Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | ||
Oct. 01, 2013 | Nov. 07, 2013 | Nov. 07, 2013 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'NOODLES & Co | ' | ' |
Entity Central Index Key | '0001275158 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 1-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,182,184 | 6,292,640 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 01, 2013 | Jan. 01, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $589 | $581 |
Accounts receivable | 5,842 | 4,566 |
Inventories | 7,082 | 6,042 |
Prepaid expenses and other assets | 4,999 | 3,970 |
Income tax receivable | 0 | 995 |
Total current assets | 18,512 | 16,154 |
Property and equipment, net | 158,413 | 136,287 |
Deferred tax assets, net | 2,753 | 2,791 |
Other assets, net | 2,132 | 1,763 |
Total long-term assets | 163,298 | 140,841 |
Total assets | 181,810 | 156,995 |
Current liabilities: | ' | ' |
Accounts payable | 8,817 | 9,393 |
Accrued payroll and benefits | 8,871 | 5,345 |
Accrued expenses and other current liabilities | 7,614 | 7,249 |
Income tax payable | 909 | 0 |
Current deferred tax liabilities | 1,351 | 1,023 |
Current portion of long-term debt | 0 | 750 |
Total current liabilities | 27,562 | 23,760 |
Long-term debt | 1,714 | 93,731 |
Deferred rent | 27,596 | 23,013 |
Other long-term liabilities | 2,426 | 2,483 |
Total liabilities | 59,298 | 142,987 |
Temporary equity: | ' | ' |
Common stock subject to put optionsb0 and 296,828 shares as of October 1, 2013 and January 1, 2013, respectively | 0 | 3,601 |
Stockholders' equity: | ' | ' |
Preferred stockb$0.01 par value, authorized 1,000,000 and 2,885,000 shares as of October 1, 2013 and January 1, 2013, respectively; no shares issued or outstanding | 0 | 0 |
Common stockb$0.01 par value, authorized 180,000,000 and 34,043,001 shares as of October 1, 2013 and January 1, 2013, respectively; 29,422,939 and 23,238,984 issued and outstanding as of October 1, 2013 and January 1, 2013, respectively | 294 | 232 |
Additional paid-in capital | 114,318 | 7,585 |
Accumulated other comprehensive loss, net of tax | 0 | -24 |
Retained earnings | 7,900 | 2,614 |
Total stockholders' equity | 122,512 | 10,407 |
Total liabilities and stockholders' equity | $181,810 | $156,995 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 01, 2013 | Jan. 01, 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 | 2,885,000 |
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 | 29,399,650 | 23,238,984 |
Common stock, shares, outstanding | 29,399,650 | 23,238,984 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 |
Revenue: | ' | ' | ' | ' |
Restaurant revenue | $87,864 | $76,306 | $256,744 | $220,261 |
Franchising royalties and fees | 1,072 | 793 | 2,711 | 2,220 |
Total revenue | 88,936 | 77,099 | 259,455 | 222,481 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ' | ' | ' | ' |
Cost of sales | 23,127 | 20,246 | 67,524 | 58,423 |
Labor | 26,345 | 23,065 | 77,464 | 66,002 |
Occupancy | 8,870 | 7,468 | 25,824 | 21,669 |
Other restaurant operating costs | 11,315 | 9,488 | 32,962 | 27,449 |
General and administrative | 6,939 | 7,464 | 27,808 | 21,426 |
Depreciation and amortization | 5,238 | 4,334 | 15,074 | 12,165 |
Pre-opening | 1,183 | 829 | 2,873 | 2,000 |
Asset disposals, closure costs and restaurant impairments | 339 | 201 | 837 | 663 |
Total costs and expenses | 83,356 | 73,095 | 250,366 | 209,797 |
Income from operations | 5,580 | 4,004 | 9,089 | 12,684 |
Debt extinguishment expense | 0 | 2,646 | 0 | 2,646 |
Interest expense | 132 | 1,118 | 2,199 | 3,894 |
Income before income taxes | 5,448 | 240 | 6,890 | 6,144 |
Provision for income taxes | 2,183 | 107 | 2,633 | 2,540 |
Net income | $3,265 | $133 | $4,257 | $3,604 |
Earnings per share of Class A and Class B common stock, combined: | ' | ' | ' | ' |
Basic (USD per share) | $0.11 | $0.01 | $0.17 | $0.16 |
Diluted (USD per share) | $0.11 | $0.01 | $0.16 | $0.16 |
Weighted average shares of Class A and Class B common stock outstanding, combined: | ' | ' | ' | ' |
Basic (in shares) | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 |
Diluted (in shares) | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 |
Net income | $3,265 | $133 | $4,257 | $3,604 |
Cash flow hedges: | ' | ' | ' | ' |
Loss recognized in accumulated other comprehensive income | 0 | 0 | 0 | -186 |
Reclassification of loss to net income | 0 | 104 | 39 | 312 |
Unrealized income on cash flow hedges | 0 | 104 | 39 | 126 |
Provision for income tax on cash flow hedges | 0 | -42 | -15 | -104 |
