Texas Roadhouse (TXRH) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Entity Registrant Name	Texas Roadhouse, Inc.
Entity Central Index Key	0001289460
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	TXRH
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,310,804
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	000-50972
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Tax Identification Number	20-1083890
Entity Address, Address Line One	6040 Dutchmans Lane, Suite 200
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40205
City Area Code	502
Local Phone Number	426-9984
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 230,606	$ 107,879
Receivables, net of allowance for doubtful accounts of $72 at March 31, 2020 and $12 at December 31, 2019	25,441	99,305
Inventories, net	20,321	20,267
Prepaid income taxes	6,524	2,015
Prepaid expenses	19,682	18,433
Total current assets	302,574	247,899
Property and equipment, net of accumulated depreciation of $698,841 at March 31, 2020 and $678,988 at December 31, 2019	1,068,701	1,056,563
Operating lease right-of-use asset, net	512,574	499,801
Goodwill	124,748	124,748
Intangible assets, net of accumulated amortization of $13,911 at March 31, 2020 and $14,141 at December 31, 2019	1,101	1,234
Other assets	45,006	53,320
Total assets	2,054,704	1,983,565
Current liabilities:
Current portion of operating lease liabilities	17,925	17,263
Accounts payable	42,984	61,653
Deferred revenue-gift cards	152,261	209,258
Accrued wages	25,612	39,699
Income taxes payable	2,095
Accrued taxes and licenses	19,438	30,433
Other accrued liabilities	50,546	58,914
Total current liabilities	310,861	417,220
Operating lease liabilities, net of current portion	553,181	538,710
Long-term debt	190,000
Restricted stock and other deposits	8,683	8,249
Deferred tax liabilities, net	23,115	22,695
Other liabilities	58,121	65,522
Total liabilities	1,143,961	1,052,396
Texas Roadhouse, Inc. and subsidiaries stockholders' equity:
Preferred stock ($0.001 par value, 1,000,000 shares authorized; no shares issued or outstanding)
Common stock ($0.001 par value, 100,000,000 shares authorized, 69,310,804 and 69,400,252 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	69	69
Additional paid-in-capital	129,796	140,501
Retained earnings	766,689	775,649
Accumulated other comprehensive loss	(262)	(225)
Total Texas Roadhouse, Inc. and subsidiaries stockholders' equity	896,292	915,994
Noncontrolling interests	14,451	15,175
Total equity	910,743	931,169
Total liabilities and equity	$ 2,054,704	$ 1,983,565

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Receivables, allowance for doubtful accounts (in dollars)	$ 72	$ 12
Property and equipment, accumulated depreciation (in dollars)	698,841	678,988
Intangible assets, accumulated amortization (in dollars)	$ 13,911	$ 14,141
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
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 (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	69,310,804	69,400,252
Common stock, shares outstanding	69,310,804	69,400,252

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Revenue:
Revenue	$ 652,524	$ 690,608
Restaurant operating costs (excluding depreciation and amortization shown separately below):
Cost of sales	210,180	223,712
Labor	241,079	223,880
Rent	13,471	13,128
Other operating	104,289	101,802
Pre-opening	5,112	3,868
Depreciation and amortization	29,054	27,773
Impairment and closure, net	595	17
General and administrative	32,954	35,983
Total costs and expenses	636,734	630,163
Income from operations	15,790	60,445
Interest expense (income), net	69	(754)
Equity (loss) income from investments in unconsolidated affiliates	(508)	113
Income before taxes	15,213	61,312
Income tax (benefit) expense	(1,939)	9,119
Net income including noncontrolling interests	17,152	52,193
Less: Net income attributable to noncontrolling interests	1,123	1,803
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	16,029	50,390
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment, net of tax of $13 and ($33), respectively	(37)	97
Total comprehensive income	$ 15,992	$ 50,487
Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:
Basic	$ 0.23	$ 0.70
Diluted	$ 0.23	$ 0.70
Weighted average shares outstanding:
Basic	69,422	71,753
Diluted	69,852	72,187
Cash dividends declared per share	$ 0.36	$ 0.30
Restaurant and other sales
Revenue:
Revenue	$ 647,626	$ 685,117
Franchise royalties and fees
Revenue:
Revenue	$ 4,898	$ 5,491

Consolidated Statements of In_2

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Consolidated Statements of Income and Comprehensive Income
Foreign currency translation adjustment, (tax)/benefit	$ 13	$ (33)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total Texas Roadhouse, Inc. and Subsidiaries	Common Stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
Balance at Dec. 25, 2018	$ 945,569	$ 72	$ 257,388	$ 688,337	$ (228)	$ 15,139	$ 960,708
Balance (in shares) at Dec. 25, 2018		71,617,510
Increase (Decrease) in Stockholders' Equity
Net income	50,390			50,390		1,803	52,193
Other comprehensive income (loss), net of tax	97				97		97
Distributions to noncontrolling interest holders						(1,615)	(1,615)
Acquisition of noncontrolling interest	(70)		(70)			(673)	(743)
Dividends declared	(21,547)			(21,547)			(21,547)
Shares issued under share-based compensation plans including tax effects (in shares)		330,628
Indirect repurchase of shares for minimum tax withholdings	(7,400)		(7,400)				(7,400)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(120,302)
Cumulative effect of change in accounting principle | ASU 2016-02 (Topic 842)	(2,678)			(2,678)			(2,678)
Share-based compensation	9,132		9,132				9,132
Balance at Mar. 26, 2019	973,493	$ 72	259,050	714,502	(131)	14,654	988,147
Balance (in shares) at Mar. 26, 2019		71,827,836
Balance at Dec. 31, 2019	915,994	$ 69	140,501	775,649	(225)	15,175	$ 931,169
Balance (in shares) at Dec. 31, 2019		69,400,252					69,400,252
Increase (Decrease) in Stockholders' Equity
Net income	16,029			16,029		1,123	$ 17,152
Other comprehensive income (loss), net of tax	(37)				(37)		(37)
Distributions to noncontrolling interest holders						(1,847)	(1,847)
Dividends declared	(24,989)			(24,989)			(24,989)
Shares issued under share-based compensation plans including tax effects (in shares)		251,792
Indirect repurchase of shares for minimum tax withholdings	(5,331)		(5,331)				(5,331)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(88,831)
Repurchase of shares of common stock	(12,621)		(12,621)				$ (12,621)
Repurchase of shares of common stock (in shares)		(252,409)					(252,409)
Share-based compensation	7,247		7,247				$ 7,247
Balance at Mar. 31, 2020	$ 896,292	$ 69	$ 129,796	$ 766,689	$ (262)	$ 14,451	$ 910,743
Balance (in shares) at Mar. 31, 2020		69,310,804					69,310,804

