12.9	$ 13.6
Other comprehensive income (loss)
Net change in fair value of cash flow hedge	(0.4)	(0.5)
Reclassification adjustments for derivative losses included in earnings	0	0.1
Other comprehensive loss, before income taxes	(0.4)	(0.4)
Income tax benefit on other comprehensive loss	(0.1)	(0.1)
Other comprehensive loss, net of income taxes	(0.3)	(0.3)
Comprehensive income	$ 12.6	$ 13.3

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - 4 months ended Apr. 17, 2016 - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Accumulated Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 27, 2015	$ 59.6	$ 0.2	$ 0	$ 59.6	$ (0.2)
Beginning balance (in shares) at Dec. 27, 2015		22,449,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12.9			12.9
Other comprehensive loss, net of income tax	(0.3)				(0.3)
Repurchases and retirement of shares	(30)		(1.1)	(28.9)
Repurchases and retirement of shares (in shares)		(554,086)
Issuance of common stock under stock option plan	0.2		0.2
Issuance of common stock under stock option plan (in shares)		17,692
Issuance of restricted stock awards, net of forfeitures	(2.3)		(2.3)
Issuance of restricted stock awards, net of forfeitures (in shares)		61,424
Excess tax benefits from stock-based compensation	1.2		1.2
Stock-based compensation expense	2		2
Ending balance at Apr. 17, 2016	$ 43.3	$ 0.2	$ 0	$ 43.6	$ (0.5)
Ending balance (in shares) at Apr. 17, 2016		21,974,727

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Cash flows provided by (used in) operating activities:
Net income	$ 12.9	$ 13.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3	2.9
Net (gain) loss on sale and disposal of assets	(0.1)	(0.1)
Deferred income taxes	(0.4)	0.7
Non-cash interest expense, net	0.2	0.2
Provision for credit losses	0.1	0
Excess tax benefits from stock-based payment arrangements	(1.2)	(4.9)
Stock-based compensation expense	2	1.7
Change in operating assets and liabilities:
Accounts receivable	(1.4)	(0.8)
Other operating assets	5.8	5.7
Accounts payable and other operating liabilities	(6.1)	(9.8)
Net cash provided by operating activities	14.8	9.2
Cash flows provided by (used in) investing activities:
Capital expenditures	(3.4)	(5.7)
Proceeds from dispositions of property and equipment	0.2	0
Net cash used in investing activities	(3.2)	(5.7)
Cash flows provided by (used in) financing activities:
Principal payments — 2013 credit facility	(109)	0
Borrowings under 2016 credit facility, net	131.5	0
Share repurchases	(30)	(11)
Proceeds from exercise of employee stock options	0.2	0.6
Excess tax benefits from stock-based payment arrangements	1.2	4.9
Debt issuance costs	(1.1)	0
Other financing activities, net	(0.1)	(0.1)
Net cash provided by (used in) financing activities	(7.3)	(5.6)
Net increase (decrease) in cash and cash equivalents	4.3	(2.1)
Cash and cash equivalents at beginning of year	9.1	8.4
Cash and cash equivalents at end of quarter	$ 13.4	$ 6.3

Description of Business

Description of Business	4 Months Ended
	Apr. 17, 2016
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 26 foreign countries.

