Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Oct. 01, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'NOODLES & Co |
Entity Central Index Key | '0001275158 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Document Type | 'S-1 |
Document Period End Date | 1-Oct-13 |
Amendment Flag | 'false |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $589 | $581 | $523 |
Accounts receivable | 5,842 | 4,566 | 3,413 |
Inventories | 7,082 | 6,042 | 4,595 |
Prepaid expenses and other assets | 4,999 | 3,970 | 3,332 |
Income tax receivable | 0 | 995 | 1,016 |
Total current assets | 18,512 | 16,154 | 12,879 |
Property and equipment, net | 158,413 | 136,287 | 103,831 |
Deferred tax assets, net | 2,753 | 2,791 | 5,496 |
Other assets, net | 2,132 | 1,763 | 4,119 |
Total long-term assets | 163,298 | 140,841 | 113,446 |
Total assets | 181,810 | 156,995 | 126,325 |
Current liabilities: | ' | ' | ' |
Accounts payable | 8,817 | 9,393 | 6,900 |
Accrued payroll and benefits | 8,871 | 5,345 | 6,198 |
Accrued expenses and other current liabilities | 7,614 | 7,249 | 5,846 |
Income tax payable | 909 | 0 | ' |
Current deferred tax liabilities | 1,351 | 1,023 | 863 |
Current portion of long-term debt | 0 | 750 | 750 |
Total current liabilities | 27,562 | 23,760 | 20,557 |
Long-term debt | 1,714 | 93,731 | 77,523 |
Deferred rent | 27,596 | 23,013 | 18,644 |
Other long-term liabilities | 2,426 | 2,483 | 2,078 |
Total liabilities | 59,298 | 142,987 | 118,802 |
Temporary equity: | ' | ' | ' |
Common stock subject to put options | 0 | 3,601 | 2,572 |
Stockholders' equity: | ' | ' | ' |
Preferred stock | 0 | 0 | 0 |
Common stock | 294 | 232 | 232 |
Additional paid-in capital | 114,318 | 7,585 | 6,291 |
Accumulated other comprehensive loss, net of tax | 0 | -24 | -52 |
Retained earnings | 7,900 | 2,614 | -1,520 |
Total stockholders' equity | 122,512 | 10,407 | 4,951 |
Total liabilities and stockholders' equity | $181,810 | $156,995 | $126,325 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
Common stock subject to put options | 0 | 296,828 | 296,828 |
Preferred stock, par value (USD per share) | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 2,885,000 | 2,885,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 180,000,000 | 34,043,001 | 34,043,001 |
Common stock, shares, issued | 29,399,650 | 23,238,984 | 23,238,984 |
Common stock, shares, outstanding | 29,399,650 | 23,238,984 | 23,238,984 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Revenue: | ' | ' | ' | ' | ' | ' | ' |
Restaurant revenue | $87,864 | $76,306 | $256,744 | $220,261 | $297,264 | $253,467 | $218,560 |
Franchising royalties and fees | 1,072 | 793 | 2,711 | 2,220 | 3,146 | 2,599 | 2,272 |
Total revenue | 88,936 | 77,099 | 259,455 | 222,481 | 300,410 | 256,066 | 220,832 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | 23,127 | 20,246 | 67,524 | 58,423 | 78,997 | 66,419 | 56,869 |
Labor | 26,345 | 23,065 | 77,464 | 66,002 | 89,435 | 75,472 | 64,942 |
Occupancy | 8,870 | 7,468 | 25,824 | 21,669 | 29,323 | 25,208 | 21,650 |
Other restaurant operating costs | 11,315 | 9,488 | 32,962 | 27,449 | 36,380 | 32,031 | 27,403 |
General and administrative | 6,939 | 7,464 | 27,808 | 21,426 | 29,081 | 26,463 | 27,302 |
Depreciation and amortization | 5,238 | 4,334 | 15,074 | 12,165 | 16,719 | 14,501 | 13,932 |
Pre-opening | 1,183 | 829 | 2,873 | 2,000 | 3,145 | 2,327 | 2,088 |
Asset disposals, closure costs and restaurant impairments | 339 | 201 | 837 | 663 | 1,278 | 1,629 | 2,815 |
Total costs and expenses | 83,356 | 73,095 | 250,366 | 209,797 | 284,358 | 244,050 | 217,001 |
Income from operations | 5,580 | 4,004 | 9,089 | 12,684 | 16,052 | 12,016 | 3,831 |
Debt extinguishment expense | 0 | 2,646 | 0 | 2,646 | 2,646 | 275 | 0 |
Interest expense | 132 | 1,118 | 2,199 | 3,894 | 5,028 | 6,132 | 1,819 |
Income before income taxes | 5,448 | 240 | 6,890 | 6,144 | 8,378 | 5,609 | 2,012 |
Provision for income taxes | 2,183 | 107 | 2,633 | 2,540 | 3,215 | 1,780 | -366 |
Net income | $3,265 | $133 | $4,257 | $3,604 | $5,163 | $3,829 | $2,378 |
Earnings per share of Class A and Class B common stock, combined: | ' | ' | ' | ' | ' | ' | ' |
Basic (USD per share) | $0.11 | $0.01 | $0.17 | $0.16 | $0.22 | $0.16 | $0.10 |
Diluted (USD per share) | $0.11 | $0.01 | $0.16 | $0.16 | $0.22 | $0.16 | $0.09 |
Weighted average shares of Class A and Class B common stock outstanding, combined: | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 | 23,238,984 | 23,237,698 | 24,386,059 |
Diluted (in shares) | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 | 23,265,542 | 23,237,698 | 25,226,989 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Net income | $3,265 | $133 | $4,257 | $3,604 | $5,163 | $3,829 | $2,378 |
Cash flow hedges: | ' | ' | ' | ' | ' | ' | ' |
Loss recognized in accumulated other comprehensive income | 0 | 0 | 0 | -186 | -186 | -209 | -560 |
Reclassification of loss to net income | 0 | 104 | 39 | 312 | 382 | 434 | 754 |
Unrealized income on cash flow hedges | 0 | 104 | 39 | 126 | 196 | 225 | 194 |
Provision for income tax on cash flow hedges | 0 | -42 | -15 | -104 | -168 | -3 | -74 |
Other comprehensive income, net of tax | 0 | 62 | 24 | 22 | 28 | 222 | 120 |
Comprehensive income | $3,265 | $195 | $4,281 | $3,626 | $5,191 | $4,051 | $2,498 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity Statement (USD $) | Total | Series A Preferred Stock [Member] | Common Class B [Member] | Common Class C [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Series A Preferred Stock [Member] | ||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Temporary equity, beginning balance at Dec. 29, 2009 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance at Dec. 29, 2009 | 28,550 | ' | ' | ' | 0 | [1] | -67,513 | 104,184 | -394 | -7,727 | 0 | |
Beginning balance, shares at Dec. 29, 2009 | ' | ' | ' | ' | 24,462,846 | [1] | 11,897,375 | ' | ' | ' | 5,898,709 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercise of stock options | 147 | ' | ' | ' | 0 | [1] | ' | 147 | ' | ' | ' | |
Exercise of stock options, shares | [1] | ' | ' | ' | ' | 59,990 | ' | ' | ' | ' | ' | |
Stock-based compensation expenses | 1,987 | ' | ' | ' | ' | ' | 1,987 | ' | ' | ' | ||
Equity recapitalizationbPreferred shares converted to common | 0 | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | ' | |
Equity recapitalizationbPreferred shares converted to common, shares | ' | ' | ' | ' | 11,797,418 | [1] | ' | ' | ' | ' | 5,898,709 | |
Cancellation of outstanding treasury stock | 0 | ' | ' | ' | 0 | [1] | 67,513 | 67,513 | ' | ' | ' | |
Cancellation of outstanding treasury stock, shares | ' | ' | ' | ' | -11,897,375 | [1] | -11,897,375 | ' | ' | ' | ' | |
Conversion of outstanding common stock into the right to receive cash, net of rollover equity | -194,830 | ' | ' | ' | -19 | [1] | ' | -194,849 | ' | ' | ' | |
Conversion of outstanding common stock into the right to receive cash, net of rollover equity, shares | [1] | ' | ' | ' | ' | -22,491,822 | ' | ' | ' | ' | ' | |
Accelerated vesting of unvested outstanding stock options | 3,706 | ' | ' | ' | ' | ' | 3,706 | ' | ' | ' | ||
Cash settlement of outstanding options, net of rollover equity | -16,441 | ' | ' | ' | -4 | [1] | ' | -16,445 | ' | ' | ' | |
Cash settlement of outstanding options, net of rollover equity, shares | [1] | ' | ' | ' | ' | 418,711 | ' | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses | 173,889 | ' | ' | ' | 209 | [1],[2] | ' | 173,680 | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | ' | ' | 6,292,640 | 1 | 20,887,401 | [1] | ' | ' | ' | ' | ' | |
Net income | 2,378 | ' | ' | ' | ' | ' | ' | ' | 2,378 | ' | ||
Unrealized income on cash flow hedges, net of tax | 120 | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash settlement of outstanding options, net of rollover equity | 2,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Temporary equity, ending balance at Dec. 28, 2010 | 2,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending balance at Dec. 28, 2010 | -494 | ' | ' | ' | 232 | [1],[3] | 0 | 4,897 | -274 | -5,349 | 0 | |
Ending balance, shares at Dec. 28, 2010 | ' | ' | 6,292,640 | 1 | 23,237,169 | [1] | 0 | ' | ' | ' | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercise of stock options | 16 | ' | ' | ' | 0 | [1] | ' | 16 | ' | ' | ' | |
Exercise of stock options, shares | [1] | ' | ' | ' | ' | 1,815 | ' | ' | ' | ' | ' | |
Tax benefit on exercise of stock options | 109 | ' | ' | ' | ' | ' | 109 | ' | ' | ' | ||
Stock-based compensation expenses | 1,402 | ' | ' | ' | ' | ' | 1,402 | ' | ' | ' | ||
2010 Merger-transaction expenses | -133 | ' | ' | ' | ' | ' | -133 | ' | ' | ' | ||
Issuance of common stock, net of transaction expenses, shares | ' | ' | 6,292,640 | 1 | ' | ' | ' | ' | ' | ' | ||
Net income | 3,829 | ' | ' | ' | ' | ' | ' | ' | 3,829 | ' | ||
Unrealized income on cash flow hedges, net of tax | 222 | ' | ' | ' | ' | ' | ' | 222 | ' | ' | ||
Temporary equity, ending balance at Jan. 03, 2012 | 2,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending balance at Jan. 03, 2012 | 4,951 | ' | ' | ' | 232 | [1],[3] | 0 | 6,291 | -52 | -1,520 | 0 | |
Ending balance, shares at Jan. 03, 2012 | ' | ' | 6,292,640 | 1 | 23,238,984 | [1] | 0 | ' | ' | ' | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Tax benefit on exercise of stock options | 27 | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ||
Stock-based compensation expenses | 1,315 | ' | ' | ' | ' | ' | 1,315 | ' | ' | ' | ||
2010 Merger-transaction expenses | -48 | ' | ' | ' | ' | ' | -48 | ' | ' | ' | ||
Issuance of common stock, net of transaction expenses, shares | ' | ' | 6,292,640 | 1 | ' | ' | ' | ' | ' | ' | ||
Temporary equity related to put options | -1,029 | ' | ' | ' | ' | ' | ' | ' | -1,029 | ' | ||
Net income | 5,163 | ' | ' | ' | ' | ' | ' | ' | 5,163 | ' | ||
Unrealized income on cash flow hedges, net of tax | 28 | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Temporary equity related to put options | 1,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Temporary equity, ending balance at Jan. 01, 2013 | 3,601 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending balance at Jan. 01, 2013 | $10,407 | ' | ' | ' | $232 | [1],[3] | $0 | $7,585 | ($24) | $2,614 | $0 | |
Ending balance, shares at Jan. 01, 2013 | ' | ' | 6,292,640 | 1 | 23,238,984 | [1] | 0 | ' | ' | ' | 0 | |
[1] | Unless otherwise noted, activity relates to Class A common stock | |||||||||||
[2] | Represents issuance of 14,594,760 shares of Class A common stock, 6,292,640 shares of Class B common stock and one share of Class C common stock | |||||||||||
[3] | Includes 6,292,640 shares of Class B common stock and one share of Class C common stock |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) | 12 Months Ended | ||
Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | |
Class A Common Stock [Member] | ' | ' | ' |
Issuance of common stock, net of transaction expenses, shares | 14,594,760 | 14,594,760 | 14,594,760 |
Class B Common Stock [Member] | ' | ' | ' |
Issuance of common stock, net of transaction expenses, shares | 6,292,640 | 6,292,640 | 6,292,640 |
Shares outstanding | 6,292,640 | 6,292,640 | 6,292,640 |
Class C Common Stock [Member] | ' | ' | ' |
Issuance of common stock, net of transaction expenses, shares | 1 | 1 | 1 |
Shares outstanding | 1 | 1 | 1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Operating activities | ' | ' | ' | ' | ' |
Net income | $4,257 | $3,604 | $5,163 | $3,829 | $2,378 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' |
Depreciation and amortization | 15,074 | 12,165 | 16,719 | 14,501 | 13,932 |
Provision (benefit) for deferred income taxes | 366 | 4 | 2,607 | 1,520 | -419 |
Excess tax benefit on stock-based compensation | ' | ' | -27 | -109 | 0 |
Asset disposals, closure costs and restaurant impairments | 837 | 663 | 1,278 | 1,629 | 2,815 |
Amortization of debt issuance costs and debt extinguishment expense | 82 | 3,170 | 3,227 | 1,013 | 155 |
Stock-based compensation | 4,065 | 921 | 1,234 | 1,327 | 5,610 |
Other noncash | -205 | -209 | -341 | 892 | -250 |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
Accounts receivable and income tax receivable | -1,276 | 536 | -1,104 | 274 | -2,384 |
Inventories | -1,040 | -1,025 | -1,447 | -680 | -572 |
Prepaid expenses and other assets | -1,050 | -575 | -644 | -63 | -743 |
Accounts payable | 787 | -805 | -155 | 80 | 270 |
Deferred rent | 4,583 | 2,534 | 4,369 | 2,290 | 2,973 |
Income taxes | 1,904 | 1,016 | ' | ' | ' |
Accrued expenses and other liabilities | 4,078 | 3,378 | 1,190 | 1,419 | 840 |
Net cash provided by operating activities | 32,462 | 25,377 | 32,069 | 27,922 | 24,605 |
Investing activities | ' | ' | ' | ' | ' |
Purchases of property and equipment | -39,788 | -30,525 | -47,384 | -30,047 | -26,933 |
Net cash used in investing activities | -39,788 | -30,525 | -47,384 | -30,047 | -26,933 |
Financing activities | ' | ' | ' | ' | ' |
Proceeds from issuances of notes payable | 101,731 | 60,128 | 105,697 | 111,771 | 57,624 |
Payments on notes payable | -194,498 | -54,094 | -89,549 | -65,498 | -59,462 |
(Payments on) proceeds from bridge financing | ' | ' | 0 | -45,977 | 45,000 |
Debt issuance costs | 0 | -752 | -754 | -4,226 | 0 |
Change in restricted cash related to equity recapitalization | ' | ' | 0 | 189,388 | -189,388 |
Change in shareholder escrow-equity recapitalization | ' | ' | 0 | -189,502 | -5,484 |
Cash settlement of outstanding options, net | ' | ' | 0 | 0 | -7,264 |
Payment of payroll taxes associated with equity recapitalization | ' | ' | 0 | -6,602 | 0 |
Issuance of common stock, net of transaction expenses | 100,101 | -48 | -48 | -133 | 174,042 |
Proceeds from exercise of stock options | ' | ' | 0 | 16 | 147 |
Excess tax benefit on stock-based compensation | ' | ' | 27 | 109 | 0 |
Net cash provided by (used in) financing activities | 7,334 | 5,234 | 15,373 | -10,654 | 15,215 |
Net increase (decrease) in cash and cash equivalents | 8 | 86 | 58 | -12,779 | 12,887 |
Cash and cash equivalents | ' | ' | ' | ' | ' |
Beginning of year | 581 | 523 | 523 | 13,302 | 415 |
End of year | $589 | ' | $581 | $523 | $13,302 |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended | ||
Oct. 01, 2013 | Jan. 01, 2013 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ||
Business and Summary and Basis of Presentation | ' | ' | ||
Business and Summary and Basis of Presentation | Business and Summary of Significant Accounting Policies | |||
Business | Business | |||
Noodles & Company, a Delaware corporation (the "Company" or "Noodles & Company"), develops and operates fast casual restaurants that serve globally inspired noodle dishes and pasta dishes, soups, salads and sandwiches. As of October 1, 2013, there were 310 company-owned restaurants and 58 franchise restaurants in 29 states and the District of Columbia. The Company operates its business as one operating and reportable segment. | Noodles & Company (the "Company" or "Noodles & Company"), a Delaware corporation, develops and operates fast casual restaurants that serve globally inspired noodle and pasta dishes, soups, salads and sandwiches. As of January 1, 2013, there were 276 company-owned restaurants and 51 franchise restaurants in 25 states and the District of Columbia. The Company operates its business as one operating and reportable segment. | |||
On July 2, 2013, the Company completed an initial public offering ("IPO") of shares of Class A common stock at $18.00 per share. The Company issued 6,160,714 shares of Class A common stock, $0.01 par value, including 803,571 shares sold to the underwriters in the IPO pursuant to their over-allotment option. After underwriter discounts and commissions and estimated offering expenses, the Company received net proceeds from the offering of approximately $100.2 million. These proceeds were used to repay all but $0.2 million of outstanding debt under the Company's credit facility. | In December 2010, Catterton Partners ("Catterton") and Argentia Private Investments Inc. ("Argentia") completed an equity recapitalization to purchase approximately 90% of the Company's equity interests. See Note 2, Equity Recapitalization. | |||
The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company's results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended January 1, 2013 included in the Company's final prospectus filed June 28, 2013. | All share and per share data, including options, have been retroactively adjusted in the accompanying financial statements to reflect a reverse stock split. See Note 17, Subsequent Events. | |||
Principles of Consolidation | Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | |||
Fiscal Year | Fiscal Year | |||
The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year 2013, which ends on December 31, 2013 and fiscal year 2012, which ended on January 1, 2013, each contain 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53 week fiscal year, which contains fourteen weeks. | The Company operates on a 52 or 53 week fiscal year ending on the Tuesday closest to December 31. Fiscal years 2012 and 2010, which ended on January 1, 2013 and December 28, 2010, respectively, each contained 52 weeks. Fiscal year 2011, which ended on January 3, 2012, contained 53 weeks. | |||
Recent Accounting Pronouncements | Estimates | |||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-2, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which revises disclosure requirements related to components of other comprehensive income. The Company adopted ASU 2013-2 effective January 2, 2013. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Reclassifications | Error Correction | |||
In the third quarter of 2013, the Company changed the manner in which it reports marketing expenses between general and administrative expenses and other restaurant operating costs to more appropriately reflect only those costs directly related to restaurant-level marketing in other restaurant operating costs. Marketing costs previously reported as restaurant operating costs, that were not directly related to restaurant-level marketing, have been reclassified to general and administrative expense in the Company's consolidated financial statements in all periods presented. In the first two quarters of 2013 and the first two quarters of 2012, $1.0 million and $1.3 million, respectively, have been reclassified from restaurant operating costs to general and administrative expense. The change has no impact on income from operations. | The Company's consolidated balance sheets as of January 1, 2013 and January 3, 2012 included in its previously issued consolidated financial statements excluded temporary equity of $3.6 million and $2.6 million, respectively. The related consolidated statements of equity overstated additional paid in capital by $2.6 million in each of the years presented and overstated retained earnings by $1.0 million for the year ended January 1, 2013. Accordingly the accompanying consolidated balance sheets as of January 1, 2013 and January 3, 2012 and the consolidated statements of equity for the years ended January 1, 2013, January 3, 2012 and December 28, 2010 have been revised to correct this error. Temporary equity represents the fair market value of 296,828 outstanding shares subject to put options that can be exercised in circumstances outside the Company's control. See Note 15, Commitments and Contingencies. | |||
Reclassifications | ||||
During 2013, the Company changed the manner in which it reports marketing expenses between general and administrative expenses and other restaurant operating costs to more appropriately reflect only those costs directly related to restaurant-level marketing in other restaurant operating costs. Marketing costs previously reported as restaurant operating costs, that were not directly related to restaurant-level marketing, have been reclassified to general and administrative expense in the Company's consolidated financial statements in all periods presented. In the accompanying consolidated statements of income for 2012, 2011 and 2010, $2.9 million, $2.6 million and $2.4 million, respectively, have been reclassified from restaurant operating costs to general and administrative expense. The change has no impact on income from operations. | ||||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investment instruments with an initial maturity of three months or less when purchased to be cash equivalents. Amounts receivable from credit card processors are converted to cash shortly after the related sales transaction and considered to be cash equivalents because they are both short-term and highly liquid in nature. Amounts receivable from credit card processors and considered cash equivalents as of January 1, 2013 and January 3, 2012 were $2.5 million and $1.0 million, respectively, and were offset on the consolidated balance sheets by payments processed by the Company, but not yet redeemed by the payee. Book overdrafts, which are outstanding checks in excess of cash and cash equivalents, are recorded with accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying statements of cash flows. | ||||
