Texas Roadhouse (TXRH) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 30, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2021
Document Transition Report	false
Entity File Number	000-50972
Entity Registrant Name	Texas Roadhouse, Inc.
Entity Incorporation, State or Country Code	DE
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
Trading Symbol	TXRH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,742,548
Entity Central Index Key	0001289460
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 30, 2021	Dec. 29, 2020
Current assets:
Cash and cash equivalents	$ 495,646	$ 363,155
Receivables, net of allowance for doubtful accounts of $20 at March 30, 2021 and $11 at December 29, 2020	37,742	98,418
Inventories, net	23,362	22,364
Prepaid income taxes		4,502
Prepaid expenses and other current assets	20,868	22,212
Total current assets	577,618	510,651
Property and equipment, net of accumulated depreciation of $788,580 at March 30, 2021 and $763,700 at December 29, 2020	1,093,790	1,088,623
Operating lease right-of-use assets, net	537,826	530,625
Goodwill	127,001	127,001
Intangible assets, net of accumulated amortization of $14,541 at March 30, 2021 and $14,341 at December 29, 2020	2,071	2,271
Other assets	68,422	65,990
Total assets	2,406,728	2,325,161
Current liabilities:
Current portion of operating lease liabilities	19,890	19,271
Current maturities of long-term debt	50,000	50,000
Accounts payable	86,131	66,977
Deferred revenue-gift cards	182,358	232,812
Accrued wages and payroll taxes	69,878	51,982
Income taxes payable	9,412	2,859
Accrued taxes and licenses	32,310	24,751
Other accrued liabilities	58,185	57,666
Total current liabilities	508,164	506,318
Operating lease liabilities, net of current portion	580,005	572,171
Long-term debt	190,000	190,000
Restricted stock and other deposits	7,516	7,481
Deferred tax liabilities, net	3,823	2,802
Other liabilities	107,202	103,338
Total liabilities	1,396,710	1,382,110
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, 69,742,520 and 69,561,861 shares issued and outstanding at March 30, 2021 and December 29, 2020, respectively)	70	70
Additional paid-in-capital	147,604	145,626
Retained earnings	846,065	781,915
Accumulated other comprehensive loss	(118)	(106)
Total Texas Roadhouse, Inc. and subsidiaries stockholders' equity	993,621	927,505
Noncontrolling interests	16,397	15,546
Total equity	1,010,018	943,051
Total liabilities and equity	$ 2,406,728	$ 2,325,161

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2021	Dec. 29, 2020
Condensed Consolidated Balance Sheets
Receivables, allowance for doubtful accounts (in dollars)	$ 20	$ 11
Property and equipment, accumulated depreciation (in dollars)	788,580	763,700
Intangible assets, accumulated amortization (in dollars)	$ 14,541	$ 14,341
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	69,742,520	69,561,861
Common stock, shares outstanding	69,742,520	69,561,861

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 800,629	$ 652,524
Restaurant operating costs (excluding depreciation and amortization shown separately below):
Food and beverage	251,482	210,180
Labor	258,036	241,079
Rent	14,452	13,471
Other operating	123,379	104,289
Pre-opening	4,268	5,112
Depreciation and amortization	30,869	29,054
Impairment and closure, net	504	595
General and administrative	36,712	32,954
Total costs and expenses	719,702	636,734
Income from operations	80,927	15,790
Interest expense, net	1,460	69
Equity loss from investments in unconsolidated affiliates	(217)	(508)
Income before taxes	79,250	15,213
Income tax expense (benefit)	12,820	(1,939)
Net income including noncontrolling interests	66,430	17,152
Less: Net income attributable to noncontrolling interests	2,280	1,123
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	64,150	16,029
Other comprehensive loss, net of tax:
Foreign currency translation adjustment, net of tax of $4 and $13, respectively	(12)	(37)
Total comprehensive income	$ 64,138	$ 15,992
Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:
Basic	$ 0.92	$ 0.23
Diluted	$ 0.91	$ 0.23
Weighted average shares outstanding:
Basic	69,637	69,422
Diluted	70,137	69,852
Cash dividends declared per share		$ 0.36
Restaurant and other sales
Revenue:
Total revenue	$ 794,923	$ 647,626
Franchise royalties and fees
Revenue:
Total revenue	$ 5,706	$ 4,898