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Consolidated Statement of Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.36	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Cash flows from operating activities:
Net income including noncontrolling interests	$ 17,152	$ 52,193
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,054	27,773
Deferred income taxes	433	(1,094)
Loss on disposition of assets	1,446	1,383
Impairment and closure costs	624	17
Equity loss (income) from investments in unconsolidated affiliates	508	(113)
Distributions of income received from investments in unconsolidated affiliates	184	171
Provision for doubtful accounts	60	(4)
Share-based compensation expense	7,247	9,132
Changes in operating working capital:
Receivables	74,504	57,433
Inventories	(54)	1,306
Prepaid expenses	(1,249)	(2,301)
Other assets	7,573	(4,739)
Accounts payable	(22,214)	2,830
Deferred revenue-gift cards	(56,997)	(63,629)
Accrued wages	(14,087)	3,131
Prepaid income taxes and income taxes payable	(2,414)	16,200
Accrued taxes and licenses	(10,995)	228
Other accrued liabilities	(3,023)	3,819
Operating lease right-of-use assets and lease liabilities	1,365	1,479
Other liabilities	(7,401)	6,200
Net cash provided by operating activities	21,716	111,415
Cash flows from investing activities:
Capital expenditures-property and equipment	(46,672)	(42,044)
Proceeds from sale leaseback transaction	2,167
Net cash used in investing activities	(44,505)	(42,044)
Cash flows from financing activities:
Proceeds from revolving credit facility	190,000
Distributions to noncontrolling interest holders	(1,847)	(1,615)
Acquisition of noncontrolling interest		(743)
Proceeds from restricted stock and other deposits, net	304	273
Indirect repurchase of shares for minimum tax withholdings	(5,331)	(7,400)
Repurchase of shares of common stock	(12,621)
Dividends paid to shareholders	(24,989)	(17,904)
Net cash provided by (used in) financing activities	145,516	(27,389)
Net increase in cash and cash equivalents	122,727	41,982
Cash and cash equivalents-beginning of period	107,879	210,125
Cash and cash equivalents-end of period	230,606	252,107
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	186	164
Income taxes paid (refunded)	51	(5,987)
Capital expenditures included in current liabilities	$ 13,545	$ 10,489