Accounts Receivable | ||||
Accounts receivable consist primarily of tenant improvement receivables and vendor rebates receivable, as well as amounts due from franchisees and other miscellaneous receivables. The Company believes all amounts to be collectible. Accordingly, no allowance for doubtful accounts has been recorded as of January 1, 2013 or January 3, 2012. | ||||
Inventories | ||||
Inventories consist of food, beverages, supplies, and smallwares, and are stated at the lower of cost (first-in, first-out method) or market. Smallwares inventory, which consist of the plates, silverware, and cooking utensils used in the restaurants, are frequently replaced and are considered current assets. Replacement costs of smallwares inventory are recorded as other restaurant operating costs and are expensed as incurred. As of January 1, 2013 and January 3, 2012, smallwares inventory of $3.8 million and $3.0 million was included on the consolidated balance sheets. | ||||
Property and Equipment | ||||
Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major renewals and improvements are capitalized, while expenditures for minor replacements, maintenance and repairs are expensed as incurred. Upon retirement or disposal of assets, the accounts are relieved of cost and accumulated depreciation and the related gain or loss is reflected in earnings. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term, which generally includes option periods that are reasonably assured to be exercised. Depreciation and amortization expense on property and equipment, including assets under capital lease, was $16.7 million in 2012, $14.5 million in 2011 and $13.9 million in 2010. | ||||
The estimated useful lives for property and equipment are: | ||||
Property and Equipment | Estimated Useful Lives | |||
Leasehold improvements | Shorter of lease term or estimated useful life, not to exceed 20Â years | |||
Furniture and fixtures | 3 to 15Â years | |||
Equipment | 3 to 7Â years | |||
The Company capitalizes internal payroll and payroll related costs directly related to the successful acquisition, development, design and construction of its new restaurants. Capitalized internal costs were $2.3 million, $1.8 million and $1.6 million in 2012, 2011 and 2010, respectively. Interest incurred on funds used to construct company-owned restaurants is capitalized and amortized over the estimated useful life of the related assets. Capitalized interest totaled $0.3 million in 2012 and 2011 and $0.1 million in 2010. | ||||
Other Assets | ||||
Other assets consist primarily of unamortized debt issuance costs, long term deposits, trademark rights and transferable liquor licenses. Direct costs incurred for the issuance of debt are capitalized and amortized using the straight-line method, which approximates the effective interest method, over the term of the debt. During 2012 and 2011, the Company incurred debt issuance costs related to an amendment of its credit facility in 2012 and its financing in 2011. See Note 4, Borrowings. | ||||
Net debt issuance costs of $1.0 million and $3.5 million are recorded in other assets, net of accumulated amortization of $0.5 million and $0.7 million, as of January 1, 2013 and January 3, 2012, respectively. In conjunction with the 2012 amendment of its credit facility, the Company wrote off $2.6 million of debt issuance costs, net of $0.8 million of accumulated amortization. The Company wrote off $0.3 million of debt issuance costs in 2011, net of $0.9 million of accumulated amortization, related to the new credit facility entered into during 2011. Trademark rights are amortized over their estimated useful life of 20 years. Transferable liquor licenses are carried at the lower of fair value or cost. The estimated aggregate future amortization expense of intangible assets as of January 1, 2013 is $8,000 in each of the next five years. | ||||
Impairment of Long-Lived Assets | ||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If the assets are determined to be impaired, the amount of impairment recognized is the amount by which the carrying amount of the assets exceeds their fair value, which is based on discounted future cash flows. Estimates of future cash flows are based on the Company's experience and knowledge of local operations. The Company recorded impairment charges of certain long-lived assets of $0.1 million, $0.7 million and $2.3 million in 2012, 2011 and 2010, respectively, which are included in asset disposals, closure costs and restaurant impairments in the consolidated statements of income. Fair value of the restaurants was determined using Level 3 inputs (as described in Note 6, Fair Value Measures) based on a discounted cash flows method at a market level through the estimated date of closure. | ||||
Self-Insurance Programs | ||||
The Company self-insures for health, workers' compensation, general liability and property damage. Predetermined loss limits have been arranged with insurance companies to limit the Company's per occurrence cash outlay. Estimated costs to settle reported claims and incurred but unreported claims for health and workers' compensation self-insured plans are recorded in accrued payroll and benefits and for general liability and property damage in accrued expenses and other liabilities. | ||||
Concentrations of Credit Risk | ||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company's cash balances may exceed federally insured limits. Credit card transactions at the Company's restaurants are processed by one service provider. Concentration of credit risk related to accounts receivable are limited, as the Company's receivables are primarily amounts due from landlords for the reimbursement of tenant improvements and the Company generally has the right to offset rent due for tenant improvement receivables. | ||||
Revenue Recognition | ||||
Revenue consists of sales from restaurant operations and franchise royalties and fees. Revenue from the operation of company-owned restaurants are recognized when sales occur. The Company reports revenue net of sales and use taxes collected from customers and remitted to governmental taxing authorities. | ||||
The Company sells gift cards which do not have an expiration date, and it does not deduct non-usage fees from outstanding gift card balances. The Company recognizes revenue from gift cards when the gift card is redeemed by the customer or the Company determines the likelihood of the gift card being redeemed by the customer is remote ("gift card breakage"). The determination of the gift card breakage rate is based upon Company-specific historical redemption patterns. The Company has determined that approximately 6% of gift cards will not be redeemed, which is recognized ratably over the estimated redemption period of the gift card, approximately 18Â months. The Company recognized gift card breakage of $0.2 million in 2012 and $0.1 million in 2011 and 2010, in restaurant revenue. | ||||
Royalties from franchise restaurants are based on a percentage of restaurant revenues and are recognized in the period the related franchised restaurants' sales occur. Development fees and franchise fees, portions of which are collected in advance, are nonrefundable and are recognized in income when all material services or conditions relating to the sale of the franchise have been substantially performed or satisfied by the Company. Both franchise fees and development fees will generally be recognized upon the opening of a franchise restaurant or upon termination of the agreement(s) between the Company and the franchisee. | ||||
As of January 1, 2013, January 3, 2012, and December 28, 2010, there were 51, 45, and 43 franchise restaurants in operation. Franchisees opened six, two and no restaurants in 2012, 2011 and 2010 respectively. | ||||
Pre-Opening Costs | ||||
Pre-opening costs, including rent, wages, benefits and travel for the training and opening teams, food, beverage, and other restaurant operating costs, are expensed as incurred prior to a restaurant opening for business. | ||||
Advertising and Marketing Costs | ||||
Advertising and marketing costs are expensed as incurred and aggregated $2.8 million, $2.3 million and $2.1 million in 2012, 2011 and 2010, respectively. These costs are included in restaurant operating costs, general and administrative expenses and pre-opening costs based on the nature of the advertising and marketing costs incurred. | ||||
Rent | ||||
Rent expense for the Company's leases, which generally have escalating rentals over the term of the lease, is recorded on a straight-line basis over the lease term. The lease term includes renewal options which are reasonably assured of being exercised and begins when the Company has control and possession of the leased property, which is typically before rent payments are due under the lease. The difference between the rent expense and rent paid is recorded as deferred rent in the consolidated balance sheets. Rent expense for the period prior to the restaurant opening is reported in pre-opening costs in the consolidated statements of income. Tenant incentives used to fund leasehold improvements are recorded in deferred rent and amortized as a reduction of rent expense over the term of the lease. Certain leases contain rental provisions based on the sales of the underlying restaurants; the Company has determined that the amount of these provisions is immaterial. | ||||
Provision (Benefit) for Income Taxes | ||||
Provision (benefit) for income taxes is accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those deferred amounts are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company's policy is to recognize interest to be paid on an underpayment of income taxes in interest expense and any related statutory penalties in provision (benefit) for income taxes in the consolidated statement of income. | ||||
Comprehensive Income (Loss) | ||||
Comprehensive income (loss) consists of the net income (loss) and other gains and losses affecting stockholders' equity that, under accounting principles generally accepted in the United States, are excluded from net income. Other comprehensive income (loss), presented in the consolidated statements of comprehensive income for 2012 and 2011, consists of the unrealized income (loss), net of tax, on the Company's cash flow hedges. See Note 5, Derivative Instruments. | ||||
Stock Compensation Expense | ||||
The Company recognizes stock-based compensation using fair value measurement guidance for all share-based payments, including stock options and warrants. For option awards, expense is recognized ratably over the vesting period in an amount equal to the fair value of the stock-based awards on the date of grant determined using the Black-Scholes option pricing model. Warrants are valued using the fair value of the common stock as of the measurement date. See Note 10, Stock-Based Compensation. | ||||
Earnings Per Share | ||||
Basic earnings per share ("EPS") are calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and restricted stock. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Convertible preferred stock is considered converted to common. See Note 11, Earnings Per Share. | ||||
Recent Accounting Pronouncements | ||||
In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, "Presentation of Comprehensive Income," which revises the manner in which companies present comprehensive income. Under ASU 2011-05, companies may present comprehensive income, which is net income adjusted for components of other comprehensive income, either in a single continuous statement or in two separate but consecutive statements. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company adopted ASU 2011-05 during 2012 and elected to present comprehensive income in the statements of comprehensive income. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | ||||
In May 2011, the FASB issued ASU 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("IFRS")." This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between US GAAP and IFRS. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This pronouncement is effective for reporting periods beginning on or after December 15, 2011. The adoption of ASU 2011-04 on January 4, 2012 increased the Company's fair value disclosure requirements but did not have an impact on its consolidated financial statements. |
Equity_Recapitalization
Equity Recapitalization | 12 Months Ended | |
Jan. 01, 2013 | ||
Equity [Abstract] | ' | |
Equity Recapitalization | ' | |
Equity Recapitalization | ||
On December 27, 2010, the Company completed an equity recapitalization through a merger with a newly organized Delaware corporation ("Merger Sub"), which was 100% indirectly owned by Catterton and the Public Sector Pension Investment Board ("PSPIB"), a Canadian Crown corporation, pursuant to the Agreement and Plan of Merger dated November 26, 2010 ("Merger Agreement"). The Company was the surviving entity of the recapitalization. The Company received $181.0 million from Catterton and Argentia and paid $7.0 million in transaction expenses. Total consideration paid for the outstanding shares was $211.7 million, of which $16.7 million was settled in rollover shares and the remainder was paid in cash in 2010 and 2011. | ||
In connection with the Merger, the following equity transactions were completed: | ||
• | The Series A preferred stock and Class A common stock was converted on a 3.4 for 1 basis; | |
• | All outstanding shares of Series A preferred stock (5,898,709 shares or 11,797,418 as converted to common on a 2 for 1 basis at the option of the holder) and Class A common stock (12,625,462 outstanding, 11,897,375 held in treasury) were cancelled. Outstanding shares were converted to the right to receive cash consideration of $8.67 or the equivalent equity interest in the surviving entity ("rollover shares"); | |
• | Outstanding stock options with an intrinsic value of $17,494,531 were cancelled in exchange for payments in cash or equity in the surviving entity. The intrinsic value was calculated as the fair market value in excess of exercise price at the time of settlement; | |
• | Holders of shares immediately prior to the merger elected to retain $16.7 million in equity interests, or 1,931,058 shares of Class A common stock; | |
• | Certain members of the Company's management team were issued $3.6 million in equity interests, or 418,711 shares of Class A common stock ("rollover shares"); | |
• | Catterton was issued 10,501,400 shares of Class A common stock in exchange for $91.0 million in cash, which was used to pay the cash portion of merger consideration to shareholders and holders of outstanding stock options; | |
• | Argentia received 4,093,360 shares of Class A common stock, 6,292,640 shares of Class B common stock, and 1 share of Class C common stock in exchange for $90.0 million, which was also used to pay selling shareholders and holders of outstanding stock options. Class B and Class C common stock is nonvoting. | |
Catterton and Argentia also made a bridge loan to the Company. See Note 4, Borrowings. Following the equity recapitalization, Catterton and Argentia owned 90% of the Company's issued and outstanding shares of common stock, while the management team and other shareholders owned the remaining 10%. | ||
The Company completed the following analysis in connection with the Equity Recapitalization that occurred at the end of fiscal year 2010: | ||
• | A transitory entity was used to effect the transaction, and the Company evaluated whether this entity was a substantive entity. The Company concluded that it was not substantive since it did not participate in any significant pre-combination activities and did not survive the transaction (it was subsumed into Noodles & Company). These facts led the Company to conclude that the transitory entity was not an accounting acquirer and the transaction was not deemed to be a business combination under ASC 805; | |
• | The Company then considered whether any investor obtained control of Noodles & Company but concluded that following the transaction it was not substantially wholly owned. Catterton held shares of Class A common stock representing an approximate 45% economic interest in the Company and Argentia held shares of common stock also representing an approximate 45% economic interest in the Company. However, Argentia held shares of both Class A common stock, with voting rights, and nonvoting Class B common stock, so Catterton held shares representing an approximate 62% voting interest while Argentia held shares representing an approximate 24% voting interest. The rights of the holders of Class A common stock and Class B common stock are identical, except that the Class B common stock does not vote on the election or removal of directors unless converted on a share-for-share basis into Class A common stock. The Company's articles of incorporation, upon consummation of the transaction, contained 19 specific items that require at least 75% of the voting shares (Class A common stock and Class B common stock voting as one group). These specific items include substantive participating rights, such as: to approve/amend the Company's five year plan, appoint or remove the Company's independent auditors and enter into a merger transaction or initiate an IPO. The Company, therefore, determined that these voting rights prevent control by Catterton. These facts led the Company to conclude that although a change of control had occurred, the Company had not become substantially wholly owned by Catterton and thus business combination accounting treatment under ASC 805 was not required; | |
• | For purposes of assessing whether the guidance on push-down accounting should be applied, the Company evaluated whether the new investors and any rollover investors constitute a collaborative group under the SEC's guidance in ASC 805-50-S99 and concluded that the new investors and management are a collaborative group. The Company determined that Catterton, Argentia, current Company management and one board member would all be considered part of the surviving collaborative group as they came together to mutually promote and subsequently collaborate as one investor and control Noodles & Company. The remaining investors, all of whom were rollover shareholders, were not solicited to participate in the investment, since they were already shareholders. The Company's management, and not the non-management rollover shareholders, negotiated the terms of the merger. Additionally, the remaining investors do not participate in the subsequent collaboration and would not be included in the collaborative group. The Company then determined that this collaborative group acquired more than 80% (by vote and economic value) but less than 95% (vote and economic value) ownership of Noodles & Company, thus the Company is permitted (but not required) to reflect a new basis in Noodles & Company's financial statements. The Company elected not to apply push-down accounting, but to treat the transaction as a recapitalization; | |
• | The Company continually monitors the composition of the collaborative group to substantiate the fact that no changes have occurred with respect to the collaborative group (or the related ownership or voting percentages) since the recapitalization transaction, that would require push-down accounting to be applied. |
Supplemental_Financial_Informa
Supplemental Financial Information | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||
Supplemental Financial Information [Abstract] | ' | ' | ||||||||||||||||
Supplemental Financial Information | ' | ' | ||||||||||||||||
2. Supplemental Financial Information | Supplemental Financial Information (in thousands) | |||||||||||||||||
Prepaid expenses and other assets consist of the following (in thousands): | Prepaid expenses and other assets consist of the following: | |||||||||||||||||
October 1, | January 1, | 2012 | 2011 | |||||||||||||||
2013 | 2013 | Prepaid occupancy related costs | $ | 2,700 | $ | 2,179 | ||||||||||||
Prepaid occupancy related costs | $ | 3,029 | $ | 2,700 | ||||||||||||||
Other prepaid expenses | 1,191 | 1,097 | ||||||||||||||||
Other prepaid expenses | 1,912 | 1,191 | ||||||||||||||||
Other current assets | 79 | 56 | ||||||||||||||||
Other current assets | 58 | 79 | ||||||||||||||||
$ | 3,970 | $ | 3,332 | |||||||||||||||
$ | 4,999 | $ | 3,970 | |||||||||||||||
Property and equipment, net, consist of the following: | ||||||||||||||||||
Property and equipment, net, consist of the following (in thousands): | ||||||||||||||||||
2012 | 2011 | |||||||||||||||||
Leasehold improvements | $ | 139,907 | $ | 113,313 | ||||||||||||||
October 1, | January 1, | |||||||||||||||||