Other comprehensive income, net of tax | 0 | 62 | 24 | 22 |
Comprehensive income | $3,265 | $195 | $4,281 | $3,626 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 |
Operating activities | ' | ' |
Net income | $4,257 | $3,604 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15,074 | 12,165 |
Provision for deferred income taxes | 366 | 4 |
Asset disposals, closure costs and restaurant impairments | 837 | 663 |
Amortization of debt issuance costs and debt extinguishment expense | 82 | 3,170 |
Stock-based compensation | 4,065 | 921 |
Other noncash | -205 | -209 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,276 | 536 |
Inventories | -1,040 | -1,025 |
Prepaid expenses and other assets | -1,050 | -575 |
Accounts payable | 787 | -805 |
Deferred rent | 4,583 | 2,534 |
Income taxes | 1,904 | 1,016 |
Accrued expenses and other liabilities | 4,078 | 3,378 |
Net cash provided by operating activities | 32,462 | 25,377 |
Investing activities | ' | ' |
Purchases of property and equipment | -39,788 | -30,525 |
Net cash used in investing activities | -39,788 | -30,525 |
Financing activities | ' | ' |
Proceeds from issuances of notes payable | 101,731 | 60,128 |
Payments on notes payable | -194,498 | -54,094 |
Debt issuance costs | 0 | -752 |
Issuance of common stock, net of transaction expenses | 100,101 | -48 |
Net cash provided by financing activities | 7,334 | 5,234 |
Net increase in cash and cash equivalents | 8 | 86 |
Cash and cash equivalents | ' | ' |
Beginning of year | 581 | 523 |
End of year | $589 | ' |
Business_and_Summary_and_Basis
Business and Summary and Basis of Presentation | 9 Months Ended |
Oct. 01, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business and Summary and Basis of Presentation | ' |
Business and Summary and Basis of Presentation | |
Business | |
Noodles & Company, a Delaware corporation (the "Company" or "Noodles & Company"), develops and operates fast casual restaurants that serve globally inspired noodle dishes and pasta dishes, soups, salads and sandwiches. As of October 1, 2013, there were 310 company-owned restaurants and 58 franchise restaurants in 29 states and the District of Columbia. The Company operates its business as one operating and reportable segment. | |
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. | |
The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States ("U.S. GAAP") for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company's results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended January 1, 2013 included in the Company's final prospectus filed June 28, 2013. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | |
Fiscal Year | |
The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year 2013, which ends on December 31, 2013 and fiscal year 2012, which ended on January 1, 2013, each contain 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53 week fiscal year, which contains fourteen weeks. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which revises disclosure requirements related to components of other comprehensive income. The Company adopted ASU 2013-02 effective January 2, 2013. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | |
Reclassifications | |
In the third quarter of 2013, the Company changed the manner in which it reports marketing expenses between general and administrative expenses and other restaurant operating costs to more appropriately reflect only those costs directly related to restaurant-level marketing in other restaurant operating costs. Marketing costs previously reported as restaurant operating costs, that were not directly related to restaurant-level marketing, have been reclassified to general and administrative expense in the Company's consolidated financial statements in all periods presented. In the first two quarters of 2013 and the first two quarters of 2012, $1.0 million and $1.3 million, respectively, have been reclassified from restaurant operating costs to general and administrative expense. The change has no impact on income from operations. |
Supplemental_Financial_Informa
Supplemental Financial Information | 9 Months Ended | ||||||||
Oct. 01, 2013 | |||||||||
Supplemental Financial Information [Abstract] | ' | ||||||||
Supplemental Financial Information | ' | ||||||||
Supplemental Financial Information | |||||||||
Prepaid expenses and other assets consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Prepaid occupancy related costs | $ | 3,029 | $ | 2,700 | |||||
