Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 30, 2014 | Feb. 19, 2015 | Jul. 01, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | NOODLES & Co | ||
Entity Central Index Key | 1275158 | ||
Current Fiscal Year End Date | -18 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 30-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 29,827,302 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $438.80 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $1,906 | $968 |
Accounts receivable | 4,557 | 4,229 |
Inventories | 9,415 | 7,223 |
Prepaid expenses and other assets | 6,271 | 5,310 |
Income tax receivable | 627 | 603 |
Total current assets | 22,776 | 18,333 |
Property and equipment, net | 205,573 | 167,614 |
Goodwill | 6,400 | 0 |
Intangibles, net | 1,927 | 351 |
Other assets, net | 2,227 | 1,504 |
Total long-term assets | 216,127 | 169,469 |
Total assets | 238,903 | 187,802 |
Current liabilities: | ||
Accounts payable | 10,865 | 8,167 |
Accrued payroll and benefits | 4,704 | 7,121 |
Accrued expenses and other current liabilities | 8,560 | 7,747 |
Current deferred tax liabilities, net | 1,702 | 1,130 |
Total current liabilities | 25,831 | 24,165 |
Long-term debt | 27,500 | 6,312 |
Deferred rent | 35,498 | 28,846 |
Deferred tax liabilities, net | 6,512 | 1,146 |
Other long-term liabilities | 3,447 | 2,860 |
Total liabilities | 98,788 | 63,329 |
Temporary equity | ||
Common stock subject to put options—0 and 296,828 shares as of December 31, 2013 and January 1, 2013, respectively | 0 | 0 |
Stockholders' equity: | ||
Common stock—$0.01 par value, authorized 180,000,000 shares as of December 30, 2014 and December 31, 2013; 29,820,340 and 29,544,557 issued and outstanding as of December 30, 2014 and December 31, 2013, respectively | 298 | 295 |
Treasury stock, at cost, 67,586 and 65,478 shares as of December 30, 2014 and December 31, 2013, respectively | -2,848 | -2,777 |
Additional paid-in capital | 120,929 | 116,647 |
Retained earnings | 21,736 | 10,308 |
Total stockholders' equity | 140,115 | 124,473 |
Total liabilities and stockholders' equity | $238,903 | $187,802 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
Common stock subject to put options | 0 | 296,828 |
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 180,000,000 | 34,043,001 |
Common stock, shares, issued | 29,544,557 | 23,238,984 |
Common stock, shares, outstanding | 29,544,557 | 23,238,984 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Revenue: | |||
Restaurant revenue | $398,993 | $347,140 | $297,264 |
Franchise royalties and fees | 4,748 | 3,784 | 3,146 |
Total revenue | 403,741 | 350,924 | 300,410 |
Restaurant operating costs (exclusive of depreciation and amortization, shown separately below): | |||
Cost of sales | 107,217 | 91,892 | 78,997 |
Labor | 120,492 | 104,040 | 89,435 |
Occupancy | 42,540 | 35,173 | 29,323 |
Other restaurant operating costs | 52,580 | 44,078 | 36,380 |
General and administrative | 31,394 | 35,893 | 29,081 |
Depreciation and amortization | 24,787 | 20,623 | 16,719 |
Pre-opening | 4,425 | 3,809 | 3,145 |
Asset disposals, closure costs and restaurant impairments | 1,391 | 1,164 | 1,278 |
Total costs and expenses | 384,826 | 336,672 | 284,358 |
Income from operations | 18,915 | 14,252 | 16,052 |
Debt extinguishment expense | 0 | 624 | 2,646 |
Interest expense | 365 | 2,196 | 5,028 |
Income before income taxes | 18,550 | 11,432 | 8,378 |
Provision for income taxes | 7,122 | 4,767 | 3,215 |
Net income | $11,428 | $6,665 | $5,163 |
Earnings per share of Class A and Class B common stock, combined: | |||
Basic (USD per share) | $0.38 | $0.25 | $0.22 |
Diluted (USD per share) | $0.37 | $0.24 | $0.22 |
Weighted average shares of Class A and Class B common stock outstanding, combined: | |||
Basic (in shares) | 29,717,304 | 26,406,904 | 23,238,984 |
Diluted (in shares) | 31,001,099 | 27,688,629 | 23,265,542 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Net income | $11,428 | $6,665 | $5,163 |
Cash flow hedges: | |||
Loss recognized in accumulated other comprehensive income | 0 | 0 | -186 |
Reclassification of loss to net income | 0 | 0 | 382 |
Unrealized income on cash flow hedges | 0 | 0 | 196 |
Provision for income tax on cash flow hedges | 0 | 0 | -168 |
Other comprehensive income, net of tax | 0 | 0 | 28 |
Comprehensive income | $11,428 | $6,665 | $5,191 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity Statement (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] | Class B Common Stock [Member] | Class C Common Stock [Member] | ||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Temporary equity, beginning balance at Jan. 03, 2012 | $2,572 | |||||||||
Beginning balance at Jan. 03, 2012 | 4,951 | 232 | [1],[2] | 0 | 6,291 | -52 | -1,520 | |||
Beginning balance, shares at Jan. 03, 2012 | 23,238,984 | [2] | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exercise of stock options | 27 | 0 | 27 | |||||||
Exercise of stock options, shares | 0 | |||||||||
Stock-based compensation expenses | -1,029 | 1,315 | ||||||||
2010 Merger-transaction expenses | 1,315 | -48 | ||||||||
Temporary equity related to put options | -48 | |||||||||
Treasury shares acquired | -1,029 | |||||||||
Unrealized income on cash flow hedges, net of tax | 28 | 28 | ||||||||
Net income | 5,163 | 5,163 | ||||||||
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],[2] | 0 | 7,585 | -24 | 2,614 | |||
Ending balance, shares at Jan. 01, 2013 | [2] | 23,238,984 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock in connection with IPO, net of transaction expenses | 100,069 | 62 | [2] | 100,007 | ||||||
Issuance of common stock, net of transaction expenses, shares | [2] | 6,160,714 | ||||||||
Elimination of temporary equity at IPO | 3,601 | 2,572 | 1,029 | |||||||
Proceeds from exercise of stock options, warrants and employee stock purchase plan | 1,982 | 1 | [2] | 1,981 | ||||||
Proceeds from exercise of stock options, warrants and employee stock purchase plan, shares | [2] | 144,907 | ||||||||
Treasury shares acquired | -2,777 | -2,777 | ||||||||
Treasury shares acquired, shares | 65,478 | |||||||||
Stock-based compensation expenses | 201 | 201 | ||||||||
2010 Merger-transaction expenses | 1,098 | 1,098 | ||||||||
Stock-based compensation expense related to acceleration of vesting | 3,203 | 3,203 | ||||||||
Other | 24 | 24 | ||||||||
Other, shares | [2] | -48 | ||||||||
Net income | 6,665 | 6,665 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Elimination of temporary equity at IPO | -3,601 | |||||||||
Temporary equity related to put options | 0 | |||||||||
Temporary equity, ending balance at Dec. 31, 2013 | 0 | |||||||||
Ending balance at Dec. 31, 2013 | 124,473 | 295 | [1],[2] | -2,777 | 116,647 | 0 | 10,308 | |||
Ending balance, shares at Dec. 31, 2013 | 29,544,557 | [2] | 65,478 | 6,292,640 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Proceeds from exercise of stock options, warrants and employee stock purchase plan | 2,676 | 3 | [2] | 2,673 | ||||||
Proceeds from exercise of stock options, warrants and employee stock purchase plan, shares | [2] | 275,783 | ||||||||
Treasury shares acquired | -71 | -71 | ||||||||
Treasury shares acquired, shares | 2,108 | |||||||||
Stock-based compensation expenses | 253 | 253 | ||||||||
2010 Merger-transaction expenses | 1,418 | 1,418 | ||||||||
Other | -62 | 0 | ||||||||
Other, shares | [2] | 0 | ||||||||
Adjustments to Additional Paid in Capital, Other | -62 | |||||||||
Net income | 11,428 | 11,428 | ||||||||
Temporary equity, ending balance at Dec. 30, 2014 | 0 | |||||||||
Ending balance at Dec. 30, 2014 | $140,115 | $298 | [1],[2] | ($2,848) | $120,929 | $0 | $21,736 | |||
Ending balance, shares at Dec. 30, 2014 | 29,820,340 | [2] | 67,586 | 1,522,098 | ||||||
[1] | Includes 1,522,098 and 6,292,640 shares of Class B common stock as of December 30, 2014 and December 31, 2013, respectively, and one share of Class C common stock as of January 1, 2013 | |||||||||
[2] | Unless otherwise noted, activity relates to Class A common stock |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Operating activities | |||
Net income | $11,428 | $6,665 | $5,163 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 24,787 | 20,623 | 16,719 |
Provision for deferred income taxes | 6,330 | 4,206 | 2,607 |
Excess tax benefit on stock-based compensation | -253 | -201 | -27 |
Asset disposals, closure costs and restaurant impairments | 1,391 | 1,164 | 1,278 |
extinguishment expense | 101 | 710 | 3,227 |
Stock-based compensation | 1,330 | 4,230 | 1,234 |
Other noncash | 0 | -248 | -341 |
Changes in operating assets and liabilities: | |||
Accounts receivable and income tax receivable | -75 | 538 | -1,124 |
Inventories | -1,840 | -1,181 | -1,447 |
Prepaid expenses and other assets | -1,768 | -1,518 | -644 |
Accounts payable | 2,661 | -230 | -155 |
Deferred rent | 6,390 | 5,833 | 4,369 |
Income taxes | -24 | 392 | 20 |
Accrued expenses and other liabilities | -1,431 | 2,651 | 1,190 |
Net cash provided by operating activities | 49,027 | 43,634 | 32,069 |
Investing activities | |||
Purchases of property and equipment | -56,352 | -54,429 | -47,384 |
Payments to Acquire Businesses, Gross | -15,708 | 0 | 0 |
Net cash used in investing activities | -72,060 | -54,429 | -47,384 |
Financing activities | |||
Proceeds from issuances of long-term debt | 310,479 | 136,357 | 105,697 |
Payments on long-term debt | -289,292 | -224,526 | -89,549 |
Debt issuance costs | 0 | -124 | -754 |
Acquisition of treasury stock | -71 | -2,777 | 0 |
Issuance of common stock, net of transaction expenses | 0 | 100,069 | -48 |
Proceeds from exercise of stock options, warrants and employee stock purchase plan | 2,676 | 1,982 | 0 |
Excess tax benefit on stock-based compensation | 253 | 201 | 27 |
Other financing activities | -74 | 0 | 0 |
Net cash provided by financing activities | 23,971 | 11,182 | 15,373 |
Net increase in cash and cash equivalents | 938 | 387 | 58 |
Cash and cash equivalents | |||
Beginning of year | 968 | 581 | 523 |
End of year | $1,906 | $968 | $581 |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 30, 2014 | |||
Accounting Policies [Abstract] | |||
Business and Summary and Basis of Presentation | Business and Summary of Significant Accounting Policies | ||
Business | |||
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 December 30, 2014, there were 386 company-owned restaurants and 53 franchise restaurants in 32 states and the District of Columbia. The Company operates its business as one operating and reportable segment. | |||