2013 | 2013 | Furniture, fixtures and equipment | 77,202 | 62,472 | ||||||||||||||
Leasehold improvements | $ | 164,498 | $ | 139,907 | ||||||||||||||
Construction in progress | 7,878 | 3,227 | ||||||||||||||||
Furniture, fixtures, and equipment | 89,270 | 77,202 | ||||||||||||||||
224,987 | 179,012 | |||||||||||||||||
Construction in progress | 5,865 | 7,878 | ||||||||||||||||
Accumulated depreciation and amortization | (88,700 | ) | (75,181 | ) | ||||||||||||||
259,633 | 224,987 | $ | 136,287 | $ | 103,831 | |||||||||||||
Accumulated depreciation and amortization | (101,220 | ) | (88,700 | ) | Accrued payroll and benefits consist of the following: | |||||||||||||
$ | 158,413 | $ | 136,287 | |||||||||||||||
2012 | 2011 | |||||||||||||||||
Accrued payroll and benefits consist of the following (in thousands): | Accrued payroll and related liabilities | $ | 2,537 | $ | 2,094 | |||||||||||||
Accrued bonus | 1,981 | 3,511 | ||||||||||||||||
October 1, | January 1, | |||||||||||||||||
2013 | 2013 | Insurance liabilities | 827 | 593 | ||||||||||||||
Accrued payroll and related liabilities | $ | 5,196 | $ | 2,537 | ||||||||||||||
$ | 5,345 | $ | 6,198 | |||||||||||||||
Accrued bonus | 2,303 | 1,981 | ||||||||||||||||
Accrued expense and other liabilities consist of the following: | ||||||||||||||||||
Insurance liabilities | 1,372 | 827 | ||||||||||||||||
$ | 8,871 | $ | 5,345 | 2012 | 2011 | |||||||||||||
Gift card liability | $ | 2,182 | $ | 1,875 | ||||||||||||||
Accrued expense and other liabilities consist of the following (in thousands): | Occupancy related | 1,264 | 1,188 | |||||||||||||||
Utilities | 1,002 | 870 | ||||||||||||||||
October 1, | January 1, | |||||||||||||||||
2013 | 2013 | Accrued interest | 484 | 337 | ||||||||||||||
Gift card liability | $ | 1,633 | $ | 2,182 | ||||||||||||||
Other accrued expenses | 2,317 | 1,576 | ||||||||||||||||
Occupancy related | 1,302 | 1,264 | ||||||||||||||||
$ | 7,249 | $ | 5,846 | |||||||||||||||
Utilities | 1,319 | 1,002 | ||||||||||||||||
Other accrued expenses | 3,360 | 2,801 | ||||||||||||||||
$ | 7,614 | $ | 7,249 | |||||||||||||||
Borrowings
Borrowings | 9 Months Ended | 12 Months Ended |
Oct. 01, 2013 | Jan. 01, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Borrowings | ' | ' |
Borrowings | Borrowings | |
The Company has a credit facility with a borrowing capacity of $45.0 million in the form of a revolving line of credit, expiring in July 2017. Prior to the IPO, the Company had a credit facility with a borrowing capacity of 120.0 million, consisting of a $75.0 million senior term loan and a $45.0 million revolving line of credit. In connection with the IPO, the Company repaid in full its outstanding $75.0 million senior term loan and the majority of the revolving line of credit. The Company will continue to have access to the funds and the ability to borrow under the revolving line of credit; however, the amounts repaid on the senior term loan cannot be re-borrowed. As of October 1, 2013, the Company had $1.7 million outstanding and $41.3 million available for borrowing under the credit facility. Outstanding letters of credit aggregating $2.0 million reduce the amount of borrowings available under the agreement. The credit facility bore interest at rates ranging from 4.25% to 5.50% and 3.5% to 5.5% for the third quarter of 2013 and the first three quarters of 2013, respectively. The Company was in compliance with all of its debt covenants as of October 1, 2013. | Credit Facility | |
In February 2011, the Company entered into a credit facility to increase its borrowing capacity to $120.0 million, consisting of a $75.0 million senior term loan and a $45.0 million revolving line of credit. The revolving line of credit includes a swing line loan of $5.0 million, used to fund the Company's everyday working capital requirements. In August 2012, the credit facility was amended to provide more favorable borrowing rates and extend borrowing capacity through July 2017. The Company had $94.5 million outstanding and $23.1 million available for borrowing under the credit facility as of January 1, 2013. | ||
Borrowings under the credit facility bear interest, at the Company's option, at either (i) LIBOR plus 2.00% to 4.25%, based on the lease-adjusted leverage ratio or (ii) at the highest of the following rates plus 1.00% to 3.25%: (a) the federal funds rate plus 0.50%; (b) the Bank of America prime rate or (c) the one-month LIBOR plus 1.00%. Prior to the August 2012 amendment, borrowings under the credit facility bore interest, at the Company's option, at either (i) LIBOR plus 4.00% to 5.00%, based on the lease-adjusted leverage ratio or (ii) at the highest of the following rates plus 3.00% to 4.00%: (a) the federal funds rate plus 0.50%; (b) the Bank of America prime rate or (c) the one-month LIBOR plus 1.00%. The August 2012 amendment eliminated a 1.25% LIBOR floor on all borrowings. The facility includes a commitment fee of 0.50% per year on any unused portion of the facility. The term loan commitment requires quarterly principal payments of $0.2 million through December 2015. The Company also maintains outstanding letters of credit to secure its obligations under its workers' compensation program and certain lease obligations. The letters of credit and quarterly principal payments reduce the amount of future borrowings available under the agreement as amounts borrowed and repaid on the term debt may not be reborrowed and aggregated $1.7 million and $0.8 million, respectively, as of January 1, 2013. As of January 1, 2013, the credit facility bore interest from 3.6% to 5.5% per year. | ||
Availability of borrowings under the credit facility is conditioned on the Company's compliance with specified covenants, including a maximum lease-adjusted leverage ratio, a maximum leverage ratio and a minimum consolidated fixed charge coverage ratio. The Company is subject to a number of other customary covenants, including limitations on additional borrowings, acquisitions, dividend payments and lease commitments. As of January 1, 2013, the Company was in compliance with all of its debt covenants. | ||
The credit facility is secured by a pledge of stock of substantially all subsidiaries of the Company and a lien on substantially all personal property assets of the Company and its subsidiaries. | ||
As required by the Company's amended facility, the Company entered into two variable-to-fixed interest rate swap agreements covering a portion of its borrowings under the senior term loan. See Note 5, Derivative Instruments. | ||
Bridge Financing | ||
In connection with the 2010 Equity Recapitalization the Company obtained bridge financing from Catterton and Argentia in the amount of $45.0 million. Such amount was repaid, along with $0.9 million of PIK interest at 12%, in conjunction with the February 2011 debt refinancing. | ||
Borrowings | ||
Credit Facility | ||
In February 2011, the Company entered into a credit facility to increase its borrowing capacity to $120.0 million, consisting of a $75.0 million senior term loan and a $45.0 million revolving line of credit. The revolving line of credit includes a swing line loan of $5.0 million, used to fund the Company's everyday working capital requirements. In August 2012, the credit facility was amended to provide more favorable borrowing rates and extend borrowing capacity through July 2017. The Company had $94.5 million outstanding and $23.1 million available for borrowing under the credit facility as of January 1, 2013. | ||
Borrowings under the credit facility bear interest, at the Company's option, at either (i) LIBOR plus 2.00% to 4.25%, based on the lease-adjusted leverage ratio or (ii) at the highest of the following rates plus 1.00% to 3.25%: (a) the federal funds rate plus 0.50%; (b) the Bank of America prime rate or (c) the one-month LIBOR plus 1.00%. Prior to the August 2012 amendment, borrowings under the credit facility bore interest, at the Company's option, at either (i) LIBOR plus 4.00% to 5.00%, based on the lease-adjusted leverage ratio or (ii) at the highest of the following rates plus 3.00% to 4.00%: (a) the federal funds rate plus 0.50%; (b) the Bank of America prime rate or (c) the one-month LIBOR plus 1.00%. The August 2012 amendment eliminated a 1.25% LIBOR floor on all borrowings. The facility includes a commitment fee of 0.50% per year on any unused portion of the facility. The term loan commitment requires quarterly principal payments of $0.2 million through December 2015. The Company also maintains outstanding letters of credit to secure its obligations under its workers' compensation program and certain lease obligations. The letters of credit and quarterly principal payments reduce the amount of future borrowings available under the agreement as amounts borrowed and repaid on the term debt may not be reborrowed and aggregated $1.7 million and $0.8 million, respectively, as of January 1, 2013. As of January 1, 2013, the credit facility bore interest from 3.6% to 5.5% per year. | ||
Availability of borrowings under the credit facility is conditioned on the Company's compliance with specified covenants, including a maximum lease-adjusted leverage ratio, a maximum leverage ratio and a minimum consolidated fixed charge coverage ratio. The Company is subject to a number of other customary covenants, including limitations on additional borrowings, acquisitions, dividend payments and lease commitments. As of January 1, 2013, the Company was in compliance with all of its debt covenants. | ||
The credit facility is secured by a pledge of stock of substantially all subsidiaries of the Company and a lien on substantially all personal property assets of the Company and its subsidiaries. | ||
As required by the Company's amended facility, the Company entered into two variable-to-fixed interest rate swap agreements covering a portion of its borrowings under the senior term loan. See Note 5, Derivative Instruments. | ||
Bridge Financing | ||
In connection with the 2010 Equity Recapitalization the Company obtained bridge financing from Catterton and Argentia in the amount of $45.0 million. Such amount was repaid, along with $0.9 million of PIK interest at 12%, in conjunction with the February 2011 debt refinancing. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||
Oct. 01, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments | |||||||||||||
The Company enters into derivative instruments for risk management purposes only, including derivatives designated as cash flow hedges. The Company uses interest rate-related derivative instruments to manage its exposure to fluctuations in interest rates. By using these instruments, the Company exposes itself, from time to time, to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. The Company minimizes the credit risk by entering into transactions with high-quality counterparties whose credit rating is evaluated on a quarterly basis. Management has evaluated credit and nonperformance risks as of January 1, 2013 and January 3, 2012 and considers the risk of counterparty default to be improbable. Market risk, as it relates to the Company's interest-rate derivatives, is the adverse effect on the value of a financial instrument that results from changes in interest rates. The Company minimizes market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be taken. | |||||||||||||
During 2008, the Company entered into two variable-to-fixed interest rate swap agreements, with a combined notional amount of $29.0 million. In February 2011, the Company's interest rate swap with a notional amount of $15.0 million matured. The swap had been designated as a cash flow hedge in October 2008 and gains of $0.2 million, $27,000 and $10,000 were recorded in earnings during 2012, 2011 and 2010, respectively, due to ineffectiveness as a result of the fair value of the swap not equaling zero at the date of hedge designation. A second interest rate swap on a notional amount of $14.0 million was terminated by the Company in March 2011. The fair value of the interest rate swap on the date of termination was $0.5 million and will be settled in payments on a new interest rate swap with an effective date of April 4, 2011 and a notional amount of $17.5 million. The deferred loss accumulated in other comprehensive income as of the date of termination was amortized over the life of the terminated swap through November 2012, the original term of the terminated swap. | |||||||||||||
As required by the new credit facility and to mitigate exposure to fluctuations in interest rates, the Company entered into two variable-to-fixed interest rate swap agreements with embedded floors matching that of the hedged portion of its borrowings under the credit facility. The new interest rate swaps became effective on April 4, 2011 and mature April 4, 2013. The swaps were designated as cash flow hedges at inception and were expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during their respective terms. In August 2012, the Company ceased the application of hedge designation on both interest rate swaps as a result of the interest rate floor being removed from the hedged credit facility. Under the terms of the swap agreements, the Company is required to make payments based on a fixed rate of 1.59% calculated on a notional amount of $20.0 million and 3.06% calculated on a notional amount of $17.5 million. The fair value of the $20.0 million swap was zero at designation, while the fair value of the $17.5 million swap was a liability of $0.5 million at designation, which is reflective of the fair value of the previously terminated swap. In exchange, the Company will receive interest on $20.0 million of notional amount at a variable rate based on the greater of 1.25% or one-month LIBOR and will receive interest on a notional amount of $17.5 million at a variable rate based on the greater of 1.25% or one-month LIBOR. | |||||||||||||
The effective portion of changes in the fair value of designated cash flow hedges were recorded in accumulated other comprehensive loss and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Following termination of hedge designation in August 2012, changes in the fair value of the interest rate swaps were recorded directly to interest expense. During 2011 and 2012, these derivatives were used to hedge the variable cash flows associated with the Company's applicable credit facilities. The ineffective portion of the change in fair value of the derivatives was calculated using the hypothetical derivative method and recognized directly in earnings. During 2012, the Company recorded $174,000 of hedge ineffectiveness in earnings attributable to the fair value at inception on the $17.5 million notional interest rate swap. | |||||||||||||
The following table summarizes the fair value and presentation of the interest rate swaps as hedging instruments in the accompanying consolidated balance sheets (in thousands): | |||||||||||||
2012 Fair Value | 2011 Fair Value | ||||||||||||
Deferred revenue and other noncurrent liabilities | $ | 98 | $ | 473 | |||||||||
The following table summarizes the effect of the interest rate swap on the consolidated statements of income for the fiscal years 2012, 2011 and 2010 (in thousands): | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Loss on swap in accumulated other comprehensive loss (pretax) | $ | 186 | $ | 209 | $ | 560 | |||||||
Realized loss (pretax) recognized in interest expense | 382 | 434 | 754 | ||||||||||
The interest rate swaps are measured at fair value on a recurring basis. As of January 1, 2013, the fair market value of the interest rate swaps is recorded in other noncurrent liabilities. As a result of this activity, accumulated other comprehensive loss decreased by $196,000, or $28,000 net of tax, for the fiscal year ended January 1, 2013. Additionally, the Company reclassified to earnings $202,000 of accumulated other comprehensive loss related to the interest rate swap terminated and embedded in a new instrument in April 2011. Amounts reported in accumulated other comprehensive income related to the interest rate swaps will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||
Fair Value Measurements | ' | ' | ||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current liabilities approximate fair values due to the short maturities of these instruments. The carrying amounts of borrowings approximate fair value as interest rates on the the line of credit borrowings vary with market interest rates and negotiated terms and conditions are consistent with current market rates. | The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current liabilities approximate fair values due to the short maturities of these instruments. The carrying amounts of borrowings approximate fair value as the line of credit and term borrowings vary with market interest rates and negotiated terms and conditions are consistent with current market rates. Asset impairment charges are recorded at fair value on a nonrecurring basis. | |||||||||
Assets and Liabilities Measured at Fair Value | Fair Value of Derivatives | |||||||||
All derivatives are recognized on the balance sheet at fair value as either assets or liabilities. The fair value of the Company's derivative financial instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The Company reports its derivative assets or liabilities in other assets, other liabilities, other current assets or accrued expenses as applicable. The accounting for the change in the fair value of a derivative financial instrument depends on its intended use and the resulting hedge designation, if any. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation. | ||||||||||
The Company’s deferred compensation plan, under which compensation deferrals began during the third quarter of 2013, is a non-qualified deferred compensation plan which allows highly compensated employees to defer a portion of their base salary and variable compensation each plan year. To offset its obligation, the Company purchases Company-owned whole-life insurance contracts on certain team members. As of October 1, 2013, $460,000 and $480,000 were included in other assets, net and other-long term liabilities, respectively, which represent the carrying value of both the liability for deferred compensation plan and associated life insurance policy equal to fair value. | Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||
Level 2—Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||
Level 3—Prices or valuation techniques which require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||||||||
The Company's cash flow hedges are measured at fair value on a recurring basis, including an adjustment for the Company's credit risk. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of January 1, 2013, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||
The following table presents the Company's liabilities measured at fair value on a recurring basis as of January 1, 2013 and January 3, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||
2012 | 2011 | |||||||||
Total derivatives—Level 1 | $ | — | $ | — | ||||||
Total derivatives—Level 2 | 98 | 473 | ||||||||
Total derivatives—Level 3 | — | — | ||||||||
The Company's temporary equity is measured at fair value on a recurring basis. The Company has determined that the majority of the inputs used to value its stock, which directly impacts the valuation of temporary equity, fall within Level 3 of the fair value hierarchy. See Note 10, Stock Based Compensation, for further discussion of the significant inputs into the share price valuation. | ||||||||||
Fair Value of Temporary Equity | ||||||||||
The following table represents the temporary equity measured at fair value on a recurring basis as of January 1, 2013 and January 3, 2012 and the level in the fair value hierarchy within which the measurements fall (in thousands): | ||||||||||
2012 | 2011 | |||||||||
Level 1 | $ | — | $ | — | ||||||
Level 2 | — | — | ||||||||
Level 3 | 3,601 | 2,572 | ||||||||
Closed_Restaurant_Reserve
Closed Restaurant Reserve | 12 Months Ended | ||||||||
Jan. 01, 2013 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Closed Restaurant Reserve | ' | ||||||||
Closed Restaurant Reserve | |||||||||
The Company provides for closed property operating lease liabilities using a discount rate to calculate the present value of the remaining non-cancelable lease payments after the closing date, net of estimated subtenant income. Following is a summary of the changes in the liability for closed properties as of January 1, 2013 and January 3, 2012 (in thousands). | |||||||||
2012 | 2011 | ||||||||
Closed restaurant reserves, beginning of period | $ | 515 | $ | 577 | |||||
Additions—store closing costs incurred, accretion | 483 | 140 | |||||||
Decreases—payments | (210 | ) | (202 | ) | |||||
Closed restaurant reserves, end of period | $ | 788 | $ | 515 | |||||