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Income and Comprehensive Income
Foreign currency translation adjustment, (tax)/benefit	$ 4	$ 13

Condensed Consolidated Statem_3

Condensed 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. 31, 2019	$ 915,994	$ 69	$ 140,501	$ 775,649	$ (225)	$ 15,175	$ 931,169
Balance (in shares) at Dec. 31, 2019		69,400,252
Increase (Decrease) in Stockholders' Equity
Net income	16,029			16,029		1,123	17,152
Other comprehensive 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
Balance at Dec. 29, 2020	927,505	$ 70	145,626	781,915	(106)	15,546	$ 943,051
Balance (in shares) at Dec. 29, 2020		69,561,861					69,561,861
Increase (Decrease) in Stockholders' Equity
Net income	64,150			64,150		2,280	$ 66,430
Other comprehensive loss, net of tax	(12)				(12)		(12)
Distributions to noncontrolling interest holders						(1,429)	(1,429)
Shares issued under share-based compensation plans including tax effects (in shares)		269,918
Indirect repurchase of shares for minimum tax withholdings	(7,930)		(7,930)				(7,930)
Indirect repurchase of shares for minimum tax withholdings (in shares)		(89,259)
Share-based compensation	9,908		9,908				9,908
Balance at Mar. 30, 2021	$ 993,621	$ 70	$ 147,604	$ 846,065	$ (118)	$ 16,397	$ 1,010,018
Balance (in shares) at Mar. 30, 2021		69,742,520					69,742,520

Condensed Consolidated Statem_4

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

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income including noncontrolling interests	$ 66,430	$ 17,152
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,869	29,054
Deferred income taxes	1,025	433
Loss on disposition of assets	324	1,446
Impairment and closure costs	494	624
Equity loss from investments in unconsolidated affiliates	217	508
Distributions of income received from investments in unconsolidated affiliates	122	184
Provision for doubtful accounts	9	60
Share-based compensation expense	9,908	7,247
Changes in operating working capital:
Receivables	60,791	74,504
Inventories	(998)	(54)
Prepaid expenses and other current assets	874	(1,249)
Other assets	(2,786)	7,573
Accounts payable	19,937	(22,214)
Deferred revenue-gift cards	(50,454)	(56,997)
Accrued wages and payroll taxes	17,896	(14,087)
Prepaid income taxes and income taxes payable	11,055	(2,414)
Accrued taxes and licenses	7,559	(10,995)
Other accrued liabilities	(643)	(3,023)
Operating lease right-of-use assets and lease liabilities	1,520	1,365
Other liabilities	3,864	(7,401)
Net cash provided by operating activities	178,013	21,716
Cash flows from investing activities:
Capital expenditures-property and equipment	(38,666)	(46,672)
Proceeds from sale leaseback transactions	2,192	2,167
Net cash used in investing activities	(36,474)	(44,505)
Cash flows from financing activities:
Proceeds from revolving credit facility		190,000
Distributions to noncontrolling interest holders	(1,429)	(1,847)
Proceeds from restricted stock and other deposits, net	311	304
Indirect repurchase of shares for minimum tax withholdings	(7,930)	(5,331)
Repurchase of shares of common stock		(12,621)
Dividends paid to shareholders		(24,989)
Net cash (used in) provided by financing activities	(9,048)	145,516
Net increase in cash and cash equivalents	132,491	122,727
Cash and cash equivalents-beginning of period	363,155	107,879
Cash and cash equivalents-end of period	495,646	230,606
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	1,195	186
Income taxes paid	740	51
Capital expenditures included in current liabilities	$ 14,519	$ 13,545