Other prepaid expenses | 1,912 | 1,191 | |||||||
Other current assets | 58 | 79 | |||||||
$ | 4,999 | $ | 3,970 | ||||||
Property and equipment, net, consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Leasehold improvements | $ | 164,498 | $ | 139,907 | |||||
Furniture, fixtures, and equipment | 89,270 | 77,202 | |||||||
Construction in progress | 5,865 | 7,878 | |||||||
259,633 | 224,987 | ||||||||
Accumulated depreciation and amortization | (101,220 | ) | (88,700 | ) | |||||
$ | 158,413 | $ | 136,287 | ||||||
Accrued payroll and benefits consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Accrued payroll and related liabilities | $ | 5,196 | $ | 2,537 | |||||
Accrued bonus | 2,303 | 1,981 | |||||||
Insurance liabilities | 1,372 | 827 | |||||||
$ | 8,871 | $ | 5,345 | ||||||
Accrued expense and other liabilities consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Gift card liability | $ | 1,633 | $ | 2,182 | |||||
Occupancy related | 1,302 | 1,264 | |||||||
Utilities | 1,319 | 1,002 | |||||||
Other accrued expenses | 3,360 | 2,801 | |||||||
$ | 7,614 | $ | 7,249 | ||||||
Borrowings
Borrowings | 9 Months Ended |
Oct. 01, 2013 | |
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 July 2017. Prior to the IPO, the Company had a credit facility with a borrowing capacity of 120.0 million, consisting of a $75.0 million senior term loan and a $45.0 million revolving line of credit. In connection with the IPO, the Company repaid in full its outstanding $75.0 million senior term loan and the majority of the revolving line of credit. The Company will continue to have access to the funds and the ability to borrow under the revolving line of credit; however, the amounts repaid on the senior term loan cannot be re-borrowed. As of October 1, 2013, the Company had $1.7 million outstanding and $41.3 million available for borrowing under the credit facility. Outstanding letters of credit aggregating $2.0 million reduce the amount of borrowings available under the agreement. The credit facility bore interest at rates ranging from 4.25% to 5.50% and 3.5% to 5.5% for the third quarter of 2013 and the first three quarters of 2013, respectively. The Company was in compliance with all of its debt covenants as of October 1, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 01, 2013 | |
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. | |
Assets and Liabilities Measured at Fair Value | |
The Company’s deferred compensation plan, under which compensation deferrals began during the third quarter of 2013, is a non-qualified deferred compensation plan which allows highly compensated employees to defer a portion of their base salary and variable compensation each plan year. To offset its obligation, the Company purchases Company-owned whole-life insurance contracts on certain team members. As of October 1, 2013, $460,000 and $480,000 were included in other assets, net and other-long term liabilities, respectively, which represent the carrying value of both the liability for deferred compensation plan and associated life insurance policy equal to fair value. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Oct. 01, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
The following table presents the Company's provision for income taxes for the three quarters ended October 1, 2013 and October 2, 2012 (dollars in thousands): | |||||||||
October 1, | October 2, | ||||||||
2013 | 2012 | ||||||||
Provision for income taxes | $ | 2,633 | $ | 2,540 | |||||
Effective tax rate | 38 | % | 41.3 | % | |||||
The 2013 estimated annual effective tax rate is expected to be 39.2% compared to 38.4% for the full year 2012. The effective tax rate for the first three quarters of 2013 includes the discrete adjustment for certain transaction costs related to the IPO. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Oct. 01, 2013 | ||||||||||||||||
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 on or after the closing of the IPO shall not exceed 3,750,500. | ||||||||||||||||
The following table presents information related to the Stock Incentive Plan (in thousands, except for share and per share amounts): | ||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||
October 1, 2013 | October 2, 2012 | October 1, 2013 | October 2, 2012 | |||||||||||||
Outstanding, beginning of period | 3,474,398 | 2,789,212 | 2,973,168 | 2,621,017 | ||||||||||||
Granted(1) | — | 8,655 | 538,273 | 176,850 | ||||||||||||
Exercised | — | — | — | — | ||||||||||||
Canceled | 1,961 | 129,949 | 39,004 | 129,949 | ||||||||||||