The current portion of the liability, $0.3 million and $0.2 million as of January 1, 2013 and January 3, 2012, respectively, is recorded in accrued expenses and other liabilities, and the long-term portion is reported in other noncurrent liabilities in the Company's consolidated balance sheets. |
Income_Taxes
Income Taxes | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||
The following table presents the Company's provision for income taxes for the three quarters ended October 1, 2013 and October 2, 2012 (dollars in thousands): | The components of the provision (benefit) for income taxes are as follows for 2012, 2011 and 2010 (in thousands): | |||||||||||||||||||||
October 1, | October 2, | 2012 | 2011 | 2010 | ||||||||||||||||||
2013 | 2012 | Current tax provision: | ||||||||||||||||||||
Provision for income taxes | $ | 2,633 | $ | 2,540 | Federal | $ | 49 | $ | — | $ | 47 | |||||||||||
Effective tax rate | 38 | % | 41.3 | % | State | 559 | 260 | 6 | ||||||||||||||
The 2013 estimated annual effective tax rate is expected to be 39.2% compared to 38.4% for the full year 2012. The effective tax rate for the first three quarters of 2013 includes the discrete adjustment for certain transaction costs related to the IPO. | ||||||||||||||||||||||
608 | 260 | 53 | ||||||||||||||||||||
Deferred tax provision (benefit): | ||||||||||||||||||||||
Federal | 2,591 | 1,945 | (340 | ) | ||||||||||||||||||
State | 16 | (425 | ) | (79 | ) | |||||||||||||||||
2,607 | 1,520 | (419 | ) | |||||||||||||||||||
Total provision (benefit) for income taxes | $ | 3,215 | $ | 1,780 | $ | (366 | ) | |||||||||||||||
The reconciliation of income tax provision (benefit) that would result from applying the federal statutory rate to pre-tax income as shown in the accompanying consolidated statements of income is as follows for 2012, 2011 and 2010 (in thousands): | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Federal income expense at federal rate | $ | 2,848 | $ | 1,907 | $ | 684 | ||||||||||||||||
State income tax, net of related federal income tax benefit | 420 | 257 | 8 | |||||||||||||||||||
Permanent items—primarily incentive stock options and cash settlement of options | 83 | (10 | ) | (626 | ) | |||||||||||||||||
Foreign rate differential | 106 | — | — | |||||||||||||||||||
Change in blended state rate | — | (25 | ) | — | ||||||||||||||||||
Other items, net | (242 | ) | (349 | ) | (432 | ) | ||||||||||||||||
Provision (benefit) for income taxes | $ | 3,215 | $ | 1,780 | $ | (366 | ) | |||||||||||||||
Effective income tax rate | 38.4 | % | 31.7 | % | (18.2 | )% | ||||||||||||||||
Pre-tax net income in 2012 totaled $8.4 million and included a foreign loss of $0.3 million in 2012. | ||||||||||||||||||||||
In 2012 and 2011, the Company recognized tax benefits on option exercises at fair value in excess of those utilized to record stock-based compensation for book purposes, totaling $27,000 and $109,000, respectively, as a credit to additional paid-in capital. The largest portion of the permanent items in 2010 relate to the stock-based compensation expense for incentive stock options that was previously added back for tax purposes and deductible due to the Merger. | ||||||||||||||||||||||
In 2012, other items represents changes made between the provision for income taxes and the filed tax return and the impact of the prior year interest rate swap designation to interest expense. Other items in 2011 represents the reconciliation of the beginning deferred tax asset for state asset depreciation, while the true up adjustment in 2010 represents the reconciliation of the deferred tax asset for nonqualified stock options following the Merger. The tax-effected true up adjustments represent $242,000, $349,000 and $432,000 for 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||
Deferred income taxes arise because of the differences in the book and tax bases of certain assets and liabilities. Deferred income tax liabilities and assets consist of the following (in thousands): | ||||||||||||||||||||||
2,012 | 2,011 | |||||||||||||||||||||
Noncurrent deferred tax assets (liabilities): | ||||||||||||||||||||||
Loss carry forwards | $ | 2,445 | $ | 3,275 | ||||||||||||||||||
Deferred rent and franchise revenue | 9,622 | 7,696 | ||||||||||||||||||||
Property, equipment and intangible assets | (11,061 | ) | (6,628 | ) | ||||||||||||||||||
Stock-based compensation | 994 | 514 | ||||||||||||||||||||
Alternative minimum tax credits | 256 | 205 | ||||||||||||||||||||
Interest rate swap | 38 | 183 | ||||||||||||||||||||
Other | 497 | 251 | ||||||||||||||||||||
Total noncurrent net deferred tax assets | 2,791 | 5,496 | ||||||||||||||||||||
Current deferred tax assets (liabilities): | ||||||||||||||||||||||
Inventory smallwares | (1,459 | ) | (1,146 | ) | ||||||||||||||||||
Other | 436 | 283 | ||||||||||||||||||||
Total current deferred tax liabilities | (1,023 | ) | (863 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 1,768 | $ | 4,633 | ||||||||||||||||||
At January 1, 2013 and January 3, 2012, net operating loss carryforwards for federal income tax purposes of approximately $15.6 million and $18.1 million, respectively, were available to offset future taxable income through the year 2032 and 2031, respectively. The net operating loss carry forwards are primarily composed of excess tax deductions for equity compensation. Utilization of the net operating losses is subject to an annual limitation resulting from a change in control in 2007 and a change of control in 2010, pursuant to the change in ownership provisions of Section 382 of the Internal Revenue Code and similar provisions of state law. As a result of certain realization requirements of ASC 718, the deferred tax assets shown above include only realized tax deductions related to equity compensation equal to the compensation recognized for financial reporting during the years ended January 1, 2013 and January 3, 2012. Equity will be increased by up to $3.3 million if and when the net operating loss is ultimately realized. | ||||||||||||||||||||||
Uncertain tax positions are recognized if it is more likely than not that the Company will be able to sustain the tax position taken, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon resolution of the benefit. The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. There were no uncertain tax positions for the years ended January 1, 2013 or January 3, 2012. The only periods subject to examination for the Company's federal and state returns are 2009 through 2012. |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended |
Jan. 01, 2013 | |
Equity [Abstract] | ' |
Stockholder's Equity | ' |
Stockholders' Equity | |
The Company has 36,928,001 shares of stock authorized, consisting of 27,119,000 shares of Class A common stock, par value $0.01 per share; 6,294,000 shares of Class B common stock, par value $0.01; 1 share of Class C common stock, par value $0.01 per share and 2,885,000 shares of preferred stock, par value $0.01 per share. Preferred stock rights will be determined by the Company's Board of Directors in the event that preferred shares are issued. The following summarizes the rights of common stock: | |
Voting—Shares of Class A common stock and Class B common stock are entitled to one vote per share in all voting matters, with the exception that Class B common stock does not vote on the election or removal of directors. Class C common stock is entitled to vote only on amendments to the certificate of incorporation that would adversely affect the rights and preferences of the Class C common stock and reclassification or subdivision matters related to the Class C common stock. | |
Conversion—Each share of Class A common stock held by one of the Equity Sponsors is convertible, at the option of the holder, into one share of Class B common stock. Each share of Class B common stock is convertible, at the option of the holder, into one share of Class A common stock. | |
Dividends—A Class C dividend agreement was entered in connection with the Merger Agreement between one of the Equity Sponsors and the Company, which provides that the new investor will receive, in the form of a dividend, an amount equal to the compensation payable to the other new investor under a Management Services Agreement. See additional information in Note 16, Related-Party Transactions. Class A common stock and Class B common stock share equally if a dividend is declared or paid to either class, but do not have rights to any special dividend. | |
Liquidation, Dissolution or Winding Up—Class A common stock and Class B common stock share equally in distributions in liquidation, dissolution, or winding up of the corporation. | |
Registration Rights—After December 27, 2011, the Equity Sponsors have the right to demand registration of 10% or more of the shares of the Company's common stock held by them. Other shareholders have piggyback registration rights, but are not required to exercise these rights. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | |||||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ' | |||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||||||||||||||||||
The Company's Stock Incentive Plan, as amended and restated in May of 2013, authorizes the grant of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and incentive bonuses to employees, officers, non-employee directors and other service providers. The number of shares of common stock available for issuance pursuant to awards granted under the Stock Incentive Plan on or after the closing of the IPO shall not exceed 3,750,500. | In connection with the Merger Agreement, the Company adopted the 2010 Stock Incentive Plan (the "Plan"), under which the Company's Board of Directors may grant incentive stock options and nonstatutory stock options to directors, officers and employees of the Company. Option awards may be issued under the Plan for up to 3,168,705 shares. Stock options are granted at fair market value of the stock at the date the option is granted, and in no event less than the fair market value of the shares. The fair market value of shares for the purposes of the Plan is determined by the compensation committee of the Board of Directors, or the Board of Directors using historical or current transactions, comparable public company valuations, historical transactions, third-party valuations and other factors. Stock options generally have a 10-year term and vest equally over 4Â years from the date of grant. | ||||||||||||||||||||||||||||||||
The following table presents information related to the Stock Incentive Plan (in thousands, except for share and per share amounts): | Stock-based compensation expense is generally recognized on a straight-line basis over the service period of the options. In 2012, 2011 and 2010, non-cash stock-based compensation expense of $1.2 million, $1.3 million and $5.6 million, respectively, is included in general and administrative expense. Stock-based compensation of $81,000, $75,000 and $83,000 is included in capitalized internal costs in 2012, 2011 and 2010, respectively. The Company recognized $3.7 million of stock-based compensation expense in 2010 related to acceleration of unvested options in connection with the Merger Agreement. A total of 4,939,389 outstanding stock options were settled for the right to receive cash consideration of $8.67 per share, net of exercise price and income taxes withheld, or equity interest in the surviving entity. The Merger Agreement called for acceleration of unvested options immediately prior to the transaction. Accordingly, options to purchase 2,393,725 shares were accelerated. | ||||||||||||||||||||||||||||||||
Options granted prior to December 27, 2010 were granted under the 1998 Stock Option Plan, as amended, or the 2010 Stock Option Plan, both of which were terminated with the Merger Agreement. The 1998 Stock Option Plan, as amended, authorized option grants to purchase up to 8,969,350 shares of common stock, while the 2010 Stock Option Plan authorized up to 480,641 option grants to purchase shares of common stock. Both of these plans allowed for the Company's Board of Directors to grant incentive stock options or nonstatutory stock options to employees, directors and consultants. In February 2010, the Company's Board of Directors also adopted a new stock incentive plan, under which the Company may grant incentive stock options, nonstatutory options, or other stock incentives, including restricted stock, covering up to 1,471,350 shares of Class A common stock, to employees, directors and consultants. No options were granted under the new stock incentive plan, and the plan was terminated in conjunction with the Merger Agreement. | |||||||||||||||||||||||||||||||||
At January 1, 2013, options available for future share grants totaled 193,711. The intrinsic value associated with options exercised was $16,000 and $147,000 for the fiscal years ended January 3, 2012 and December 28, 2010, respectively. There were no options exercised in 2012. | |||||||||||||||||||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | The estimated fair value of each option granted is calculated using the Black-Scholes option-pricing model. Expected volatilities are based on the historical Company volatility, as well as volatilities from publicly traded companies operating in the Company's industry. The Company uses historical data to estimate expected employee forfeiture of stock options. The expected life of options granted is management's best estimate using recent and expected transactions. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average assumptions used in the model were as follows: | |||||||||||||||||||||||||||||||
1-Oct-13 | 2-Oct-12 | 1-Oct-13 | 2-Oct-12 | ||||||||||||||||||||||||||||||
Outstanding, beginning of period | 3,474,398 | 2,789,212 | 2,973,168 | 2,621,017 | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
Granted(1) | — | 8,655 | 538,273 | 176,850 | Risk-free interest | 0.4 | % | 1.1 | % | 1.9 | % | ||||||||||||||||||||||
Expected life (years) | 3.4 | 3.7 | 4.5 | ||||||||||||||||||||||||||||||
Exercised | — | — | — | — | |||||||||||||||||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||||||||||||||
Canceled | 1,961 | 129,949 | 39,004 | 129,949 | |||||||||||||||||||||||||||||
Volatility | 32.7 | % | 26.2 | % | 29.5 | % | |||||||||||||||||||||||||||
Outstanding, end of period | 3,472,437 | 2,667,918 | 3,472,437 | 2,667,918 | Weighted-average Black-Scholes fair value per share at date of grant | $ | 2.84 | $ | 1.89 | $ | 1.72 | ||||||||||||||||||||||
Weighted average fair market value on option grant date | N/A | $ | 1.25 | $ | 5.81 | $ | 1.21 | The tables below summarize the option activity under the Plan: | |||||||||||||||||||||||||
Stock based compensation expense(2) | $ | 131 | $ | 315 | $ | 4,065 | $ | 921 | |||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||
Capitalized stock based compensation expense | $ | 15 | $ | 21 | $ | 56 | $ | 57 | Average | ||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||||||||
______________________ | Outstanding—December 29, 2009 | 4,348,407 | $ | 4.96 | |||||||||||||||||||||||||||||
(1) The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. | |||||||||||||||||||||||||||||||||
Granted | 736,734 | 5.86 | |||||||||||||||||||||||||||||||
(2) Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. | |||||||||||||||||||||||||||||||||
Forfeited | (85,762 | ) | 5.04 | ||||||||||||||||||||||||||||||
On October 1, 2013, 23,289 warrants previously issued to a consultant were exercised for Class B common stock at an exercise price of $8.67 per share. Of the original warrants issued, 57,700 remain outstanding as of October 1, 2013.    | |||||||||||||||||||||||||||||||||
Exercised | (59,990 | ) | 2.46 | ||||||||||||||||||||||||||||||
During the third quarter of 2013, the Company commenced sales of common stock under it's Employee Stock Purchase Plan ("ESPP") and has reserved 750,100 shares of common stock for issuance. Eligible employees may purchase common stock at 85% of the beginning or ending closing price, whichever is lower, for each quarterly purchase period. During the first three quarters of 2013, the Company issued 14,425 shares of common stock under the ESPP. As of October 1, 2013, the Company has 735,675 shares available for future issuance under the ESPP. | |||||||||||||||||||||||||||||||||
Cash settled | (4,939,389 | ) | 5.13 | ||||||||||||||||||||||||||||||
Outstanding at Merger | — | — | |||||||||||||||||||||||||||||||
Granted | 2,420,861 | 8.67 | |||||||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||||||||||
Outstanding—December 28, 2010 | 2,420,861 | 8.67 | |||||||||||||||||||||||||||||||
Granted | 283,307 | 8.67 | |||||||||||||||||||||||||||||||
Forfeited | (81,330 | ) | 8.67 | ||||||||||||||||||||||||||||||
Exercised | (1,815 | ) | 8.67 | ||||||||||||||||||||||||||||||
Outstanding—January 3, 2012 | 2,621,023 | 8.67 | |||||||||||||||||||||||||||||||
Granted | 516,473 | 11.27 | |||||||||||||||||||||||||||||||
Forfeited | (164,329 | ) | 8.68 | ||||||||||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||||||||||
Outstanding—January 1, 2013 | 2,973,167 | $ | 9.12 | ||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||||||||
Average | Average | Intrinsic Value(1) | |||||||||||||||||||||||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||||||||||||||||||||||
Years of | |||||||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||||||
Outstanding as of January 1, 2013 | 2,973,167 | $ | 9.12 | 8.1 | $ | 8,971 | |||||||||||||||||||||||||||
Vested and expected to vest | 2,823,099 | 9.06 | 8.05 | 8,656 | |||||||||||||||||||||||||||||
Exercisable as of January 1, 2013 | 1,229,341 | 8.67 | 7.48 | 4,261 | |||||||||||||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||||||||
-1 | Aggregate intrinsic value represents the amount by which estimated fair value of the Company's stock ($12.13 as of January 1, 2013) exceeds the exercise price of the option as of January 1, 2013. | ||||||||||||||||||||||||||||||||
Since our common stock is not publicly traded, the Company estimated the fair value of each stock option grant at or near the date of grant by performing its own contemporaneous valuation, which is approved by the Board of Directors. The Company uses the market approach including but not limited to recent arm's length sales of the Company's common stock in privately negotiated transactions, current and projected financial performance, as well as a discount factor for the stock option's lack of marketability. The table below reflects disclosure as recommended by the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation for stock option grants in the twelve month period preceding the latest consolidated balance sheet presented: | |||||||||||||||||||||||||||||||||
Grant Date | Number of | Exercise Price | Common Stock | ||||||||||||||||||||||||||||||
Options | Fair Value Per Share | ||||||||||||||||||||||||||||||||
Granted | at Grant Date | ||||||||||||||||||||||||||||||||
April 10, 2012 | 15,868 | 9.53 | 9.53 | ||||||||||||||||||||||||||||||
May 14, 2012 | 152,328 | 9.53 | 9.53 | ||||||||||||||||||||||||||||||
September 20, 2012 | 8,655 | 10.4 | 10.4 | ||||||||||||||||||||||||||||||
December 6, 2012 | 339,622 | 12.13 | 12.13 | ||||||||||||||||||||||||||||||
As of January 1, 2013, there was $3.4 million of unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan, which is expected to be recognized over two years. The following table summarizes information about stock options outstanding at January 1, 2013: | |||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||
Range of Exercise Price | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Options | Average | Average | Options | Average | |||||||||||||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||||||||||||
Years of | Price | Price | |||||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||||||
$8.67-$12.13 | 2,973,167 | 8.1 | $ | 9.12 | 1,229,341 | $ | 8.67 | ||||||||||||||||||||||||||
On March 10, 2011, the Company issued warrants to a consultant to purchase 86,550 shares of Class B common stock at $8.67 per share, which are classified as equity awards. The warrants vest based on specified performance criteria and are considered stock-based compensation to nonemployees. Stock-based compensation expense related to the awards is recognized when the performance criteria are met, using the estimated fair value at the measurement date. During 2012, the Company did not recognize stock-based compensation expense related to the warrants as no performance criteria were met in 2012. No warrants have been exercised by the consultant. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Earnings Per Share | ' | ' | ||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||||||||||||||||||