On December 5, 2013, the Company completed a follow-on offering of 4,500,000 shares of Class A common stock at a price of $39.50 per share. All of the shares in the offering were offered by selling stockholders, except for 108,267 shares offered by the Company, the proceeds of which were used to repurchase the same number of shares from certain officers at the same net price per share. The Company did not receive any net proceeds from the offering. The selling stockholders paid all of the underwriting discounts and commissions associated with the sale of the shares; however, the Company incurred approximately $696,000 in costs and expenses related to this offering. | |||
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. Catterton and Argentia sold shares in the follow-on offering that closed in December of 2013 and own 50.6% of the Company's common shares outstanding as of December 30, 2014. | |||
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 9 "Stockholders' Equity." | |||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All material intercompany balances and transactions are eliminated in consolidation. | |||
Fiscal Year | |||
The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal years 2014, 2013 and 2012, which ended on December 30, 2014, December 31, 2013 and January 1, 2013, respectively, each contained 52 weeks. | |||
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. | |||
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 are considered to be cash equivalents because they are both short-term and highly liquid in nature. Amounts receivable from credit card processors are considered cash equivalents, and as of December 30, 2014 and December 31, 2013 were $1.2 million and $1.5 million, respectively, and were offset on the consolidated balance sheets by outstanding checks. 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. | |||
1. Business and Summary of Significant Accounting Policies (continued) | |||
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 December 30, 2014 or December 31, 2013. | |||
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 December 30, 2014 and December 31, 2013, smallwares inventory of $6.2 million and $4.5 million, respectively, were 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 and 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 $24.8 million in 2014, $20.6 million in 2013 and $16.7 million in 2012. | |||
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 20 years | ||
Furniture and fixtures | 3 to 15 years | ||
Equipment | 3 to 7 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 $2.9 million, $2.6 million and $2.3 million in 2014, 2013 and 2012, 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 $0.4 million in 2014, $0.3 million in 2013 and $0.3 million in 2012. | |||
Goodwill | |||
Goodwill represents the excess of purchase price over the fair value of identifiable net assets acquired and is not subject to amortization. The Company evaluates goodwill annually, on the first day of the Company's fourth fiscal quarter, to determine if there have been any events or circumstances that would trigger a more-likely-than-not reduction in the fair value of a reporting unit below its carrying amount. In 2014, no indications of impairment were identified. | |||
Intangibles, net | |||
Intangible, net consist primarily of reacquired franchise rights, favorable lease agreements, trademarks and transferable liquor licenses. The Company amortizes the fair value of reacquired franchise rights over the remaining contractual terms of the reacquired franchise area development agreements at the time of acquisition, which ranged from approximately 12 years to 19 years as of December 30, 2014. The Company amortizes the fair value of favorable lease agreements over the remaining related lease terms at the time of the acquisition, which ranged from approximately five years to 14 years as of December 30, 2014. Trademark rights are considered indefinite lived intangibles, the carrying value of which is analyzed for impairment at least annually. Transferable liquor licenses are carried at the lower of fair value or cost and are reviewed annually for impairment or changes in circumstances that indicate that the carrying amount may not be recoverable. | |||
1. Business and Summary of Significant Accounting Policies (continued) | |||
Other Assets | |||
Other assets consist primarily of unamortized debt issuance costs and long term deposits. 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 2013 and 2012, the Company incurred debt issuance costs related to amendments of its credit facility in 2013 and 2012. See Note 5 "Borrowings." | |||
Net debt issuance costs of $0.4 million and $0.5 million are recorded in other assets, net of accumulated amortization of $0.3 million and $0.2 million, as of December 30, 2014 and December 31, 2013, respectively. In 2013 and 2012, the Company amended and restated its credit facility. The Company wrote off $0.6 million and $2.6 million of debt issuance costs, net of accumulated amortization of $0.3 million and $0.8 million in 2013 and 2012, respectively. | |||
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. 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 $57,000, $54,000 and $0.1 million in 2014, 2013 and 2012, 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 Measurements") based on a discounted cash flows method 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 18 months. The Company recognized gift card breakage of $0.2 million in each of 2014, 2013 and 2012, in restaurant revenue. | |||
1. Business and Summary of Significant Accounting Policies (continued) | |||
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 December 30, 2014, December 31, 2013, and January 1, 2013, there were 53, 62 and 51 franchise restaurants in operation, respectively. Franchisees opened 10, 11 and six restaurants in 2014, 2013 and 2012, respectively. The Company purchased 19 restaurants from franchisees in 2014. See Note 2 "Business Combinations." | |||
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 $4.4 million, $3.9 million and $2.8 million in 2014, 2013 and 2012, 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 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 | |||
Comprehensive income consists of the net income 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, presented in the consolidated statements of comprehensive income for 2012 consist of the unrealized income, net of tax, on the Company's cash flow hedges. | |||
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." | |||
1. Business and Summary of Significant Accounting Policies (continued) | |||
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. See Note 11 "Earnings Per Share." | |||
Reclassification | |||
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net income. | |||
Recent Accounting Pronouncements | |||
In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updated ("ASU"), "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." This update requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company does not expect this standard to have an impact on the Company’s consolidated financial position or results of operations. | |||
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards ("IFRS"). The pronouncement is effective for reporting periods beginning after December 15, 2016. The adoption of ASU 2014-09 is being evaluated and is not expected to significantly affect the Company’s consolidated financial position or results of operations. |
Business_Combinations_Notes
Business Combinations (Notes) | 12 Months Ended | ||||
Dec. 30, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combinations | Business Combinations | ||||
During 2014, the Company acquired 19 restaurants from its franchisees, through two separate transactions. The total cash purchase price was $15.7 million and the Company incurred acquisition costs related to the transactions of $0.1 million reflected in General and Administrative expense for the year ended December 30, 2014. The consolidated statements of income include the results of operations for the restaurants from the date of acquisition. The pro forma impact of the acquisitions is not presented as the impact was not material to reported results. | |||||
The acquisition of the 19 restaurants was accounted for using the purchase method as defined in ASC 805, Business Combination. The goodwill generated by the acquisitions is not amortizable for book purposes but is amortizable and deductible for tax purposes. The assets acquired and liabilities assumed were recorded based on their fair values at the time of the acquisitions, as detailed below: | |||||
Fair Value at December 30, 2014 | |||||
Inventories | $ | 352 | |||
Prepaid expenses and other assets | 33 | ||||
Deferred tax asset | 142 | ||||
Property and equipment | 7,564 | ||||
Intangibles | 1,567 | ||||
Goodwill | 6,400 | ||||
Deferred rent and other liabilities | (319 | ) | |||
Total purchase price | $ | 15,739 | |||
2. Business Combinations (continued) | |||||
Of the $1.6 million of intangible assets, $1.4 million are related to reacquired franchise rights, which will be amortized on a straight-line basis over an average life of approximately 16 years and $0.2 million are related to favorable leases, which will be amortized on a straight-line basis over an average life of nine years. The unfavorable leases, which were included in deferred rent in the accompanying condensed consolidated balance sheets, will be amortized on a straight-line basis over an average period of 11 years. The fair value measurement of tangible and intangible assets and liabilities as of the acquisition date is based on significant inputs not observed in the market and thus represents a Level 3 measurement that is subject to change. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||
The following table presents goodwill as of December 30, 2014 and December 31, 2013, (in thousands). | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | — | $ | — | |||||
Acquisitions | 6,400 | — | |||||||
Balance at end of year | $ | 6,400 | $ | — | |||||
The Company has had no goodwill impairment losses in the periods presented in the above table. | |||||||||
The following table presents intangible assets subject to amortization as of December 30, 2014 and December 31, 2013, (in thousands). | |||||||||
2014 | 2013 | ||||||||