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 30, 2021
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 30, 2021 and December 29, 2020 and for the 13 weeks ended March 30, 2021 and March 31, 2020. ​ As of March 30, 2021, we owned and operated 540 restaurants and franchised an additional 97 restaurants in 49 states and ten foreign countries. Of the 540 company restaurants that were operating at March 30, 2021, 520 were wholly-owned and 20 were majority-owned. Of the 97 franchise restaurants, 69 were domestic restaurants and 28 were international restaurants. Included within these restaurant totals are four international franchise restaurants that have been temporarily closed due to the global COVID-19 pandemic (the "pandemic"). These stores continue to be included in the above totals as we believe they will re-open once it is considered safe to do so. ​ 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. As of March 31, 2020, one company restaurant and 22 international restaurants were temporarily closed due to the pandemic. ​ As of March 30, 2021 and March 31, 2020, we owned a 5.0% to 10.0% equity interest in 24 domestic franchise restaurants. Additionally, as of March 30, 2021 and March 31, 2020, 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 (the "SEC"). Operating results for the 13 weeks ended March 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 28, 2021. 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 29, 2020. ​ ​ Risks and Uncertainties ​ The Company continues to be subject to risks and uncertainties as a result of the pandemic. These include state and local restrictions on restaurants, some of which have limited capacity in the dining rooms while others have allowed To-Go or curbside service only. As of March 30, 2021, all of our domestic company and franchise locations had re-opened their dining rooms under various limited capacity restrictions. As of March 31, 2020, all of our domestic company and franchise locations were under state or local order which only allowed for To-Go or curbside service. ​ As a result of these capacity restrictions, we continue to utilize our hybrid operating model that accommodates our limited capacity dining rooms together with enhanced To-Go. We continue to see increased sales in our To-Go program, even with dining rooms re-opened, which has offset the decrease in dining room traffic due to the limited capacity restrictions. We cannot predict how long the pandemic will last, how long it will take until all state and local restrictions will be lifted, the extent to which our dining rooms will have to close again, or if the increased sales in our To-Go program will continue. The extent of this 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. 30, 2021
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements ​ 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 removed 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 simplified aspects of accounting for recognizing deferred taxes for taxable goodwill. The adoption of this standard did not have a significant impact on our condensed 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 condensed consolidated financial statements.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 30, 2021
Long-term Debt
Long-term Debt and Obligation Under Capital Lease	(3) Long-term Debt ​ On August 7, 2017, we entered into an 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 is 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, including approval by the syndicate of lenders. On May 11, 2020, we amended the revolving credit facility to provide for an incremental revolving credit facility of up to million. This amount reduced the additional million that was available under the revolving credit facility. The maturity date for the incremental revolving credit facility is May 10, 2021. The maturity date for the original revolving credit facility remains August 5, 2022. ​ 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. depending on our consolidated net leverage ratio. million of outstanding letters of credit. This outstanding amount is included as long-term debt on our unaudited condensed consolidated balance sheet. ​ The terms of the amendment also require us to pay interest on outstanding borrowings of the incremental revolving credit facility at LIBOR, which is subject to a floor of 1.0%, 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. As of March 30, 2021, we had million of availability on the incremental revolving credit facility. This outstanding amount is included as current maturities of long-term debt on our unaudited condensed consolidated balance sheet. ​ The weighted-average interest rate for the $240.0 million of combined borrowings on our revolving credit facility as of March 30, 2021 was 1.95%. ​ The lenders’ obligation to extend credit pursuant to the revolving credit facility depends on us maintaining certain financial covenants. The amendment to the revolving credit facility also modified the financial covenants through the end of our Q1 2021 fiscal quarter. We were in compliance with all financial covenants as of March 30, 2021. ​ As further discussed in note 12, subsequent to the end of the quarter, we further amended the revolving credit facility. The amendment increased our borrowing capacity and extended the maturity date of the revolving credit facility. ​

Revenue

Revenue	3 Months Ended
	Mar. 30, 2021
Revenue
Revenue	(4) Revenue ​ The following table disaggregates our revenue by major source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ March 30, 2021 ​ March 31, 2020 Restaurant and other sales $ 794,923 ​ $ 647,626 Franchise royalties ​ 4,973 ​ ​ 4,287 Franchise fees ​ 733 ​ ​ 611 Total revenue $ 800,629 ​ $ 652,524 ​ 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 or on actual redemptions in periods where redemptions do not align with historic redemption patterns. We recognize these amounts as a component of other sales. As of March 30, 2021 and December 29, 2020, our deferred revenue balance related to gift cards was million, respectively. We recognized sales of million for the 13 weeks ended March 30, 2021 related to the amount in deferred revenue as of December 29, 2020. We recognized sales of