EPS is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share ("diluted EPS") is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and warrants. The following table sets forth the computations of basic and dilutive earnings per share: | EPS is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share ("diluted EPS") is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and restricted common stock. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The following table sets forth the computations of basic and dilutive earnings per share: | |||||||||||||||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Net income (in thousands) | $ | 5,163 | $ | 3,829 | $ | 2,378 | ||||||||||||||||||||
Net income (in thousands): | $ | 3,265 | $ | 133 | $ | 4,257 | $ | 3,604 | ||||||||||||||||||||||
Shares: | ||||||||||||||||||||||||||||||
Shares: | Basic weighted average shares outstanding | 23,238,984 | 23,237,698 | 24,386,059 | ||||||||||||||||||||||||||
Basic weighted average shares outstanding | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 | ||||||||||||||||||||||||||
Dilutive stock options and warrants | 26,558 | — | 840,930 | |||||||||||||||||||||||||||
Dilutive stock options and warrants | 1,663,563 | 149,745 | 1,145,199 | 11,761 | ||||||||||||||||||||||||||
Diluted weighted average number of shares outstanding | 23,265,542 | 23,237,698 | 25,226,989 | |||||||||||||||||||||||||||
Diluted weighted average number of shares outstanding | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 | ||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||
Earnings per share: | Basic | $ | 0.22 | $ | 0.16 | $ | 0.1 | |||||||||||||||||||||||
Basic EPS | $ | 0.11 | $ | 0.01 | $ | 0.17 | $ | 0.16 | ||||||||||||||||||||||
Diluted | $ | 0.22 | $ | 0.16 | $ | 0.09 | ||||||||||||||||||||||||
Diluted EPS | $ | 0.11 | $ | 0.01 | $ | 0.16 | $ | 0.16 | ||||||||||||||||||||||
The Company excluded 590,617, 2,621,023 and 736,734 outstanding options from the diluted earnings per share calculation for 2012, 2011 and 2010, respectively, as the options were out of the money and to include them would have been antidilutive. All outstanding warrants were dilutive in the calculation of diluted earnings per share. | ||||||||||||||||||||||||||||||
In the third quarter of 2013 and 2012 and in the first three quarters of 2013 and 2012, zero and 172,831, and 488,018 and 2,552,951 outstanding options, respectively, were excluded from the diluted earnings per share calculation because their inclusion would be antidilutive. All outstanding warrants are dilutive and were included in the calculation of diluted earnings per share. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 01, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
In October 2003, the Company adopted a defined contribution plan, The Noodles & Company 401(k) Plan (the "401(k) Plan"). Company employees with six months of service, aged 21 or older, are eligible to participate in the 401(k) Plan. Under the provisions of the plan, the Company may, at its discretion, make contributions to the 401(k) Plan. Participants are 100% vested in their own contributions. The Company made no contributions during 2012, 2011 or 2010. The employee benefit plans remained in effect following the Merger Agreement. |
Leases_Notes
Leases (Notes) | 12 Months Ended | |||
Jan. 01, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
The Company leases restaurant facilities, office space and certain equipment under operating leases that expire on various dates through December 2028. Lease terms for traditional shopping centers generally include a base term of 10 years, with options to extend these leases for additional periods of 5 to 15 years. Typically, the lease includes rent escalations, which are expensed on a straight-line basis over the lease term. The difference between rent expense and cash paid for rent is recognized as deferred rent. Rent expense for 2012 and 2011 was approximately $24.6 million and $20.9 million, respectively. | ||||
Future minimum lease payments required under existing leases as of January 1, 2013 are as follows (in thousands): | ||||
2013 | $ | 29,528 | ||
2014 | 28,981 | |||
2015 | 27,139 | |||
2016 | 25,575 | |||
2017 | 22,786 | |||
Thereafter | 70,394 | |||
$ | 204,403 | |||
Minimum payments have not been reduced by minimum sublease rentals of $45,000 due in the future under non-cancelable subleases. |
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ' | ||||||||||||||||||||
Supplemental Disclosures to Consolidated Statements of Cash Flows | ' | ' | ||||||||||||||||||||
Supplemental Disclosures to Consolidated Statements of Cash Flows | Supplemental Disclosures to Consolidated Statements of Cash Flows | |||||||||||||||||||||
The following table presents the supplemental disclosures to the consolidated statements of cash flows for the first three quarters ended October 1, 2013 and October 2, 2012 (in thousands): | The following table presents the supplemental disclosures to the consolidated statements of cash flows (in thousands) for fiscal years 2012, 2011 and 2010: | |||||||||||||||||||||
October 1, | October 2, | |||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||
Interest paid (net of amounts capitalized) | $ | 2,748 | $ | 4,744 | Interest paid (net of amounts capitalized) | $ | 4,400 | $ | 5,177 | $ | 1,551 | |||||||||||
Income taxes paid | 400 | 273 | Income taxes paid (net of refunds) | 509 | 43 | 870 | ||||||||||||||||
(Payments for) purchases of property and equipment accrued in accounts payable | (1,363 | ) | 2,025 | Purchases of property and equipment accrued in accounts payable | 2,648 | 1,170 | 1,354 | |||||||||||||||
Settlement of stock options in shares of Class A common stock | — | — | 3,628 | |||||||||||||||||||
Non-cash settlement of outstanding equity(1) | — | — | 189,388 | |||||||||||||||||||
______________________________ | ||||||||||||||||||||||
-1 | Represents the liability for payments due to shareholders that was paid in 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Oct. 01, 2013 | Jan. 01, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments and Contingencies | Commitments and Contingencies | |
In the normal course of business, the Company is subject to proceedings, lawsuits, and claims. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of October 1, 2013. These matters could affect the operating results of any one financial reporting period when resolved in future periods. Management believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to the Company's consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect the Company's business, financial condition, results of operations or cash flows. | In the normal course of business, the Company is subject to proceedings, lawsuits and claims. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of January 1, 2013. These matters could affect the operating results of any one financial reporting period when resolved in future periods. Management believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to the Company's consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect the Company's business, financial condition, results of operations or cash flows. | |
The Company entered into employment agreements with two of its executives in connection with the IPO superseding the previous employment agreements with these executives. The agreements have an initial term of three years and automatically renew annually unless earlier terminated. Under each of the employment agreements, if the executive's employment is terminated by the Company without "cause" or by the executive with "good reason," (as such terms are defined in the applicable employment agreement) the executive is entitled to receive compensation equal to 18 months of the executive's then-current base salary, payable in equal installments over 18 months, a pro rata bonus for the year of termination and reimbursement of "COBRA" premiums for up to 18 months for the executive and his dependents. The severance payments are conditioned upon the executive entering into a mutual release of claims with the Company. | The Company entered into employment agreements with two of its executives in connection with the Merger Agreement, superseding the previous employment agreements with these executives. The agreements have an initial term of three years and automatically renew annually unless cancelled by either party within 90 days of the end of the initial term or anniversaries thereof. In the event of termination for good reason by the executive or termination without cause by the Company, the executive is entitled to receive severance pay equal to 18 months of his then current salary, payment of accrued bonus from prior years, severance bonus equal to the pro rata portion of the executive's target annual bonus for the year in which termination occurs and reimbursement for COBRA benefits coverage. The agreements also include a call option in favor of the Company and a put option in favor of the executive, for the Company to purchase 296,828 rollover shares at fair market value if the employment agreement is terminated prior to a qualified initial public offering. The put option does not result in the executive avoiding the risks and rewards of owning the rollover shares. The fair value of the shares of common stock subject to put options has been presented as temporary equity in the Company's consolidated financial statements. The Company records changes in the fair value of the common stock subject to put options by adjusting temporary equity with the offset to retained earnings. The fair value per share is determined using the most recent valuation performed by the board of directors. See Note 10, Stock Based Compensation. | |
The prior employment agreements with such executives, which were superseded by the agreements entered into in connection with the IPO, included a call option in favor of the Company and a put option in favor of the executive, for the Company to purchase certain shares at fair market value if the employment agreement was terminated prior to a qualified initial public offering. The put option did not result in the executive avoiding the risks and rewards of owning the shares. The fair value of the shares of common stock subject to such put options was presented as temporary equity in the Company's consolidated financial statements. In connection with the IPO, the put options were terminated and amounts previously presented in temporary equity were reclassified to permanent stockholders' equity in the Company's consolidated financial statements. | The Company entered into a Management Services Agreement with one of the Equity Sponsors, and a Class C dividend agreement with the other Equity Sponsor, which provide for certain management fee and dividend payments by the Company to the Equity Sponsors. See additional discussion in Note 16, Related-Party Transactions. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended | 12 Months Ended |
Oct. 01, 2013 | Jan. 01, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Related-Party Transactions | ' | ' |
Related-Party Transactions | Related-Party Transactions | |
In the first three quarters of 2013 and the first three quarters of 2012, the Company paid $375,000 and $625,000, respectively, to Catterton Partners and Argentia Private Investments Inc. or their affiliates ("Equity Sponsors") for management service fees and Class C Dividends pursuant to a management services agreement and an agreement to pay dividends on its Class C common stock. In connection with the IPO, the management services agreement expired and the one share of Class C common stock was redeemed therefore no payments were made in the third quarter of 2013. Management service fees and Class C dividends paid in prior fiscal quarters varies due to the timing of payments. | During 2012 and 2011, the Company paid $1.1 million to the Equity Sponsors for management service fees and Class C dividends pursuant to a management services agreement and an agreement to pay dividends on its Class C common stock. Management service fees and Class C dividends paid in each fiscal year vary due to the timing of payments. | |
In February 2011, the Company paid the Equity Sponsors $45.9 million to repay subordinated notes, which included amounts accrued for PIK interest. See Note 4, Borrowings. | ||
In connection with the IPO during the second quarter of 2013, the Company paid $1.7 million of transaction bonuses and related payroll taxes to employees of the Company and $0.8 million in transaction payments to the Equity Sponsors. | As discussed in Note 2, Equity Recapitalization, Catterton and Argentia each own approximately 45% of the Company's common shares; however, the terms of the Company's certificate of incorporation prevent control by Catterton or Argentia. | |
Stockholders Agreement.    In connection with the 2010 merger, the Company entered into a stockholders agreement with the Equity Sponsors. Under the 2010 Stockholders Agreement, each of Catterton and Argentia have agreed to vote its respective shares of common stock to elect two directors selected by Argentia. Furthermore, if the Public Sector Pension Investment Board Act ceases to prohibit PSPIB from investing in securities of a corporation to which are attached more than 30% of the votes that may be cast to elect directors, each of Catterton and Argentia will vote its respective shares of common stock to elect two directors selected by Catterton. Additionally, Catterton will not vote its shares to elect any three of the five directors not designated by Argentia, unless any such director has been approved by Argentia. Catterton and Argentia have further agreed not to vote their shares in favor of any of certain actions without the mutual consent of the other. |
Subsequent_Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Oct. 01, 2013 | Jan. 01, 2013 | |
Subsequent Events [Abstract] | ' | ' |
Subsequent Events | ' | ' |
Subsequent Events | Subsequent Events | |
The Company has evaluated subsequent events and found there to be no events requiring recognition or disclosure through the date of issuance of this report. | The Company has evaluated events through June 26, 2013 in connection with Amendment No. 5 to the Registration Statement (Form S-1) filed with the Securities and Exchange Commission. | |
Reverse Stock Split | ||
On June 25, 2013, the Company effected a 1-for-0.577 reverse stock split of our Class A common stock and Class B common stock. Concurrent with the reverse stock split, we adjusted the number of shares subject to and the exercise price of our outstanding stock option awards under the Plan such that the holders of the options are in the same economic position both before and after the reverse stock split. |
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | ||
Oct. 01, 2013 | Jan. 01, 2013 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ||
Principles of Consolidation | ' | ' | ||
Principles of Consolidation | Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | |||
Fiscal Year | ' | ' | ||
Fiscal Year | Fiscal Year | |||
The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year 2013, which ends on December 31, 2013 and fiscal year 2012, which ended on January 1, 2013, each contain 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53 week fiscal year, which contains fourteen weeks. | The Company operates on a 52 or 53 week fiscal year ending on the Tuesday closest to December 31. Fiscal years 2012 and 2010, which ended on January 1, 2013 and December 28, 2010, respectively, each contained 52 weeks. Fiscal year 2011, which ended on January 3, 2012, contained 53 weeks. | |||
Estimates | ' | ' | ||
Estimates | ||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Reclassifications | ' | ' | ||
Reclassifications | Reclassifications | |||
In the third quarter of 2013, the Company changed the manner in which it reports marketing expenses between general and administrative expenses and other restaurant operating costs to more appropriately reflect only those costs directly related to restaurant-level marketing in other restaurant operating costs. Marketing costs previously reported as restaurant operating costs, that were not directly related to restaurant-level marketing, have been reclassified to general and administrative expense in the Company's consolidated financial statements in all periods presented. In the first two quarters of 2013 and the first two quarters of 2012, $1.0 million and $1.3 million, respectively, have been reclassified from restaurant operating costs to general and administrative expense. The change has no impact on income from operations. | During 2013, the Company changed the manner in which it reports marketing expenses between general and administrative expenses and other restaurant operating costs to more appropriately reflect only those costs directly related to restaurant-level marketing in other restaurant operating costs. Marketing costs previously reported as restaurant operating costs, that were not directly related to restaurant-level marketing, have been reclassified to general and administrative expense in the Company's consolidated financial statements in all periods presented. | |||
Cash and Cash Equivalents | ' | ' | ||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investment instruments with an initial maturity of three months or less when purchased to be cash equivalents. Amounts receivable from credit card processors are converted to cash shortly after the related sales transaction and considered to be cash equivalents because they are both short-term and highly liquid in nature. Amounts receivable from credit card processors and considered cash equivalents as of January 1, 2013 and January 3, 2012 were $2.5 million and $1.0 million, respectively, and were offset on the consolidated balance sheets by payments processed by the Company, but not yet redeemed by the payee. Book overdrafts, which are outstanding checks in excess of cash and cash equivalents, are recorded with accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying statements of cash flows. | ||||
Accounts Receivable | ' | ' | ||
Accounts Receivable | ||||
Accounts receivable consist primarily of tenant improvement receivables and vendor rebates receivable, as well as amounts due from franchisees and other miscellaneous receivables. | ||||
Inventories | ' | ' | ||
Inventories | ||||
Inventories consist of food, beverages, supplies, and smallwares, and are stated at the lower of cost (first-in, first-out method) or market. Smallwares inventory, which consist of the plates, silverware, and cooking utensils used in the restaurants, are frequently replaced and are considered current assets. Replacement costs of smallwares inventory are recorded as other restaurant operating costs and are expensed as incurred. | ||||
Property and Equipment | ' | ' | ||
Property and Equipment | ||||
Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major renewals and improvements are capitalized, while expenditures for minor replacements, maintenance and repairs are expensed as incurred. Upon retirement or disposal of assets, the accounts are relieved of cost and accumulated depreciation and the related gain or loss is reflected in earnings. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term, which generally includes option periods that are reasonably assured to be exercised. Depreciation and amortization expense on property and equipment, including assets under capital lease, was $16.7 million in 2012, $14.5 million in 2011 and $13.9 million in 2010. | ||||
The estimated useful lives for property and equipment are: | ||||
Property and Equipment | Estimated Useful Lives | |||
Leasehold improvements | Shorter of lease term or estimated useful life, not to exceed 20Â years | |||
Furniture and fixtures | 3 to 15Â years | |||
Equipment | 3 to 7Â years | |||
The Company capitalizes internal payroll and payroll related costs directly related to the successful acquisition, development, design and construction of its new restaurants. Capitalized internal costs were $2.3 million, $1.8 million and $1.6 million in 2012, 2011 and 2010, respectively. Interest incurred on funds used to construct company-owned restaurants is capitalized and amortized over the estimated useful life of the related assets. | ||||
Other Assets | ' | ' | ||
Other Assets | ||||
Other assets consist primarily of unamortized debt issuance costs, long term deposits, trademark rights and transferable liquor licenses. Direct costs incurred for the issuance of debt are capitalized and amortized using the straight-line method, which approximates the effective interest method, over the term of the debt. During 2012 and 2011, the Company incurred debt issuance costs related to an amendment of its credit facility in 2012 and its financing in 2011. See Note 4, Borrowings. | ||||
Impairment of Long-Lived Assets | ' | ' | ||