Amortized intangible assets: | |||||||||
Reacquired franchise rights | $ | 1,376 | $ | — | |||||
Favorable leases | 190 | — | |||||||
Less accumulated amortization | (45 | ) | — | ||||||
1,521 | — | ||||||||
Non-amortized intangible assets: | |||||||||
Trademark rights and transferable liquor licenses | 406 | 351 | |||||||
$ | 1,927 | $ | 351 | ||||||
The estimated aggregate future amortization expense as of December 30, 2014 is as follows, (in thousands): | |||||||||
2015 | $ | 123 | |||||||
2016 | 117 | ||||||||
2017 | 115 | ||||||||
2018 | 115 | ||||||||
2019 | 114 | ||||||||
Thereafter | 937 | ||||||||
$ | 1,521 | ||||||||
Borrowings
Borrowings | 12 Months Ended |
Dec. 30, 2014 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings |
Credit Facility | |
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 November 2018. 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 the second quarter of 2013, the Company repaid its outstanding $75.0 million senior term loan and the majority of the revolving line of credit. | |
As of December 30, 2014, the Company had $27.5 million outstanding and $14.8 million available for borrowing under the credit facility. Outstanding letters of credit aggregating $2.7 million reduce the amount available to borrow. Borrowings under our amended and restated credit facility bear interest, at our option, at either (i) LIBOR plus 1.00 to 1.75%, based on the lease-adjusted leverage ratio or (ii) the highest of the following rates plus zero to 0.75%: (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 facility includes a commitment fee of 0.125 to 0.25%, based on the lease-adjusted leverage ratio, per year on any unused portion of the facility. The credit facility bore interest at a range of 3.25% to 3.50% during 2014. | |
Availability of borrowings under the revolving line of credit is conditioned on compliance with specified covenants, including a maximum lease-adjusted leverage ratio and a minimum consolidated fixed charge coverage ratio. We are subject to a number of other customary covenants, including limitations on additional borrowings, acquisitions, dividend payments and lease commitments. As of December 30, 2014, the Company was in compliance with all of its debt covenants. | |
The credit facility is secured by a pledge of stock of substantially all of the Company's subsidiaries and a lien on substantially all of the personal property assets of the Company and its subsidiaries. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 30, 2014 | |
Fair Value Disclosures [Abstract] | |
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 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 | |
The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation. | |
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). |
Closed_Restaurant_Reserve
Closed Restaurant Reserve | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
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 December 30, 2014 and December 31, 2013 (in thousands). | |||||||||
2014 | 2013 | ||||||||
Closed restaurant reserves, beginning of period | $ | 583 | $ | 788 | |||||
Additions—store closing costs recognized, accretion | 77 | 80 | |||||||
Decreases—payments | (216 | ) | (285 | ) | |||||
Closed restaurant reserves, end of period | $ | 444 | $ | 583 | |||||
7. Closed Restaurant Reserve (continued) | |||||||||
The current portion of the liability, $0.2 million as of December 30, 2014 and December 31, 2013, 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 | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The components of the provision for income taxes are as follows for 2014, 2013 and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax provision: | |||||||||||||
Federal | $ | — | $ | — | $ | 49 | |||||||
State | 792 | 561 | 559 | ||||||||||
792 | 561 | 608 | |||||||||||
Deferred tax provision: | |||||||||||||
Federal | 5,662 | 3,923 | 2,591 | ||||||||||
State | 668 | 283 | 16 | ||||||||||
6,330 | 4,206 | 2,607 | |||||||||||
Total provision for income taxes | $ | 7,122 | $ | 4,767 | $ | 3,215 | |||||||
The reconciliation of income tax provision 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 2014, 2013 and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income expense at federal rate | $ | 6,299 | $ | 3,887 | $ | 2,848 | |||||||
State income tax, net of related federal income tax benefit | 972 | 653 | 420 | ||||||||||
Permanent differences | 170 | 374 | 83 | ||||||||||
Foreign rate differential | 6 | 26 | 106 | ||||||||||
Tax credits | (241 | ) | (149 | ) | — | ||||||||
Other items, net | (84 | ) | (24 | ) | (242 | ) | |||||||
Provision for income taxes | $ | 7,122 | $ | 4,767 | $ | 3,215 | |||||||
Effective income tax rate | 38.4 | % | 41.7 | % | 38.4 | % | |||||||
In 2014, 2013, and 2012 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 $253,000, $201,000, and $27,000, respectively, as a credit to additional paid-in capital. | |||||||||||||
The company's total deferred tax assets and liabilities are as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | 23,001 | 20,605 | |||||||||||
Deferred tax liabilities | (31,216 | ) | (22,881 | ) | |||||||||
Total deferred tax liabilities, net | (8,215 | ) | (2,276 | ) | |||||||||
8. Income Taxes (continued) | |||||||||||||
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): | |||||||||||||
2014 | 2013 | ||||||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Loss carry forwards | $ | 743 | $ | 2,745 | |||||||||
Deferred rent and franchise revenue | 14,454 | 11,850 | |||||||||||
Property, equipment and intangible assets | (26,514 | ) | (19,342 | ) | |||||||||
Stock-based compensation | 2,847 | 2,442 | |||||||||||
Tax credit carry forwards | 897 | 565 | |||||||||||
Other | 1,061 | 594 | |||||||||||
Total noncurrent net deferred tax assets (liabilities) | (6,512 | ) | (1,146 | ) | |||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Inventory smallwares | (2,405 | ) | (1,737 | ) | |||||||||
Other | 702 | 607 | |||||||||||
Total current deferred tax liabilities | (1,703 | ) | (1,130 | ) | |||||||||
Net deferred tax assets (liability) | $ | (8,215 | ) | $ | (2,276 | ) | |||||||
At December 30, 2014 and December 31, 2013, net operating loss carry forwards for federal income tax purposes of approximately $22.9 million and $22.7 million, respectively, were available to offset future taxable income through the year 2034 and 2033, 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 December 30, 2014 and December 31, 2013. Equity will be increased by up to $7.0 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 December 30, 2014 or December 31, 2013. The only periods subject to examination for the Company's federal and state returns are 2010 through 2013. |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended |
Dec. 30, 2014 | |
Equity [Abstract] | |
Stockholder's Equity | Stockholders' Equity |
The Company has 181,000,000 shares of stock authorized, consisting of 150,000,000 shares of Class A common stock, par value $0.01 per share; 30,000,000 shares of Class B common stock, par value $0.01 and 1,000,000 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: | |
Reverse Stock Split | |
On June 25, 2013, the Company effected a 1-for-0.577 reverse stock split of its Class A common stock and Class B common stock. Concurrent with the reverse stock split, the Company adjusted the number of shares subject to, and the exercise price of, 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. | |
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. | |
9. Stockholders' Equity (continued) | |
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 provided that the new investor would receive, in the form of a dividend, an amount equal to the compensation payable to the other new investor under a Management Services Agreement. In connection with the IPO, the management services agreement expired and the one share of Class C common stock was redeemed. 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—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. A few shareholders who are also Executive Officers of the Company or a member of the Company's Board of Directors have piggyback registration rights, but are not required to exercise these rights. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
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 ("SARs"), restricted stock, restricted stock units ("RSUs") and incentive bonuses | ||||||||||||||
to employees, officers, nonemployee directors and other service providers. The number of shares of common stock available for issuance pursuant to awards granted under the Stock Incentive Plan is 3,168,705 shares. The Plan is administered by the Compensation Committee of the board or another committee designated by the board, or in the absence of any such committee, the board itself (the "administrator"). Stock options are granted at a price determined by the administrator at an exercise price that is not less than the fair market value of the underlying stock on the date of option is grant. The administrator may also grant SARs and RSUs with terms determined by the administrator in accordance with the Plan. The fair market value of shares prior to the IPO was determined | ||||||||||||||
by the Compensation Committee of the board, or the board 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 four years from the date of grant. | ||||||||||||||
Stock-based compensation expense is generally recognized on a straight-line basis over the service period of the options. In 2014, 2013 and 2012, non-cash stock-based compensation expense of $1.4 million, $4.3 million and $1.2 million, respectively, is included in general and administrative expense. Stock-based compensation of $88,000, $71,000 and $81,000 is included in capitalized internal costs in 2014, 2013 and 2012, respectively. Of the total stock-based compensation recognized in 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. Stock-based compensation expense also includes $71,495 related to the Employee Stock Purchase Plan, see Note 12 "Employee Benefit Plans." | ||||||||||||||
At December 30, 2014, options available for future share grants totaled 3,128,014. The intrinsic value associated with options exercised was $6.0 million and $5.1 million for the fiscal years ended December 30, 2014 and December 31, 2013, respectively. | ||||||||||||||
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. | ||||||||||||||
10. Stock-Based Compensation (continued) | ||||||||||||||
