Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||
Dec. 29, 2013 | Jun. 30, 2013 | Mar. 05, 2014 | Mar. 05, 2014 | |
Unvested Restricted Stock [Member] | Common Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'Ruths Hospitality Group, Inc. | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 600,945 | 35,971,565 |
Entity Public Float | ' | $421,488,854 | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Central Index Key | '0001324272 | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $10,586 | $7,909 |
Accounts receivable, less allowance for doubtful accounts 2013 - $779; 2012 - $378 | 13,409 | 11,295 |
Inventory | 7,913 | 7,921 |
Assets held for sale | ' | 1,153 |
Prepaid expenses and other | 2,484 | 1,863 |
Deferred income taxes | 4,598 | 1,855 |
Total current assets | 38,990 | 31,996 |
Property and equipment, net of accumulated depreciation 2013 - $122,691; 2012 - $112,292 | 91,470 | 89,979 |
Goodwill | 22,097 | 22,097 |
Franchise rights | 32,200 | 32,200 |
Trademarks | 10,276 | 10,676 |
Other intangibles, net of accumulated amortization 2013 - $2,703; 2012 - $2,456 | 5,804 | 6,031 |
Deferred income taxes | 24,984 | 33,820 |
Other assets | 2,260 | 2,903 |
Total assets | 228,081 | 229,702 |
Current liabilities: | ' | ' |
Accounts payable | 14,965 | 13,126 |
Accrued payroll | 18,128 | 16,023 |
Accrued expenses | 8,457 | 7,097 |
Deferred revenue | 31,836 | 31,214 |
Other current liabilities | 7,217 | 7,189 |
Total current liabilities | 80,603 | 74,649 |
Long-term debt | 19,000 | 45,000 |
Deferred rent | 23,235 | 24,358 |
Other liabilities | 4,590 | 4,962 |
Total liabilities | 127,428 | 148,969 |
Shareholders' equity: | ' | ' |
Common stock, par value $.01 per share; 100,000,000 shares authorized, 34,990,170 shares issued and outstanding at December 29, 2013 34,434,858 shares issued and outstanding at December 30, 2012 | 350 | 344 |
Additional paid-in capital | 169,107 | 167,404 |
Accumulated deficit | -68,804 | -87,015 |
Total shareholders' equity | 100,653 | 80,733 |
Total liabilities, preferred stock, and shareholders' equity | $228,081 | $229,702 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $779 | $378 |
Property and equipment, accumulated depreciation (in Dollars) | 122,691 | 112,292 |
Other intangibles, accumulated amortization (in Dollars) | $2,703 | $2,456 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,990,170 | 34,434,858 |
Common stock, shares outstanding | 34,990,170 | 34,434,858 |
Treasury stock, shares | 71,950 | 71,950 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Revenues: | ' | ' | ' |
Restaurant sales | $388,083 | $378,445 | $351,380 |
Franchise income | 15,012 | 13,836 | 12,464 |
Other operating income | 3,554 | 3,774 | 3,493 |
Total revenues | 406,649 | 396,055 | 367,337 |
Costs and expenses: | ' | ' | ' |
Food and beverage costs | 120,612 | 120,215 | 108,880 |
Restaurant operating expenses | 194,515 | 190,742 | 181,683 |
Marketing and advertising | 11,673 | 11,178 | 11,748 |
General and administrative costs | 30,404 | 28,299 | 22,803 |
Depreciation and amortization expenses | 13,060 | 14,556 | 14,859 |
Pre-opening costs | 692 | 540 | 192 |
Loss on impairment and asset disposals, net | 3,262 | 4,955 | 3,478 |
Restructuring benefit | ' | ' | -502 |
Gain on settlements, net | -2,156 | -683 | ' |
Total costs and expenses | 372,062 | 369,802 | 343,141 |
Operating income | 34,587 | 26,253 | 24,196 |
Other income (expense): | ' | ' | ' |
Interest expense | -1,640 | -2,365 | -2,892 |
Debt issuance costs written-off | -807 | -807 | ' |
Other | -50 | 4 | -488 |
Income from continuing operations before income tax expense | 32,897 | 23,085 | 20,816 |
Income tax expense | 9,102 | 6,687 | 1,663 |
Income from continuing operations | 23,795 | 16,398 | 19,153 |
Discontinued operations: | ' | ' | ' |
Income (loss) from discontinued operations, net of income tax expense (benefit): 2013-($820); 2012-($68); 2011-$116 | -1,306 | -19 | 396 |
Net income | 22,489 | 16,379 | 19,549 |
Preferred stock dividends | ' | 514 | 2,493 |
Accretion of preferred stock redemption value | ' | 73 | 353 |
Excess of redemption value over carrying value of preferred shares redeemed | ' | 35,776 | ' |
