Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | NOODLES & Co | |
Entity Central Index Key | 1275158 | |
Current Fiscal Year End Date | -17 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,472,204 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,522,098 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $1,638 | $1,906 |
Accounts receivable | 3,849 | 4,557 |
Inventories | 9,692 | 9,415 |
Income tax receivable | 1,090 | 627 |
Prepaid expenses and other assets | 6,648 | 6,271 |
Total current assets | 22,917 | 22,776 |
Property and equipment, net | 201,885 | 205,573 |
Intangibles | 1,960 | 1,927 |
Goodwill | 6,400 | 6,400 |
Other assets, net | 2,167 | 2,227 |
Total long-term assets | 212,412 | 216,127 |
Total assets | 235,329 | 238,903 |
Current liabilities: | ||
Accounts payable | 10,828 | 10,865 |
Accrued payroll and benefits | 8,082 | 4,704 |
Accrued expenses and other current liabilities | 7,777 | 8,560 |
Current deferred tax liabilities, net | 1,702 | 1,702 |
Total current liabilities | 28,389 | 25,831 |
Long-term debt | 22,460 | 27,500 |
Deferred rent | 37,144 | 35,498 |
Deferred tax liabilities, net | 4,968 | 6,512 |
Other long-term liabilities | 3,583 | 3,447 |
Total liabilities | 96,544 | 98,788 |
Stockholders' equity: | ||
Preferred stock—$0.01 par value, authorized 1,000,000 shares as of March 31, 2015 and December 30, 2014; no shares issued or outstanding | 0 | 0 |
Common stock—$0.01 par value, authorized 180,000,000 shares as of March 31, 2015 and December 30, 2014; 29,948,078 and 29,820,340 issued and outstanding as of March 31, 2015 and December 30, 2014, respectively | 299 | 298 |
Treasury stock, at cost, 67,586 shares as of March 31, 2015 and December 30, 2014 | -2,848 | -2,848 |
Additional paid-in capital | 122,361 | 120,929 |
Accumulated other comprehensive loss | -11 | 0 |
Retained earnings | 18,984 | 21,736 |
Total stockholders' equity | 138,785 | 140,115 |
Total liabilities and stockholders' equity | $235,329 | $238,903 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
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 | 180,000,000 |
Common stock, shares, issued | 29,785,717 | 29,544,557 |
Common stock, shares, outstanding | 29,785,717 | 29,544,557 |
Treasury stock, shares | 67,586 | 65,478 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Revenue: | ||
Restaurant revenue | $104,782 | $88,448 |
Franchising royalties and fees | 979 | 1,071 |
Total revenue | 105,761 | 89,519 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ||
Cost of sales | 27,812 | 23,848 |
Labor | 33,029 | 27,198 |
Occupancy | 12,218 | 9,865 |
Other restaurant operating costs | 14,717 | 12,206 |
General and administrative | 8,418 | 7,009 |
Depreciation and amortization | 6,919 | 5,610 |
Pre-opening | 880 | 1,113 |
Restaurant impairment, asset disposals and closure costs | 6,086 | 214 |
Total costs and expenses | 110,079 | 87,063 |
(Loss) income from operations | -4,318 | 2,456 |
Interest expense | 229 | 20 |
(Loss) income before income taxes | -4,547 | 2,436 |
(Benefit) provision for income taxes | -1,795 | 1,012 |
Net (loss) income | ($2,752) | $1,424 |
Earnings per share of Class A and Class B common stock, combined: | ||
Basic (USD per share) | ($0.09) | $0.05 |
Diluted (USD per share) | ($0.09) | $0.05 |
Weighted average shares of Class A and Class B common stock outstanding, combined: | ||
Basic (in shares) | 29,843,204 | 29,606,321 |
Diluted (in shares) | 29,843,204 | 31,059,324 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Net (loss) income | ($2,752) | $1,424 |
Cash flow hedges: | ||
Foreign currency translation adjustments | -11 | 0 |
Other comprehensive loss | -11 | 0 |
Comprehensive (loss) income | ($2,763) | $1,424 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Operating activities | ||
Net (loss) income | ($2,752) | $1,424 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,919 | 5,610 |
Deferred income taxes | -1,544 | 0 |
Restaurant impairment, asset disposals and closure costs | 6,080 | 214 |
Amortization of debt issuance costs | 25 | 25 |
Stock-based compensation | 161 | 140 |
Other noncash | -11 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 708 | 244 |
Inventories | -277 | -400 |
Prepaid expenses and other assets | -342 | -573 |
Accounts payable | 459 | 1,441 |
Deferred rent | 1,646 | 1,396 |
Income taxes | -463 | 930 |
Accrued expenses and other liabilities | 2,717 | -194 |
Net cash provided by operating activities | 13,326 | 10,257 |
Investing activities | ||