Outstanding, end of period | 3,472,437 | 2,667,918 | 3,472,437 | 2,667,918 | ||||||||||||
Weighted average fair market value on option grant date | N/A | $ | — | $ | 5.81 | $ | — | |||||||||
Stock based compensation expense(2) | $ | 131 | $ | 315 | $ | 4,065 | $ | 921 | ||||||||
Capitalized stock based compensation expense | $ | 15 | $ | 21 | $ | 56 | $ | 57 | ||||||||
______________________ | ||||||||||||||||
(1) The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. | ||||||||||||||||
(2) Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. | ||||||||||||||||
On October 1, 2013, 23,289 warrants previously issued to a consultant were exercised for Class B common stock at an exercise price of $8.67 per share. Of the original warrants issued, 57,700 remain outstanding as of October 1, 2013. | ||||||||||||||||
During the third quarter of 2013, the Company commenced sales of common stock under it's Employee Stock Purchase Plan ("ESPP") and has reserved 750,100 shares of common stock for issuance. Eligible employees may purchase common stock at 85% of the beginning or ending closing price, whichever is lower, for each quarterly purchase period. During the first three quarters of 2013, the Company issued 14,425 shares of common stock under the ESPP. As of October 1, 2013, the Company has 735,675 shares available for future issuance under the ESPP. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Oct. 01, 2013 | |||||||||||||||||
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 warrants. The following table sets forth the computations of basic and dilutive earnings per share: | |||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | ||||||||||||||||
October 1, | October 2, | October 1, | October 2, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income (in thousands): | $ | 3,265 | $ | 133 | $ | 4,257 | $ | 3,604 | |||||||||
Shares: | |||||||||||||||||
Basic weighted average shares outstanding | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 | |||||||||||||
Dilutive stock options and warrants | 1,663,563 | 149,745 | 1,145,199 | 11,761 | |||||||||||||
Diluted weighted average number of shares outstanding | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic EPS | $ | 0.11 | $ | 0.01 | $ | 0.17 | $ | 0.16 | |||||||||
Diluted EPS | $ | 0.11 | $ | 0.01 | $ | 0.16 | $ | 0.16 | |||||||||
In the third quarter of 2013 and 2012 and in the first three quarters of 2013 and 2012, zero and 172,831, and 488,018 and 2,552,951 outstanding options, respectively, were excluded from the diluted earnings per share calculation because their inclusion would be antidilutive. All outstanding warrants are dilutive and were included in the calculation of diluted earnings per share. |
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows | 9 Months Ended | ||||||||
Oct. 01, 2013 | |||||||||
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 three quarters ended October 1, 2013 and October 2, 2012 (in thousands): | |||||||||
October 1, | October 2, | ||||||||
2013 | 2012 | ||||||||
Interest paid (net of amounts capitalized) | $ | 2,748 | $ | 4,744 | |||||
Income taxes paid | 400 | 273 | |||||||
(Payments for) purchases of property and equipment accrued in accounts payable | (1,363 | ) | 2,025 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 01, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
In the normal course of business, the Company is subject to proceedings, lawsuits, and claims. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of October 1, 2013. These matters could affect the operating results of any one financial reporting period when resolved in future periods. Management believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to the Company's consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect the Company's business, financial condition, results of operations or cash flows. | |
The Company entered into employment agreements with two of its executives in connection with the IPO superseding the previous employment agreements with these executives. The agreements have an initial term of three years and automatically renew annually unless earlier terminated. Under each of the employment agreements, if the executive's employment is terminated by the Company without "cause" or by the executive with "good reason," (as such terms are defined in the applicable employment agreement) the executive is entitled to receive compensation equal to 18 months of the executive's then-current base salary, payable in equal installments over 18 months, a pro rata bonus for the year of termination and reimbursement of "COBRA" premiums for up to 18 months for the executive and his dependents. The severance payments are conditioned upon the executive entering into a mutual release of claims with the Company. | |