Income Taxes

Income Taxes	3 Months Ended
	Mar. 30, 2021
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 30, 2021 and March 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ March 30, 2021 March 31, 2020 Tax at statutory federal rate ​ 21.0 % 21.0 % State and local tax, net of federal benefit ​ 3.8 ​ 3.8 ​ FICA tip tax credit ​ (7.3) ​ (33.1) ​ Work opportunity tax credit ​ (0.8) ​ (4.4) ​ Stock compensation ​ (1.6) ​ (0.8) ​ Net income attributable to noncontrolling interests ​ (0.2) ​ (1.2) ​ Officers compensation ​ 0.8 ​ 0.3 ​ Other ​ 0.5 ​ 1.7 ​ Total ​ 16.2 % (12.7) % ​ For the 13 weeks ended March 30, 2021, we recognized income tax expense using an estimated effective annual tax rate. This resulted in an effective tax rate of 16.2 %. For the 13 weeks 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 on the FICA tip and Work opportunity tax credits on our effective tax rate as a result of the significant decrease in our pre-tax income. This resulted in an effective tax rate benefit of 12.7 %. Additionally, the FICA tip and Work opportunity tax credits exceeded our federal tax liability for fiscal year 2020 but we expect to fully utilize these credits in our 2021 tax year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	(6) Commitments and Contingencies ​ The estimated cost of completing capital project commitments at March 30, 2021 and December 29, 2020 was $120.1 million and $95.9 million, respectively. ​ As of March 30, 2021 and December 29, 2020, we were contingently liable for $12.8 million and $13.0 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 30, 2021 and December 29, 2020 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) September 2002 February 2023 ​ Longmont, Colorado (1) October 2003 May 2029 ​ Montgomeryville, Pennsylvania (1) October 2004 March 2026 ​ Fargo, North Dakota (1) February 2006 July 2026 ​ Logan, Utah (1) January 2009 August 2024 ​ Irving, Texas (2) ​ December 2013 ​ December 2024 ​ Louisville, Kentucky (2)(3) ​ 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) 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. (3) 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 30, 2021, 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. 30, 2021
Related Party Transactions
Related Party Transactions	(7) Related Party Transactions ​ As of March 30, 2021 and March 31, 2020, we had two franchise restaurants and two majority-owned company restaurants owned in part by current officers of the Company. For both of the 13 weeks ended March 30, 2021 and March 31, 2020, these franchise entities paid us fees of million. ​