Purchases of property and equipment | -9,783 | -11,510 |
Net cash used in investing activities | -9,783 | -11,510 |
Financing activities | ||
Proceeds from issuance of long-term debt | 82,257 | 41,909 |
Payments on long-term debt | -87,298 | -41,621 |
Acquisition of treasury stock | 0 | -71 |
Proceeds from exercise of stock options, warrants and employee stock purchase plan | 1,230 | 736 |
Net cash (used in) provided by financing activities | -3,811 | 953 |
Net decrease in cash and cash equivalents | -268 | -300 |
Cash and cash equivalents | ||
Beginning of period | 1,906 | 968 |
End of period | $1,638 | $668 |
Business_and_Summary_and_Basis
Business and Summary and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary and Basis of Presentation | Business and Summary and Basis of Presentation |
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 March 31, 2015, there were 399 company-owned restaurants and 56 franchise restaurants in 33 states and the District of Columbia. The Company operates its business as one operating and reportable segment. | |
The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company's results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and the related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2014. | |
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 year 2015, which ends on December 29, 2015, and fiscal year 2014, which ended on December 30, 2014, each contain 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains fourteen weeks. | |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." 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 annual and interim periods beginning after December 15, 2016, which will require the Company to adopt these provisions in the first quarter of fiscal 2017. Early adoption is not permitted. This pronouncement permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect this guidance will have on the Company's consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
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 April 2015, the FASB issued ASU No. 2015-03, "Interest-Imputation of Interest (subtopic 835-50): Simplifying the Presentation of Debt Issuance Costs." This update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. The update is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. |
Supplemental_Financial_Informa
Supplemental Financial Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Financial Information [Abstract] | |||||||||
Supplemental Financial Information | Supplemental Financial Information | ||||||||
Property and equipment, net, consist of the following (in thousands): | |||||||||
March 31, | December 30, | ||||||||
2015 | 2014 | ||||||||
Leasehold improvements | $ | 210,555 | $ | 208,678 | |||||
Furniture, fixtures and equipment | 115,783 | 114,148 | |||||||
Construction in progress | 9,039 | 12,074 | |||||||
335,377 | 334,900 | ||||||||
Accumulated depreciation and amortization | (133,492 | ) | (129,327 | ) | |||||
$ | 201,885 | $ | 205,573 | ||||||
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings |
The Company has a credit facility with a borrowing capacity of $45.0 million in the form of a revolving line of credit, expiring in November 2018. As of March 31, 2015, the Company had $22.5 million outstanding and $19.6 million available for borrowing under the credit facility. Outstanding letters of credit aggregating $2.9 million reduce the amount available to borrow. The credit facility bore interest at 3.50% during the first quarter of 2015. The Company was in compliance with all of its debt covenants as of March 31, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2015 | |
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 interest rates on the the line of credit borrowings vary with market interest rates and negotiated terms and conditions are consistent with current market rates. The fair value of our line of credit borrowings is measured using Level 2 inputs. | |
Adjustments to the fair value of non-financial assets measured at fair value on a non-recurring basis as of March 31, 2015 are discussed in Note 7-Restaurant Impairments, Asset Disposals and Closure Costs. There were no adjustments to the fair values of non-financial assets measured at fair value on a non-recurring basis as of April 1, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | Income Taxes | ||||||||
The following table presents the Company's (benefit) provision for income taxes for the first quarter ended March 31, 2015 and April 1, 2014 (dollars in thousands): | |||||||||