The prior employment agreements with such executives, which were superseded by the agreements entered into in connection with the IPO, included a call option in favor of the Company and a put option in favor of the executive, for the Company to purchase certain shares at fair market value if the employment agreement was terminated prior to a qualified initial public offering. The put option did not result in the executive avoiding the risks and rewards of owning the shares. The fair value of the shares of common stock subject to such put options was presented as temporary equity in the Company's consolidated financial statements. In connection with the IPO, the put options were terminated and amounts previously presented in temporary equity were reclassified to permanent stockholders' equity in the Company's consolidated financial statements. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Oct. 01, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
In the first three quarters of 2013 and the first three quarters of 2012, the Company paid $375,000 and $625,000, respectively, to Catterton Partners and Argentia Private Investments Inc. or their affiliates ("Equity Sponsors") for management service fees and Class C Dividends pursuant to a management services agreement and an agreement to pay dividends on its Class C common stock. In connection with the IPO, the management services agreement expired and the one share of Class C common stock was redeemed therefore no payments were made in the third quarter of 2013. Management service fees and Class C dividends paid in prior fiscal quarters varies due to the timing of payments. | |
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. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Oct. 01, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events and found there to be no events requiring recognition or disclosure through the date of issuance of this report. |
Business_and_Summary_and_Basis1
Business and Summary and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 01, 2013 | |
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 intercompany balances and transactions are eliminated in consolidation. | |
Fiscal Year | ' |
Fiscal Year | |
The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year 2013, which ends on December 31, 2013 and fiscal year 2012, which ended on January 1, 2013, each contain 52 weeks. Fiscal quarters each contain thirteen weeks, with the exception of the fourth quarter of a 53 week fiscal year, which contains fourteen weeks. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which revises disclosure requirements related to components of other comprehensive income. The Company adopted ASU 2013-02 effective January 2, 2013. The adoption concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | |
Reclassifications | ' |
Reclassifications | |
In the third quarter of 2013, the Company changed the manner in which it reports marketing expenses between general and administrative expenses and other restaurant operating costs to more appropriately reflect only those costs directly related to restaurant-level marketing in other restaurant operating costs. Marketing costs previously reported as restaurant operating costs, that were not directly related to restaurant-level marketing, have been reclassified to general and administrative expense in the Company's consolidated financial statements in all periods presented. In the first two quarters of 2013 and the first two quarters of 2012, $1.0 million and $1.3 million, respectively, have been reclassified from restaurant operating costs to general and administrative expense. The change has no impact on income from operations. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | ||||||||
Oct. 01, 2013 | |||||||||
Supplemental Financial Information [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses and Other Assets | ' | ||||||||
Prepaid expenses and other assets consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Prepaid occupancy related costs | $ | 3,029 | $ | 2,700 | |||||
Other prepaid expenses | 1,912 | 1,191 | |||||||
Other current assets | 58 | 79 | |||||||