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation ​ The accompanying unaudited condensed consolidated financial statements include the accounts of Texas Roadhouse, Inc. ("TRI"), our wholly-owned subsidiaries and subsidiaries in which we have a controlling interest (collectively the "Company," "we," "our" and/or "us") as of March 31, 2020 and December 31, 2019 and for the 13 weeks ended March 31, 2020 and March 26, 2019. ​ As of March 31, 2020, we owned and operated 519 restaurants and franchised an additional 98 restaurants in 49 states and ten foreign countries. Of the 519 company restaurants that were operating at March 31, 2020, 499 were wholly-owned and 20 were majority-owned. Of the 98 franchise restaurants, 70 were domestic restaurants and 28 were international restaurants. Included within these restaurant totals are one company restaurant and 22 international franchise restaurants that have been temporarily closed due to the global COVID-19 pandemic. These stores continue to be included in the owned and operated totals as we believe they will re-open once it is considered safe to do so. ​ As of March 26, 2019, we owned and operated 495 restaurants and franchised an additional 93 restaurants in 49 states and ten foreign countries. Of the 495 company restaurants that were operating at March 26, 2019, 475 were wholly-owned and 20 were majority-owned. Of the 93 franchise restaurants, 69 were domestic restaurants and 24 were international restaurants. ​ As of March 31, 2020 and March 26, 2019, we owned a 5.0% to 10.0% equity interest in 24 domestic franchise restaurants. Additionally, as of March 31, 2020 and March 26, 2019, we owned a non-Texas Roadhouse restaurants as part of a joint venture agreement with a casual dining restaurant operator in China. The unconsolidated restaurants are accounted for using the equity method. Our investments in these unconsolidated affiliates are included in other assets in our unaudited condensed consolidated balance sheets, and we record our percentage share of net income earned by these unconsolidated affiliates in our unaudited condensed consolidated statements of income and comprehensive income under equity income from investments in unconsolidated affiliates. All significant intercompany balances and transactions for these unconsolidated restaurants as well as the entities whose accounts have been consolidated have been eliminated. ​ We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reporting of revenue and expenses during the periods to prepare these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"). Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill, obligations related to insurance reserves, leases and leasehold improvements, legal reserves, gift card breakage and third-party fees and income taxes. Actual results could differ from those estimates. ​ In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP, except that certain information and footnotes have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission ("SEC"). Operating results for the 13 weeks ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 29, 2020. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. ​ ​ ​ ​ Risks and Uncertainties ​ The Company is subject to risks and uncertainties as a result of the novel coronavirus ( COVID-19 ) pandemic. On March 13, 2020, the COVID-19 pandemic (the pandemic ) was declared a National Public Health Emergency. As a result, several state and local mandates were implemented that encouraged the practice of social distancing, placed restrictions from individuals gathering in groups and, in many areas, placed complete restrictions on non-essential movement outside of the home . Shortly after the national emergency declaration, state and local officials began placing restrictions on restaurants, some of which allowed To-Go or curbside service only while others limited capacity in the dining room. By March 31, 2020, the last day of our Q1 2020 fiscal quarter, all of our domestic company and franchise restaurants were under state or local order which only allowed for To-Go or curbside service. ​ As a result of the temporary dining room closures, we have experienced a significant decrease in traffic which has impacted our operating results. While we have seen significant sales growth in our To-Go program, we currently do not expect these sales will generate a similar profit margin to our normal operating model. We expect our operating results to continue to be severely impacted until such time that state and local restrictions are lifted, and our dining rooms can re-open at full capacity. We cannot predict how long the pandemic will last or when the state and local restrictions will be lifted. In addition, we cannot predict how quickly our guests will return to our restaurants once such restrictions have been lifted or the impact this will have on consumer spending habits. ​ In addition, we continue to monitor federal and state plans to re-open the economy and have developed a framework that would allow us to implement a hybrid business model with limited capacity dining rooms together with enhanced To-Go through curbside service as permitted by local guidelines. We expect the re-opening process to be a gradual one with the safety of our employees and guests as our top priority. The extent of this re-opening process will determine the significance of the impact to our financial condition, financial results, and liquidity in future periods. In addition, significant items subject to estimates and assumptions including the carrying amount of property and equipment, goodwill, and lease related assets could be impacted. ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements ​ Financial Instruments (Accounting Standards Update 2016-13, "ASU 2016-13") ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Goodwill (Accounting Standards Update 2017-04, "ASU 2017-04") In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, We adopted ASU 2017-04 as of the beginning of our 2020 fiscal year. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. Fair Value Measurement (Accounting Standards Update 2018-13, "ASU 2018-13") In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, value measurements. We adopted ASU 2018-13 as of the beginning of our 2020 fiscal year. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. Income Taxes (Accounting Standards Update 2019-12, "ASU 2019-12") ​ In December 2019. the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions related to the approach for intraperiod tax allocations, the calculation of income taxes in interim periods, and the recognition of deferred taxes for investments. This guidance also simplifies aspects of accounting for recognizing deferred taxes for taxable goodwill. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (our 2021 fiscal year) and for interim periods within those years, with early adoption permitted. We are currently assessing the impact of this new standard on our consolidated financial statements. ​ Reference Rate Reform (Accounting Standards Update 2020-04, "ASU 2020-04") ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We are currently assessing the impact of this new standard on our consolidated financial statements

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2020
Long-term Debt
Long-term Debt and Obligation Under Capital Lease	(3) Long-term Debt ​ On August 7, 2017, we entered into the Amended and Restated Credit Agreement (the "Amended Credit Agreement") with respect to our revolving credit facility with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A., PNC Bank, N.A., and Wells Fargo Bank, N.A. The revolving credit facility remains an unsecured, revolving credit agreement under which we may borrow up to $200.0 million with the option to increase the revolving credit facility by an additional $200.0 million subject to certain limitations. The Amended Credit Agreement extends the maturity date of our revolving credit facility until August 5, 2022. ​ The terms of the Amended Credit Agreement require us to pay interest on outstanding borrowings at LIBOR plus a margin of 0.875% to 1.875% and to pay a commitment fee of 0.125% to 0.30% per year on any unused portion of the revolving credit facility, in each case depending on our leverage ratio, or the Alternate Base Rate, which is the highest of the issuing banks’ prime lending rate, the Federal Reserve Bank of New York rate plus 0.50% or the Adjusted Eurodollar Rate for a one month interest period on such day plus 1.0%. In March 2020, we borrowed $190.0 million under our revolving credit facility. The weighted-average interest rate for the revolving credit facility as of March 31, 2020 and December 31, 2019 was 1.64% and 2.64%, respectively. As of March 31, 2020, we had $190.0 million outstanding under the revolving credit facility and $1.8 million of availability, net of $8.2 million of outstanding letters of credit. ​ The lenders’ obligation to extend credit pursuant to the Amended Credit Agreement depends on us maintaining certain financial covenants. We were in compliance with all financial covenants as of March 31, 2020. ​ As further discussed in note 12, subsequent to the end of the quarter, we amended the revolving credit facility. The amendment increased the amount available under the revolving credit facility by $82.5 million and modified the financial covenants through the end of our Q1 2021 fiscal quarter.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue
Revenue	(4) Revenue ​ The following table disaggregates our revenue by major source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ ​ March 31, 2020 ​ March 26, 2019 ​ Restaurant and other sales $ 647,626 ​ $ 685,117 ​ Franchise royalties ​ 4,287 ​ ​ 4,856 ​ Franchise fees ​ 611 ​ ​ 635 ​ Total revenue $ 652,524 ​ $ 690,608 ​ ​ We record deferred revenue for gift cards which includes cards that have been sold but not yet redeemed, a breakage adjustment for a percentage of gift cards that are not expected to be redeemed, and fees paid on gift cards sold through third-party retailers. When the gift cards are redeemed, we recognize restaurant sales and reduce deferred revenue. We amortize breakage and third-party fees consistent with the historic redemption pattern of the associated gift card and recognize as a component of other sales. As of March 31, 2020 and December 31, 2019, our deferred revenue balance related to gift cards was million, respectively. We recognized sales of million for the 13 weeks ended March 31, 2020 related to the amount in deferred revenue as of December 31, 2019. We recognized sales of