Significant Accounting Policies

Significant Accounting Policies	4 Months Ended
	Apr. 17, 2016
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 27, 2015 , which are contained in the Company’s 2015 Annual Report on Form 10-K (“the 2015 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 27, 2015 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 17, 2016 , 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 2015 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 2015 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 franchise agreements, 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) 4/17/2016 4/19/2015 Franchise royalties $ 44.3 $ 41.6 Franchise fees 1.4 1.5 Franchise royalties and fees $ 45.7 $ 43.1 Reclassifications. Certain amounts within the consolidated balance sheet as of December 27, 2015 have been reclassified to conform to the current year presentation. Recently Adopted Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-3, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The update issued guidance that 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 a debt discount. The Company adopted ASU 2015-3 in the first quarter of 2016 and for all retrospective periods as required. The Company had $1.6 million and $0.7 million of debt issuance costs at April 17, 2016 and December 27, 2015 , respectively. The reclassification for debt issuance costs resulted in a decrease to Other long-terms assets, net and a decrease to Long-term debt on the Company’s December 27, 2015 condensed consolidated balance sheet. In June 2014, the FASB issued ASU 2014-12, “Compensation - Stock Compensation.” This guidance required that a performance target for a share-based payment award that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance condition should not be reflected in the grant date fair value of the award. Compensation cost should be recognized in the period which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. The Company already applied the standards proscribed in this guidance so it did not have an impact to the consolidated financial statements presented when adopted in the first quarter of 2016. In November 2015, the FASB issued ASU 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes”, to simplify the classification of deferred tax assets and liabilities in a classified statement of financial position. Under the new guidance, all deferred income tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The standard is effective retrospectively for all periods presented for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company early adopted this standard in the first quarter of 2016 and retrospectively adjusted the prior period, resulting in a $0.8 million reclassification of Other Current Liabilities to Deferred Credits and Other Long-Term Liabilities on the Company’s December 27, 2015 condensed consolidated balance sheet. Recent Accounting Pronouncements That the Company Has Not Yet Adopted. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which is 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. This guidance will be effective for our fiscal 2018 which begins on January 1, 2018. The guidance is not expected to 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 is composed of rental income and other fees associated with properties leased or subleased to franchisees. We are continuing to evaluate the impact the adoption of this standard will have on the recognition of development, franchise, renewal and other franchise fees. In February 2016, the FASB issued ASU 2016-2, “Leases,” which amends the current lease standards by requiring companies to recognize a right-of-use asset, a lease liability for all operating and capital leases (financing) with lease terms greater that twelve months, and disclosure of key information about leasing arrangements. This guidance is effective for interim and annual periods beginning after December 15, 2018 (fiscal 2019 for the Company), and early adoption is permitted. In March 2016, the FASB issued ASU 2016-9, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. This guidance changes how companies account for certain aspects of shared-based payment awards to employees including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard is effective for the reporting periods beginning after December 15, 2016 (fiscal 2017 for the Company). 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 not expected to have a material impact on the financial statements upon adoption.

Other Current Assets

Other Current Assets	4 Months Ended
	Apr. 17, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets (In millions) 4/17/2016 12/27/2015 Prepaid income taxes $ 0.5 $ 3.6 Prepaid expenses and other current assets 3.5 4.9 Total $ 4.0 $ 8.5

Other Current Liabilities

Other Current Liabilities	4 Months Ended
	Apr. 17, 2016
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities (In millions) 4/17/2016 12/27/2015 Accrued wages, bonuses and severances $ 3.0 $ 8.7 Other 4.6 4.4 Total $ 7.6 $ 13.1

Fair Value Measurements

Fair Value Measurements	4 Months Ended
	Apr. 17, 2016
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 17, 2016 and December 27, 2015 : (In millions) Quoted Prices in Active Markets for Identical Asset or Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value April 17, 2016 Financial Assets Cash equivalents $ 13.0 $ — $ — $ 13.0 Restricted cash (advertising cooperative assets) — — — — Total assets at fair value $ 13.0 $ — $ — $ 13.0 Financial Liabilities Long term debt and other borrowings $ — $ 139.6 $ — $ 136.0 Interest rate swap agreement — 0.8 — 0.8 Total liabilities at fair value $ — $ 140.4 $ — $ 136.8 December 27, 2015 Financial Assets Cash equivalents $ 9.6 $ — $ — $ 9.6 Restricted cash (advertising cooperative assets) 4.3 — — 4.3 Total assets at fair value $ 13.9 $ — $ — $ 13.9 Financial Liabilities Long term debt and other borrowings $ — $ 115.5 $ — $ 112.6 Interest rate swap agreement — 0.4 — 0.4 Total liabilities at fair value $ — $ 115.9 $ — $ 113.0 There were no transfers among levels within the fair value hierarchy during the sixteen weeks ended April 17, 2016 . At April 17, 2016 and December 27, 2015 , 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 17, 2016 and December 27, 2015 , 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.