$ | 4,999 | $ | 3,970 | ||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment, net, consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Leasehold improvements | $ | 164,498 | $ | 139,907 | |||||
Furniture, fixtures, and equipment | 89,270 | 77,202 | |||||||
Construction in progress | 5,865 | 7,878 | |||||||
259,633 | 224,987 | ||||||||
Accumulated depreciation and amortization | (101,220 | ) | (88,700 | ) | |||||
$ | 158,413 | $ | 136,287 | ||||||
Schedule of Accrued Liabilities and Other Liabilities | ' | ||||||||
Accrued payroll and benefits consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Accrued payroll and related liabilities | $ | 5,196 | $ | 2,537 | |||||
Accrued bonus | 2,303 | 1,981 | |||||||
Insurance liabilities | 1,372 | 827 | |||||||
$ | 8,871 | $ | 5,345 | ||||||
Accrued expense and other liabilities consist of the following (in thousands): | |||||||||
October 1, | January 1, | ||||||||
2013 | 2013 | ||||||||
Gift card liability | $ | 1,633 | $ | 2,182 | |||||
Occupancy related | 1,302 | 1,264 | |||||||
Utilities | 1,319 | 1,002 | |||||||
Other accrued expenses | 3,360 | 2,801 | |||||||
$ | 7,614 | $ | 7,249 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Oct. 01, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Provision for Income Taxes | ' | ||||||||
The following table presents the Company's provision for income taxes for the three quarters ended October 1, 2013 and October 2, 2012 (dollars in thousands): | |||||||||
October 1, | October 2, | ||||||||
2013 | 2012 | ||||||||
Provision for income taxes | $ | 2,633 | $ | 2,540 | |||||
Effective tax rate | 38 | % | 41.3 | % |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Oct. 01, 2013 | ||||||||||||||||
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 for share and per share amounts): | ||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||
October 1, 2013 | October 2, 2012 | October 1, 2013 | October 2, 2012 | |||||||||||||
Outstanding, beginning of period | 3,474,398 | 2,789,212 | 2,973,168 | 2,621,017 | ||||||||||||
Granted(1) | — | 8,655 | 538,273 | 176,850 | ||||||||||||
Exercised | — | — | — | — | ||||||||||||
Canceled | 1,961 | 129,949 | 39,004 | 129,949 | ||||||||||||
Outstanding, end of period | 3,472,437 | 2,667,918 | 3,472,437 | 2,667,918 | ||||||||||||
Weighted average fair market value on option grant date | N/A | $ | — | $ | 5.81 | $ | — | |||||||||
Stock based compensation expense(2) | $ | 131 | $ | 315 | $ | 4,065 | $ | 921 | ||||||||
Capitalized stock based compensation expense | $ | 15 | $ | 21 | $ | 56 | $ | 57 | ||||||||
______________________ | ||||||||||||||||
(1) The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. | ||||||||||||||||
(2) Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 01, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computations of basic and dilutive earnings per share: | |||||||||||||||||
Fiscal Quarter Ended | Three Fiscal Quarters Ended | ||||||||||||||||
October 1, | October 2, | October 1, | October 2, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income (in thousands): | $ | 3,265 | $ | 133 | $ | 4,257 | $ | 3,604 | |||||||||
Shares: | |||||||||||||||||
Basic weighted average shares outstanding | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 | |||||||||||||
Dilutive stock options and warrants | 1,663,563 | 149,745 | 1,145,199 | 11,761 | |||||||||||||
Diluted weighted average number of shares outstanding | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic EPS | $ | 0.11 | $ | 0.01 | $ | 0.17 | $ | 0.16 | |||||||||
Diluted EPS | $ | 0.11 | $ | 0.01 | $ | 0.16 | $ | 0.16 | |||||||||
Supplemental_Disclosures_to_Co1
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 9 Months Ended | ||||||||
Oct. 01, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ||||||||
The following table presents the supplemental disclosures to the consolidated statements of cash flows for the first three quarters ended October 1, 2013 and October 2, 2012 (in thousands): | |||||||||
October 1, | October 2, | ||||||||
2013 | 2012 | ||||||||
Interest paid (net of amounts capitalized) | $ | 2,748 | $ | 4,744 | |||||
Income taxes paid | 400 | 273 | |||||||
(Payments for) purchases of property and equipment accrued in accounts payable | (1,363 | ) | 2,025 | ||||||
Business_and_Summary_and_Basis2
Business and Summary and Basis of Presentation (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||||
Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Jul. 03, 2012 | |
segment | Company-Owned [Member] | Franchise [Member] | IPO [Member] | Common Class A [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||