The weighted-average assumptions used in the model were as follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free interest | 1.7 | % | 1.1 | % | 0.4 | % | ||||||||
Expected life (years) | 5 | 4.3 | 3.4 | |||||||||||
Expected dividend yield | — | — | — | |||||||||||
Volatility | 36.5 | % | 39.7 | % | 32.7 | % | ||||||||
Weighted-average Black-Scholes fair value per share at date of grant | $ | 10.52 | $ | 6.04 | $ | 2.84 | ||||||||
The tables below summarize the option activity under the Plan: | ||||||||||||||
Shares | Weighted- | |||||||||||||
Average | ||||||||||||||
Exercise Price | ||||||||||||||
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 | ||||||||||||
Granted | 555,273 | 18.06 | ||||||||||||
Forfeited | (55,389 | ) | 11.89 | |||||||||||
Exercised | (163,179 | ) | 8.72 | |||||||||||
Outstanding—December 31, 2013 | 3,309,872 | 10.59 | ||||||||||||
Granted | 269,552 | 30.4 | ||||||||||||
Forfeited | (73,673 | ) | 19.72 | |||||||||||
Exercised | (260,487 | ) | 8.85 | |||||||||||
Outstanding—December 30, 2014 | 3,245,264 | $ | 12.17 | |||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic Value(1) (in thousands) | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Years of | ||||||||||||||
Contractual | ||||||||||||||
Life | ||||||||||||||
Outstanding as of December 30, 2014 | 3,245,264 | $ | 12.17 | 6.86 | $ | 47,385 | ||||||||
Vested and expected to vest | 3,218,628 | 12.08 | 6.84 | 47,222 | ||||||||||
Exercisable as of December 30, 2014 | 2,504,436 | 9.8 | 6.34 | 41,561 | ||||||||||
_____________ | ||||||||||||||
-1 | Aggregate intrinsic value represents the amount by which fair value of the Company's stock exceeds the exercise price of the option as of December 30, 2014. | |||||||||||||
As of December 30, 2014, there was $3.5 million of unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Stock Incentive Plan, which is expected to be recognized over 2.89 years. | ||||||||||||||
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 2014 and 2013, the Company did not recognize stock-based compensation expense as no performance criteria were met. During 2013, 28,850 warrants were exercised by the consultant. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
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 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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (in thousands) | $ | 11,428 | $ | 6,665 | $ | 5,163 | |||||||
Shares: | |||||||||||||
Basic weighted average shares outstanding | 29,717,304 | 26,406,904 | 23,238,984 | ||||||||||
Dilutive stock options and warrants | 1,283,795 | 1,281,725 | 26,558 | ||||||||||
Diluted weighted average number of shares outstanding | 31,001,099 | 27,688,629 | 23,265,542 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.38 | $ | 0.25 | $ | 0.22 | |||||||
Diluted | $ | 0.37 | $ | 0.24 | $ | 0.22 | |||||||
The Company excluded 248,000, 17,000 and 590,617 outstanding options from the diluted earnings per share calculation for 2014, 2013 and 2012, 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. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans |
Defined Contribution Plan | |
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 2014, 2013 and 2012. | |
Deferred Compensation Plan | |
The Company's deferred compensation plan, under which compensation deferrals began in 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 December 30, 2014, $1.3 million was included in both other assets, net and other long term liabilities, which represent the carrying value of the liability for deferred compensation and the cash surrender value of the associated life insurance policy, respectively. | |
Employee Stock Purchase Plan | |
In 2013, the Company adopted an Employee Stock Purchase Plan under which eligible team members may voluntarily contribute up to 15% of their salaries, subject to limitations, to purchase common stock at a price equal to 85% of the fair market value of a share of the Company's common stock on the first day of each offering period or 85% of the fair market value of a share of the Company's common stock on the last day of each offering period, whichever amount is less. In general, all of the Company's officers and team members who have been employed by the Company for at thirty days prior to the offering period and who are regularly scheduled to work more than twenty hours per week and for more than five months in any calendar year, are eligible to participate in this plan which operates in-line with the Company's fiscal quarters. A total of 750,000 shares of common stock are available for issuance under this plan. The Company has issued a total of 35,760 shares under this plan, of which 17,404 shares were issued during 2014. A total of 714,240 shares remain available for future issuance. For 2014, in accordance with the guidance for accounting for stock compensation, the Company estimated the fair value of the stock purchase plan using the Black-Scholes multiple-option pricing model. The average assumptions used in the model included a 0.030% risk-free interest rate; two billion four hundred ninety-three million one hundred fifty thousand six hundred eighty-five ten-billionths month expected life; expected | |
12. Employee Benefit Plans (continued) | |
volatility of 13.4%; and a zero percent dividend yield. The weighted average fair value per share at grant date was $4.11. In 2014, the Company recognized $71,495 of compensation expense related to this plan. |
Leases_Notes
Leases (Notes) | 12 Months Ended | |||
Dec. 30, 2014 | ||||
Leases [Abstract] | ||||
Leases | Leases | |||
The Company leases restaurant facilities, office space and certain equipment under operating leases that expire on various dates through August 2035. Lease terms for traditional shopping centers generally include a base term of 10 years, with options to extend these leases for additional periods of five 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 2014, 2013 and 2012 was approximately $35.7 million, $29.5 million and $24.6 million, respectively. | ||||
Future minimum lease payments required under existing leases as of December 30, 2014 are as follows (in thousands): | ||||
2015 | $ | 42,188 | ||
2016 | 42,713 | |||
2017 | 39,762 | |||
2018 | 34,957 | |||
2019 | 30,497 | |||
Thereafter | 104,253 | |||
$ | 294,370 | |||
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
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 (in thousands) for fiscal years 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid (net of amounts capitalized) | $ | — | $ | 2,506 | $ | 4,400 | |||||||
Income taxes paid (net of refunds) | 811 | 137 | 509 | ||||||||||
Purchases of property and equipment accrued in accounts payable | 37 | 996 | 2,648 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is named as a defendant in an action filed in the Superior Court of Delaware in New Castle County, entitled The State of Delaware, William French v. Card Compliant, LLC, et. al. The case was filed under seal in June 2013 and was unsealed on March 26, 2014. The complaint in this case alleges that a number of large retailers and restaurant companies, including the Company, knowingly refused to fulfill obligations under Delaware's Abandoned Property Law by failing to report and deliver "unclaimed gift card funds" to the State of Delaware, and knowingly made, used or caused to be made or used, false statements and records to conceal, avoid or decrease an obligation to pay or transmit money to Delaware in violation of the Delaware False Claims and Reporting Act. The complaint seeks an order that the Company cease and desist from violating the Delaware False Claims and Reporting Act, monetary damages (including treble damages under the False Claims and Reporting Act), penalties and attorneys' fees and costs. The case was removed to United States Federal District Court for the District of Delaware, and the plaintiffs filed a motion to remand the case to the Superior Court for the State of Delaware, which was granted. The Company has also filed a motion to dismiss the complaint. The case is at an early stage, and the Company therefore is unable to make a reasonable estimate of the probable loss or range of losses, if any, that might arise from this matter. The Company intends to vigorously defend this action. | |
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 December 30, 2014. These matters | |
15. Commitments and Contingencies (continued) | |
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 canceled by either party within 90 days of the end of the initial term or anniversaries thereof. 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. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions |
During 2013 and 2012, the Company paid $375,000 and $1.1 million, 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 one share of Class C common stock was redeemed. Management service fees and Class C dividends paid in each fiscal year vary due to the timing of payments. No such payments were made during fiscal 2014. | |
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. | |
In connection with the follow-on offering in the fourth quarter of 2013, the Company purchased 108,267 shares of of common stock from certain of its officers at the net offering price per share in such follow-on offering. The Company did not receive any of the proceeds from the offering. | |
Stockholders Agreement. In connection with the IPO, the Company entered into a new stockholders agreement with the Equity Sponsors, the 2013 Stockholders Agreement. The 2013 Stockholders Agreement contains restrictions on sale, issuance or transfer of shares for each Equity Sponsor without the consent of the the other Equity Sponsor except in a tag along sale under the Registration Rights Agreement or the earlier of the second anniversary of the offering and time at which such Sponsor holds less than 25% of the Company's outstanding stock and Class B stock. The 2013 Stockholders Agreement also grants the Equity Sponsors the right to nominate representatives to the Company's board of directors and committees of the board. Catterton and Argentia each have the right to designate two members to the Company's board of directors and the Equity Sponsors will agree to vote to elect such director designees. If at any time an Equity Sponsor owns more than 10% and less than 20% of outstanding Class A and Class B common stock, such Equity Sponsor has the right to designate one nominee for election to the Company's board of directors. If an Equity Sponsor’s ownership level falls below 10% of outstanding Class A and Class B common stock, such Equity Sponsor will no longer have a right to designate a nominee. In addition, for so long as Catterton and Argentia hold at least 35% of the voting power of outstanding common stock, certain actions may not be taken without the approval of Catterton and Argentia. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Notes) | 12 Months Ended | |||||||||||||||