Impairment of Long-Lived Assets | ||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If the assets are determined to be impaired, the amount of impairment recognized is the amount by which the carrying amount of the assets exceeds their fair value, which is based on discounted future cash flows. Estimates of future cash flows are based on the Company's experience and knowledge of local operations. The Company recorded impairment charges of certain long-lived assets of $0.1 million, $0.7 million and $2.3 million in 2012, 2011 and 2010, respectively, which are included in asset disposals, closure costs and restaurant impairments in the consolidated statements of income. Fair value of the restaurants was determined using Level 3 inputs (as described in Note 6, Fair Value Measures) based on a discounted cash flows method at a market level through the estimated date of closure. | ||||
Self Insurance Programs | ' | ' | ||
Self-Insurance Programs | ||||
The Company self-insures for health, workers' compensation, general liability and property damage. Predetermined loss limits have been arranged with insurance companies to limit the Company's per occurrence cash outlay. Estimated costs to settle reported claims and incurred but unreported claims for health and workers' compensation self-insured plans are recorded in accrued payroll and benefits and for general liability and property damage in accrued expenses and other liabilities. | ||||
Concentrations of Credit Risk | ' | ' | ||
Concentrations of Credit Risk | ||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company's cash balances may exceed federally insured limits. Credit card transactions at the Company's restaurants are processed by one service provider. Concentration of credit risk related to accounts receivable are limited, as the Company's receivables are primarily amounts due from landlords for the reimbursement of tenant improvements and the Company generally has the right to offset rent due for tenant improvement receivables. | ||||
Revenue Recognition | ' | ' | ||
Revenue Recognition | ||||
Revenue consists of sales from restaurant operations and franchise royalties and fees. Revenue from the operation of company-owned restaurants are recognized when sales occur. The Company reports revenue net of sales and use taxes collected from customers and remitted to governmental taxing authorities. | ||||
The Company sells gift cards which do not have an expiration date, and it does not deduct non-usage fees from outstanding gift card balances. The Company recognizes revenue from gift cards when the gift card is redeemed by the customer or the Company determines the likelihood of the gift card being redeemed by the customer is remote ("gift card breakage"). The determination of the gift card breakage rate is based upon Company-specific historical redemption patterns. The Company has determined that approximately 6% of gift cards will not be redeemed, which is recognized ratably over the estimated redemption period of the gift card, approximately 18Â months. The Company recognized gift card breakage of $0.2 million in 2012 and $0.1 million in 2011 and 2010, in restaurant revenue. | ||||
Royalties from franchise restaurants are based on a percentage of restaurant revenues and are recognized in the period the related franchised restaurants' sales occur. Development fees and franchise fees, portions of which are collected in advance, are nonrefundable and are recognized in income when all material services or conditions relating to the sale of the franchise have been substantially performed or satisfied by the Company. Both franchise fees and development fees will generally be recognized upon the opening of a franchise restaurant or upon termination of the agreement(s) between the Company and the franchisee. | ||||
Pre-Opening Costs | ' | ' | ||
Pre-Opening Costs | ||||
Pre-opening costs, including rent, wages, benefits and travel for the training and opening teams, food, beverage, and other restaurant operating costs, are expensed as incurred prior to a restaurant opening for business. | ||||
Advertising and Marketing Costs | ' | ' | ||
Advertising and Marketing Costs | ||||
Advertising and marketing costs are expensed as incurred and aggregated $2.8 million, $2.3 million and $2.1 million in 2012, 2011 and 2010, respectively. These costs are included in restaurant operating costs, general and administrative expenses and pre-opening costs based on the nature of the advertising and marketing costs incurred. | ||||
Rent | ' | ' | ||
Rent | ||||
Rent expense for the Company's leases, which generally have escalating rentals over the term of the lease, is recorded on a straight-line basis over the lease term. The lease term includes renewal options which are reasonably assured of being exercised and begins when the Company has control and possession of the leased property, which is typically before rent payments are due under the lease. The difference between the rent expense and rent paid is recorded as deferred rent in the consolidated balance sheets. Rent expense for the period prior to the restaurant opening is reported in pre-opening costs in the consolidated statements of income. Tenant incentives used to fund leasehold improvements are recorded in deferred rent and amortized as a reduction of rent expense over the term of the lease. Certain leases contain rental provisions based on the sales of the underlying restaurants; the Company has determined that the amount of these provisions is immaterial. | ||||
Provision (Benefit) for Income Taxes | ' | ' | ||
Provision (Benefit) for Income Taxes | ||||
Provision (benefit) for income taxes is accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those deferred amounts are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company's policy is to recognize interest to be paid on an underpayment of income taxes in interest expense and any related statutory penalties in provision (benefit) for income taxes in the consolidated statement of income. | ||||
Comprehensive Income (Loss) | ' | ' | ||
Comprehensive Income (Loss) | ||||
Comprehensive income (loss) consists of the net income (loss) and other gains and losses affecting stockholders' equity that, under accounting principles generally accepted in the United States, are excluded from net income. Other comprehensive income (loss), presented in the consolidated statements of comprehensive income for 2012 and 2011, consists of the unrealized income (loss), net of tax, on the Company's cash flow hedges. See Note 5, Derivative Instruments. | ||||
Stock Compensation Expense | ' | ' | ||
Stock Compensation Expense | ||||
The Company recognizes stock-based compensation using fair value measurement guidance for all share-based payments, including stock options and warrants. For option awards, expense is recognized ratably over the vesting period in an amount equal to the fair value of the stock-based awards on the date of grant determined using the Black-Scholes option pricing model. Warrants are valued using the fair value of the common stock as of the measurement date. See Note 10, Stock-Based Compensation. | ||||
Earnings Per Share | ' | ' | ||
Earnings Per Share | ||||
Basic earnings per share ("EPS") are calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and restricted stock. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Convertible preferred stock is considered converted to common. See Note 11, Earnings Per Share. | ||||
Recent Accounting Pronouncements | ' | ' | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-2, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which revises disclosure requirements related to components of other comprehensive income. The Company adopted ASU 2013-2 effective January 2, 2013. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, "Presentation of Comprehensive Income," which revises the manner in which companies present comprehensive income. Under ASU 2011-05, companies may present comprehensive income, which is net income adjusted for components of other comprehensive income, either in a single continuous statement or in two separate but consecutive statements. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company adopted ASU 2011-05 during 2012 and elected to present comprehensive income in the statements of comprehensive income. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | |||
In May 2011, the FASB issued ASU 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("IFRS")." This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between US GAAP and IFRS. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This pronouncement is effective for reporting periods beginning on or after December 15, 2011. The adoption of ASU 2011-04 on January 4, 2012 increased the Company's fair value disclosure requirements but did not have an impact on its consolidated financial statements. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||
Supplemental Financial Information [Abstract] | ' | ' | ||||||||||||||||
Schedule of Prepaid Expenses and Other Assets | ' | ' | ||||||||||||||||
Prepaid expenses and other assets consist of the following (in thousands): | Prepaid expenses and other assets consist of the following: | |||||||||||||||||
October 1, | January 1, | 2012 | 2011 | |||||||||||||||
2013 | 2013 | Prepaid occupancy related costs | $ | 2,700 | $ | 2,179 | ||||||||||||
Prepaid occupancy related costs | $ | 3,029 | $ | 2,700 | ||||||||||||||
Other prepaid expenses | 1,191 | 1,097 | ||||||||||||||||
Other prepaid expenses | 1,912 | 1,191 | ||||||||||||||||
Other current assets | 79 | 56 | ||||||||||||||||
Other current assets | 58 | 79 | ||||||||||||||||
$ | 3,970 | $ | 3,332 | |||||||||||||||
$ | 4,999 | $ | 3,970 | |||||||||||||||
Schedule of Property and Equipment | ' | ' | ||||||||||||||||
Property and equipment, net, consist of the following (in thousands): | Property and equipment, net, consist of the following: | |||||||||||||||||
October 1, | January 1, | 2012 | 2011 | |||||||||||||||
2013 | 2013 | Leasehold improvements | $ | 139,907 | $ | 113,313 | ||||||||||||
Leasehold improvements | $ | 164,498 | $ | 139,907 | ||||||||||||||
Furniture, fixtures and equipment | 77,202 | 62,472 | ||||||||||||||||
Furniture, fixtures, and equipment | 89,270 | 77,202 | ||||||||||||||||
Construction in progress | 7,878 | 3,227 | ||||||||||||||||
Construction in progress | 5,865 | 7,878 | ||||||||||||||||
224,987 | 179,012 | |||||||||||||||||
259,633 | 224,987 | |||||||||||||||||
Accumulated depreciation and amortization | (88,700 | ) | (75,181 | ) | ||||||||||||||
Accumulated depreciation and amortization | (101,220 | ) | (88,700 | ) | $ | 136,287 | $ | 103,831 | ||||||||||
$ | 158,413 | $ | 136,287 | |||||||||||||||
Schedule of Accrued Liabilities and Other Liabilities | ' | ' | ||||||||||||||||
Accrued payroll and benefits consist of the following (in thousands): | Accrued payroll and benefits consist of the following: | |||||||||||||||||
October 1, | January 1, | 2012 | 2011 | |||||||||||||||
2013 | 2013 | Accrued payroll and related liabilities | $ | 2,537 | $ | 2,094 | ||||||||||||
Accrued payroll and related liabilities | $ | 5,196 | $ | 2,537 | ||||||||||||||
Accrued bonus | 1,981 | 3,511 | ||||||||||||||||
Accrued bonus | 2,303 | 1,981 | ||||||||||||||||
Insurance liabilities | 827 | 593 | ||||||||||||||||
Insurance liabilities | 1,372 | 827 | ||||||||||||||||
$ | 5,345 | $ | 6,198 | |||||||||||||||
$ | 8,871 | $ | 5,345 | |||||||||||||||
Accrued expense and other liabilities consist of the following: | ||||||||||||||||||
Accrued expense and other liabilities consist of the following (in thousands): | ||||||||||||||||||
2012 | 2011 | |||||||||||||||||
Gift card liability | $ | 2,182 | $ | 1,875 | ||||||||||||||
October 1, | January 1, | |||||||||||||||||
2013 | 2013 | Occupancy related | 1,264 | 1,188 | ||||||||||||||
Gift card liability | $ | 1,633 | $ | 2,182 | ||||||||||||||
Utilities | 1,002 | 870 | ||||||||||||||||
Occupancy related | 1,302 | 1,264 | ||||||||||||||||
Accrued interest | 484 | 337 | ||||||||||||||||
Utilities | 1,319 | 1,002 | ||||||||||||||||
Other accrued expenses | 2,317 | 1,576 | ||||||||||||||||
Other accrued expenses | 3,360 | 2,801 | ||||||||||||||||
$ | 7,249 | $ | 5,846 | |||||||||||||||
$ | 7,614 | $ | 7,249 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Jan. 01, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | ||||||||
The following table presents the Company's liabilities measured at fair value on a recurring basis as of January 1, 2013 and January 3, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||
2012 | 2011 | ||||||||
Total derivatives—Level 1 | $ | — | $ | — | |||||
Total derivatives—Level 2 | 98 | 473 | |||||||
Total derivatives—Level 3 | — | — | |||||||
The following table represents the temporary equity measured at fair value on a recurring basis as of January 1, 2013 and January 3, 2012 and the level in the fair value hierarchy within which the measurements fall (in thousands): | |||||||||
2012 | 2011 | ||||||||
Level 1 | $ | — | $ | — | |||||
Level 2 | — | — | |||||||
Level 3 | 3,601 | 2,572 | |||||||
Closed_Restaurant_Reserve_Tabl
Closed Restaurant Reserve (Tables) | 12 Months Ended | ||||||||
Jan. 01, 2013 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Schedule of Changes in Liabilities for Closed Properties | ' | ||||||||
Following is a summary of the changes in the liability for closed properties as of January 1, 2013 and January 3, 2012 (in thousands). | |||||||||
2012 | 2011 | ||||||||
Closed restaurant reserves, beginning of period | $ | 515 | $ | 577 | |||||
Additions—store closing costs incurred, accretion | 483 | 140 | |||||||
Decreases—payments | (210 | ) | (202 | ) | |||||
Closed restaurant reserves, end of period | $ | 788 | $ | 515 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||||||||||
Schedule of Provision for Income Taxes | ' | ' | ||||||||||||||||||||
The following table presents the Company's provision for income taxes for the three quarters ended October 1, 2013 and October 2, 2012 (dollars in thousands): | The components of the provision (benefit) for income taxes are as follows for 2012, 2011 and 2010 (in thousands): | |||||||||||||||||||||
October 1, | October 2, | 2012 | 2011 | 2010 | ||||||||||||||||||
2013 | 2012 | Current tax provision: | ||||||||||||||||||||
Provision for income taxes | $ | 2,633 | $ | 2,540 | Federal | $ | 49 | $ | — | $ | 47 | |||||||||||
Effective tax rate | 38 | % | 41.3 | % | State | 559 | 260 | 6 | ||||||||||||||
608 | 260 | 53 | ||||||||||||||||||||
Deferred tax provision (benefit): | ||||||||||||||||||||||
Federal | 2,591 | 1,945 | (340 | ) | ||||||||||||||||||
State | 16 | (425 | ) | (79 | ) | |||||||||||||||||
2,607 | 1,520 | (419 | ) | |||||||||||||||||||
Total provision (benefit) for income taxes | $ | 3,215 | $ | 1,780 | $ | (366 | ) | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ' | ||||||||||||||||||||
The reconciliation of income tax provision (benefit) that would result from applying the federal statutory rate to pre-tax income as shown in the accompanying consolidated statements of income is as follows for 2012, 2011 and 2010 (in thousands): | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Federal income expense at federal rate | $ | 2,848 | $ | 1,907 | $ | 684 | ||||||||||||||||
State income tax, net of related federal income tax benefit | 420 | 257 | 8 | |||||||||||||||||||
Permanent items—primarily incentive stock options and cash settlement of options | 83 | (10 | ) | (626 | ) | |||||||||||||||||
Foreign rate differential | 106 | — | — | |||||||||||||||||||
Change in blended state rate | — | (25 | ) | — | ||||||||||||||||||
Other items, net | (242 | ) | (349 | ) | (432 | ) | ||||||||||||||||
Provision (benefit) for income taxes | $ | 3,215 | $ | 1,780 | $ | (366 | ) | |||||||||||||||
Effective income tax rate | 38.4 | % | 31.7 | % | (18.2 | )% | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ' | ||||||||||||||||||||
Deferred income taxes arise because of the differences in the book and tax bases of certain assets and liabilities. Deferred income tax liabilities and assets consist of the following (in thousands): | ||||||||||||||||||||||
2,012 | 2,011 | |||||||||||||||||||||
Noncurrent deferred tax assets (liabilities): | ||||||||||||||||||||||
Loss carry forwards | $ | 2,445 | $ | 3,275 | ||||||||||||||||||
Deferred rent and franchise revenue | 9,622 | 7,696 | ||||||||||||||||||||
Property, equipment and intangible assets | (11,061 | ) | (6,628 | ) | ||||||||||||||||||
Stock-based compensation | 994 | 514 | ||||||||||||||||||||
Alternative minimum tax credits | 256 | 205 | ||||||||||||||||||||
Interest rate swap | 38 | 183 | ||||||||||||||||||||
Other | 497 | 251 | ||||||||||||||||||||
Total noncurrent net deferred tax assets | 2,791 | 5,496 | ||||||||||||||||||||
Current deferred tax assets (liabilities): | ||||||||||||||||||||||
Inventory smallwares | (1,459 | ) | (1,146 | ) | ||||||||||||||||||
Other | 436 | 283 | ||||||||||||||||||||
Total current deferred tax liabilities | (1,023 | ) | (863 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 1,768 | $ | 4,633 | ||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | |||||||||||||||||||||||||||||||
Schedule of Valuation Assumptions | ' | ' | |||||||||||||||||||||||||||||||
The weighted-average assumptions used in the model were as follows: | |||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||
Risk-free interest | 0.4 | % | 1.1 | % | 1.9 | % | |||||||||||||||||||||||||||
Expected life (years) | 3.4 | 3.7 | 4.5 | ||||||||||||||||||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||||||||||||||||||
Volatility | 32.7 | % | 26.2 | % | 29.5 | % | |||||||||||||||||||||||||||
Weighted-average Black-Scholes fair value per share at date of grant | $ | 2.84 | $ | 1.89 | $ | 1.72 | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ' | |||||||||||||||||||||||||||||||
The following table presents information related to the Stock Incentive Plan (in thousands, except for share and per share amounts): | The tables below summarize the option activity under the Plan: | ||||||||||||||||||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | Shares | Weighted- | ||||||||||||||||||||||||||||||
1-Oct-13 | 2-Oct-12 | 1-Oct-13 | 2-Oct-12 | Average | |||||||||||||||||||||||||||||
Outstanding, beginning of period | 3,474,398 | 2,789,212 | 2,973,168 | 2,621,017 | Exercise Price | ||||||||||||||||||||||||||||
Outstanding—December 29, 2009 | 4,348,407 | $ | 4.96 | ||||||||||||||||||||||||||||||
Granted(1) | — | 8,655 | 538,273 | 176,850 | |||||||||||||||||||||||||||||
Granted | 736,734 | 5.86 | |||||||||||||||||||||||||||||||
Exercised | — | — | — | — | |||||||||||||||||||||||||||||
Forfeited | (85,762 | ) | 5.04 | ||||||||||||||||||||||||||||||
Canceled | 1,961 | 129,949 | 39,004 | 129,949 | |||||||||||||||||||||||||||||
Exercised | (59,990 | ) | 2.46 | ||||||||||||||||||||||||||||||
Outstanding, end of period | 3,472,437 | 2,667,918 | 3,472,437 | 2,667,918 | |||||||||||||||||||||||||||||
Cash settled | (4,939,389 | ) | 5.13 | ||||||||||||||||||||||||||||||
Weighted average fair market value on option grant date | N/A | $ | 1.25 | $ | 5.81 | $ | 1.21 | ||||||||||||||||||||||||||
Outstanding at Merger | — | — | |||||||||||||||||||||||||||||||
Stock based compensation expense(2) | $ | 131 | $ | 315 | $ | 4,065 | $ | 921 | |||||||||||||||||||||||||
Granted | 2,420,861 | 8.67 | |||||||||||||||||||||||||||||||
Capitalized stock based compensation expense | $ | 15 | $ | 21 | $ | 56 | $ | 57 | |||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||
(1) The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. | Exercised | — | — | ||||||||||||||||||||||||||||||
(2) Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. | Outstanding—December 28, 2010 | 2,420,861 | 8.67 | ||||||||||||||||||||||||||||||
Granted | 283,307 | 8.67 | |||||||||||||||||||||||||||||||
Forfeited | (81,330 | ) | 8.67 | ||||||||||||||||||||||||||||||
Exercised | (1,815 | ) | 8.67 | ||||||||||||||||||||||||||||||
Outstanding—January 3, 2012 | 2,621,023 | 8.67 | |||||||||||||||||||||||||||||||
Granted | 516,473 | 11.27 | |||||||||||||||||||||||||||||||
Forfeited | (164,329 | ) | 8.68 | ||||||||||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||||||||||
Outstanding—January 1, 2013 | 2,973,167 | $ | 9.12 | ||||||||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||||||||||||||||||
Average | Average | Intrinsic Value(1) | |||||||||||||||||||||||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||||||||||||||||||||||
Years of | |||||||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||||||
Outstanding as of January 1, 2013 | 2,973,167 | $ | 9.12 | 8.1 | $ | 8,971 | |||||||||||||||||||||||||||
Vested and expected to vest | 2,823,099 | 9.06 | 8.05 | 8,656 | |||||||||||||||||||||||||||||
Exercisable as of January 1, 2013 | 1,229,341 | 8.67 | 7.48 | 4,261 | |||||||||||||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||||||||