Long-Term Debt

Long-Term Debt	4 Months Ended
	Apr. 17, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-term Debt (In millions) 4/17/2016 12/27/2015 2013 Revolving Credit Facility $ — $ 109.0 2016 Revolving Credit Facility 131.5 — Capital lease obligations 2.2 2.2 Promissory note 1.0 — Other notes 1.3 1.4 136.0 112.6 Less current portion (0.5 ) (0.3 ) Less unamortized debt issuance costs (1.6 ) (0.7 ) Long-term debt $ 133.9 $ 111.6 2016 Revolving Credit Facility. On January 22, 2016, the Company entered into a five -year $250.0 million secured revolving credit facility (“2016 Revolving Credit Facility”) that replaced the Company’s 2013 revolving credit facility (the “2013 Revolving Credit Facility”) that consisted of a five -year $135.0 million revolving credit facility. Under the terms of the 2016 Revolving Credit Facility, the Company can request additional revolving loan commitments of up to $150.0 million . The Company may also 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 2016 Revolving Credit Facility. As of April 17, 2016 , 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 $118.4 million as of April 17, 2016 . Other key terms in the 2016 Revolving Credit Facility include the following: • The Company must maintain a Consolidated Total Leverage Ratio of less than or equal to 4.00 to 1.0. • The Company must maintain a Minimum Consolidated Fixed Charge Coverage Ratio of greater than or equal to 1.25 to 1.0. • The Company may repurchase and retire its common shares when the Consolidated Total Leverage Ratio is less than or equal to 3.50 to 1.0 (subject to certain conditions). • Borrowings under the 2016 Revolving Credit Facility will bear interest based upon the LIBOR Rate or the Base Rate (each as defined in the 2016 Revolving Credit Facility) plus an applicable margin based on the Company’s Consolidated Total Leverage Ratio (as defined in the facility). The borrowings currently bear interest at the LIBOR Rate plus 1.50%, the same as in the prior facility. The Company will pay (quarterly in arrears) an annual commitment fee based on its Consolidated Total Leverage Ratio on the unused portions of the new facility. As of the end of the first quarter 2016, the Company was in compliance with the financial and other covenants of the 2016 Revolving Credit Facility. The Company’s weighted average interest rate for all outstanding indebtedness under the 2016 Revolving Credit Facility, including fixed and floating rate debt, was 2.4% as of April 17, 2016 . Promissory Note . On February 12, 2016, the Company entered into a five-year $1.0 million promissory note for the purchase of land. Under the terms of the promissory note, the Company will pay five equal annual installments of $0.2 million plus 1.75% interest beginning in the first quarter 2017. Interest Rate Swap Agreements. The Company uses interest rate swap agreements to fix the interest rate exposure on a portion of its outstanding revolving debt. On December 16, 2014 and June 15, 2015 the Company entered into interest rate swap contracts effective January 5, 2015 and July 6, 2015, respectively. The Company’s interest rate swap contracts limit the interest rate exposure on $85 million of floating rate debt borrowed under its 2016 Revolving Credit Facility to a fixed rate of 2.70% . The swap agreements are scheduled to expire January 5, 2018 .

Deferred Credits and Other Long

Deferred Credits and Other Long-Term Liabilities	4 Months Ended
	Apr. 17, 2016
Deferred Credits and Other Long-Term Liabilities [Abstract]
Deferred Credits and Other Long-Term Liabilities	Deferred Credits and Other Long-Term Liabilities (In millions) 4/17/2016 12/27/2015 Deferred franchise revenues $ 6.0 $ 5.4 Deferred rentals 7.9 8.1 Deferred income taxes 19.9 20.5 Other long-term liabilities 6.1 5.3 Total $ 39.9 $ 39.3

Other Expenses (Income), Net

Other Expenses (Income), Net	4 Months Ended
	Apr. 17, 2016
Other Income and Expenses [Abstract]
Other Expenses (Income), Net	Other Expenses (Income), Net 16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Net gain on sale of assets $ (0.1 ) $ (0.1 ) Executive transition expenses — 0.2 Other expenses (income), net $ (0.1 ) $ 0.1