Net income (loss) applicable to preferred and common shareholders | $22,489 | ($19,984) | $16,703 |
Basic earnings (loss) per common share: | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.69 | ($0.58) | $0.38 |
Discontinued operations (in Dollars per share) | ($0.04) | ' | $0.01 |
Basic earnings (loss) per share (in Dollars per share) | $0.65 | ($0.58) | $0.39 |
Diluted earnings (loss) per common share: | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.67 | ($0.58) | $0.38 |
Discontinued operations (in Dollars per share) | ($0.04) | ' | $0.01 |
Diluted earnings (loss) per share (in Dollars per share) | $0.63 | ($0.58) | $0.39 |
Shares used in computing earnings (loss) per common share: | ' | ' | ' |
Basic (in Shares) | 34,761,160 | 34,313,636 | 34,093,104 |
Diluted (in Shares) | 35,784,430 | 34,313,636 | 43,252,101 |
Dividends declared per common share (in Dollars per share) | $0.12 | ' | ' |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Loss) (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Income (loss) from discontinued operations,income tax expense (benefit) | ($820) | ($68) | $116 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholdersb Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 26, 2010 | $339 | $198,304 | ($119,936) | ' | $78,707 |
Balance (in Shares) at Dec. 26, 2010 | 33,981,000 | ' | ' | 72,000 | ' |
Net income | ' | ' | 19,549 | ' | 19,549 |
Preferred stock dividends | ' | ' | -2,493 | ' | -2,493 |
Accretion of preferred stock redemption value | ' | -353 | ' | ' | -353 |
Shares issued under stock compensation plan including tax effects | 2 | 43 | ' | ' | 45 |
Shares issued under stock compensation plan including tax effects (in Shares) | 169,000 | ' | ' | ' | ' |
Stock-based compensation | ' | 2,531 | ' | ' | 2,531 |
Balance at Dec. 25, 2011 | 341 | 200,525 | -102,880 | ' | 97,986 |
Balance (in Shares) at Dec. 25, 2011 | 34,150,000 | ' | ' | 72,000 | ' |
Net income | ' | ' | 16,379 | ' | 16,379 |
Preferred stock dividends | ' | ' | -514 | ' | -514 |
Accretion of preferred stock redemption value | ' | -73 | ' | ' | -73 |
Excess of redemption value over carrying value of Preferred Shares redeemed | ' | -35,776 | ' | ' | -35,776 |
Shares issued under stock compensation plan including tax effects | 3 | 406 | ' | ' | 409 |
Shares issued under stock compensation plan including tax effects (in Shares) | 284,000 | ' | ' | ' | ' |
Stock-based compensation | ' | 2,322 | ' | ' | 2,322 |
Balance at Dec. 30, 2012 | 344 | 167,404 | -87,015 | ' | 80,733 |
Balance (in Shares) at Dec. 30, 2012 | 34,434,000 | ' | ' | 72,000 | ' |
Net income | ' | ' | 22,489 | ' | 22,489 |
Dividends | ' | ' | -4,278 | ' | -4,278 |
Shares issued under stock compensation plan net of shares withheld for tax effects | 6 | -1,772 | ' | ' | -1,766 |
Shares issued under stock compensation plan net of shares withheld for tax effects (in Shares) | 556,000 | ' | ' | ' | ' |
Excess tax benefit from stock based compensation | ' | 1,132 | ' | ' | 1,132 |
Shares issued under stock compensation plan including tax effects (in Shares) | ' | ' | ' | ' | 44,555 |
Stock-based compensation | ' | 2,343 | ' | ' | 2,343 |
Balance at Dec. 29, 2013 | $350 | $169,107 | ($68,804) | ' | $100,653 |
Balance (in Shares) at Dec. 29, 2013 | 34,990,000 | ' | ' | 72,000 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $22,489 | $16,379 | $19,549 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,060 | 14,556 | 14,859 |
Deferred income taxes | 6,093 | 3,224 | -2,084 |
Non-cash interest expense | 421 | 476 | 728 |
Debt issuance costs written-off | 807 | 807 | ' |
Loss on impairment and asset disposals | 3,262 | 4,955 | 3,478 |
Amortization of below market lease | 129 | 129 | 226 |
Restructuring benefit | ' | ' | -502 |
Gain on the settlement of unclaimed property liabilities | ' | -683 | ' |
Stock-based compensation expense | 2,343 | 2,322 | 2,531 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivables | -2,114 | 1,420 | -738 |
Inventories | 8 | -563 | 163 |
Prepaid expenses and other | -621 | -415 | -134 |
Other assets | 225 | 48 | 163 |
Accounts payable and accrued expenses | 3,036 | 7,931 | 1,002 |
Deferred revenue | 622 | 1,132 | 1,844 |
Deferred rent | -1,123 | 1,321 | 753 |