-1 | Aggregate intrinsic value represents the amount by which estimated fair value of the Company's stock ($12.13 as of January 1, 2013) exceeds the exercise price of the option as of January 1, 2013. | ||||||||||||||||||||||||||||||||
Schedule of Grants in Period | ' | ' | |||||||||||||||||||||||||||||||
The table below reflects disclosure as recommended by the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation for stock option grants in the twelve month period preceding the latest consolidated balance sheet presented: | |||||||||||||||||||||||||||||||||
Grant Date | Number of | Exercise Price | Common Stock | ||||||||||||||||||||||||||||||
Options | Fair Value Per Share | ||||||||||||||||||||||||||||||||
Granted | at Grant Date | ||||||||||||||||||||||||||||||||
April 10, 2012 | 15,868 | 9.53 | 9.53 | ||||||||||||||||||||||||||||||
May 14, 2012 | 152,328 | 9.53 | 9.53 | ||||||||||||||||||||||||||||||
September 20, 2012 | 8,655 | 10.4 | 10.4 | ||||||||||||||||||||||||||||||
December 6, 2012 | 339,622 | 12.13 | 12.13 | ||||||||||||||||||||||||||||||
Schedule of Exercise Price Range | ' | ' | |||||||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at January 1, 2013: | |||||||||||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||||||||||
Range of Exercise Price | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Options | Average | Average | Options | Average | |||||||||||||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||||||||||||
Years of | Price | Price | |||||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||||||
$8.67-$12.13 | 2,973,167 | 8.1 | $ | 9.12 | 1,229,341 | $ | 8.67 | ||||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Schedule of Earnings Per Share | ' | ' | ||||||||||||||||||||||||||||
The following table sets forth the computations of basic and dilutive earnings per share: | The following table sets forth the computations of basic and dilutive earnings per share: | |||||||||||||||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Net income (in thousands) | $ | 5,163 | $ | 3,829 | $ | 2,378 | ||||||||||||||||||||
Net income (in thousands): | $ | 3,265 | $ | 133 | $ | 4,257 | $ | 3,604 | ||||||||||||||||||||||
Shares: | ||||||||||||||||||||||||||||||
Shares: | Basic weighted average shares outstanding | 23,238,984 | 23,237,698 | 24,386,059 | ||||||||||||||||||||||||||
Basic weighted average shares outstanding | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 | ||||||||||||||||||||||||||
Dilutive stock options and warrants | 26,558 | — | 840,930 | |||||||||||||||||||||||||||
Dilutive stock options and warrants | 1,663,563 | 149,745 | 1,145,199 | 11,761 | ||||||||||||||||||||||||||
Diluted weighted average number of shares outstanding | 23,265,542 | 23,237,698 | 25,226,989 | |||||||||||||||||||||||||||
Diluted weighted average number of shares outstanding | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 | ||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||
Earnings per share: | Basic | $ | 0.22 | $ | 0.16 | $ | 0.1 | |||||||||||||||||||||||
Basic EPS | $ | 0.11 | $ | 0.01 | $ | 0.17 | $ | 0.16 | ||||||||||||||||||||||
Diluted | $ | 0.22 | $ | 0.16 | $ | 0.09 | ||||||||||||||||||||||||
Diluted EPS | $ | 0.11 | $ | 0.01 | $ | 0.16 | $ | 0.16 | ||||||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Jan. 01, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments Required under Existing Leases | ' | |||
Future minimum lease payments required under existing leases as of January 1, 2013 are as follows (in thousands): | ||||
2013 | $ | 29,528 | ||
2014 | 28,981 | |||
2015 | 27,139 | |||
2016 | 25,575 | |||
2017 | 22,786 | |||
Thereafter | 70,394 | |||
$ | 204,403 | |||
Supplemental_Disclosures_to_Co1
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | |||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ' | ||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ' | ||||||||||||||||||||
The following table presents the supplemental disclosures to the consolidated statements of cash flows for the first three quarters ended October 1, 2013 and October 2, 2012 (in thousands): | The following table presents the supplemental disclosures to the consolidated statements of cash flows (in thousands) for fiscal years 2012, 2011 and 2010: | |||||||||||||||||||||
October 1, | October 2, | |||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||
Interest paid (net of amounts capitalized) | $ | 2,748 | $ | 4,744 | Interest paid (net of amounts capitalized) | $ | 4,400 | $ | 5,177 | $ | 1,551 | |||||||||||
Income taxes paid | 400 | 273 | Income taxes paid (net of refunds) | 509 | 43 | 870 | ||||||||||||||||
(Payments for) purchases of property and equipment accrued in accounts payable | (1,363 | ) | 2,025 | Purchases of property and equipment accrued in accounts payable | 2,648 | 1,170 | 1,354 | |||||||||||||||
Settlement of stock options in shares of Class A common stock | — | — | 3,628 | |||||||||||||||||||
Non-cash settlement of outstanding equity(1) | — | — | 189,388 | |||||||||||||||||||
______________________________ | ||||||||||||||||||||||
-1 | Represents the liability for payments due to shareholders that was paid in 2011. |
Business_and_Summary_of_Signif2
Business and Summary of Significant Accounting Policies (Organization) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Dec. 27, 2010 | Dec. 29, 2009 | Jan. 01, 2013 | Jan. 03, 2012 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Oct. 01, 2013 | Jan. 01, 2013 | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Oct. 01, 2013 | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Oct. 01, 2013 | Jul. 02, 2013 | Jul. 03, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | |
segment | segment | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Minimum [Member] | Maximum [Member] | Company-Owned [Member] | Company-Owned [Member] | Franchise [Member] | Franchise [Member] | Franchise [Member] | Franchise [Member] | IPO [Member] | Over-Allotment Option [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||||
state | state | restaurant | restaurant | restaurant | restaurant | restaurant | restaurant | IPO [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | |||||||||||||||
Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 310 | 276 | 58 | 51 | 45 | 43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states in which Noodles & Company operates | 29 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative group, ownership percentage | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price (USD per share) | ' | $12.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18 | ' | ' | ' | ' | ' |
Issuance of common stock, net of transaction expenses, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 803,571 | 14,594,760 | 14,594,760 | 14,594,760 | 6,160,714 | ' | ' | ' | ' | ' |
Common stock, par value (USD per share) | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' |
Issuance of common stock, net of transaction expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long term debt | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of weeks in fiscal year | '364 days | '364 days | '371 days | '364 days | ' | ' | ' | ' | ' | '364 days | '371 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary equity | 0 | 3,601,000 | 2,572,000 | 2,572,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Misstatements in prior years | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,600,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary equity, shares outstanding (shares) | ' | 296,828 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of operating costs to general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,300,000 | $2,900,000 | $2,600,000 | $2,400,000 |
Business_and_Summary_of_Signif3
Business and Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) (Credit Card Receivable [Member], USD $) | Jan. 01, 2013 | Jan. 03, 2012 |
In Millions, unless otherwise specified | ||
Credit Card Receivable [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Cash equivalents | $2.50 | $1 |
Business_and_Summary_of_Signif4
Business and Summary of Significant Accounting Policies (Inventories) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | |||
Inventory [Line Items] | ' | ' | ' |
Inventories | $7,082 | $6,042 | $4,595 |
Smallwares Inventory [Member] | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Inventories | ' | $3,800 | $3,000 |
Business_and_Summary_of_Signif5
Business and Summary of Significant Accounting Policies (Property & Equipment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | $5,238,000 | $4,334,000 | $15,074,000 | $12,165,000 | $16,719,000 | $14,501,000 | $13,932,000 |
Internal payroll costs capitalized | ' | ' | ' | ' | 2,300,000 | 1,800,000 | 1,600,000 |
Interest costs capitalized | ' | ' | ' | ' | 300,000 | 300,000 | 100,000 |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, useful life | ' | ' | ' | ' | '20 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, useful life | ' | ' | ' | ' | '5 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, useful life | ' | ' | ' | ' | '3 years | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, useful life | ' | ' | ' | ' | '7 years | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, useful life | ' | ' | ' | ' | '3 years | ' | ' |
Asset Disposals, Closure Costs and Restaurant Impairments [Member] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Impairment charges on long-lived assets | ' | ' | ' | ' | $100,000 | $700,000 | $2,300,000 |
Business_and_Summary_of_Signif6
Business and Summary of Significant Accounting Policies (Other Assets) (Details) (USD $) | Jan. 01, 2013 | Jan. 03, 2012 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
Trademarks [Member] | August 2012 Credit Facility Amendment [Member] | 2011 Credit Facility [Member] | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Debt issuance costs | $1,000,000 | $3,500,000 | ' | ' | ' |
Accumulated amortization of debt issuance costs | 500,000 | 700,000 | ' | 800,000 | 900,000 |
Write off of deferred debt issuance cost | ' | ' | ' | 2,600,000 | 300,000 |
Estimated useful life of trademark rights | ' | ' | '20 years | ' | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
2013 | 8,000 | ' | ' | ' | ' |
2014 | 8,000 | ' | ' | ' | ' |
2015 | 8,000 | ' | ' | ' | ' |
2016 | 8,000 | ' | ' | ' | ' |
2017 | $8,000 | ' | ' | ' | ' |
Business_and_Summary_of_Signif7
Business and Summary of Significant Accounting Policies (Franchising) (Details) (Franchise [Member]) | 12 Months Ended | |||
Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Oct. 01, 2013 | |
restaurant | restaurant | restaurant | restaurant | |
Franchise [Member] | ' | ' | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' | ' | ' |
Number of restaurants | 51 | 45 | 43 | 58 |
Number of restaurants opened during period | 6 | 2 | 0 | ' |
Business_and_Summary_of_Signif8
Business and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Advertising and marketing costs | $2.80 | $2.30 | $2.10 |
Percent of gift cards expected to be unredeemed (percent) | 6.00% | ' | ' |
Gift card estimated redemption period | '18 months | ' | ' |
Gift cards breakage | $0.20 | $0.10 | $0.10 |
Equity_Recapitalization_Detail
Equity Recapitalization (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 27, 2010 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | ||
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Cash received from equity recapitalization | $181,000,000 | ' | ' | ' | |
Transaction expenses | 7,000,000 | ' | ' | ' | |
Total consideration paid | 211,700,000 | ' | ' | ' | |
Consideration paid in rollover shares, value | 16,700,000 | ' | ' | ' | |
Outstanding stock convertible to cash, amount per share | $8.67 | ' | ' | ' | |
Outstanding stock options cancelled, intrinsic value | 17,494,531 | ' | ' | ' | |
Collaborative group, ownership percentage | 90.00% | ' | ' | ' | |
Number of items comprising substantive participation rights | 19 | ' | ' | ' | |
Substantive participation rights, minimum voting interest percentage | 75.00% | ' | ' | ' | |
Catterton and Argentia [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Collaborative group, ownership percentage | 90.00% | ' | ' | ' | |
Catterton [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Cash received from equity recapitalization | 91,000,000 | ' | ' | ' | |
Collaborative group, ownership percentage | 45.00% | ' | ' | ' | |
Collaborative group, ownership percentage of voting interest | 62.00% | ' | ' | ' | |
Argentia [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Cash received from equity recapitalization | 90,000,000 | ' | ' | ' | |
Collaborative group, ownership percentage | 45.00% | ' | ' | ' | |
Collaborative group, ownership percentage of voting interest | 24.00% | ' | ' | ' | |
Management and Other Shareholders [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Collaborative group, ownership percentage | 10.00% | ' | ' | ' | |
Series A Preferred Stock and Common Class A [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Conversion ratio | 3.4 | ' | ' | ' | |
Series A Preferred Stock [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Stock converted | 5,898,709 | ' | ' | ' | |
Preferred stock, share conversion ratio | 2 | ' | ' | ' | |
Common Stock [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Stock converted | 11,797,418 | ' | ' | ' | |
Class A Common Stock [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Consideration paid in rollover shares, value | 16,700,000 | ' | ' | ' | |
Conversion of outstanding common stock into the right to receive cash, net of rollover equity, shares | 12,625,462 | ' | ' | ' | |
Common stock held in treasury, cancelled | 11,897,375 | [1] | ' | ' | ' |
Shares converted into rollover shares | 1,931,058 | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | ' | 14,594,760 | 14,594,760 | 14,594,760 | |
Class A Common Stock [Member] | Catterton [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | 10,501,400 | ' | ' | ' | |
Class A Common Stock [Member] | Argentia [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | 4,093,360 | ' | ' | ' | |
Class A Common Stock [Member] | Management [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Consideration paid in rollover shares, value | $3,600,000 | ' | ' | ' | |
Shares issued to management, shares | 418,711 | ' | ' | ' | |
Class B Common Stock [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | ' | 6,292,640 | 6,292,640 | 6,292,640 | |
Class B Common Stock [Member] | Argentia [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | 6,292,640 | ' | ' | ' | |
Class C Common Stock [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | ' | 1 | 1 | 1 | |
Class C Common Stock [Member] | Argentia [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Issuance of common stock, net of transaction expenses, shares | 1 | ' | ' | ' | |
Catterton and PSPIB [Member] | ' | ' | ' | ' | |
Equity Recapitalization [Line Items] | ' | ' | ' | ' | |
Ownership percentage of merger partner by third parties | 100.00% | ' | ' | ' | |
[1] | Unless otherwise noted, activity relates to Class A common stock |
Supplemental_Financial_Informa2
Supplemental Financial Information (Prepaid Expenses and Other Assets) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | |||
Supplemental Financial Information [Abstract] | ' | ' | ' |
Prepaid occupancy related costs | $3,029 | $2,700 | $2,179 |
Other prepaid expenses | 1,912 | 1,191 | 1,097 |
Other current assets | 58 | 79 | 56 |
Prepaid expenses and other assets | $4,999 | $3,970 | $3,332 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Property and Equipment) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $259,633 | $224,987 | $179,012 |
Accumulated depreciation and amortization | -101,220 | -88,700 | -75,181 |
Property and equipment, net | 158,413 | 136,287 | 103,831 |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 164,498 | 139,907 | 113,313 |
Furniture, Fixtures, and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 89,270 | 77,202 | 62,472 |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $5,865 | $7,878 | $3,227 |
Supplemental_Financial_Informa4
Supplemental Financial Information (Accrued Payroll and Benefits) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | |||
Supplemental Financial Information [Abstract] | ' | ' | ' |
Accrued payroll and related liabilities | $5,196 | $2,537 | $2,094 |
Accrued bonus | 2,303 | 1,981 | 3,511 |
Insurance liabilities | 1,372 | 827 | 593 |
Accrued payroll and benefits | $8,871 | $5,345 | $6,198 |
Supplemental_Financial_Informa5
Supplemental Financial Information (Accrued Expense and Other Liabilities) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | |||
Supplemental Financial Information [Abstract] | ' | ' | ' |
Gift card liability | $1,633 | $2,182 | $1,875 |
Occupancy related | 1,302 | 1,264 | 1,188 |
Utilities | 1,319 | 1,002 | 870 |
Accrued interest | ' | 484 | 337 |
Other accrued expenses | ' | 2,317 | 1,576 |
Other accrued expenses | 3,360 | 2,801 | ' |
Accrued expenses and other current liabilities | $7,614 | $7,249 | $5,846 |
Borrowings_Credit_Facility_Det
Borrowings (Credit Facility) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 4 Months Ended | 8 Months Ended | 4 Months Ended | 8 Months Ended | 4 Months Ended | 8 Months Ended | 4 Months Ended | 8 Months Ended | 4 Months Ended | 8 Months Ended | 4 Months Ended | 8 Months Ended | |||||||
Jan. 01, 2013 | Oct. 01, 2013 | Feb. 28, 2011 | Oct. 01, 2013 | Feb. 28, 2011 | Feb. 28, 2011 | Jan. 01, 2013 | Feb. 28, 2011 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Jan. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Aug. 31, 2012 | Jan. 01, 2013 | Aug. 31, 2012 | Jan. 01, 2013 | Aug. 31, 2012 | Jan. 01, 2013 | Aug. 31, 2012 | Jan. 01, 2013 | Aug. 31, 2012 | Jan. 01, 2013 | Aug. 31, 2012 | |
Revolving Line of Credit [Member] | Revolving Line of Credit [Member] | Swing Line Loan [Member] | Senior Term Loan [Member] | Senior Term Loan [Member] | Senior Term Loan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Secondary Rates [Member] | Secondary Rates [Member] | Secondary Rates [Member] | Secondary Rates [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Rate [Member] | Federal Funds Rate [Member] | ||||
IPO [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | $120,000,000 | $120,000,000 | $45,000,000 | $45,000,000 | $5,000,000 | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | 94,500,000 | 1,700,000 | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | 23,100,000 | 41,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 3.00% | 3.25% | 4.00% | 1.00% | 1.00% | 2.00% | 4.00% | 4.25% | 5.00% | 0.50% | 0.50% |
LIBOR floor on all borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' |
Commitment fee on unused portion of facility | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly payment due on term loan through December 2015 | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | 1,700,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual principal paid | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 3.50% | 3.60% | 5.50% | 5.50% | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Bridge_Financing_De
Borrowings (Bridge Financing) (Details) (Catterton and Argentia [Member], Bridge Loan [Member], USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2011 | Dec. 28, 2010 |
Catterton and Argentia [Member] | Bridge Loan [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Bridge financing, amount | ' | $45 |
PIK interest paid | $0.90 | ' |
Bridge financing, interest rate | 12.00% | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Apr. 04, 2011 | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Mar. 31, 2011 | Feb. 28, 2011 | Dec. 30, 2008 | Apr. 04, 2011 | Jan. 01, 2013 | Apr. 04, 2011 | Apr. 04, 2011 | Apr. 04, 2011 | |
Swap Agreements 2008 [Member] | Swap Agreements 2008 [Member] | Swap Agreements 2008 [Member] | Swap Agreements 2008 [Member] | Swap Agreements 2008 [Member] | Swap Agreements 2008 [Member] | Swap Agreements 2011 [Member] | Swap Agreements 2011 [Member] | Swap Agreements 2011 [Member] | Swap Agreement One 2011 [Member] | Swap Agreement Two 2011 [Member] | |||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | agreement | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||
agreement | |||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' |
Notional amount of derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,000,000 | $15,000,000 | $29,000,000 | ' | ' | $17,500,000 | $20,000,000 | $17,500,000 |
Basis spread on variable rate (higher of this rate or one-month LIBOR) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.25% |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.59% | 3.06% |
Gain on interest rate cash flow hedge ineffectiveness | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 27,000 | 10,000 | ' | ' | ' | ' | 174,000 | ' | ' | ' |
Fair value of derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | 0 | 500,000 |