Commitments and Contingencies

Commitments and Contingencies	4 Months Ended
	Apr. 17, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 17, 2016
Banking and Thrift, Interest [Abstract]
Interest Expense, Net	Interest Expense, Net 16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Interest on debt $ 1.0 $ 0.8 Reclassification adjustment for derivative losses — 0.1 Amortization and write-offs of debt issuance costs 0.2 0.1 Other debt related charges, net 0.1 0.1 Total $ 1.3 $ 1.1 The $0.2 million increase in interest expense on debt for the sixteen week period ended April 17, 2016 was primarily due to higher outstanding borrowing under the 2016 Revolving Credit Facility. The increase in amortization and write-offs of debt issuance costs of $0.1 million was due to the write-off of debt issuance costs associated with the replacement of the 2013 Revolving Credit Facility.

Income Taxes

Income Taxes	4 Months Ended
	Apr. 17, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates were 38.0% and 38.2% for the sixteen week periods ended April 17, 2016 and April 19, 2015 , respectively. The lower effective tax rate for the sixteen week period ended April 17, 2016 is primarily due to the re-enactment of research and employment credits through 2019. No credits were recorded the sixteen week period ended April 19, 2015 . The Company’s 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 17, 2016 , the amount of unrecognized tax benefits was approximately $1.3 million , of which approximately $0.1 million , if recognized, would affect the effective income tax rate. The Company files income tax returns with the United States federal government and with various state jurisdictions. The U.S. federal tax years 2011 through 2014 are open to audit. In general, the state tax years open to audit range from 2011 through 2014 .

Components of Earnings Per Comm

Components of Earnings Per Common Share Computation	4 Months Ended
	Apr. 17, 2016
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. The 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 17, 2016 and April 19, 2015 . 16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Net Income $ 12.9 $ 13.6 Denominator for basic earnings per share — weighted average shares 22.1 22.9 Dilutive employee stock awards 0.3 0.4 Denominator for diluted earnings per share 22.4 23.3

Segment Information

Segment Information	4 Months Ended
	Apr. 17, 2016
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) 4/17/2016 4/19/2015 Revenues Franchise operations $ 47.6 $ 44.8 Company-operated restaurants 34.6 34.7 $ 82.2 $ 79.5 Operating profit Franchise operations $ 19.5 $ 20.1 Company-operated restaurants 5.5 6.0 25.0 26.1 Less unallocated expenses Depreciation and amortization 3.0 2.9 Other expenses (income), net (0.1 ) 0.1 Operating Profit 22.1 23.1 Interest expense, net 1.3 1.1 Income before income taxes $ 20.8 $ 22.0 Capital expenditures Franchise operations $ 0.8 $ 0.3 Company-operated restaurants 2.6 5.4 Total $ 3.4 $ 5.7