state | restaurant | restaurant | IPO [Member] | ||||||
Franchisor Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants | ' | ' | ' | 310 | 58 | ' | ' | ' | ' |
Number of states in which Noodles & Company operates | 29 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Share price (USD per share) | ' | ' | ' | ' | ' | ' | $18 | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | 6,160,714 | ' | ' |
Common stock, par value (USD per share) | $0.01 | ' | $0.01 | ' | ' | ' | $0.01 | ' | ' |
Shares sold to underwriters | ' | ' | ' | ' | ' | 803,571 | ' | ' | ' |
Proceeds from IPO | $100,101,000 | ($48,000) | ' | ' | ' | $100,200,000 | ' | ' | ' |
Repayment of debt | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of weeks in fiscal year | '364 days | ' | '364 days | ' | ' | ' | ' | ' | ' |
Reclassification of pperating costs to selling general and administrative expense | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,300,000 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Prepaid Expenses and Other Assets) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ' | ' |
Prepaid occupancy related costs | $3,029 | $2,700 |
Other prepaid expenses | 1,912 | 1,191 |
Other current assets | 58 | 79 |
Prepaid expenses and other assets | $4,999 | $3,970 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Property and Equipment) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $259,633 | $224,987 |
Accumulated depreciation and amortization | -101,220 | -88,700 |
Property and equipment, net | 158,413 | 136,287 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 164,498 | 139,907 |
Furniture, Fixtures, and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 89,270 | 77,202 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $5,865 | $7,878 |
Supplemental_Financial_Informa4
Supplemental Financial Information (Accrued Payroll and Benefits) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ' | ' |
Accrued payroll and related liabilities | $5,196 | $2,537 |
Accrued bonus | 2,303 | 1,981 |
Insurance liabilities | 1,372 | 827 |
Accrued payroll and benefits | $8,871 | $5,345 |
Supplemental_Financial_Informa5
Supplemental Financial Information (Accrued Expense and Other Liabilities) (Details) (USD $) | Oct. 01, 2013 | Jan. 01, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Financial Information [Abstract] | ' | ' |
Gift card liability | $1,633 | $2,182 |
Occupancy related | 1,302 | 1,264 |
Utilities | 1,319 | 1,002 |
Other accrued expenses | 3,360 | 2,801 |
Accrued expenses and other current liabilities | $7,614 | $7,249 |
Borrowings_Details
Borrowings (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Oct. 01, 2013 | Oct. 01, 2013 | |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity | 120,000,000 | 120,000,000 |
Amount outstanding | 1,700,000 | 1,700,000 |
Remaining borrowing capacity | 41,300,000 | 41,300,000 |
Letters of credit outstanding | 2,000,000 | 2,000,000 |
Revolving Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity | 45,000,000 | 45,000,000 |
Senior Term Loan [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] | ' | ' |
Interest rate | 4.25% | 3.50% |
Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate | 5.50% | 5.50% |
Fair_Value_Measurements_1_Deta
Fair Value Measurements 1 (Details) (USD $) | Oct. 01, 2013 |
In Thousands, unless otherwise specified | |
Other Assets [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation plan | $460 |
Other Long Term Liabilities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation plan | $480 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jan. 01, 2013 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Provision for income taxes | $2,183 | $107 | $2,633 | $2,540 | ' |
Effective tax rate | ' | ' | 38.00% | 41.30% | 38.40% |
Estimated effective tax rate | 39.20% | ' | 39.20% | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 9 Months Ended | |
Oct. 01, 2013 | 31-May-13 | |
IPO [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Number of securities exercised | 23,289 | ' |
Exercise price | 8.67 | ' |
Warrants outstanding | 57,700 | ' |
Maximum shares reserved for issuance | 750,100 | 3,750,500 |
Discount from market place | 85.00% | ' |
ESPP, shares issued | 14,425 | ' |
Shares available for future issuance | 735,675 | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Incentive Plan) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2012 | |||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Vesting period | '4 years | ' | ' | ' | ' | ||||