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	​ (5) Income Taxes ​ A reconciliation of the statutory federal income tax rate to our effective tax rate for the 13 weeks ended March 31, 2020 and March 26, 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ ​ March 31, 2020 March 26, 2019 ​ ​ Tax at statutory federal rate ​ 21.0 % 21.0 % ​ ​ State and local tax, net of federal benefit ​ 3.8 ​ 3.6 ​ ​ ​ FICA tip tax credit ​ (33.1) ​ (9.4) ​ ​ ​ Work opportunity tax credit ​ (4.4) ​ (1.4) ​ ​ ​ Stock compensation ​ (0.8) ​ (0.5) ​ ​ ​ Net income attributable to noncontrolling interests ​ (1.2) ​ (0.5) ​ ​ ​ Officers compensation ​ 0.3 ​ 1.4 ​ ​ ​ Other ​ 1.7 ​ 0.7 ​ ​ ​ Total ​ (12.7) % 14.9 % ​ ​ ​ For the 13 week period ended March 31, 2020, we recognized income tax expense using a discrete tax calculation as we were unable to reliably estimate our full year effective income tax rate. This was primarily due to the inability to estimate the increased impact of the FICA tip and Work opportunity tax credits on our effective tax rate as result of the significant decrease in pre-tax income. This resulted in an effective tax rate of (12.7 %). For the 13 week period ended March 26, 2019, we recognized income tax expense using an estimated annual effective tax rate. This resulted in an effective tax rate of 14.9%. ​ The effective rate decreased to (12.7 %) in Q1 2020 primarily due to the significant decrease in pre-tax income. As a result, the impact of our FICA tip and Work opportunity tax credits had a more significant impact to our effective tax rate. Additionally, these credits exceeded our federal tax liability in Q1 2020 but we expect to utilize these credits in the current year or by carrying back to our 2019 tax year. ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	(6) Commitments and Contingencies ​ The estimated cost of completing capital project commitments at March 31, 2020 and December 31, 2019 was $141.1 million and $119.0 million, respectively. As a result of the COVID-19 pandemic, we are only continuing construction on restaurants, including one relocation site, that are substantially complete and have delayed construction on the remaining locations in our pipeline. The estimated cost of completing these ​ As of March 31, 2020 and December 31, 2019, we were contingently liable for $13.7 million and $13.9 million, respectively, for seven lease guarantees, listed in the table below. These amounts represent the maximum potential liability of future payments under the guarantees. In the event of default, the indemnity and default clauses in our assignment agreements govern our ability to pursue and recover damages incurred. No material liabilities have been recorded as of March 31, 2020 and December 31, 2019 as the likelihood of default was deemed to be less than probable and the fair value of the guarantees is not considered significant. ​ ​ ​ ​ ​ ​ ​ ​ Lease Current Lease Everett, Massachusetts (1)(2) September 2002 February 2023 ​ Longmont, Colorado (1) October 2003 May 2029 ​ Montgomeryville, Pennsylvania (1) October 2004 March 2021 ​ Fargo, North Dakota (1) February 2006 July 2021 ​ Logan, Utah (1) January 2009 August 2024 ​ Irving, Texas (3) ​ December 2013 ​ December 2024 ​ Louisville, Kentucky (3)(4) ​ December 2013 ​ November 2023 ​ (1) Real estate lease agreements for restaurant locations which we entered into before granting franchise rights to those restaurants. We have subsequently assigned the leases to the franchisees, but remain contingently liable under the terms of the lease if the franchisee defaults . (2) As discussed in note 7, this restaurant is owned, in part, by our founder. (3) Leases associated with non-Texas Roadhouse restaurants which were sold. The leases were assigned to the acquirer, but we remain contingently liable under the terms of the lease if the acquirer defaults. (4) We may be released from liability after the initial contractual lease term expiration contingent upon certain conditions being met by the acquirer. ​ During the 13 weeks ended March 31, 2020, we bought most of our beef from three suppliers. We have no material minimum purchase commitments with our vendors that extend beyond a year. ​ Occasionally, we are a defendant in litigation arising in the ordinary course of our business, including "slip and fall" accidents, employment related claims, claims related to our service of alcohol, and claims from guests or employees alleging illness, injury or food quality, health or operational concerns. None of these types of litigation, most of which are covered by insurance, has had a material adverse effect on us during the periods covered by this report and, as of the date of this report, we are not party to any litigation that we believe could have a material adverse effect on our business.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions
Related Party Transactions	(7) Related Party Transactions ​ As of March 31, 2020 and March 26, 2019, we had six franchise restaurants and one majority-owned company restaurant owned in part by certain officers of the Company. For both of the 13 week periods ended March 31, 2020 and March 26, 2019, these franchise entities paid us fees of $0.3 million. As disclosed in note 6, we are contingently liable on a lease related to one of these franchise restaurants. ​

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share
Earnings Per Share	(8) Earnings Per Share ​ The share and net income per share data for all periods presented are based on the historical weighted-average shares outstanding. The diluted earnings per share calculations show the effect of the weighted-average restricted stock units from our equity incentive plans. Performance stock units are not included in the diluted earnings per share calculation until the performance-based criteria have been met. ​ For the 13 week period ended March 31, 2020, there were 41,581 shares of nonvested stock, that were outstanding but not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect. For the 13 week period ended March 26, 2019, there were no shares of nonvested stock, that were outstanding but not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect. ​ The following table sets forth the calculation of earnings per share and weighted-average shares outstanding (in thousands) as presented in the accompanying unaudited condensed consolidated statements of income and comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ ​ March 31, 2020 March 26, 2019 ​ Net income attributable to Texas Roadhouse, Inc. and subsidiaries ​ $ 16,029 ​ $ 50,390 ​ ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,422 ​ ​ 71,753 ​ ​ Basic EPS ​ $ 0.23 ​ $ 0.70 ​ ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,422 ​ ​ 71,753 ​ ​ Dilutive effect of nonvested stock ​ 430 ​ ​ 434 ​ ​ Shares-diluted ​ 69,852 ​ 72,187 ​ ​ Diluted EPS ​ $ 0.23 ​ $ 0.70 ​ ​ ​