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 30, 2021
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, except during loss periods as the effect would be anti-dilutive. Performance stock units are not included in the diluted earnings per share calculation until the performance-based criteria have been met. ​ For the 13 weeks ended March 30, 2021 and March 31, 2020, there were 4,827 and 41,581 shares of nonvested stock, respectively, 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 30, 2021 March 31, 2020 Net income attributable to Texas Roadhouse, Inc. and subsidiaries ​ $ 64,150 ​ $ 16,029 ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,637 ​ ​ 69,422 ​ Basic EPS ​ $ 0.92 ​ $ 0.23 ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,637 ​ ​ 69,422 ​ Dilutive effect of nonvested stock ​ 500 ​ ​ 430 ​ Shares-diluted ​ 70,137 ​ 69,852 ​ Diluted EPS ​ $ 0.91 ​ $ 0.23 ​ ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 30, 2021
Fair Value Measurements
Fair Value Measurements	(9) Fair Value Measurements ​ Accounting Standards Codification ("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 30, 2021. ​ The following table presents the fair values for our financial assets and liabilities measured on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level March 30, 2021 December 29, 2020 Deferred compensation plan—assets 1 ​ $ 58,605 ​ $ 55,633 ​ Deferred compensation plan—liabilities 1 ​ $ (58,528) ​ $ (55,614) ​ ​ 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 loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ March 30, December 29, March 30, March 31, ​ ​ Level ​ 2021 ​ 2020 ​ 2021 ​ 2020 Long-lived assets held for sale ​ 3 ​ $ 1,175 ​ $ 1,645 ​ $ (470) ​ $ — Goodwill ​ 3 ​ $ — ​ $ 2,625 ​ $ — ​ $ — Investments in unconsolidated affiliates ​ 3 ​ $ 1,000 ​ $ 1,531 ​ $ (531) ​ $ (528) ​ Long-lived assets held for sale include land and building at a site that was relocated. These assets are included in prepaid expenses and other current assets in our unaudited condensed consolidated balance sheets. These assets are valued using a Level 3 input, i.e ., information from broker listings discounted for estimated selling costs. This resulted in a loss of $0.5 million which is included in impairment and closure, net in our unaudited condensed consolidated statements of income and comprehensive income for the 13 weeks ended March 30, 2021. ​ Goodwill includes two restaurants whose carrying values were determined to be in excess of their fair values as part of our most recent annual goodwill impairment assessment. In determining the fair value, multiple valuation approaches were utilized which considered the historical results and anticipated future trends of operations for these restaurants. We consider this a Level 3 input. ​ 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, i.e. , the amount we expect to receive upon the sale of this investment. This resulted in a loss of million which is included in equity loss from investments in unconsolidated affiliates in our unaudited condensed consolidated statements of income and comprehensive income for the 13 weeks ended March 30, 2021. ​ At March 30, 2021 and December 29, 2020, 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 30, 2021 and December 29, 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. 30, 2021
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 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 30, 2021 March 31, 2020 Labor expense ​ $ 2,584 ​ $ 2,388 ​ ​ General and administrative expense ​ 7,324 ​ 4,859 ​ ​ Total share-based compensation expense ​ $ 9,908 ​ $ 7,247 ​ ​ ​ We grant PSUs to certain of our executives which are generally 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 weeks ended March 30, 2021 and March 31, 2020 was $0.4 million and $3.3 million, respectively. On January 8, 2021, 5,199 shares vested related to the January 2020 PSU grant and were distributed during the 13 weeks ending March 30, 2021. With respect to unvested PSUs, we recognized expense of $2.3 million during the 13 weeks ended March 30, 2021. At March 30, 2021, with respect to unvested PSUs, there was $3.3 million of unrecognized compensation cost that is expected to be recognized over a weight ed-average period of 0.8 years .

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 30, 2021
Stock Repurchase Program
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 weeks ended March 30, 2021, we did not repurchase any shares of our common stock. For the 13 weeks ended March 31, 2020, we paid shares of our common stock. On March 17, 2020, we suspended all share repurchase activity. As of March 30, 2021, we had million remaining under our authorized stock repurchase program.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 30, 2021
Subsequent Event
Subsequent Event	(12) Subsequent Event ​ As discussed in note 3, we are 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. On May 11, 2020, we amended the revolving credit facility to provide for an incremental credit facility of up to million. As of March 30, 2021 and December 29, 2020, we had million outstanding on the incremental credit facility. ​ On May 4, 2021, we entered into an agreement to further amend our revolving credit facility with the same syndicate of commercial lenders. This amendment increased the amount we may borrow to million and extended the maturity date to May 1, 2026. As part of the amendment, the ​ The terms of the amendment require us to pay interest on outstanding borrowings at LIBOR plus a margin of 0.875% to 1.875% and 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. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 30, 2021
Recent Accounting Pronouncements
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 removed 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 simplified aspects of accounting for recognizing deferred taxes for taxable goodwill. The adoption of this standard did not have a significant impact on our condensed 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 condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 30, 2021
Revenue
Schedule of disaggregated revenue	The following table disaggregates our revenue by major source (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ March 30, 2021 ​ March 31, 2020 Restaurant and other sales $ 794,923 ​ $ 647,626 Franchise royalties ​ 4,973 ​ ​ 4,287 Franchise fees ​ 733 ​ ​ 611 Total revenue $ 800,629 ​ $ 652,524