Dec. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data | Selected Quarterly Financial Data (unaudited) | |||||||||||||||
The following table presents selected unaudited quarterly financial data for the periods indicated (in thousands, except per share data): | ||||||||||||||||
2014 | ||||||||||||||||
30-Dec | 30-Sep | 1-Jul | 1-Apr | |||||||||||||
Revenue | $ | 108,546 | $ | 106,216 | $ | 99,459 | $ | 89,519 | ||||||||
Operating income | 5,474 | 5,045 | 5,941 | 2,456 | ||||||||||||
Net income | 3,535 | 2,943 | 3,527 | 1,424 | ||||||||||||
Basic earnings per share | $ | 0.12 | $ | 0.1 | $ | 0.12 | $ | 0.05 | ||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.1 | $ | 0.11 | $ | 0.05 | ||||||||
2013 | ||||||||||||||||
31-Dec | 1-Oct | 2-Jul | 2-Apr | |||||||||||||
Revenue | $ | 91,468 | $ | 88,936 | $ | 89,239 | $ | 81,280 | ||||||||
Operating income | 5,163 | 5,580 | 937 | 2,572 | ||||||||||||
Net income | 2,407 | 3,265 | 68 | 924 | ||||||||||||
Basic earnings per share | $ | 0.09 | $ | 0.11 | $ | 0.01 | $ | 0.04 | ||||||||
Diluted earnings per share | $ | 0.08 | $ | 0.11 | $ | 0.01 | $ | 0.04 | ||||||||
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Supplemental Financial Information [Abstract] | |||||||||
Supplemental Financial Information | Supplemental Financial Information | ||||||||
Accounts receivable consist of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Tenant improvement receivables | $ | 2,588 | $ | 2,532 | |||||
Vendor rebate receivables | 983 | 748 | |||||||
Franchise and other receivables | 986 | 949 | |||||||
$ | 4,557 | $ | 4,229 | ||||||
Prepaid expenses and other assets consist of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Prepaid occupancy related costs | $ | 4,135 | $ | 3,318 | |||||
Other prepaid expenses | 1,997 | 1,917 | |||||||
Other current assets | 139 | 75 | |||||||
$ | 6,271 | $ | 5,310 | ||||||
Property and equipment, net, consist of the following: | |||||||||
2014 | 2013 | ||||||||
Leasehold improvements | $ | 208,678 | $ | 169,953 | |||||
Furniture, fixtures and equipment | 114,148 | 92,695 | |||||||
Construction in progress | 12,074 | 11,209 | |||||||
334,900 | 273,857 | ||||||||
Accumulated depreciation and amortization | (129,327 | ) | (106,243 | ) | |||||
$ | 205,573 | $ | 167,614 | ||||||
Accrued payroll and benefits consist of the following: | |||||||||
2014 | 2013 | ||||||||
Accrued payroll and related liabilities | $ | 3,022 | $ | 2,611 | |||||
Accrued bonus | 803 | 3,383 | |||||||
Insurance liabilities | 879 | 1,127 | |||||||
$ | 4,704 | $ | 7,121 | ||||||
3. Supplemental Financial Information (continued) | |||||||||
Accrued expense and other current liabilities consist of the following: | |||||||||
2014 | 2013 | ||||||||
Gift card liability | $ | 2,701 | $ | 2,289 | |||||
Occupancy related | 1,477 | 1,418 | |||||||
Utilities | 1,523 | 1,321 | |||||||
Other accrued expenses | 2,859 | 2,719 | |||||||
$ | 8,560 | $ | 7,747 | ||||||
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All material 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 years 2014, 2013 and 2012, which ended on December 30, 2014, December 31, 2013 and January 1, 2013, respectively, each contained 52 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 | |
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 are considered to be cash equivalents because they are both short-term and highly liquid in nature. Amounts receivable from credit card processors are considered cash equivalents, and as of December 30, 2014 and December 31, 2013 were $1.2 million and $1.5 million, respectively, and were offset on the consolidated balance sheets by outstanding checks. 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 and 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. | |
Goodwill | Goodwill |
Goodwill represents the excess of purchase price over the fair value of identifiable net assets acquired and is not subject to amortization. The Company evaluates goodwill annually, on the first day of the Company's fourth fiscal quarter, to determine if there have been any events or circumstances that would trigger a more-likely-than-not reduction in the fair value of a reporting unit below its carrying amount. | |
Intangibles, net | Intangibles, net |
Intangible, net consist primarily of reacquired franchise rights, favorable lease agreements, trademarks and transferable liquor licenses. The Company amortizes the fair value of reacquired franchise rights over the remaining contractual terms of the reacquired franchise area development agreements at the time of acquisition, which ranged from approximately 12 years to 19 years as of December 30, 2014. The Company amortizes the fair value of favorable lease agreements over the remaining related lease terms at the time of the acquisition, which ranged from approximately five years to 14 years as of December 30, 2014. Trademark rights are considered indefinite lived intangibles, the carrying value of which is analyzed for impairment at least annually. Transferable liquor licenses are carried at the lower of fair value or cost and are reviewed annually for impairment or changes in circumstances that indicate that the carrying amount may not be recoverable. | |
Other Assets | Other Assets |
Other assets consist primarily of unamortized debt issuance costs and long term deposits. 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 2013 and 2012, the Company incurred debt issuance costs related to amendments of its credit facility in 2013 and 2012. See Note 5 "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. 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 $57,000, $54,000 and $0.1 million in 2014, 2013 and 2012, 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 Measurements") based on a discounted cash flows method 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 18 months. The Company recognized gift card breakage of $0.2 million in each of 2014, 2013 and 2012, in restaurant revenue. | |
1. Business and Summary of Significant Accounting Policies (continued) | |
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 $4.4 million, $3.9 million and $2.8 million in 2014, 2013 and 2012, 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 for Income Taxes | Provision 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 |
Comprehensive income consists of the net income 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, presented in the consolidated statements of comprehensive income for 2012 consist of the unrealized income, net of tax, on the Company's cash flow hedges. | |
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. See Note 11 "Earnings Per Share." | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Business_and_Summary_of_Signif2
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 30, 2014 | |||
Accounting Policies [Abstract] | |||
Schedule of Property Plant and Equipment, Useful Life | 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 20 years | ||
Furniture and fixtures | 3 to 15 years | ||
Equipment | 3 to 7 years |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||
Dec. 30, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The assets acquired and liabilities assumed were recorded based on their fair values at the time of the acquisitions, as detailed below: | ||||
Fair Value at December 30, 2014 | |||||
Inventories | $ | 352 | |||
Prepaid expenses and other assets | 33 | ||||
Deferred tax asset | 142 | ||||
Property and equipment | 7,564 | ||||
Intangibles | 1,567 | ||||
Goodwill | 6,400 | ||||
Deferred rent and other liabilities | (319 | ) | |||
Total purchase price | $ | 15,739 | |||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Goodwill | The following table presents goodwill as of December 30, 2014 and December 31, 2013, (in thousands). | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | — | $ | — | |||||
Acquisitions | 6,400 | — | |||||||
Balance at end of year | $ | 6,400 | $ | — | |||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table presents intangible assets subject to amortization as of December 30, 2014 and December 31, 2013, (in thousands). | ||||||||
2014 | 2013 | ||||||||
Amortized intangible assets: | |||||||||
Reacquired franchise rights | $ | 1,376 | $ | — | |||||
Favorable leases | 190 | — | |||||||
Less accumulated amortization | (45 | ) | — | ||||||
1,521 | — | ||||||||
Non-amortized intangible assets: | |||||||||
Trademark rights and transferable liquor licenses | 406 | 351 | |||||||
$ | 1,927 | $ | 351 | ||||||
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class | The estimated aggregate future amortization expense as of December 30, 2014 is as follows, (in thousands): | ||||||||
2015 | $ | 123 | |||||||
2016 | 117 | ||||||||
2017 | 115 | ||||||||
2018 | 115 | ||||||||
2019 | 114 | ||||||||
Thereafter | 937 | ||||||||
$ | 1,521 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 30, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | . |
. |
Closed_Restaurant_Reserve_Tabl
Closed Restaurant Reserve (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
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 December 30, 2014 and December 31, 2013 (in thousands). | ||||||||
2014 | 2013 | ||||||||
Closed restaurant reserves, beginning of period | $ | 583 | $ | 788 | |||||
Additions—store closing costs recognized, accretion | 77 | 80 | |||||||
Decreases—payments | (216 | ) | (285 | ) | |||||
Closed restaurant reserves, end of period | $ | 444 | $ | 583 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Provision for Income Taxes | The components of the provision for income taxes are as follows for 2014, 2013 and 2012 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax provision: | |||||||||||||
Federal | $ | — | $ | — | $ | 49 | |||||||
State | 792 | 561 | 559 | ||||||||||
792 | 561 | 608 | |||||||||||
Deferred tax provision: | |||||||||||||
Federal | 5,662 | 3,923 | 2,591 | ||||||||||
State | 668 | 283 | 16 | ||||||||||