Other liabilities | -34 | 285 | -2,501 |
Net cash provided by operating activities | 47,796 | 53,324 | 39,337 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of property and equipment | -15,311 | -11,457 | -8,975 |
Proceeds on disposal of property and equipment | 1,104 | 161 | ' |
Net cash used in investing activities | -14,207 | -11,296 | -8,975 |
Cash flows from financing activities: | ' | ' | ' |
Principal repayments on long-term debt | -32,500 | -47,000 | -44,750 |
Principal borrowings on long-term debt | 6,500 | 70,000 | 15,750 |
Redemption of Series A 10% redeemable convertible preferred stock | ' | -59,740 | ' |
Dividend payments | -4,278 | -1,103 | -2,500 |
Excess tax benefits from the vesting of restricted stock | 1,132 | 16 | -33 |
Tax payments from the vesting of restricted stock | -1,974 | ' | ' |
Deferred financing costs | 0 | -610 | 0 |
Proceeds from exercise of stock options | 208 | 393 | 78 |
Net cash used in financing activities | -30,912 | -38,044 | -31,455 |
Net increase (decrease) in cash and cash equivalents | 2,677 | 3,984 | -1,093 |
Cash and cash equivalents at beginning of period | 7,909 | 3,925 | 5,018 |
Cash and cash equivalents at end of period | 10,586 | 7,909 | 3,925 |
Cash paid during the period for: | ' | ' | ' |
Interest, net of capitalized interest | 1,272 | 1,983 | 2,192 |
Income taxes | 2,383 | 2,643 | 3,003 |
Noncash investing and financing activities: | ' | ' | ' |
Excess accrual-based acquisition of property and equipment | 1,213 | -117 | 69 |
Preferred stock dividends accrued | ' | ' | 589 |
Stock-based compensation APIC pool adjustments | ' | $270 | ' |
Note_1_The_Company_Organizatio
Note 1 - The Company, Organization and Description of Business | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
(1) The Company, Organization and Description of Business | |||||||||||||||||||||||||||||||||
Ruth’s Hospitality Group, Inc. and its subsidiaries (the Company) operate Ruth’s Chris Steak House, Mitchell’s Fish Market and Cameron’s Steakhouse restaurants and sell franchise rights to Ruth’s Chris Steak House franchisees giving the franchisees the exclusive right to operate similar restaurants in a particular location designated in the franchise agreement. In February 2008, the Company completed the acquisition of all of the operating assets and intellectual property of Mitchell’s Fish Market, operating under the names Mitchell’s Fish Market and Columbus Fish Market, and Cameron’s Steakhouse from Cameron Mitchell Restaurants, LLC. At December 29, 2013 and December 31, 2012, there were 161 and 159 restaurants operating, respectively. | |||||||||||||||||||||||||||||||||
At December 29, 2013, there were 139 Ruth’s Chris Steak House restaurants, of which 63 were Company-owned, 75 were franchisee-owned, and one location was operating under a management agreement. All Company-owned restaurants are located in the United States. The franchisee-owned restaurants include eighteen international restaurants in Aruba, Canada, China (Hong Kong and Shanghai), El Salvador, Japan, Mexico, Singapore, Taiwan and the United Arab Emirates. A Ruth’s Chris Steak House located at Harrah’s Casino in Cherokee, NC operates under a management agreement between the Company and the Eastern Band of Cherokee Indians. | |||||||||||||||||||||||||||||||||
Four new Ruth’s Chris Steak House locations opened during fiscal year 2013, including a second franchise restaurant located in San Juan in April 2013, a franchise restaurant located in Chattanooga, TN in July 2013, a franchise restaurant in Shanghai in December 2013, and a franchise restaurant opened in early 2013 in Las Vegas, NV under a licensing agreement with Harrah’s Casino. Due to an expiring lease term, the Company closed its Ruth’s Chris Steak House location in Phoenix, AZ, on March 31, 2013 after 27 years of operation. The Company-owned Ruth’s Chris Steak House location in Houston, TX was relocated in July 2013. A franchise restaurant located in Dubai was closed in July 2013. In February 2014, the Company acquired the franchisee-owned restaurant located in Austin, Texas. | |||||||||||||||||||||||||||||||||