Significant Accounting Polici21

Significant Accounting Policies (Policies)	4 Months Ended
	Apr. 17, 2016
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 27, 2015 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 17, 2016 , 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 2015 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 2015 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 — Franchise Operations	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 franchise agreements, 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.
Reclassifications	Reclassifications. Certain amounts within the consolidated balance sheet as of December 27, 2015 have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements That the Company Has Not Yet Adopted	Recently Adopted Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-3, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The update issued guidance that 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 a debt discount. The Company adopted ASU 2015-3 in the first quarter of 2016 and for all retrospective periods as required. The Company had $1.6 million and $0.7 million of debt issuance costs at April 17, 2016 and December 27, 2015 , respectively. The reclassification for debt issuance costs resulted in a decrease to Other long-terms assets, net and a decrease to Long-term debt on the Company’s December 27, 2015 condensed consolidated balance sheet. In June 2014, the FASB issued ASU 2014-12, “Compensation - Stock Compensation.” This guidance required that a performance target for a share-based payment award that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance condition should not be reflected in the grant date fair value of the award. Compensation cost should be recognized in the period which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. The Company already applied the standards proscribed in this guidance so it did not have an impact to the consolidated financial statements presented when adopted in the first quarter of 2016. In November 2015, the FASB issued ASU 2015-17, “Income Taxes: Balance Sheet Classification of Deferred Taxes”, to simplify the classification of deferred tax assets and liabilities in a classified statement of financial position. Under the new guidance, all deferred income tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The standard is effective retrospectively for all periods presented for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company early adopted this standard in the first quarter of 2016 and retrospectively adjusted the prior period, resulting in a $0.8 million reclassification of Other Current Liabilities to Deferred Credits and Other Long-Term Liabilities on the Company’s December 27, 2015 condensed consolidated balance sheet. Recent Accounting Pronouncements That the Company Has Not Yet Adopted. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which is 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. This guidance will be effective for our fiscal 2018 which begins on January 1, 2018. The guidance is not expected to 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 is composed of rental income and other fees associated with properties leased or subleased to franchisees. We are continuing to evaluate the impact the adoption of this standard will have on the recognition of development, franchise, renewal and other franchise fees. In February 2016, the FASB issued ASU 2016-2, “Leases,” which amends the current lease standards by requiring companies to recognize a right-of-use asset, a lease liability for all operating and capital leases (financing) with lease terms greater that twelve months, and disclosure of key information about leasing arrangements. This guidance is effective for interim and annual periods beginning after December 15, 2018 (fiscal 2019 for the Company), and early adoption is permitted. In March 2016, the FASB issued ASU 2016-9, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. This guidance changes how companies account for certain aspects of shared-based payment awards to employees including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard is effective for the reporting periods beginning after December 15, 2016 (fiscal 2017 for the Company). 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 not expected to have a material impact on the financial statements upon adoption.

Significant Accounting Polici22

Significant Accounting Policies Significant Accounting Policies (Tables)	4 Months Ended
	Apr. 17, 2016
Accounting Policies [Abstract]
Schedule of revenue, franchise fees	Franchise renewal fees are recognized when a renewal agreement becomes effective. 16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Franchise royalties $ 44.3 $ 41.6 Franchise fees 1.4 1.5 Franchise royalties and fees $ 45.7 $ 43.1

Other Current Assets (Tables)

Other Current Assets (Tables)	4 Months Ended
	Apr. 17, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other current assets	(In millions) 4/17/2016 12/27/2015 Prepaid income taxes $ 0.5 $ 3.6 Prepaid expenses and other current assets 3.5 4.9 Total $ 4.0 $ 8.5

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	4 Months Ended
	Apr. 17, 2016
Other Liabilities Disclosure [Abstract]
Summary of other current liabilities	(In millions) 4/17/2016 12/27/2015 Accrued wages, bonuses and severances $ 3.0 $ 8.7 Other 4.6 4.4 Total $ 7.6 $ 13.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	4 Months Ended
	Apr. 17, 2016
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 17, 2016 and December 27, 2015 : (In millions) Quoted Prices in Active Markets for Identical Asset or Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value April 17, 2016 Financial Assets Cash equivalents $ 13.0 $ — $ — $ 13.0 Restricted cash (advertising cooperative assets) — — — — Total assets at fair value $ 13.0 $ — $ — $ 13.0 Financial Liabilities Long term debt and other borrowings $ — $ 139.6 $ — $ 136.0 Interest rate swap agreement — 0.8 — 0.8 Total liabilities at fair value $ — $ 140.4 $ — $ 136.8 December 27, 2015 Financial Assets Cash equivalents $ 9.6 $ — $ — $ 9.6 Restricted cash (advertising cooperative assets) 4.3 — — 4.3 Total assets at fair value $ 13.9 $ — $ — $ 13.9 Financial Liabilities Long term debt and other borrowings $ — $ 115.5 $ — $ 112.6 Interest rate swap agreement — 0.4 — 0.4 Total liabilities at fair value $ — $ 115.9 $ — $ 113.0

Long-Term Debt (Tables)