6,330 | 4,206 | 2,607 | |||||||||||
Total provision for income taxes | $ | 7,122 | $ | 4,767 | $ | 3,215 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income tax provision 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 2014, 2013 and 2012 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income expense at federal rate | $ | 6,299 | $ | 3,887 | $ | 2,848 | |||||||
State income tax, net of related federal income tax benefit | 972 | 653 | 420 | ||||||||||
Permanent differences | 170 | 374 | 83 | ||||||||||
Foreign rate differential | 6 | 26 | 106 | ||||||||||
Tax credits | (241 | ) | (149 | ) | — | ||||||||
Other items, net | (84 | ) | (24 | ) | (242 | ) | |||||||
Provision for income taxes | $ | 7,122 | $ | 4,767 | $ | 3,215 | |||||||
Effective income tax rate | 38.4 | % | 41.7 | % | 38.4 | % | |||||||
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): | ||||||||||||
2014 | 2013 | ||||||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Loss carry forwards | $ | 743 | $ | 2,745 | |||||||||
Deferred rent and franchise revenue | 14,454 | 11,850 | |||||||||||
Property, equipment and intangible assets | (26,514 | ) | (19,342 | ) | |||||||||
Stock-based compensation | 2,847 | 2,442 | |||||||||||
Tax credit carry forwards | 897 | 565 | |||||||||||
Other | 1,061 | 594 | |||||||||||
Total noncurrent net deferred tax assets (liabilities) | (6,512 | ) | (1,146 | ) | |||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Inventory smallwares | (2,405 | ) | (1,737 | ) | |||||||||
Other | 702 | 607 | |||||||||||
Total current deferred tax liabilities | (1,703 | ) | (1,130 | ) | |||||||||
Net deferred tax assets (liability) | $ | (8,215 | ) | $ | (2,276 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Valuation Assumptions | 10. Stock-Based Compensation (continued) | |||||||||||||
The weighted-average assumpt | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The tables below summarize the option activity under the Plan: | |||||||||||||
Shares | Weighted- | |||||||||||||
Average | ||||||||||||||
Exercise Price | ||||||||||||||
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 | ||||||||||||
Granted | 555,273 | 18.06 | ||||||||||||
Forfeited | (55,389 | ) | 11.89 | |||||||||||
Exercised | (163,179 | ) | 8.72 | |||||||||||
Outstanding—December 31, 2013 | 3,309,872 | 10.59 | ||||||||||||
Granted | 269,552 | 30.4 | ||||||||||||
Forfeited | (73,673 | ) | 19.72 | |||||||||||
Exercised | (260,487 | ) | 8.85 | |||||||||||
Outstanding—December 30, 2014 | 3,245,264 | $ | 12.17 | |||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic Value(1) (in thousands) | ||||||||||||
Exercise Price | Remaining | |||||||||||||
Years of | ||||||||||||||
Contractual | ||||||||||||||
Life | ||||||||||||||
Outstanding as of December 30, 2014 | 3,245,264 | $ | 12.17 | 6.86 | $ | 47,385 | ||||||||
Vested and expected to vest | 3,218,628 | 12.08 | 6.84 | 47,222 | ||||||||||
Exercisable as of December 30, 2014 | 2,504,436 | 9.8 | 6.34 | 41,561 | ||||||||||
_____________ | ||||||||||||||
-1 | Aggregate intrinsic value represents the amount by which fair value of the Company's stock exceeds the exercise price of the option as of December 30, 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share | The following table sets forth the computations of basic and dilutive earnings per share: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (in thousands) | $ | 11,428 | $ | 6,665 | $ | 5,163 | |||||||
Shares: | |||||||||||||
Basic weighted average shares outstanding | 29,717,304 | 26,406,904 | 23,238,984 | ||||||||||
Dilutive stock options and warrants | 1,283,795 | 1,281,725 | 26,558 | ||||||||||
Diluted weighted average number of shares outstanding | 31,001,099 | 27,688,629 | 23,265,542 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.38 | $ | 0.25 | $ | 0.22 | |||||||
Diluted | $ | 0.37 | $ | 0.24 | $ | 0.22 | |||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 30, 2014 | ||||
Leases [Abstract] | ||||
Schedule of Future Minimum Lease Payments Required under Existing Leases | Future minimum lease payments required under existing leases as of December 30, 2014 are as follows (in thousands): | |||
2015 | $ | 42,188 | ||
2016 | 42,713 | |||
2017 | 39,762 | |||
2018 | 34,957 | |||
2019 | 30,497 | |||
Thereafter | 104,253 | |||
$ | 294,370 | |||
Supplemental_Disclosures_to_Co1
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2014 | |||||||||||||
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 (in thousands) for fiscal years 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid (net of amounts capitalized) | $ | — | $ | 2,506 | $ | 4,400 | |||||||
Income taxes paid (net of refunds) | 811 | 137 | 509 | ||||||||||
Purchases of property and equipment accrued in accounts payable | 37 | 996 | 2,648 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following table presents selected unaudited quarterly financial data for the periods indicated (in thousands, except per share data): | |||||||||||||||
2014 | ||||||||||||||||
30-Dec | 30-Sep | 1-Jul | 1-Apr | |||||||||||||
Revenue | $ | 108,546 | $ | 106,216 | $ | 99,459 | $ | 89,519 | ||||||||
Operating income | 5,474 | 5,045 | 5,941 | 2,456 | ||||||||||||
Net income | 3,535 | 2,943 | 3,527 | 1,424 | ||||||||||||
Basic earnings per share | $ | 0.12 | $ | 0.1 | $ | 0.12 | $ | 0.05 | ||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.1 | $ | 0.11 | $ | 0.05 | ||||||||
2013 | ||||||||||||||||
31-Dec | 1-Oct | 2-Jul | 2-Apr | |||||||||||||
Revenue | $ | 91,468 | $ | 88,936 | $ | 89,239 | $ | 81,280 | ||||||||
Operating income | 5,163 | 5,580 | 937 | 2,572 | ||||||||||||
Net income | 2,407 | 3,265 | 68 | 924 | ||||||||||||
Basic earnings per share | $ | 0.09 | $ | 0.11 | $ | 0.01 | $ | 0.04 | ||||||||
Diluted earnings per share | $ | 0.08 | $ | 0.11 | $ | 0.01 | $ | 0.04 | ||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2014 | |||||||||
Supplemental Financial Information [Abstract] | |||||||||
Schedule of Accounts Receivable | Accounts receivable consist of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Tenant improvement receivables | $ | 2,588 | $ | 2,532 | |||||
Vendor rebate receivables | 983 | 748 | |||||||
Franchise and other receivables | 986 | 949 | |||||||
$ | 4,557 | $ | 4,229 | ||||||
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Prepaid occupancy related costs | $ | 4,135 | $ | 3,318 | |||||
Other prepaid expenses | 1,997 | 1,917 | |||||||
Other current assets | 139 | 75 | |||||||
$ | 6,271 | $ | 5,310 | ||||||
Schedule of Property and Equipment | Property and equipment, net, consist of the following: | ||||||||
2014 | 2013 | ||||||||
Leasehold improvements | $ | 208,678 | $ | 169,953 | |||||
Furniture, fixtures and equipment | 114,148 | 92,695 | |||||||
Construction in progress | 12,074 | 11,209 | |||||||
334,900 | 273,857 | ||||||||
Accumulated depreciation and amortization | (129,327 | ) | (106,243 | ) | |||||
$ | 205,573 | $ | 167,614 | ||||||
Schedule of Accrued Liabilities and Other Liabilities | Accrued payroll and benefits consist of the following: | ||||||||
2014 | 2013 | ||||||||
Accrued payroll and related liabilities | $ | 3,022 | $ | 2,611 | |||||
Accrued bonus | 803 | 3,383 | |||||||
Insurance liabilities | 879 | 1,127 | |||||||
$ | 4,704 | $ | 7,121 | ||||||
3. Supplemental Financial Information (continued) | |||||||||
Accrued expense and other current liabilities consist of the following: | |||||||||
2014 | 2013 | ||||||||
Gift card liability | $ | 2,701 | $ | 2,289 | |||||
Occupancy related | 1,477 | 1,418 | |||||||
Utilities | 1,523 | 1,321 | |||||||
Other accrued expenses | 2,859 | 2,719 | |||||||
$ | 8,560 | $ | 7,747 | ||||||
Business_and_Summary_of_Signif3
Business and Summary of Significant Accounting Policies (Business and Fiscal Year) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Oct. 01, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Dec. 05, 2013 | Dec. 31, 2013 | Oct. 01, 2013 | Dec. 27, 2010 | |
segment | ||||||||
state | ||||||||
Organization [Line Items] | ||||||||
Number of states in which Noodles & Company operates | 32 | |||||||
Number of operating segments | 1 | |||||||
Number of reportable segments | 1 | |||||||
Common stock, par value (USD per share) | $0.01 | $0.01 | 0.01 | |||||
Repayments of long term debt | $200,000 | |||||||
Collaborative group, ownership percentage | 90.00% | |||||||
Number of weeks in fiscal year | 364 days | 364 days | 71 days | |||||
Minimum [Member] | ||||||||
Organization [Line Items] | ||||||||
Number of weeks in fiscal year | 364 days | |||||||
Maximum [Member] | ||||||||
Organization [Line Items] | ||||||||
Number of weeks in fiscal year | 371 days | |||||||
Company-Owned [Member] | ||||||||
Organization [Line Items] | ||||||||
Number of restaurants | 386 | |||||||
Franchise [Member] | ||||||||
Organization [Line Items] | ||||||||
Number of restaurants | 53 | 62 | 51 | 62 | ||||
IPO [Member] | ||||||||
Organization [Line Items] | ||||||||
Issuance of common stock, net of transaction expenses | 100,200,000 | |||||||
Over-Allotment Option [Member] | ||||||||
Organization [Line Items] | ||||||||
Issuance of common stock, net of transaction expenses, shares | 803,571 | |||||||
Follow On [Member] | ||||||||
Organization [Line Items] | ||||||||
Issuance of common stock, net of transaction expenses, shares | 108,267 | 108,267 | ||||||
Payments for initial public offering | $696,000 | |||||||
Class A Common Stock [Member] | ||||||||
Organization [Line Items] | ||||||||
Common stock, par value (USD per share) | $0.01 | |||||||
Class A Common Stock [Member] | IPO [Member] | ||||||||
Organization [Line Items] | ||||||||
Share price (USD per share) | $18 | $18 | ||||||
Issuance of common stock, net of transaction expenses, shares | 6,160,714 | |||||||
Common stock, par value (USD per share) | $0.01 | $0.01 | ||||||
Class A Common Stock [Member] | Follow On [Member] | ||||||||
Organization [Line Items] | ||||||||
Share price (USD per share) | $39.50 | |||||||
Issuance of common stock, net of transaction expenses, shares | 4,500,000 | |||||||
Catterton and Argentia [Member] | ||||||||
Organization [Line Items] | ||||||||
Collaborative group, ownership percentage | 51.00% |
Business_and_Summary_of_Signif4
Business and Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) (Credit Card Receivable [Member], USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Card Receivable [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents | $1.20 | $1.50 |
Business_and_Summary_of_Signif5