Fiscal Quarter Ended | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
(Benefit) provision for income taxes | $ | (1,795 | ) | $ | 1,012 | ||||
Effective tax rate | 39.5 | % | 41.5 | % | |||||
The 2015 estimated annual effective tax rate is expected to be between 39% and 40% compared to 38.4% for 2014. The effective tax rate for the first quarter of 2015 reflects a projected federal tax rate of 34%, compared to 35% for the first quarter of 2014. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, restricted stock, restricted stock units and incentive bonuses to employees, officers, non-employee directors and other service providers. The number of shares of common stock available for issuance pursuant to awards granted under the Stock Incentive Plan shall not exceed 3,750,500. | ||||||||
6. Stock-Based Compensation (continued) | ||||||||
The following table presents information related to the Stock Incentive Plan (in thousands, except share and per share amounts): | ||||||||
Fiscal Quarter Ended | ||||||||
March 31, | April 1, | |||||||
2015 | 2014 | |||||||
Outstanding, beginning of period | 3,245,264 | 3,309,872 | ||||||
Granted | 176,016 | — | ||||||
Exercised | 122,887 | 142,249 | ||||||
Forfeited | 73,315 | 9,709 | ||||||
Outstanding, end of period | 3,225,078 | 3,157,914 | ||||||
Weighted average fair market value on option grant date | $ | 6.23 | N/A | |||||
Stock based compensation expense | $ | 161 | $ | 140 | ||||
Capitalized stock based compensation expense | $ | 41 | $ | 18 | ||||
Asset_Disposals_Closure_Costs_
Asset Disposals, Closure Costs and Restaurant Impairments (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment Impairment or Disposal [Abstract] | ||||||||
Restaurant Impairments, Asset Disposals and Closure Costs | Restaurant Impairments, Asset Disposals and Closure Costs | |||||||
The following table presents restaurant impairments, asset disposals and closure costs for the first quarter ended March 31, 2015 and April 1, 2014 (in thousands): | ||||||||
Fiscal Quarter Ended | ||||||||
March 31, | April 1, | |||||||
2015 | 2014 | |||||||
Restaurant impairments | $ | 5,913 | $ | — | ||||
Loss on disposal of assets | 134 | 134 | ||||||
Closure costs and other | 39 | 80 | ||||||
$ | 6,086 | $ | 214 | |||||
During the quarter ended March 31, 2015, the Company recognized restaurant impairment expense of $5.9 million, primarily related to management's current assessment of the expected future cash flows at eight restaurants, based on recent results. Impairment expense is a Level 3 fair value measure and was determined by comparing the carrying value of restaurant assets to the estimated fair market value, which is based on projected cash flows. Fair value is generally determined based on appraisals or sales prices of comparable assets and estimates of future cash flows. These expenses are included in the "Restaurant impairment, asset disposals and closure costs" line in the Consolidated Statements of Income. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
Earnings per share ("EPS") is calculated by dividing income available to common stockholders 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 stockholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and warrants. | |||||||||
8. Earnings Per Share (continued) | |||||||||
The following table sets forth the computations of basic and diluted earnings per share: | |||||||||
Fiscal Quarter Ended | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
Net (loss) income (in thousands): | $ | (2,752 | ) | $ | 1,424 | ||||
Shares: | |||||||||
Basic weighted average shares outstanding | 29,843,204 | 29,606,321 | |||||||
Dilutive stock options and warrants | — | 1,453,003 | |||||||
Diluted weighted average number of shares outstanding | 29,843,204 | 31,059,324 | |||||||
Earnings per share: | |||||||||
Basic EPS | $ | (0.09 | ) | $ | 0.05 | ||||
Diluted EPS | $ | (0.09 | ) | $ | 0.05 | ||||
Potential common shares are excluded from the computation of diluted (loss) earnings per share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss. In the first quarters of 2015 and 2014, there were 3,225,078 and 17,000 outstanding options, respectively, excluded from the diluted earnings per share calculation because they were anti-dilutive. Additionally, 18,000 outstanding warrants were anti-dilutive and were excluded in the calculation of diluted earnings per share for the first quarter of 2015. |