Company operates nineteen Mitchell’s Fish Markets and three Cameron’s/Mitchell’s Steakhouse restaurants, located primarily in the Midwest and Florida. | |||||||||||||||||||||||||||||||||
The following table summarizes the changes in the number of Ruth’s Chris Steak House, Mitchell’s Fish Market and Cameron’s Steakhouse Company-operated and franchised restaurants during the thirteen and fifty-two weeks ended December 29, 2013. | |||||||||||||||||||||||||||||||||
Ruth's Chris Steak House | Company | Franchised | Managed | Total | Company | Franchised | Managed | Total | |||||||||||||||||||||||||
Beginning of period | 63 | 74 | 1 | 138 | 64 | 72 | 1 | 137 | |||||||||||||||||||||||||
New | 0 | 1 | 0 | 1 | 0 | 4 | 0 | 4 | |||||||||||||||||||||||||
Closed | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 2 | |||||||||||||||||||||||||
End of period | 63 | 75 | 1 | 139 | 63 | 75 | 1 | 139 | |||||||||||||||||||||||||
% of total | 47 | % | 52 | % | 1 | % | 100 | % | 47 | % | 52 | % | 1 | % | 100 | % | |||||||||||||||||
Mitchell's Fish Market | Company | Franchised | Managed | Total | Company | Franchised | Managed | Total | |||||||||||||||||||||||||
Beginning of period | 19 | 0 | 0 | 19 | 19 | 0 | 0 | 19 | |||||||||||||||||||||||||
New | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Closed | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
End of period | 19 | 0 | 0 | 19 | 19 | 0 | 0 | 19 | |||||||||||||||||||||||||
% of total | 100 | % | 0 | % | 0 | % | 100 | % | 100 | % | 0 | % | 0 | % | 100 | % | |||||||||||||||||
Cameron's Steakhouse | Company | Franchised | Managed | Total | Company | Franchised | Managed | Total | |||||||||||||||||||||||||
Beginning of period | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | |||||||||||||||||||||||||
New | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Closed | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
End of period | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | |||||||||||||||||||||||||
100 | % | 0 | % | 0 | % | 100 | % | 100 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Total system | 85 | 75 | 1 | 161 | 85 | 75 | 1 | 161 | |||||||||||||||||||||||||
% of total | 54 | % | 45 | % | 1 | % | 100 | % | 54 | % | 45 | % | 1 | % | 100 | % | |||||||||||||||||
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
(2) Summary of Significant Accounting Policies | |||||||||
(a) Basis of Presentation | |||||||||
The Company utilizes a 52- or 53-week reporting period ending on the last Sunday of December. The periods ended December 29, 2013 (fiscal year 2013) and December 30, 2011 (fiscal year 2011) each had a 52-week reporting period. The period ended December 30, 2012 (fiscal year 2012) had a 53-week reporting period. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and include the financial statements of Ruth’s Hospitality Group, Inc. and its wholly owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||
The preparation of consolidated financial statements in conformity requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
(b) Change in Accounting for Gift Card Breakage | |||||||||
The portion of gift cards sold to customers which are never redeemed is commonly referred to as gift card breakage. Prior to the fourth quarter of fiscal 2013, the Company recognized breakage revenue using the Delayed Method of accounting. Based on historical information and after the Company’s determination that there is no legal obligation to remit the value of unredeemed gift cards to relevant governmental authorities, gift card breakage revenue was recognized for cards which remained unredeemed after 18 months after the date of last activity. Gift card breakage produces a revenue stream which is a key element of the profitability of the Company’s gift card program and is classified as a component of other operating revenue. | |||||||||