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2020
Fair Value Measurement
Fair Value Measurement	(9) Fair Value Measurements ​ ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. ​ Level 1 Inputs based on quoted prices in active markets for identical assets. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the assets, either directly or indirectly. Level 3 Inputs that are unobservable for the asset. ​ There were no transfers among levels within the fair value hierarchy during the 13 weeks ended March 31, 2020. ​ The following table presents the fair values for our financial assets and liabilities measured on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level March 31, 2020 December 31, 2019 Deferred compensation plan—assets 1 ​ $ 35,929 ​ $ 44,623 ​ Deferred compensation plan—liabilities 1 ​ (35,836) ​ (44,679) ​ ​ The Second Amended and Restated Deferred Compensation Plan of Texas Roadhouse Management Corp., as amended, (the "Deferred Compensation Plan") is a nonqualified deferred compensation plan which allows highly compensated employees to defer receipt of a portion of their compensation and contribute such amounts to one or more investment funds held in a rabbi trust. We report the amounts of the rabbi trust in other assets and the corresponding liability in other liabilities in our unaudited condensed consolidated financial statements. These investments are considered trading securities and are reported at fair value based on quoted market prices. The realized and unrealized holding gains and losses related to these investments, as well as the offsetting compensation expense, are recorded in general and administrative expense in the unaudited condensed consolidated statements of income and comprehensive income. ​ The following table presents the fair value of our assets measured on a nonrecurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total gain (loss) ​ ​ March 31, December 31, March 31, ​ ​ Level ​ 2020 ​ 2019 ​ 2020 Long-lived assets held for use 1 ​ $ — ​ $ 1,684 ​ $ — ​ Operating lease right-of-use assets 3 ​ $ — ​ $ 611 ​ $ (501) ​ Investments in unconsolidated affiliates ​ 3 ​ $ 2,000 ​ $ — ​ $ (528) ​ ​ At March 31, 2020, operating lease right-of-use assets include the lease related assets for one underperforming store that was permanently closed in April 2020 and one store that was relocated during the period. Both of these assets were reduced to a fair value of zero. These assets are valued using a Level 3 input, or the discounted cashflows we expect to receive based on the future operations of this location. This resulted in a loss of million which is included in impairment and closure, net in our unaudited condensed consolidated statements of income and comprehensive income. At December 31, 2019, operating lease right-of-use assets include the lease related assets for the underperforming store noted above. ​ At December 31, 2019, long-lived assets held for use include leasehold improvements for one restaurant that was subject to a forced relocation. This restaurant was relocated in February 2020 at which time the contractually negotiated amount for these assets was received. ​ Investments in unconsolidated affiliates include a 40% equity interest in a China joint venture that was reduced to fair value. This asset is valued using a Level 3 input, or the amount we expect to receive upon the sale of this investment. This resulted in a loss of million which is included in equity income from investments in unconsolidated affiliates in our unaudited condensed consolidated statements of income and comprehensive income. ​ At March 31, 2020 and December 31, 2019, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated their carrying values based on the short-term nature of these instruments. At March 31, 2020, the fair value of our revolving credit facility approximated its carrying value since it is a variable rate credit facility (Level 2).

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Compensation
Share-based Compensation	(10) Share Based Compensation ​ On May 16, 2013, our stockholders approved the Texas Roadhouse, Inc. 2013 Long-Term Incentive Plan (the "Plan"). The Plan provides for the granting of various forms of equity awards including options, stock appreciation rights, full value awards, and performance based awards. The plan replaced the Texas Roadhouse, Inc. 2004 Equity Incentive Plan. The Company provides restricted stock units ("RSUs") to employees as a form of share-based compensation. An RSU is the conditional right to receive one share of common stock upon satisfaction of the vesting requirement. In addition to RSUs, the Company provides performance stock units ("PSUs") to executives as a form of share-based compensation. A PSU is the conditional right to receive one share of common stock upon meeting a performance obligation along with the satisfaction of the vesting requirement. The following table summarizes the share-based compensation recorded in the accompanying unaudited condensed consolidated statements of income and comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ March 31, 2020 March 26, 2019 Labor expense $ 2,388 ​ $ 2,135 ​ General and administrative expense 4,859 ​ 6,997 ​ Total share-based compensation expense $ 7,247 ​ $ 9,132 ​ ​ We grant PSUs to certain of our executives subject to a one-year vesting and the achievement of certain earnings targets, which determine the number of units to vest at the end of the vesting period. Share-based compensation expense is recognized for the number of units expected to vest at the end of the period and is expensed beginning on the grant date and through the performance period. For each grant, PSUs vest after meeting the performance and service conditions. The total intrinsic value of PSUs vested during the 13 week periods ended March 31, 2020 and March 26, 2019 was $3.3 million and $7.2 million, respectively. On January 8, 2020, 95,946 shares vested related to the January 2019 PSU grant and were distributed during the 13 weeks ending March 31, 2020. This included 77,000 granted shares and 18,946 incremental shares due to the grant exceeding the initial 100% target. With respect to unvested PSUs at March 31, 2020, no expense was recognized as we estimate the payout ratio will be zero. As a result, there is no unrecognized compensation cost that is expected to be recognized for the remainder of the year. ​