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 for the first quarters ended March 31, 2015 and April 1, 2014 (in thousands): | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
Interest paid (net of amounts capitalized) | $ | — | $ | 73 | |||||
Income taxes paid | — | 81 | |||||||
Changes in purchases of property and equipment accrued in accounts payable, net | — | 1,020 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
In the normal course of business, the Company is subject to other proceedings, lawsuits and claims, including those matters that the Company has previously disclosed and for which there is no material update. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of March 31, 2015. These matters could affect the operating results of any one financial reporting period when resolved in future periods. Management believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to the Company's consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect the Company's business, financial condition, results of operations or cash flows. |
Business_and_Summary_and_Basis1
Business and Summary and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Financial Information [Abstract] | |||||||||
Schedule of Property and Equipment | Property and equipment, net, consist of the following (in thousands): | ||||||||
March 31, | December 30, | ||||||||
2015 | 2014 | ||||||||
Leasehold improvements | $ | 210,555 | $ | 208,678 | |||||
Furniture, fixtures and equipment | 115,783 | 114,148 | |||||||
Construction in progress | 9,039 | 12,074 | |||||||
335,377 | 334,900 | ||||||||
Accumulated depreciation and amortization | (133,492 | ) | (129,327 | ) | |||||
$ | 201,885 | $ | 205,573 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Provision for Income Taxes | The following table presents the Company's (benefit) provision for income taxes for the first quarter ended March 31, 2015 and April 1, 2014 (dollars in thousands): | ||||||||
Fiscal Quarter Ended | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
(Benefit) provision for income taxes | $ | (1,795 | ) | $ | 1,012 | ||||
Effective tax rate | 39.5 | % | 41.5 | % |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table presents information related to the Stock Incentive Plan (in thousands, except share and per share amounts): | |||||||
Fiscal Quarter Ended | ||||||||
March 31, | April 1, | |||||||
2015 | 2014 | |||||||
Outstanding, beginning of period | 3,245,264 | 3,309,872 | ||||||
Granted | 176,016 | — | ||||||
Exercised | 122,887 | 142,249 | ||||||
Forfeited | 73,315 | 9,709 | ||||||
Outstanding, end of period | 3,225,078 | 3,157,914 | ||||||
Weighted average fair market value on option grant date | $ | 6.23 | N/A | |||||
Stock based compensation expense | $ | 161 | $ | 140 | ||||
Capitalized stock based compensation expense | $ | 41 | $ | 18 | ||||
Asset_Disposals_Closure_Costs_1
Asset Disposals, Closure Costs and Restaurant Impairments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment Impairment or Disposal [Abstract] | ||||||||
Impaired Assets to be Disposed of by Method Other than Sale | The following table presents restaurant impairments, asset disposals and closure costs for the first quarter ended March 31, 2015 and April 1, 2014 (in thousands): | |||||||
Fiscal Quarter Ended | ||||||||
March 31, | April 1, | |||||||
2015 | 2014 | |||||||
Restaurant impairments | $ | 5,913 | $ | — | ||||
Loss on disposal of assets | 134 | 134 | ||||||
Closure costs and other | 39 | 80 | ||||||
$ | 6,086 | $ | 214 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share | The following table sets forth the computations of basic and diluted earnings per share: | ||||||||
Fiscal Quarter Ended | |||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
Net (loss) income (in thousands): | $ | (2,752 | ) | $ | 1,424 | ||||
Shares: | |||||||||
Basic weighted average shares outstanding | 29,843,204 | 29,606,321 | |||||||
Dilutive stock options and warrants | — | 1,453,003 | |||||||
Diluted weighted average number of shares outstanding | 29,843,204 | 31,059,324 | |||||||
Earnings per share: | |||||||||
Basic EPS | $ | (0.09 | ) | $ | 0.05 | ||||
Diluted EPS | $ | (0.09 | ) | $ | 0.05 | ||||
Supplemental_Disclosures_to_Co1
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following table presents the supplemental disclosures to the consolidated statements of cash flows for the first quarters ended March 31, 2015 and April 1, 2014 (in thousands): | ||||||||
March 31, | April 1, | ||||||||
2015 | 2014 | ||||||||