Business and Summary of Significant Accounting Policies (Inventories) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Inventories | $9,415 | $7,223 |
Smallwares Inventory [Member] | ||
Inventory [Line Items] | ||
Inventories | $6,200 | $4,500 |
Business_and_Summary_of_Signif6
Business and Summary of Significant Accounting Policies (Property & Equipment) (Details) (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $24,787,000 | $20,623,000 | $16,719,000 |
Internal payroll costs capitalized | 2,900,000 | 2,600,000 | 2,300,000 |
Interest costs capitalized | $400,000 | $300,000 | $300,000 |
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 | 15 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 |
Business_and_Summary_of_Signif7
Business and Summary of Significant Accounting Policies (Intangibles, net) (Details) | 12 Months Ended |
Dec. 30, 2014 | |
Minimum [Member] | Franchise Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years |
Minimum [Member] | Off-Market Favorable Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Maximum [Member] | Franchise Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years |
Maximum [Member] | Off-Market Favorable Lease [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years |
Business_and_Summary_of_Signif8
Business and Summary of Significant Accounting Policies (Other Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jan. 01, 2013 | Dec. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Debt issuance costs | $0.50 | $0.40 | |
Accumulated amortization of debt issuance costs | 0.2 | 0.3 | |
August 2012 Credit Facility Amendment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Write off of deferred debt issuance cost | 0.6 | 2.6 | |
Accumulated amortization of debt issuance costs | $0.30 | $0.80 |
Business_and_Summary_of_Signif9
Business and Summary of Significant Accounting Policies (Impairment of Long-Lived Assets) (Details) (Asset Disposals, Closure Costs and Restaurant Impairments [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Asset Disposals, Closure Costs and Restaurant Impairments [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | $57 | $100 | $100 |
Recovered_Sheet1
Business and Summary of Significant Accounting Policies (Revenue Recognition) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
restaurant | restaurant | restaurant | |
Franchisor Disclosure [Line Items] | |||
Percent of gift cards expected to be unredeemed (percent) | 6.00% | ||
Gift card estimated redemption period | 18 months | ||
Gift cards breakage | 0.2 | ||
Franchise [Member] | |||
Franchisor Disclosure [Line Items] | |||
Number of restaurants | 53 | 62 | 51 |
Number of restaurants opened during period | 10 | 11 | 6 |
Recovered_Sheet2
Business and Summary of Significant Accounting Policies (Advertising and Marketing Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Accounting Policies [Abstract] | |||
Advertising and marketing costs | $4.40 | $3.90 | $2.80 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Payments to Acquire Businesses, Gross | $15,708,000 | $0 | $0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Goodwill | 6,400,000 | 0 | 0 |
Franchise Rights [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Intangibles | 0 | ||
Off-Market Favorable Lease [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Intangibles | 0 | ||
Franchise Restaurants [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Number of restaurants acquired | 19 | ||
Payments to Acquire Businesses, Gross | 15,739,000 | ||
Acquisition related costs | 100,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Inventories | 352,000 | ||
Prepaid expenses and other assets | 33,000 | ||
Deferred tax asset | 142,000 | ||
Property and equipment | 7,564,000 | ||
Intangibles | 1,567,000 | ||
Goodwill | 6,400,000 | ||
Deferred rent and other liabilities | -319,000 | ||
Total purchase price | 15,739,000 | ||
Below Market Leases, Amortization Period | 11 years | ||
Franchise Restaurants [Member] | Franchise Rights [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Intangibles | 1,376,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years | ||
Franchise Restaurants [Member] | Off-Market Favorable Lease [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Intangibles | $190,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Goodwill Roll-forward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill | $0 | $0 |
Goodwill, Acquired During Period | 6,400 | 0 |
Goodwill | $6,400 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Schedule of Acquired Intangible Assets (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Less accumulated amortization | ($45) | $0 |
Amortized intangible assets net | 1,521 | 0 |
Intangibles, net | 1,927 | 351 |
Franchise Rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | 0 | |
Off-Market Favorable Lease [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | 0 | |
Trademark Rights And Transferable Liquor Licenses [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | $406 | $351 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Schedule of Intangible Amortization Expense (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $123 | |
2016 | 117 | |
2017 | 115 | |
2018 | 115 | |
2019 | 114 | |
Thereafter | 937 | |
Total | $1,521 | $0 |
Borrowings_Credit_Facility_Det
Borrowings (Credit Facility) (Details) (USD $) | 12 Months Ended | |
Dec. 30, 2014 | Jul. 02, 2013 | |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 120,000,000 | |
Amount outstanding | 27,500,000 | |
Letters of credit outstanding | 2,700,000 | |
Remaining borrowing capacity | 14,800,000 | |
Revolving Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 45,000,000 | |
Senior Loans [Member] | IPO [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 75,000,000 | $75,000,000 |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee on unused portion of facility | 12.50% | |
Credit facility interest range | 3.25% | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee on unused portion of facility | 0.25% | |
Credit facility interest range | 3.50% | |
Secondary Rates [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.00% | |
Secondary Rates [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.75% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 100.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Federal Funds Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% |
Closed_Restaurant_Reserve_Deta
Closed Restaurant Reserve (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | ||
Closed restaurant reserves, beginning of period | $583 | $788 |
Additions—store closing costs recognized, accretion | 77 | 80 |
Decreases—payments | -216 | -285 |
Closed restaurant reserves, end of period | $444 | $583 |
Closed_Restaurant_Reserve_Narr
Closed Restaurant Reserve (Narrative) (Details) (Accrued Expenses and Other Liabilities [Member], USD $) | Dec. 30, 2014 |
In Millions, unless otherwise specified | |
Accrued Expenses and Other Liabilities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserve, current portion | $0.20 |
Income_Taxes_Components_of_Pro
Income Taxes (Components of Provision (Benefit) for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Current tax provision: | |||
Federal | $0 | $0 | $49 |
State | 792 | 561 | 559 |
Total current tax provision | 792 | 561 | 608 |
Deferred tax provision: | |||
Federal | 668 | 283 | 16 |
State | 5,662 | 3,923 | 2,591 |
Total deferred tax provision (benefit) | 6,330 | 4,206 | 2,607 |
Total provision for income taxes | $7,122 | $4,767 | $3,215 |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Income Tax Disclosure [Abstract] | |||
Federal income expense at federal rate | $6,299 | $3,887 | $2,848 |
State income tax, net of related federal income tax benefit | 972 | 653 | 420 |
Permanent differences | 170 | 374 | 83 |
Foreign rate differential | 6 | 26 | 106 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | -241 | -149 | 0 |
Other items, net | -84 | -24 | -242 |
Total provision for income taxes | $7,122 | $4,767 | $3,215 |
Effective income tax rate | 38.40% | 41.70% | 38.40% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Pre-tax net income | $18,550,000 | $11,432,000 | $8,378,000 |
Tax benefits on options | 253,000 | 201,000 | 27,000 |
Increase in equity if realized | 7,000,000 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $22,900,000 | $22,700,000 |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Taxes) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncurrent deferred tax assets (liabilities): | ||
Loss carry forwards | $743 | $2,745 |
Deferred rent and franchise revenue | 14,454 | 11,850 |
Property, equipment and intangible assets | -26,514 | -19,342 |
Stock-based compensation | 2,847 | 2,442 |
Tax credit carry forwards | 897 | 565 |
Other | 1,061 | 594 |
Total noncurrent net deferred tax assets (liabilities) | -6,512 | -1,146 |
Current deferred tax assets (liabilities): | ||
Inventory smallwares | -2,405 | -1,737 |
Other | 702 | 607 |
Total current deferred tax liabilities | -1,703 | -1,130 |
Net deferred tax assets (liability) | -8,215 | -2,276 |
Deferred Tax Liabilities, Gross | -31,216 | -22,881 |
Deferred Tax Assets, Gross | $23,001 | $20,605 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jun. 25, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Shares authorized | 181,000,000 | ||
Common stock, shares authorized | 180,000,000 | 34,043,001 | |
Common stock, par value | 0.01 | $0.01 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, par value | 0.01 | $0.01 | |
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 150,000,000 | ||
Common stock, par value | 0.01 | ||
Reverse stock split | 0.577 | ||
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 30,000,000 | ||
Common stock, par value | 0.01 | ||
Reverse stock split | 0.577 | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 1,000,000 | ||
Preferred stock, par value | 0.01 | ||
Equity Sponsors [Member] | Minimum [Member] | |||
Class of Stock [Line Items] | |||
Registration rights, percentage of common stock shares | 10.00% |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Mar. 10, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Number of shares available for grant | 3,128,014 | |||
Exercises in period, intrinsic value | $6,000,000 | $5,110,000 | ||
Unrecognized compensation cost | 3,500,000 | |||
Period for recognition | 2 years 10 months 21 days | |||
Number of securities exercised | 28,850 | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Number of shares authorized | 750,000 | |||