Long-Term Debt (Tables)	4 Months Ended
	Apr. 17, 2016
Debt Disclosure [Abstract]
Summary of long-term debt	(In millions) 4/17/2016 12/27/2015 2013 Revolving Credit Facility $ — $ 109.0 2016 Revolving Credit Facility 131.5 — Capital lease obligations 2.2 2.2 Promissory note 1.0 — Other notes 1.3 1.4 136.0 112.6 Less current portion (0.5 ) (0.3 ) Less unamortized debt issuance costs (1.6 ) (0.7 ) Long-term debt $ 133.9 $ 111.6

Deferred Credits and Other Lo27

Deferred Credits and Other Long-Term Liabilities (Tables)	4 Months Ended
	Apr. 17, 2016
Deferred Credits and Other Long-Term Liabilities [Abstract]
Summary of deferred credits and other long-term liabilities	(In millions) 4/17/2016 12/27/2015 Deferred franchise revenues $ 6.0 $ 5.4 Deferred rentals 7.9 8.1 Deferred income taxes 19.9 20.5 Other long-term liabilities 6.1 5.3 Total $ 39.9 $ 39.3

Other Expenses (Income), Net (T

Other Expenses (Income), Net (Tables)	4 Months Ended
	Apr. 17, 2016
Other Income and Expenses [Abstract]
Summary of other expenses (income), net	16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Net gain on sale of assets $ (0.1 ) $ (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. 17, 2016
Banking and Thrift, Interest [Abstract]
Summary of interest expense, net	16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Interest on debt $ 1.0 $ 0.8 Reclassification adjustment for derivative losses — 0.1 Amortization and write-offs of debt issuance costs 0.2 0.1 Other debt related charges, net 0.1 0.1 Total $ 1.3 $ 1.1

Components of Earnings Per Co30

Components of Earnings Per Common Share Computation (Tables)	4 Months Ended
	Apr. 17, 2016
Earnings Per Share [Abstract]
Summary of computation of earnings per share	16 Weeks Ended (In millions) 4/17/2016 4/19/2015 Net Income $ 12.9 $ 13.6 Denominator for basic earnings per share — weighted average shares 22.1 22.9 Dilutive employee stock awards 0.3 0.4 Denominator for diluted earnings per share 22.4 23.3

Segment Information (Tables)

Segment Information (Tables)	4 Months Ended
	Apr. 17, 2016
Segment Reporting [Abstract]
Summary of segment information	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) 4/17/2016 4/19/2015 Revenues Franchise operations $ 47.6 $ 44.8 Company-operated restaurants 34.6 34.7 $ 82.2 $ 79.5 Operating profit Franchise operations $ 19.5 $ 20.1 Company-operated restaurants 5.5 6.0 25.0 26.1 Less unallocated expenses Depreciation and amortization 3.0 2.9 Other expenses (income), net (0.1 ) 0.1 Operating Profit 22.1 23.1 Interest expense, net 1.3 1.1 Income before income taxes $ 20.8 $ 22.0 Capital expenditures Franchise operations $ 0.8 $ 0.3 Company-operated restaurants 2.6 5.4 Total $ 3.4 $ 5.7

Description of Business (Detail

Description of Business (Details Textual)	Apr. 17, 2016CountryStateTerritory
Description of Business (Textual) [Abstract]
Number of states, franchises quick-service restaurants | State	48
Number of territories, franchises quick-service restaurants | Territory	3
Number of countries, franchises quick-service restaurants | Country	26

Significant Accounting Polici33

Significant Accounting Policies (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Accounting Policies [Abstract]
Franchise royalties	$ 44.3	$ 41.6
Franchise fees	1.4	1.5
Franchise royalties and fees	$ 45.7	$ 43.1

Significant Accounting Polici34

Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Dec. 27, 2015
Concentration Risk [Line Items]
Debt issuance costs	$ 1.6	$ 0.7
Net Restaurant Sales
Concentration Risk [Line Items]
Royalty revenue, percentage of	5.00%
Other Current Liabilities [Member] | Adjustments for New Accounting Pronouncement [Member]
Concentration Risk [Line Items]
Reclassification adjustment resulting from adoption of ASU 2015-07		(0.8)
Deferred Credits and Other Long-Term Liabilities [Member] | Adjustments for New Accounting Pronouncement [Member]
Concentration Risk [Line Items]
Reclassification adjustment resulting from adoption of ASU 2015-07		$ 0.8