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 30, 2021
Income Taxes
Schedule of reconciliation of the statutory federal income tax rate to our effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ March 30, 2021 March 31, 2020 Tax at statutory federal rate ​ 21.0 % 21.0 % State and local tax, net of federal benefit ​ 3.8 ​ 3.8 ​ FICA tip tax credit ​ (7.3) ​ (33.1) ​ Work opportunity tax credit ​ (0.8) ​ (4.4) ​ Stock compensation ​ (1.6) ​ (0.8) ​ Net income attributable to noncontrolling interests ​ (0.2) ​ (1.2) ​ Officers compensation ​ 0.8 ​ 0.3 ​ Other ​ 0.5 ​ 1.7 ​ Total ​ 16.2 % (12.7) %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 30, 2021
Commitments and Contingencies
Schedule of real estate lease agreements for franchises	​ ​ ​ ​ ​ ​ ​ ​ Lease Current Lease Everett, Massachusetts (1) September 2002 February 2023 ​ Longmont, Colorado (1) October 2003 May 2029 ​ Montgomeryville, Pennsylvania (1) October 2004 March 2026 ​ Fargo, North Dakota (1) February 2006 July 2026 ​ Logan, Utah (1) January 2009 August 2024 ​ Irving, Texas (2) ​ December 2013 ​ December 2024 ​ Louisville, Kentucky (2)(3) ​ 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) 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. (3) 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. 30, 2021
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 30, 2021 March 31, 2020 Net income attributable to Texas Roadhouse, Inc. and subsidiaries ​ $ 64,150 ​ $ 16,029 ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,637 ​ ​ 69,422 ​ Basic EPS ​ $ 0.92 ​ $ 0.23 ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ 69,637 ​ ​ 69,422 ​ Dilutive effect of nonvested stock ​ 500 ​ ​ 430 ​ Shares-diluted ​ 70,137 ​ 69,852 ​ Diluted EPS ​ $ 0.91 ​ $ 0.23 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 30, 2021
Fair Value Measurements
Schedule of fair values for our financial assets and liabilities measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Level March 30, 2021 December 29, 2020 Deferred compensation plan—assets 1 ​ $ 58,605 ​ $ 55,633 ​ Deferred compensation plan—liabilities 1 ​ $ (58,528) ​ $ (55,614) ​
Schedule of fair value of assets and liabilities measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Total loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ March 30, December 29, March 30, March 31, ​ ​ Level ​ 2021 ​ 2020 ​ 2021 ​ 2020 Long-lived assets held for sale ​ 3 ​ $ 1,175 ​ $ 1,645 ​ $ (470) ​ $ — Goodwill ​ 3 ​ $ — ​ $ 2,625 ​ $ — ​ $ — Investments in unconsolidated affiliates ​ 3 ​ $ 1,000 ​ $ 1,531 ​ $ (531) ​ $ (528)

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 30, 2021
Share Based Compensation
Summary of allocation of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ ​ ​ March 30, 2021 March 31, 2020 Labor expense ​ $ 2,584 ​ $ 2,388 ​ ​ General and administrative expense ​ 7,324 ​ 4,859 ​ ​ Total share-based compensation expense ​ $ 9,908 ​ $ 7,247 ​ ​