Interest paid (net of amounts capitalized) | $ | — | $ | 73 | |||||
Income taxes paid | — | 81 | |||||||
Changes in purchases of property and equipment accrued in accounts payable, net | — | 1,020 | |||||||
Business_and_Summary_and_Basis2
Business and Summary and Basis of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 30, 2014 | |
segment | ||
state | ||
Franchisor Disclosure [Line Items] | ||
Number of states in which Noodles & Company operates | 33 | |
Number of operating segments | 1 | |
Number of reportable segments | 1 | |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Number of weeks in fiscal year | 364 days | 364 days |
Company-Owned [Member] | ||
Franchisor Disclosure [Line Items] | ||
Number of restaurants | 399 | |
Franchise [Member] | ||
Franchisor Disclosure [Line Items] | ||
Number of restaurants | 56 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Property and Equipment) (Details) (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $335,377 | $334,900 |
Accumulated depreciation and amortization | -133,492 | -129,327 |
Property and equipment, net | 201,885 | 205,573 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 210,555 | 208,678 |
Furniture, Fixtures, and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 115,783 | 114,148 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $9,039 | $12,074 |
Borrowings_Details
Borrowings (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Amount outstanding | 22,500,000 |
Remaining borrowing capacity | 19,600,000 |
Letters of credit outstanding | 2,900,000 |
Revolving Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 45,000,000 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate | 3.50% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 | Dec. 30, 2014 |
Income Tax Contingency [Line Items] | |||
(Benefit) provision for income taxes | ($1,795) | $1,012 | |
Effective tax rate | 39.50% | 41.50% | 38.40% |
Income tax rate | 34.00% | 35.00% | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Estimated effective tax rate | 39.00% | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Estimated effective tax rate | 40.00% |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (IPO [Member]) | 31-May-13 |
IPO [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Maximum shares reserved for issuance | 3,750,500 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Incentive Plan) (Details) (Stock Option [Member], USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Stock Option [Member] | ||
Options, Outstanding [Roll Forward] | ||
Outstanding, beginning of period | 3,245,264 | 3,309,872 |
Granted | 176,016 | 0 |
Exercised | 122,887 | 142,249 |
Forfeited | 73,315 | 9,709 |
Outstanding, end of period | 3,225,078 | 3,157,914 |
Weighted average fair market value on option grant date | $6.23 | |
Stock based compensation expense | $161 | $140 |
Capitalized stock based compensation expense | $41 | $18 |
Asset_Disposals_Closure_Costs_2
Asset Disposals, Closure Costs and Restaurant Impairments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
restaurant | ||
Property, Plant and Equipment Impairment or Disposal [Abstract] | ||
Restaurant impairments | $5,913 | |
Loss on disposal of assets | 134 | 134 |
Closure costs and other | 39 | 80 |
Total | $6,086 | $214 |
Number of restaurants | 8 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net (loss) income | ($2,752) | $1,424 |
Shares: | ||
Basic weighted average shares outstanding (in shares) | 29,843,204 | 29,606,321 |
Dilutive stock options and warrants (in shares) | 0 | 1,453,003 |
Diluted weighted average number of shares outstanding (in shares) | 29,843,204 | 31,059,324 |
Earnings per share: | ||
Basic EPS (USD per share) | ($0.09) | $0.05 |
Diluted EPS (USD per share) | ($0.09) | $0.05 |
Antidilutive securities excluded from computation of earnings per share | 3,225,078 | 17,000 |
Warrant [Member] | ||
Earnings per share: | ||
Antidilutive securities excluded from computation of earnings per share | 18,000 |
Acquisition_of_Franchised_Rest
Acquisition of Franchised Restaurants (Details) (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
In Thousands, unless otherwise specified | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||
Goodwill | $6,400 | $6,400 |
Supplemental_Disclosures_to_Co2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid (net of amounts capitalized) | $0 | $73 |
Income taxes paid | 0 | 81 |
Changes in purchases of property and equipment accrued in accounts payable, net | $0 | $1,020 |