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Apr. 17, 2016	Dec. 27, 2015
Summary of other current assets
Prepaid income taxes	$ 0.5	$ 3.6
Prepaid expenses and other current assets	3.5	4.9
Other current assets	$ 4	$ 8.5

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Millions	Apr. 17, 2016	Dec. 27, 2015
Summary of other current liabilities
Accrued wages, bonuses and severances	$ 3	$ 8.7
Other	4.6	4.4
Other current liabilities	$ 7.6	$ 13.1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Apr. 17, 2016	Dec. 27, 2015
Financial Assets
Cash equivalents	$ 13	$ 9.6
Restricted cash (advertising cooperative assets)	0	4.3
Total assets at fair value	13	13.9
Financial Liabilities
Long term debt and other borrowings	136	112.6
Interest rate swap agreement	0.8	0.4
Total liabilities at fair value	136.8	113
Quoted Prices in Active Markets for Identical Asset or Liability (Level 1)
Financial Assets
Cash equivalents	13	9.6
Restricted cash (advertising cooperative assets)	0	4.3
Total assets at fair value	13	13.9
Financial Liabilities
Long term debt and other borrowings	0	0
Interest rate swap agreement	0	0
Total liabilities at fair value	0	0
Significant Other Observable Inputs (Level 2)
Financial Assets
Cash equivalents	0	0
Restricted cash (advertising cooperative assets)	0	0
Total assets at fair value	0	0
Financial Liabilities
Long term debt and other borrowings	139.6	115.5
Interest rate swap agreement	0.8	0.4
Total liabilities at fair value	140.4	115.9
Significant Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents	0	0
Restricted cash (advertising cooperative assets)	0	0
Total assets at fair value	0	0
Financial Liabilities
Long term debt and other borrowings	0	0
Interest rate swap agreement	0	0
Total liabilities at fair value	$ 0	$ 0

Fair Value Measurements (Deta38

Fair Value Measurements (Details Textual)	4 Months Ended
	Apr. 17, 2016
Fair Value Disclosures [Abstract]
Fair value hierarchy transfers among levels	There were no transfers among levels within the fair value hierarchy during the sixteen weeks ended April 17, 2016.

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions	Apr. 17, 2016	Dec. 27, 2015
Summary of long-term debt
Capital lease obligations	$ 2.2	$ 2.2
Promissory Note	1	0
Other notes	1.3	1.4
Long-term debt including current portion	136	112.6
Less current portion	(0.5)	(0.3)
Less unamortized debt issuance costs - 2016 Revolving Credit Facility	(1.6)	(0.7)
Long-term debt	133.9	111.6
Revolving Credit Facility [Member] | 2016 Credit Facility [Member]
Summary of long-term debt
Revolving Credit Facility	131.5	0
Revolving Credit Facility [Member] | 2013 Credit Facility
Summary of long-term debt
Revolving Credit Facility	$ 0	$ 109

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual)	Feb. 12, 2016	Jan. 22, 2016USD ($)	Apr. 17, 2016USD ($)	Jun. 15, 2015USD ($)	Dec. 27, 2015USD ($)
Long-Term Debt (Textual) [Abstract]
Promissory Note			$ 1,000,000		$ 0
Note payable, maximum period	5 years
Debt Instrument, Annual Principal Payment			$ 200,000
Debt Instrument, Interest Rate Terms			1.75%
Interest Rate Swap
Long-Term Debt (Textual) [Abstract]
Interest rate exposure				$ 85,000,000
Derivative, fixed interest rate				2.70%
2016 Credit Facility [Member]
Long-Term Debt (Textual) [Abstract]
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio		4
Line of Credit Facility, Covenant Terms, Consolidated Minimum Fixed Charge Ratio		1.25
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Threshold to Repurchase Shares		3.50
2016 Credit Facility [Member] | Revolving Credit Facility
Long-Term Debt (Textual) [Abstract]
Bank credit facility period		5 years
Maximum borrowing capacity		$ 250,000,000
Additional Borrowing Capacity Available		150,000,000
Other short-term borrowings		10,000,000
Outstanding letters of credit			$ 100,000
Remaining borrowing capacity			$ 118,400,000
Weighted average interest rate for all outstanding indebtedness			2.40%
2016 Credit Facility [Member] | Letter of Credit [Member]
Long-Term Debt (Textual) [Abstract]
Other short-term borrowings		$ 20,000,000
2013 Credit Facility | Revolving Credit Facility
Long-Term Debt (Textual) [Abstract]
Bank credit facility period		5 years
Maximum borrowing capacity		$ 135,000,000