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Mar. 30, 2021itemrestaurant	Mar. 31, 2020itemrestaurant
Description of Business
Number of states in which restaurants operate | item	49	49
Number of countries in which restaurants operate | item	10	10
Company
Description of Business
Number of restaurants	540	519
Number of restaurants closed		1
Company | Wholly-owned
Description of Business
Number of restaurants	520	499
Company | Majority-owned
Description of Business
Number of restaurants	20	20
Franchise
Description of Business
Number of restaurants	97	98
Franchise | Domestic
Description of Business
Number of restaurants	69	70
Franchise | International
Description of Business
Number of restaurants	28	28
Number of restaurants closed	4	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. 30, 2021
Revolving Credit Facility
Revolving credit facility, amount outstanding			$ 50
Revolving credit facility, remaining borrowing capacity			32.5
Revolving Credit Facility [Member]
Revolving Credit Facility
Revolving credit facility, maximum borrowing capacity		$ 200
Revolving credit facility contingent increase in maximum borrowing capacity		$ 200	$ 200
Line Of Credit Facility, Increase In Borrowing Capacity	$ 82.5
Weighted-average interest rate (as a percent)			1.95%
Amount borrowed			$ 240
Revolving Credit Facility [Member] | Minimum
Revolving Credit Facility
Percentage of commitment fee on unused credit facility	0.125%	0.25%
Revolving Credit Facility [Member] | Maximum
Revolving Credit Facility
Percentage of commitment fee on unused credit facility	0.40%
Revolving Credit Facility [Member] | LIBOR | Minimum
Long-term debt
Interest rate (as a percent)	0.875%
Revolving Credit Facility
Weighted-average interest rate (as a percent)	1.00%
Revolving Credit Facility [Member] | LIBOR | Maximum
Long-term debt
Interest rate (as a percent)	2.25%
Revolving Credit Facility
Interest rate added to base rate (as a percent)	2.25%	1.50%
Percentage of commitment fee on unused credit facility	0.50%
Original Revolving Credit Facility [Member]
Revolving Credit Facility
Revolving credit facility, amount outstanding			190
Revolving credit facility, remaining borrowing capacity			1.8
Letters of credit outstanding			$ 8.2

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
Revenue
Total revenue	$ 800,629	$ 652,524
Restaurant and other sales
Revenue
Total revenue	794,923	647,626
Franchise royalties
Revenue
Total revenue	4,973	4,287
Franchise fees
Revenue
Total revenue	$ 733	$ 611

Revenue - Other (Details)

Revenue - Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020	Dec. 29, 2020
Revenue
Deferred revenue-gift cards	$ 182,358		$ 232,812
Gift cards
Revenue
Deferred revenue-gift cards	182,400		$ 232,800
Deferred revenue recognized	$ 71,400	$ 73,500

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
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%	3.80%
FICA tip tax credit (as a percent)	(7.30%)	(33.10%)
Work opportunity tax credit (as a percent)	(0.80%)	(4.40%)
Stock compensation (as a percent)	(1.60%)	(0.80%)
Net income attributable to noncontrolling interests (as a percent)	(0.20%)	(1.20%)
Officers compensation (as a percent)	0.80%	0.30%
Other (as a percent)	0.50%	1.70%
Total (as a percent)	16.20%	(12.70%)

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 30, 2021USD ($)item	Dec. 29, 2020USD ($)item
Commitments and Contingencies
Estimated cost to complete capital project commitments (in dollars) | $	$ 120.1	$ 95.9
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	7
Lease Agreements | Maximum
Commitments and Contingencies
Contingently liable amount | $	$ 12.8	$ 13

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Mar. 30, 2021USD ($)restaurant	Mar. 31, 2020USD ($)restaurant
Franchise
Related Party Transactions
Number of restaurants	97	98
Officers, directors and shareholders | Majority-owned
Related Party Transactions
Number of restaurants	2	2
Officers, directors and shareholders | Franchise
Related Party Transactions
Number of restaurants	2	2
Fees received from franchise and license restaurants | $	$ 0.2	$ 0.2

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
Earnings per share
Net (loss) income attributable to Texas Roadhouse, Inc. and subsidiaries	$ 64,150	$ 16,029
Basic EPS:
Weighted-average common shares outstanding (in shares)	69,637,000	69,422,000
Basic EPS (in dollars per share)	$ 0.92	$ 0.23
Diluted EPS:
Weighted-average common shares outstanding (in shares)	69,637,000	69,422,000
Dilutive effect of nonvested stock (in shares)	500,000	430,000
Shares-diluted (in shares)	70,137,000	69,852,000
Diluted EPS (in dollars per share)	$ 0.91	$ 0.23
Nonvested stock
Antidilutive securities
Anti-dilutive securities (in shares)	4,827	41,581

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2021USD ($)item	Dec. 29, 2020USD ($)
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	$ 58,605	$ 55,633
Deferred compensation plan - liabilities	$ (58,528)	$ (55,614)