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Stock Repurchase Program	(11) Stock Repurchase Program ​ On May 31, 2019, our Board of Directors approved a stock repurchase program under which we may repurchase up to $250.0 million of our common stock. This stock repurchase program has no expiration date and replaced a previous stock repurchase program which was approved on May 22, 2014. All repurchases to date under our stock repurchase programs have been made through open market transactions. The timing and the amount of any repurchases are determined by management under parameters established by our Board of Directors, based on an evaluation of our stock price, market conditions and other corporate considerations. ​ For the 13 week period ended March 31, 2020, we paid $12.6 million to repurchase 252,409 shares of our common stock. We did not repurchase any shares of common stock during the 13 week period ended March 26, 2019. On March 17, 2020, we suspended all share repurchase activity. As of March 31, 2020, we had million remaining under our authorized stock repurchase program.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	(12) Subsequent Event ​ As discussed in note 3, we are a party to a revolving credit facility under which we may borrow up to $200.0 million with the option to increase by an additional $200.0 million. The revolving credit facility requires us to maintain certain financial covenants. On May 11, 2020, as a precautionary measure and to further enhance our financial flexibility, we amended the revolving credit facility to provide for an incremental revolving credit facility of up to million. This amount would be applied against the additional million that was available under the revolving credit facility. The maturity date for the incremental revolving credit facility is May 10, 2021; however, the maturity date for the original revolving credit facility remains August 5, 2022. The amendment also modifies the financial covenants contained in the revolving credit facility through the end of our Q1 2021 fiscal quarter. We expect that we will be in compliance with the financial covenants, as amended, over the next 12 months. ​ The terms of the amendment require us to pay interest on outstanding borrowings of the original revolving credit facility at LIBOR plus a margin of 1.50% and to pay a commitment fee of 0.25% per year on any unused portion of the revolving credit facility through the end of our Q1 2021 fiscal quarter. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR. As of May 11, 2020, we had based on the pricing per the amendment. ​ The terms of the amendment also require us to pay interest on outstanding borrowings of the incremental revolving credit facility at LIBOR plus a margin of 2.25% and to pay a commitment fee of 0.50% per year on any unused portion of the incremental revolving credit facility through the maturity date. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR. ​ ​ ​

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Financial Instruments	Financial Instruments (Accounting Standards Update 2016-13, "ASU 2016-13") ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Goodwill	Goodwill (Accounting Standards Update 2017-04, "ASU 2017-04") In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, We adopted ASU 2017-04 as of the beginning of our 2020 fiscal year. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.
Fair Value Measurement	Fair Value Measurement (Accounting Standards Update 2018-13, "ASU 2018-13") In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, value measurements. We adopted ASU 2018-13 as of the beginning of our 2020 fiscal year. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.
Income Taxes	Income Taxes (Accounting Standards Update 2019-12, "ASU 2019-12") ​ In December 2019. the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions related to the approach for intraperiod tax allocations, the calculation of income taxes in interim periods, and the recognition of deferred taxes for investments. This guidance also simplifies aspects of accounting for recognizing deferred taxes for taxable goodwill. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (our 2021 fiscal year) and for interim periods within those years, with early adoption permitted. We are currently assessing the impact of this new standard on our consolidated financial statements.
Reference Rate Reform	Reference Rate Reform (Accounting Standards Update 2020-04, "ASU 2020-04") ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective upon issuance to modifications made as early as the beginning of the interim period through December 31, 2022. We are currently assessing the impact of this new standard on our consolidated financial statements

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ ​ March 31, 2020 ​ March 26, 2019 ​ Restaurant and other sales $ 647,626 ​ $ 685,117 ​ Franchise royalties ​ 4,287 ​ ​ 4,856 ​ Franchise fees ​ 611 ​ ​ 635 ​ Total revenue $ 652,524 ​ $ 690,608 ​

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Taxes
Schedule of reconciliation of the statutory federal income tax rate to our effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ ​ March 31, 2020 March 26, 2019 ​ ​ Tax at statutory federal rate ​ 21.0 % 21.0 % ​ ​ State and local tax, net of federal benefit ​ 3.8 ​ 3.6 ​ ​ ​ FICA tip tax credit ​ (33.1) ​ (9.4) ​ ​ ​ Work opportunity tax credit ​ (4.4) ​ (1.4) ​ ​ ​ Stock compensation ​ (0.8) ​ (0.5) ​ ​ ​ Net income attributable to noncontrolling interests ​ (1.2) ​ (0.5) ​ ​ ​ Officers compensation ​ 0.3 ​ 1.4 ​ ​ ​ Other ​ 1.7 ​ 0.7 ​ ​ ​ Total ​ (12.7) % 14.9 % ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Schedule of real estate lease agreements for franchises	​ ​ ​ ​ ​ ​ ​ ​ Lease Current Lease Everett, Massachusetts (1)(2) September 2002 February 2023 ​ Longmont, Colorado (1) October 2003 May 2029 ​ Montgomeryville, Pennsylvania (1) October 2004 March 2021 ​ Fargo, North Dakota (1) February 2006 July 2021 ​ Logan, Utah (1) January 2009 August 2024 ​ Irving, Texas (3) ​ December 2013 ​ December 2024 ​ Louisville, Kentucky (3)(4) ​ December 2013 ​ November 2023 ​ (1) Real estate lease agreements for restaurant locations which we entered into before granting franchise rights to those restaurants. We have subsequently assigned the leases to the franchisees, but remain contingently liable under the terms of the lease if the franchisee defaults . (2) As discussed in note 7, this restaurant is owned, in part, by our founder. (3) Leases associated with non-Texas Roadhouse restaurants which were sold. The leases were assigned to the acquirer, but we remain contingently liable under the terms of the lease if the acquirer defaults. (4) We may be released from liability after the initial contractual lease term expiration contingent upon certain conditions being met by the acquirer.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share
Schedule of calculation of earnings per share and weighted average shares outstanding	The following table sets forth the calculation of earnings per share and weighted-average shares outstanding (in thousands) as presented in the accompanying unaudited condensed consolidated statements of income and comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ ​ March 31, 2020 March 26, 2019 ​ Net income attributable to Texas Roadhouse, Inc. and subsidiaries ​ $ 16,029 ​ $ 50,390 ​ ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,422 ​ ​ 71,753 ​ ​ Basic EPS ​ $ 0.23 ​ $ 0.70 ​ ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,422 ​ ​ 71,753 ​ ​ Dilutive effect of nonvested stock ​ 430 ​ ​ 434 ​ ​ Shares-diluted ​ 69,852 ​ 72,187 ​ ​ Diluted EPS ​ $ 0.23 ​ $ 0.70 ​ ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Measurement
Schedule of fair values for our financial assets and liabilities measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level March 31, 2020 December 31, 2019 Deferred compensation plan—assets 1 ​ $ 35,929 ​ $ 44,623 ​ Deferred compensation plan—liabilities 1 ​ (35,836) ​ (44,679) ​
Schedule of fair value of assets and liabilities measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total gain (loss) ​ ​ March 31, December 31, March 31, ​ ​ Level ​ 2020 ​ 2019 ​ 2020 Long-lived assets held for use 1 ​ $ — ​ $ 1,684 ​ $ — ​ Operating lease right-of-use assets 3 ​ $ — ​ $ 611 ​ $ (501) ​ Investments in unconsolidated affiliates ​ 3 ​ $ 2,000 ​ $ — ​ $ (528) ​