Executive Officer [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Granted | 403,900 | ' | ' | ' | ' | ||||
Number of officers granted awards | 2 | ' | ' | ' | ' | ||||
IPO [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Vesting percentage | 50.00% | ' | ' | ' | ' | ||||
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Stock based compensation expense | ' | ' | $45,000 | ' | ' | ||||
Accelerated Vesting of Outstanding Stock Options [Member] | IPO [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Stock based compensation expense | ' | ' | 2,000,000 | ' | ' | ||||
Stock Options Granted [Member] | IPO [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Stock based compensation expense | ' | ' | 1,200,000 | ' | ' | ||||
Stock Option [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Outstanding, beginning of period | 3,474,398 | 2,789,212 | 2,973,168 | 2,621,017 | 2,667,918 | ||||
Granted | 0 | [1] | 8,655 | [1] | 538,273 | [1] | 176,850 | [1] | ' |
Exercised | 0 | 0 | 0 | 0 | ' | ||||
Canceled | 1,961 | 129,949 | 39,004 | 129,949 | ' | ||||
Outstanding, end of period | 3,472,437 | ' | 3,472,437 | ' | 2,667,918 | ||||
Weighted average fair market value on option grant date (USD per share) | ' | $1.25 | $5.81 | $0 | ' | ||||
Stock based compensation expense | 131,000 | [2] | 315,000 | [2] | 4,065,000 | [2] | 921,000 | [2] | ' |
Capitalized stock based compensation expense | 15,000 | 21,000 | 56,000 | 57,000 | ' | ||||
Selling, General and Administrative Expenses [Member] | Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' | ||||
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ||||
Stock based compensation expense | $45,000 | ' | ' | ' | ' | ||||
[1] | The stock options granted in the first three quarters of 2013 included 403,900 awards to two executive officers of which 50% vested at IPO and the remaining vest annually over four years on the anniversary of the grant in equal installments. | ||||||||
[2] | Stock-based compensation expense includes $45,000 related to the Employee Stock Purchase Plan in the third quarter and first three quarters of 2013 and is included in general and administrative expense on the consolidated statements of income. Of the total stock-based compensation recognized in the first three quarters of 2013, $2.0 million related to accelerated vesting of outstanding stock options at the IPO and $1.2 million related to stock options granted at the IPO to 2 executive officers of which 50% were vested at the time of grant. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $3,265 | $133 | $4,257 | $3,604 |
Shares: | ' | ' | ' | ' |
Basic weighted average shares outstanding (in shares) | 29,399,650 | 23,238,984 | 25,382,805 | 23,238,984 |
Dilutive stock options and warrants (in shares) | 1,663,563 | 149,745 | 1,145,199 | 11,761 |
Diluted weighted average number of shares outstanding (in shares) | 31,063,213 | 23,388,729 | 26,528,004 | 23,250,745 |
Earnings per share: | ' | ' | ' | ' |
Basic EPS (USD per share) | $0.11 | $0.01 | $0.17 | $0.16 |
Diluted EPS (USD per share) | $0.11 | $0.01 | $0.16 | $0.16 |
Antidilutive securities excluded from computation of earnings per share | 0 | 172,831 | 488,018 | 2,552,951 |
Supplemental_Disclosures_to_Co2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Interest paid (net of amounts capitalized) | $2,748 | $4,744 |
Income taxes paid | 400 | 273 |
(Payments for) purchases of property and equipment accrued in accounts payable | ($1,363) | $2,025 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Executives [Member]) | 9 Months Ended |
Oct. 01, 2013 | |
officer | |
Executives [Member] | ' |
Loss Contingencies [Line Items] | ' |
Employment agreement, number of executives | 2 |
Employment agreement, initial term | '3 years |
Employment agreement, severance pay, number of equivalent months | '18 months |
Employment agreement, period for equal installments | '18 months |
Employment agreement, cancelation notice period | '18 months |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 01, 2013 |
Management Services Fees [Member] | Dividend Paid [Member] | IPO [Member] | IPO [Member] | |
Equity Sponsors [Member] | Class C Common Stock [Member] | Bonuses and Payroll Taxes [Member] | Bonuses and Payroll Taxes [Member] | |
Equity Sponsors [Member] | Equity Sponsors [Member] | Employees [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Amount paid to related party | $375 | $625 | $800 | $1,700 |