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020	Dec. 29, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates , total gain (loss)	$ (217)	$ (508)
Level 3 | 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 sale	1,175		$ 1,645
Goodwill, FairValue Measurements			2,625
Investments in unconsolidated affiliates, fair value measurements	1,000		$ 1,531
Long-lived assets held for sale, total gain (loss)	(470)
Investments in unconsolidated affiliates , total gain (loss)	(531)	$ (528)
Level 3 | Fair value measured on a nonrecurring basis | China Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates , total gain (loss)	$ (500)
Ownership percentage	40.00%

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2021	Mar. 31, 2020
Share-based Compensation
Share-based compensation expense	$ 9,908	$ 7,247
Labor expense
Share-based Compensation
Share-based compensation expense	2,584	2,388
General and administrative expense
Share-based Compensation
Share-based compensation expense	$ 7,324	$ 4,859

Share Based Compensation - PSU

Share Based Compensation - PSU (Details) - USD ($) $ in Thousands	Jan. 08, 2021	Mar. 30, 2021	Mar. 31, 2020
Share-based Compensation
Expense compensation		$ 9,908	$ 7,247
PSUs
Share-based Compensation
Vesting period		1 year
Intrinsic value of awards vested (in dollars)		$ 400	$ 3,300
Vested (in shares)	(5,199)
Expense compensation		2,300
Unrecognized compensation cost of unvested stock awards (in dollars)		$ 3,300
Unrecognized Compensation Cost Recognized Weighted Average Period		9 months 18 days

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2021	May 31, 2019
Stock Repurchase Program
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 Event (Details)

Subsequent Event (Details) - USD ($) $ in Millions	May 04, 2021	May 11, 2020	Aug. 07, 2017	Mar. 30, 2021	Dec. 29, 2020
Subsequent Events
Revolving credit facility, amount outstanding				$ 50
Original Revolving Credit Facility [Member]
Subsequent Events
Revolving credit facility, amount outstanding				190	$ 190
Incremental Revolving Credit Facility [Member]
Subsequent Events
Revolving credit facility, amount outstanding				50	$ 50
Revolving Credit Facility [Member]
Subsequent Events
Revolving credit facility, maximum borrowing capacity			$ 200
Revolving credit facility contingent increase in maximum borrowing capacity			$ 200	$ 200
Line Of Credit Facility, Increase In Borrowing Capacity		$ 82.5
Revolving Credit Facility [Member] | Minimum
Subsequent Events
Percentage of commitment fee on unused credit facility		0.125%	0.25%
Revolving Credit Facility [Member] | Maximum
Subsequent Events
Percentage of commitment fee on unused credit facility		0.40%
Revolving Credit Facility [Member] | LIBOR | Minimum
Subsequent Events
Interest rate (as a percent)		0.875%
Revolving Credit Facility [Member] | LIBOR | Maximum
Subsequent Events
Interest rate (as a percent)		2.25%
Percentage of commitment fee on unused credit facility		0.50%
Subsequent Events. | Original Revolving Credit Facility [Member]
Subsequent Events
Revolving credit facility, amount outstanding	$ 190
Subsequent Events. | Incremental Revolving Credit Facility [Member]
Subsequent Events
Repayment of credit facility	50
Subsequent Events. | Revolving Credit Facility [Member]
Subsequent Events
Revolving credit facility, maximum borrowing capacity	300
Revolving credit facility contingent increase in maximum borrowing capacity	$ 200
Subsequent Events. | Revolving Credit Facility [Member] | Minimum
Subsequent Events
Percentage of commitment fee on unused credit facility	0.125%
Subsequent Events. | Revolving Credit Facility [Member] | Maximum
Subsequent Events
Percentage of commitment fee on unused credit facility	0.30%
Subsequent Events. | Revolving Credit Facility [Member] | LIBOR | Minimum
Subsequent Events
Interest rate (as a percent)	0.875%
Subsequent Events. | Revolving Credit Facility [Member] | LIBOR | Maximum
Subsequent Events
Interest rate (as a percent)	1.875%