Unrealized income on cash flow hedges, before tax | ' | 0 | 104,000 | 39,000 | 126,000 | 196,000 | 225,000 | 194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized income on cash flow hedges, net of tax | ' | ' | ' | ' | ' | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized loss (pretax) recognized in interest expense | $202,000 | $0 | $104,000 | $39,000 | $312,000 | $382,000 | $434,000 | $754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Fair_Va
Derivative Instruments (Fair Value and Presentation of Derivatives as Hedges) (Details) (Deferred Revenue and Other Noncurrent Liabilities [Member], USD $) | Jan. 01, 2013 | Jan. 03, 2012 |
Deferred Revenue and Other Noncurrent Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate cash flow hedge derivative at fair value | $98,000 | $473,000 |
Derivative_Instruments_Effect_
Derivative Instruments (Effect of Derivatives on Income Statement) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 04, 2011 | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on swap in accumulated other comprehensive loss (pretax) | ' | $0 | $0 | $0 | $186 | $186 | $209 | $560 |
Realized loss (pretax) recognized in interest expense | $202 | $0 | $104 | $39 | $312 | $382 | $434 | $754 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Oct. 01, 2013 |
In Thousands, unless otherwise specified | |
Other Assets [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation plan | $460 |
Other Long Term Liabilities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation plan | $480 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value of Liabilities Measured on Recurring Basis) (Details) (Recurring [Member], USD $) | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total derivatives, fair value | $0 | $0 |
Temporary equity, fair value | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total derivatives, fair value | 98 | 473 |
Temporary equity, fair value | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total derivatives, fair value | 0 | 0 |
Temporary equity, fair value | $3,601 | $2,572 |
Closed_Restaurant_Reserve_Deta
Closed Restaurant Reserve (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 01, 2013 | Jan. 03, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' |
Closed restaurant reserves, beginning of period | $515 | $577 |
Additionsbstore closing costs incurred, accretion | 483 | 140 |
Decreasesbpayments | -210 | -202 |
Closed restaurant reserves, end of period | $788 | $515 |
Closed_Restaurant_Reserve_Narr
Closed Restaurant Reserve (Narrative) (Details) (Accrued Expenses and Other Liabilities [Member], USD $) | Jan. 01, 2013 | Jan. 03, 2012 |
In Millions, unless otherwise specified | ||
Accrued Expenses and Other Liabilities [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve, current portion | $0.30 | $0.20 |
Income_Taxes_Components_of_Pro
Income Taxes (Components of Provision (Benefit) for Income Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Current tax provision: | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | $49 | $0 | $47 |
State | ' | ' | ' | ' | 559 | 260 | 6 |
Total current tax provision | ' | ' | ' | ' | 608 | 260 | 53 |
Deferred tax provision (benefit): | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | 16 | -425 | -79 |
State | ' | ' | ' | ' | 2,591 | 1,945 | -340 |
Total deferred tax provision (benefit) | ' | ' | 366 | 4 | 2,607 | 1,520 | -419 |
Total provision (benefit) for income taxes | $2,183 | $107 | $2,633 | $2,540 | $3,215 | $1,780 | ($366) |
Effective tax rate | ' | ' | 38.00% | 41.30% | 38.40% | 31.70% | -18.20% |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Federal income expense at federal rate | ' | ' | ' | ' | $2,848 | $1,907 | $684 |
State income tax, net of related federal income tax benefit | ' | ' | ' | ' | 420 | 257 | 8 |
Permanent itemsbprimarily incentive stock options and cash settlement of options | ' | ' | ' | ' | 83 | -10 | -626 |
Foreign rate differential | ' | ' | ' | ' | 106 | 0 | 0 |
Change in blended state rate | ' | ' | ' | ' | 0 | -25 | 0 |
Other items, net | ' | ' | ' | ' | -242 | -349 | -432 |
Total provision (benefit) for income taxes | $2,183 | $107 | $2,633 | $2,540 | $3,215 | $1,780 | ($366) |
Effective income tax rate | ' | ' | 38.00% | 41.30% | 38.40% | 31.70% | -18.20% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-tax net income | $5,448,000 | $240,000 | $6,890,000 | $6,144,000 | $8,378,000 | $5,609,000 | $2,012,000 |
Foreign income (loss) | ' | ' | ' | ' | -300,000 | ' | ' |
Tax benefits on options | ' | ' | ' | ' | 27,000 | 109,000 | ' |
True up adjustments | ' | ' | ' | ' | 242,000 | 349,000 | 432,000 |
Estimated effective tax rate | 39.20% | ' | 39.20% | ' | ' | ' | ' |
Effective tax rate | ' | ' | 38.00% | 41.30% | 38.40% | 31.70% | -18.20% |
Increase in equity if realized | ' | ' | ' | ' | 3,300,000 | ' | ' |
Federal [Member] | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' | ' | $15,600,000 | $18,100,000 | ' |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Taxes) (Details) (USD $) | Jan. 01, 2013 | Jan. 03, 2012 |
In Thousands, unless otherwise specified | ||
Noncurrent deferred tax assets (liabilities): | ' | ' |
Loss carry forwards | $2,445 | $3,275 |
Deferred rent and franchise revenue | 9,622 | 7,696 |
Property, equipment and intangible assets | -11,061 | -6,628 |
Stock-based compensation | 994 | 514 |
Alternative minimum tax credits | 256 | 205 |
Interest rate swap | 38 | 183 |
Other | 497 | 251 |
Total noncurrent net deferred tax assets | 2,791 | 5,496 |
Current deferred tax assets (liabilities): | ' | ' |
Inventory smallwares | -1,459 | -1,146 |
Other | 436 | 283 |
Total current deferred tax liabilities | -1,023 | -863 |
Net deferred tax assets | $1,768 | $4,633 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 |
Class A Common Stock [Member] | Class B Common Stock [Member] | Class C Common Stock [Member] | Preferred Stock [Member] | Equity Sponsors [Member] | ||||
Minimum [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized | ' | 36,928,001 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 180,000,000 | 34,043,001 | 34,043,001 | 27,119,000 | 6,294,000 | 1 | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 2,885,000 | 2,885,000 | ' | ' | ' | 2,885,000 | ' |
Preferred stock, par value | $0.01 | $0.01 | $0.01 | ' | ' | ' | $0.01 | ' |
Registration rights, percentage of common stock shares | ' | ' | ' | ' | ' | ' | ' | 10.00% |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 01, 2013 | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 27, 2010 | Dec. 28, 2010 | 31-May-13 | Mar. 10, 2011 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Dec. 27, 2010 | Dec. 28, 2010 | |||||
IPO [Member] | Class B Common Stock [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | 2010 Stock Incentive Plan Post-Merger [Member] | 2010 Stock Incentive Plan Pre-Merger [Member] | 2010 Stock Incentive Plan Pre-Merger [Member] | 1998 Stock Option Plan [Member] | Capitalized Internal Costs [Member] | Capitalized Internal Costs [Member] | Capitalized Internal Costs [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | |||||||||||
Class A Common Stock [Member] | ||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock option term | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | $1,300,000 | $5,600,000 | ' | ' | ' | ' | $81,000 | $75,000 | $83,000 | $131,000 | [1] | $315,000 | [1] | $4,065,000 | [1] | $921,000 | [1] | ' | ' |
2010 Merger-transaction expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ||||
Cash settled in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,939,389 | ' | ||||
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.67 | ' | ||||
Accelerated shares | ' | ' | ' | ' | 2,393,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of shares authorized | 750,100 | 750,100 | ' | ' | ' | ' | 3,750,500 | ' | ' | ' | ' | 3,168,705 | 480,641 | 1,471,350 | 8,969,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of shares available for grant | ' | ' | 193,711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Exercises in period, intrinsic value | ' | ' | ' | 16,000 | ' | 147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unrecognized compensation cost | ' | ' | $3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Period for recognition | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of warrants issued | ' | ' | ' | ' | ' | ' | ' | 86,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Exercise price | 8.67 | 8.67 | ' | ' | ' | ' | ' | 8.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of securities exercised | 23,289 | 23,289 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Warrants outstanding | 57,700 | 57,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Discount from market place | 85.00% | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
ESPP, shares issued | ' | 14,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Shares reserved for future issuance | 735,675 | 735,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Incentive Plan) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Dec. 28, 2010 | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 27, 2010 | Oct. 01, 2012 | Dec. 26, 2010 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Oct. 01, 2013 | |||||
Executive Officer [Member] | IPO [Member] | Accelerated Vesting of Outstanding Stock Options [Member] | Stock Options Granted [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | ||||||||||
officer | IPO [Member] | IPO [Member] | Employee Stock Purchase Plan [Member] | ||||||||||||||||||||||||
Options, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Outstanding, beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,474,398 | 2,789,212 | 2,973,167 | 2,621,023 | 2,621,023 | 2,420,861 | 4,348,407 | 2,667,918 | 0 | ' | ' | ' | ' | |||||
Granted | ' | ' | ' | ' | 403,900 | ' | ' | ' | 2,420,861 | 0 | [1] | 8,655 | [1] | 538,273 | [1] | 176,850 | [1] | 516,473 | 283,307 | 736,734 | ' | ' | ' | ' | ' | ' | |
Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | -164,329 | -81,330 | -85,762 | ' | ' | ' | ' | ' | ' | |||||
Exercised | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | -1,815 | -59,990 | ' | ' | ' | ' | ' | ' | |||||
Cash settled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,939,389 | ' | ' | ' | ' | ' | ' | |||||
Canceled | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,961 | 129,949 | 39,004 | 129,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Outstanding, end of period | ' | ' | ' | ' | ' | ' | ' | ' | 2,420,861 | 3,472,437 | ' | 3,472,437 | ' | 2,973,167 | 2,621,023 | ' | 2,667,918 | 0 | ' | ' | ' | ' | |||||
Vested and expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,823,099 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,229,341 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted- average exercise price, beginning balance (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.12 | $8.67 | $8.67 | $8.67 | $4.96 | ' | $0 | ' | ' | ' | ' | |||||
Granted (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $8.67 | ' | ' | ' | ' | $11.27 | $8.67 | $5.86 | ' | ' | ' | ' | ' | ' | |||||
Forfeited (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | $8.68 | $8.67 | $5.04 | ' | ' | ' | ' | ' | ' | |||||
Exercised (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | $0 | $8.67 | $2.46 | ' | ' | ' | ' | ' | ' | |||||
Cash settled (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.13 | ' | ' | ' | ' | ' | ' | |||||
Weighted- average exercise price, ending balance (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $8.67 | ' | ' | ' | ' | $9.12 | $8.67 | ' | ' | $0 | ' | ' | ' | ' | |||||
Vested and expected to vest (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.06 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Exercisable (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.67 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted- Average Remaining Years of Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Vested and expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 0 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 5 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,971 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Vested and expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,656 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,261 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Share price (USD per share) | ' | $12.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted average fair market value on option grant date (USD per share) | ' | $2.84 | $1.89 | $1.72 | ' | ' | ' | ' | ' | ' | $1.25 | $5.81 | $1.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Stock based compensation expense | ' | ' | ' | ' | ' | ' | 2,000 | 1,200 | ' | 131 | [3] | 315 | [3] | 4,065 | [3] | 921 | [3] | ' | ' | ' | ' | ' | 1,200 | 1,300 | 5,600 | 45 | |
Capitalized stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | $21 | $56 | $57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of officers granted awards | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Vesting percentage | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Vesting period | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. | ||||||||||||||||||||||||||
[2] | Aggregate intrinsic value represents the amount by which estimated fair value of the Company's stock ($12.13 as of JanuaryB 1, 2013) exceeds the exercise price of the option as of JanuaryB 1, 2013. | ||||||||||||||||||||||||||
[3] | Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Assumptions) (Details) (USD $) | 12 Months Ended | ||
Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk-free interest | 0.40% | 1.10% | 1.90% |
Expected life (years) | '3 years 4 months 24 days | '3 years 8 months 12 days | '4 years 6 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 32.70% | 26.20% | 29.50% |
Weighted-average Black-Scholes fair value per share at date of grant | $2.84 | $1.89 | $1.72 |
StockBased_Compensation_Option
Stock-Based Compensation (Options Granted) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | Dec. 28, 2010 | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 27, 2010 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | Jan. 01, 2013 | |||||
Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | April 10, 2012 [Member] | May 14, 2012 [Member] | September 20, 2012 [Member] | December 6, 2012 [Member] | ||||||||
Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Granted | ' | ' | ' | 2,420,861 | 0 | [1] | 8,655 | [1] | 538,273 | [1] | 176,850 | [1] | 516,473 | 283,307 | 736,734 | 15,868 | 152,328 | 8,655 | 339,622 |
Exercise price (USD per share) | ' | ' | ' | $8.67 | ' | ' | ' | ' | $11.27 | $8.67 | $5.86 | $9.53 | $9.53 | $10.40 | $12.13 | ||||
Weighted average fair market value on option grant date (USD per share) | $2.84 | $1.89 | $1.72 | ' | ' | $1.25 | $5.81 | $1.21 | ' | ' | ' | $9.53 | $9.53 | $10.40 | $12.13 | ||||
[1] | The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. |
StockBased_Compensation_Exerci
Stock-Based Compensation (Exercise Price Range) (Details) ($8.67-$12.13 [Member], USD $) | 12 Months Ended |
Jan. 01, 2013 | |
$8.67-$12.13 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price range, lower range limit | $8.67 |
Exercise price range, upper range limit | $12.13 |
Number of options, outstanding | 2,973,167 |
Weighted- average remaining years of contractual life, outstanding | '8 years 1 month 6 days |
Weighted- average exercise price, outstanding | $9.12 |
Number of options, exercisable | 1,229,341 |
Weighted- average exercise price, exercisable | $8.67 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net income | $3,265 | $133 | $4,257 | $3,604 | $5,163 | $3,829 | $2,378 |
Shares: | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average shares outstanding (in shares) | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 | 23,238,984 | 23,237,698 | 24,386,059 |
Dilutive stock options and warrants (in shares) | 1,663,563 | 149,745 | 1,145,199 | 11,761 | 26,558 | 0 | 840,930 |
Diluted weighted average number of shares outstanding (in shares) | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 | 23,265,542 | 23,237,698 | 25,226,989 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' |
Basic EPS (USD per share) | $0.11 | $0.01 | $0.17 | $0.16 | $0.22 | $0.16 | $0.10 |
Diluted EPS (USD per share) | $0.11 | $0.01 | $0.16 | $0.16 | $0.22 | $0.16 | $0.09 |
Antidilutive securities excluded from computation of earnings per share | 0 | 172,831 | 488,018 | 2,552,951 | 590,617 | 2,621,023 | 736,734 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) | 12 Months Ended |
Jan. 01, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Required employee service term | '6 months |
Required employee age | '21 years |
Vesting percentage | 100.00% |
Leases_Details
Leases (Details) (USD $) | Jan. 01, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2013 | $29,528 |
2014 | 28,981 |
2015 | 27,139 |
2016 | 25,575 |
2017 | 22,786 |
Thereafter | 70,394 |
Total future minimum lease payments due | $204,403 |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 12 Months Ended | |
Jan. 01, 2013 | Jan. 03, 2012 | |
Operating Leased Assets [Line Items] | ' | ' |
Operating leases, lease term | '10 years | ' |
Operating leases, rent expense | $24,600,000 | $20,900,000 |
Operating leases, future minimum sublease rentals | $45,000 | ' |
Minimum [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Operating leases, extension term | '5 years | ' |
Maximum [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Operating leases, extension term | '15 years | ' |
Supplemental_Disclosures_to_Co2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Jan. 03, 2012 | Dec. 28, 2010 | |||
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' | ' | ' | |||
Interest paid (net of amounts capitalized) | $2,748 | $4,744 | $4,400 | $5,177 | $1,551 | |||
Income taxes paid | 400 | 273 | 509 | 43 | 870 | |||
(Payments for) purchases of property and equipment accrued in accounts payable | -1,363 | 2,025 | 2,648 | 1,170 | 1,354 | |||
Settlement of stock options in shares of Class A common stock | ' | ' | 0 | 0 | 3,628 | |||
Non-cash settlement of outstanding equity(1) | ' | ' | $0 | [1] | $0 | [1] | $189,388 | [1] |
[1] | Represents the liability for payments due to shareholders that was paid in 2011. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Executives [Member]) | 9 Months Ended | 12 Months Ended |
Oct. 01, 2013 | Jan. 01, 2013 | |
officer | officer | |
Executives [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Employment agreement, number of executives | 2 | 2 |
Employment agreement, initial term | '3 years | '3 years |
Employment agreement, cancelation notice period | '18 months | '90 days |
Employment agreement, severance pay, number of equivalent months | '18 months | '18 months |
Employment agreement, period for equal installments | '18 months | ' |
Employment agreement, number of shares available for purchase | ' | 296,828 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 0 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 27, 2010 | Dec. 27, 2010 | Dec. 27, 2010 | Dec. 27, 2010 | Oct. 01, 2013 | Jan. 01, 2013 | Jan. 03, 2012 | Oct. 02, 2012 | Feb. 28, 2011 | Oct. 01, 2013 | Oct. 01, 2013 |
director | Equity Sponsors [Member] | Catterton [Member] | Argentia [Member] | Management Services Fees [Member] | Management Services Fees [Member] | Management Services Fees [Member] | Dividend Paid [Member] | Repayment of Long Term Debt [Member] | IPO [Member] | IPO [Member] | |
director | director | Equity Sponsors [Member] | Equity Sponsors [Member] | Equity Sponsors [Member] | Class C Common Stock [Member] | Equity Sponsors [Member] | Bonuses and Payroll Taxes [Member] | Bonuses and Payroll Taxes [Member] | |||
Equity Sponsors [Member] | Equity Sponsors [Member] | Employees [Member] | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid to related party | ' | ' | ' | ' | $375 | $1,100 | $1,100 | $625 | $45,900 | $800 | $1,700 |
Collaborative group, ownership percentage | 90.00% | 90.00% | 45.00% | 45.00% | ' | ' | ' | ' | ' | ' | ' |
Number of directors to be selected by related party | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Regulatory prohibition against investment if percentage of voting interest is over threshold | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors to be selected by related party upon qualifying regulatory change | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors not designated by related party, ineligible for election unless approved by related party | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors not designated by related party | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member]) | 0 Months Ended |
Jun. 25, 2013 | |
Class A Common Stock [Member] | ' |
Subsequent Event [Line Items] | ' |
Reverse stock split (1-for-0.577 reverse stock split) | 0.577 |
Class B Common Stock [Member] | ' |
Subsequent Event [Line Items] | ' |
Reverse stock split (1-for-0.577 reverse stock split) | 0.577 |