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Compensation
Summary of allocation of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ March 31, 2020 March 26, 2019 Labor expense $ 2,388 ​ $ 2,135 ​ General and administrative expense 4,859 ​ 6,997 ​ Total share-based compensation expense $ 7,247 ​ $ 9,132 ​

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)restaurantitem	Mar. 26, 2019restaurantitem
Description of Business
Number of states in which restaurants operate | item	49	49
Number of countries in which restaurants operate | item	10	10
Revolving Credit Facility [Member]
Description of Business
Long-term Line of Credit | $	$ 190
Company
Description of Business
Number of restaurants	519	495
Company | Wholly-owned
Description of Business
Number of restaurants	499	475
Company | Majority-owned
Description of Business
Number of restaurants	20	20
Franchise
Description of Business
Number of restaurants	98	93
Franchise | Domestic
Description of Business
Number of restaurants	70	69
Number of restaurants closed	1
Franchise | International
Description of Business
Number of restaurants	28	24
Number of restaurants closed	22
Franchise | Unconsolidated | Domestic
Description of Business
Number of restaurants	24	24
Franchise | Minimum | Unconsolidated
Description of Business
Ownership percentage	5.00%	5.00%
Franchise | Maximum | Unconsolidated
Description of Business
Ownership percentage	10.00%	10.00%
Non-Texas Roadhouse restaurants | Unconsolidated
Description of Business
Number of restaurants	4	4
Ownership percentage	40.00%	40.00%

Long-term Debt (Details)

Long-term Debt (Details) - USD ($) $ in Millions	May 11, 2020	Aug. 07, 2017	Mar. 31, 2020	Dec. 31, 2019
Revolving Credit Facility
Revolving credit facility, remaining borrowing capacity			$ 1.8
Letters of credit outstanding			8.2
Revolving Credit Facility [Member]
Revolving Credit Facility
Revolving credit facility, maximum borrowing capacity		$ 200	200
Revolving credit facility contingent increase in maximum borrowing capacity		$ 200	$ 200
Weighted-average interest rate (as a percent)			1.64%	2.64%
Revolving credit facility, amount outstanding			$ 190
Revolving Credit Facility [Member] | Subsequent Events.
Revolving Credit Facility
Interest rate added to base rate (as a percent)	1.50%
Percentage of commitment fee on unused credit facility	0.25%
Revolving credit facility, amount outstanding	$ 190
Line Of Credit Facility, Increase In Borrowing Capacity	$ 82.5
Revolving Credit Facility [Member] | Minimum
Revolving Credit Facility
Percentage of commitment fee on unused credit facility		0.125%
Revolving Credit Facility [Member] | Maximum
Revolving Credit Facility
Percentage of commitment fee on unused credit facility		0.30%
Revolving Credit Facility [Member] | LIBOR | Minimum
Revolving Credit Facility
Interest rate added to base rate (as a percent)		0.875%
Revolving Credit Facility [Member] | LIBOR | Maximum
Revolving Credit Facility
Interest rate added to base rate (as a percent)		1.875%
Revolving Credit Facility [Member] | Federal Reserve Bank of New York
Revolving Credit Facility
Interest rate added to base rate (as a percent)		0.50%
Revolving Credit Facility [Member] | Adjusted Eurodollar Rate
Revolving Credit Facility
Interest rate added to base rate (as a percent)		1.00%
Interest period		1 month

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Revenue
Total revenue	$ 652,524	$ 690,608
Restaurant and other sales
Revenue
Total revenue	647,626	685,117
Franchise royalties
Revenue
Total revenue	4,287	4,856
Franchise fees
Revenue
Total revenue	$ 611	$ 635

Revenue - Other (Details)

Revenue - Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019	Dec. 31, 2019
Revenue
Deferred revenue-gift cards	$ 152,261		$ 209,258
Gift cards
Revenue
Deferred revenue-gift cards	152,300		$ 209,300
Deferred revenue recognized	$ 73,500	$ 78,300