Stock based compensation expense | 71,495 | |||
Class B Common Stock [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Number of warrants issued | 86,550 | |||
Exercise price | 8.67 | |||
General and Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | 1,400,000 | 4,300,000 | 1,200,000 | |
2010 Stock Incentive Plan Post-Merger [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Number of shares authorized | 3,168,705 | |||
Stock option term | 10 years | |||
Vesting period | 4 years | |||
Capitalized Internal Costs [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | 88,000 | 71,000 | 81,000 | |
Stock Option [Member] | IPO [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Accelerated vesting | 2,000,000 | |||
Vesting percentage | 50.00% | |||
Shares granted | $1,200,000 |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest | 1.70% | 1.10% | 0.40% |
Expected life (years) | 5 years | 4 years 3 months 18 days | 3 years 4 months 24 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 36.50% | 39.70% | 32.70% |
Weighted-average Black-Scholes fair value per share at date of grant | $10.52 | $6.04 | $2.84 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (Stock Option [Member], USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Stock Option [Member] | ||||
Options, Outstanding | ||||
Outstanding, beginning of period | 3,309,872 | 2,973,167 | 2,621,023 | |
Granted | 269,552 | 555,273 | 516,473 | |
Forfeited | -73,673 | -55,389 | -164,329 | |
Exercised | -260,487 | -163,179 | 0 | |
Outstanding, end of period | 3,245,264 | 3,309,872 | 2,973,167 | |
Vested and expected to vest | 3,218,628 | |||
Exercisable | 2,504,436 | |||
Weighted Average Exercise Price | ||||
Weighted- average exercise price, beginning balance (USD per share) | $10.59 | $9.12 | $8.67 | |
Granted (USD per share) | $30.40 | $18.06 | $11.27 | |
Forfeited (USD per share) | $19.72 | $11.89 | $8.68 | |
Exercised (USD per share) | $8.85 | $8.72 | $0 | |
Weighted- average exercise price, ending balance (USD per share) | $12.17 | $10.59 | $9.12 | |
Vested and expected to vest (USD per share) | $12.08 | |||
Exercisable (USD per share) | $9.80 | |||
Weighted- Average Remaining Years of Contractual Life | ||||
Outstanding | 6 years 10 months 10 days | |||
Vested and expected to vest | 6 years 10 months 2 days | |||
Exercisable | 6 years 4 months 2 days | |||
Aggregate Intrinsic Value | ||||
Outstanding | $47,385 | [1] | ||
Vested and expected to vest | 47,222 | [1] | ||
Exercisable | $41,561 | [1] | ||
[1] | Aggregate intrinsic value represents the amount by which fair value of the Company's stock exceeds the exercise price of the option as of December 30, 2014. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $3,535 | $2,943 | $3,527 | $1,424 | $2,407 | $3,265 | $68 | $924 | $11,428 | $6,665 | $5,163 |
Shares: | |||||||||||
Basic weighted average shares outstanding (in shares) | 29,717,304 | 26,406,904 | 23,238,984 | ||||||||
Dilutive stock options and warrants (in shares) | 1,283,795 | 1,281,725 | 26,558 | ||||||||
Diluted weighted average number of shares outstanding (in shares) | 31,001,099 | 27,688,629 | 23,265,542 | ||||||||
Earnings per share: | |||||||||||
Basic EPS (USD per share) | $0.12 | $0.10 | $0.12 | $0.05 | $0.09 | $0.11 | $0.01 | $0.04 | $0.38 | $0.25 | $0.22 |
Diluted EPS (USD per share) | $0.11 | $0.10 | $0.11 | $0.05 | $0.08 | $0.11 | $0.01 | $0.04 | $0.37 | $0.24 | $0.22 |
Antidilutive securities excluded from computation of earnings per share | 248,000 | 17,000 | 590,617 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Dec. 31, 2014 | |
Multiemployer Plans [Line Items] | ||||
Required employee service term | 6 months | |||
Required employee age | 21 years | |||
Vesting percentage | 100.00% | |||
Weighted-average fair value per share at date of grant | $10.52 | $6.04 | $2.84 | |
Employee Stock Purchase Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Maximum employee salary percentage | 15.00% | |||
Offering date percentage | 85.00% | |||
Purchase date percentage | 85.00% | |||
Number of shares authorized | 750,000 | |||
Shares issued | 17,404 | 35,760 | ||
Reserved for future issuance | 714,240 | |||
Risk free interest rate | 0.00% | |||
Expected life | 7 days | |||
Expected volatility rate | 13.40% | |||
Expected dividend rate | 0.00% | |||
Weighted-average fair value per share at date of grant | $4.11 | |||
Employee stock purchase plan, compensation expense | $71,495 | |||
Other Assets [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Deferred compensation plan | $1,300,000 |
Leases_Details
Leases (Details) (USD $) | Dec. 30, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2014 | $42,188 |
2015 | 42,713 |
2016 | 39,762 |
2017 | 34,957 |
2018 | 30,497 |
Thereafter | 104,253 |
Total future minimum lease payments due | $294,370 |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Operating Leased Assets [Line Items] | |||
Operating leases, lease term | 10 years | ||
Operating leases, rent expense | $35.70 | $29.50 | $24.60 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid (net of amounts capitalized) | $0 | $2,506 | $4,400 |
Income taxes paid (net of refunds) | 811 | 137 | 509 |
Purchases of property and equipment accrued in accounts payable | $37 | $996 | $2,648 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Executives [Member]) | 12 Months Ended |
Dec. 30, 2014 | |
officer | |
Executives [Member] | |
Loss Contingencies [Line Items] | |
Employment agreement, number of executives | 2 |
Employment agreement, initial term | 3 years |
Employment agreement, cancelation notice period | 90 days |
Employment agreement, severance pay, number of equivalent months | 18 months |
Employment agreement, period for equal installments | 18 months |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 05, 2013 | Dec. 31, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | Jul. 02, 2013 |
Follow On [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Issuance of common stock, net of transaction expenses, shares | 108,267 | 108,267 | ||||
Catterton [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Minimum ownership percentage | 35.00% | |||||
Class B Common Stock [Member] | Equity Sponsors [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of stock held | 25.00% | |||||
Class A and Class B Common Stock [Member] | Equity Sponsors [Member] | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of stock held | 10.00% | |||||
Class A and Class B Common Stock [Member] | Equity Sponsors [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of stock held | 20.00% | |||||
Management Services Fees [Member] | Equity Sponsors [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount paid to related party | $375 | $1,100 | ||||
Bonuses and Payroll Taxes [Member] | Equity Sponsors [Member] | IPO [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount paid to related party | 800 | |||||
Bonuses and Payroll Taxes [Member] | Employees [Member] | IPO [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount paid to related party | $1,700 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $108,546 | $106,216 | $99,459 | $89,519 | $91,468 | $88,936 | $89,239 | $81,280 | $403,741 | $350,924 | $300,410 |
Operating income | 5,474 | 5,045 | 5,941 | 2,456 | 5,163 | 5,580 | 937 | 2,572 | 18,915 | 14,252 | 16,052 |
Net income | $3,535 | $2,943 | $3,527 | $1,424 | $2,407 | $3,265 | $68 | $924 | $11,428 | $6,665 | $5,163 |
Basic EPS (USD per share) | $0.12 | $0.10 | $0.12 | $0.05 | $0.09 | $0.11 | $0.01 | $0.04 | $0.38 | $0.25 | $0.22 |
Diluted EPS (USD per share) | $0.11 | $0.10 | $0.11 | $0.05 | $0.08 | $0.11 | $0.01 | $0.04 | $0.37 | $0.24 | $0.22 |
Equity_Recapitalization_Detail
Equity Recapitalization (Details) | Dec. 27, 2010 | Dec. 30, 2014 |
Equity Recapitalization [Line Items] | ||
Collaborative group, ownership percentage | 90.00% | |
Catterton and Argentia [Member] | ||
Equity Recapitalization [Line Items] | ||
Collaborative group, ownership percentage | 51.00% |
Supplemental_Financial_Informa2
Supplemental Financial Information (Accounts Receivable) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $4,557 | $4,229 |
Tenant Improvement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 2,588 | 2,532 |
Vendor Rebate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 983 | 748 |
Franchise and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $986 | $949 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Prepaid Expenses and Other Assets) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ||
Prepaid occupancy related costs | $4,135 | $3,318 |
Other prepaid expenses | 1,997 | 1,917 |
Other current assets | 139 | 75 |
Prepaid expenses and other assets | $6,271 | $5,310 |
Supplemental_Financial_Informa4
Supplemental Financial Information (Property and Equipment) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $334,900 | $273,857 |
Accumulated depreciation and amortization | -129,327 | -106,243 |
Property and equipment, net | 205,573 | 167,614 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 208,678 | 169,953 |
Furniture, Fixtures, and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 114,148 | 92,695 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $12,074 | $11,209 |
Supplemental_Financial_Informa5
Supplemental Financial Information (Accrued Payroll and Benefits) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ||
Accrued payroll and related liabilities | $3,022 | $2,611 |
Accrued bonus | 803 | 3,383 |
Insurance liabilities | 879 | 1,127 |
Accrued payroll and benefits | $4,704 | $7,121 |
Supplemental_Financial_Informa6
Supplemental Financial Information (Accrued Expense and Other Liabilities) (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ||
Gift card liability | $2,701 | $2,289 |
Occupancy related | 1,477 | 1,418 |
Utilities | 1,523 | 1,321 |
Other accrued expenses | 2,859 | 2,719 |
Accrued expenses and other current liabilities | $8,560 | $7,747 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Derivatives, Fair Value [Line Items] | |||
Unrealized income on cash flow hedges, before tax | $0 | $0 | $196 |
Realized loss (pretax) recognized in interest expense | $0 | $0 | $382 |
Derivative_Instruments_Effect_
Derivative Instruments (Effect of Derivatives on Income Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Loss on swap in accumulated other comprehensive loss (pretax) | $0 | $0 | $186 |
Realized loss (pretax) recognized in interest expense | $0 | $0 | $382 |