Deferred Credits and Other Lo41

Deferred Credits and Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Apr. 17, 2016	Dec. 27, 2015
Deferred Credits and Other Long-Term Liabilities
Deferred franchise revenues	$ 6	$ 5.4
Deferred rentals	7.9	8.1
Deferred income taxes	19.9	20.5
Other long-term liabilities	6.1	5.3
Deferred credits and other long-term liabilities	$ 39.9	$ 39.3

Other Expenses (Income), Net (D

Other Expenses (Income), Net (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Other Expenses (Income), Net
Net gain on sale of assets	$ (0.1)	$ (0.1)
Executive transition expenses	0	0.2
Other expenses (income), net	$ (0.1)	$ 0.1

Interest Expense, Net (Details)

Interest Expense, Net (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Interest Expense, Net
Interest on debt	$ 1	$ 0.8
Reclassification adjustment for derivative losses	0	0.1
Amortization and write-offs of debt issuance costs	0.2	0.1
Other debt related charges, net	0.1	0.1
Interest expense, net	1.3	$ 1.1
Increase in interest expense	0.2
2013 Credit Facility | Revolving Credit Facility [Member]
Interest Expense, Net
Amortization and write-offs of debt issuance costs	$ 0.1

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Income Taxes (Textual) [Abstract]
Effective tax rates	38.00%	38.20%
Unrecognized tax benefits	$ 1.3
Recognized tax benefits	$ 0.1
U.S. Federal Tax
Income Taxes (Textual) [Abstract]
Tax years examination	2011 through 2014
State Tax
Income Taxes (Textual) [Abstract]
Tax years examination	2011 through 2014
Minimum | State Tax
Income Taxes (Textual) [Abstract]
Tax years examination	2,010
Maximum | State Tax
Income Taxes (Textual) [Abstract]
Tax years examination	2,014

Components of Earnings Per Co45

Components of Earnings Per Common Share Computation (Details Textual) - shares shares in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
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

Components of Earnings Per Co46

Components of Earnings Per Common Share Computation (Details) - USD ($) shares in Millions, $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Summary of computation of earnings per share
Net Income	$ 12.9	$ 13.6
Denominator for basic earnings per share — weighted average shares (in shares)	22.1	22.9
Dilutive employee stock awards (in shares)	0.3	0.4
Denominator for diluted earnings per share (in shares)	22.4	23.3

Segment Information (Details Te

Segment Information (Details Textual)	4 Months Ended
	Apr. 17, 2016Segment
Segment Information (Textual) [Abstract]
Number of reportable segments	2

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 17, 2016	Apr. 19, 2015
Revenues
Total revenue	$ 82.2	$ 79.5
Operating profit
Operating profit, gross	25	26.1
Less unallocated expenses
Depreciation and amortization	3	2.9
Other expenses (income), net	(0.1)	0.1
Operating Profit	22.1	23.1
Interest expense, net	1.3	1.1
Income before income taxes	20.8	22
Capital expenditures
Capital expenditures	3.4	5.7
Franchise operations
Revenues
Total revenue	47.6	44.8
Operating profit
Operating profit, gross	19.5	20.1
Capital expenditures
Capital expenditures	0.8	0.3
Company-operated restaurants
Revenues
Total revenue	34.6	34.7
Operating profit
Operating profit, gross	5.5	6
Capital expenditures
Capital expenditures	$ 2.6	$ 5.4