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Reconciliation of the statutory federal income tax rate to our effective tax rate:
Tax at statutory federal rate (as a percent)	21.00%	21.00%
State and local tax, net of federal benefit (as a percent)	3.80%	3.60%
FICA tip tax credit (as a percent)	(33.10%)	(9.40%)
Work opportunity tax credit (as a percent)	(4.40%)	(1.40%)
Stock compensation (as a percent)	(0.80%)	(0.50%)
Net income attributable to noncontrolling interests (as a percent)	(1.20%)	(0.50%)
Officers compensation (as a percent)	0.30%	1.40%
Other (as a percent)	1.70%	0.70%
Total (as a percent)	(12.70%)	14.90%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)restaurantitem	Dec. 31, 2019USD ($)
Commitments and Contingencies
Estimated cost to complete capital project commitments (in dollars)	$ 141.1	$ 119
Number of continuing construction of restaurants. | restaurant	9
Estimated cost of completion	$ 11.7
Number of suppliers providing most of the company's beef | item	3
Lease Agreements
Commitments and Contingencies
Number of leases guarantees entity contingently liable | item	7
Lease Agreements | Maximum
Commitments and Contingencies
Contingently liable amount	$ 13.7	$ 13.9

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)restaurant	Mar. 26, 2019USD ($)restaurant
Franchise
Related Party Transactions
Number of restaurants	98	93
Officers, directors and shareholders | Majority-owned
Related Party Transactions
Number of restaurants	1
Officers, directors and shareholders | Franchise
Related Party Transactions
Number of restaurants	6
Fees received from franchise and license restaurants | $	$ 0.3	$ 0.3
Number of restaurants for which the entity is contingently liable on the lease	1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Earnings per share
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	$ 16,029	$ 50,390
Basic EPS:
Weighted-average common shares outstanding (in shares)	69,422,000	71,753,000
Basic EPS (in dollars per share)	$ 0.23	$ 0.70
Diluted EPS:
Weighted-average common shares outstanding (in shares)	69,422,000	71,753,000
Dilutive effect of nonvested stock (in shares)	430,000	434,000
Shares-diluted (in shares)	69,852,000	72,187,000
Diluted EPS (in dollars per share)	$ 0.23	$ 0.70
Nonvested stock
Antidilutive securities
Anti-dilutive securities (in shares)	41,581	0

Fair Value Measurement - Financ

Fair Value Measurement - Financial Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Fair value of financial instruments
Transfer of asset levels within the fair value hierarchy	$ 0
Minimum number of investment funds in rabbi trust for deferred compensation plan | item	1
Fair value measured on a recurring basis | Level 1
Fair value of financial instruments
Deferred compensation plan - assets	$ 35,929	$ 44,623
Deferred compensation plan - liabilities	$ (35,836)	$ (44,679)

Fair Value Measurement - Assets

Fair Value Measurement - Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating lease right-of-use asset, net	$ 512,574		$ 499,801
Equity (loss) income from investments in unconsolidated affiliates	$ (508)	$ 113
China Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage	40.00%
Level 1 | Fair value measured on a nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets held for use, fair value measurements			1,684
Level 3 | Fair value measured on a nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating lease right-of-use asset, net			$ 611
Operating lease right-of-use assets, total gain (loss)	$ (501)
Investments in unconsolidated affiliates, fair value measurements	2,000
Equity (loss) income from investments in unconsolidated affiliates	$ (528)

Share-based Compensation (Detai

Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 26, 2019
Share-based Compensation
Share-based compensation expense	$ 7,247	$ 9,132
Labor expense
Share-based Compensation
Share-based compensation expense	2,388	2,135
General and administrative expense
Share-based Compensation
Share-based compensation expense	$ 4,859	$ 6,997

Share-based Compensation, PSU (

Share-based Compensation, PSU (Details) - USD ($) $ in Thousands	Jan. 08, 2019	Mar. 31, 2020	Mar. 26, 2019
Share-based Compensation
Intrinsic value of awards vested (in dollars)		$ 3,300	$ 7,200
Expense compensation		$ 7,247	$ 9,132
PSUs
Share-based Compensation
Vesting period		1 year
Vested (in shares)	(95,946)
Granted (in shares)	77,000
Incremental Performance Shares (in shares)	18,946
Target percentage relating to shares granted (as a percent)		100.00%
Expense compensation		$ 0
Unrecognized compensation cost of unvested stock awards (in dollars)		$ 0

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	May 31, 2019
Stockholders' Equity
Repurchase of common stock authorized by board of directors		$ 250,000
Payments to repurchase common stock	$ 12,621
Number of shares repurchased	252,409
Amount remaining under authorized stock repurchase program	$ 147,800

Subsequent Events (Details)

Subsequent Events (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	May 11, 2020	Aug. 07, 2017	Mar. 31, 2020
Subsequent Events
Line of Credit Facility, Maximum Borrowing Capacity		$ 200	$ 200
Line of Credit Facility Contingent Increase, Additional Borrowing Capacity		$ 200	200
Long-term Line of Credit			$ 190
Subsequent Events.
Subsequent Events
Line Of Credit Facility, Increase In Borrowing Capacity	$ 82.5
Debt Instrument, Basis Spread on Variable Rate	1.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Long-term Line of Credit	$ 190
Subsequent Events. | Alternate Base Rate [Member]
Subsequent Events
Debt Instrument, Basis Spread on Variable Rate	2.27%
Subsequent Events. | Incremental Revolving Credit Facility [Member]
Subsequent Events
Line Of Credit Facility, Increase In Borrowing Capacity	$ 82.5
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Subsequent Events. | Incremental Revolving Credit Facility [Member] | LIBOR
Subsequent Events
Debt Instrument, Basis Spread on Variable Rate	2.25%