At the end of the fourth quarter of fiscal year 2013, the Company concluded it had accumulated a sufficient level of historical data from a large pool of homogeneous transactions to allow management to reasonably and objectively determine an estimated gift card breakage rate and the pattern of gift card redemptions. As a result, the Company elected to change its policy for recognizing gift card breakage revenue by changing from the Delayed Method to the Redemption Method of accounting. Under the Redemption Method, breakage revenue is recognized and the gift card liability is derecognized for unredeemed gift cards in proportion to actual gift card redemptions. The Company believes that the Redemption Method is preferable to the Delayed Method because it better reflects the gift card earnings process resulting in the recognition of breakage revenue over the period of gift card redemptions (i.e., over the performance period) and because the new presentation makes the Company’s financial statements more comparable with its primary competitors. The Company will continue to review historical gift card redemption information to assess the reasonableness of projected gift card breakage rates and patterns of redemption. | |||||||||
In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 250, “Accounting Changes and Error Corrections,” the Company concluded that this accounting change represented a change in accounting estimate effected by a change in accounting principle and included a revision in expected redemptions based on consumer redemption patterns. Accordingly, we accounted for the change as a change in estimate utilizing the cumulative catch-up method. The impact of the cumulative catch-up adjustment recorded at the end of the fourth quarter of fiscal 2013 was to reduce gift card breakage revenue by $2.0 million. Inclusive of this adjustment, the Company recognized $1.3 million of gift card breakage revenue in fiscal year 2013. Gift card breakage revenue recognized in fiscal years 2012 and 2011 was $2.3 million and $2.1 million, respectively. Consistent with the cumulative catch-up method of accounting for a change in accounting estimate effected by a change in accounting principle, previously issued financial statements will not be revised. | |||||||||
(c ) Correction of Immaterial Errors | |||||||||
The consolidated balance sheet as of December 30, 2012 has been adjusted to reflect an immaterial error correction of the tax basis of property and equipment for periods prior to fiscal year 2009. Consequently, the related deferred tax assets were reduced by $1.7 million and the accumulated deficit was increased by $1.7 million. During the fourth quarter of fiscal year 2013, the Company completed a review of its deferred tax assets related to property and equipment and determined that the following adjustments were needed to correct previously reported information (in thousands): | |||||||||
As Reported | As Restated | ||||||||
Balance Sheet as of December 30, 2012 | |||||||||
Total Deferred Income Taxes | $ | 37,327 | $ | 35,675 | |||||
Total assets | $ | 231,357 | $ | 229,702 | |||||
Accumulated Deficit | $ | (85,359 | ) | $ | (87,015 | ) | |||
Total shareholders' equity | $ | 82,388 | $ | 80,733 | |||||
Statement of Shareholders' Equity | |||||||||
Accumulated Deficit -as of December 26, 2010 | $ | (118,282 | ) | $ | (119,936 | ) | |||
Total shareholders' equity as of December 26, 2010 | $ | 80,361 | $ | 78,707 | |||||
Accumulated Deficit - December 25, 2011 | $ | (101,225 | ) | $ | (102,880 | ) | |||
Total shareholders' equity as of December 25, 2011 | $ | 99,640 | $ | 97,986 | |||||
Tax footnote information as of December 30, 2012 | |||||||||
Property and equipment | $ | 21,953 | $ | 20,301 | |||||
Total gross deferred tax assets | $ | 39,935 | $ | 38,283 | |||||
Net deferred tax assets | $ | 37,327 | $ | 35,675 | |||||
(d) Recent Accounting Pronouncements | |||||||||
Effective December 31, 2012, the Company adopted FASB Accounting Standard Update (ASU) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The adoption of the guidance requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, the Company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The adoption of this guidance did not impact the Company's consolidated results of operations or on the financial position. | |||||||||
Effective December 31, 2012, the Company adopted FASB ASU No. 2012-02, "Intangibles–Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” which modifies the impairment test for indefinite-lived intangible assets. Under the new guidance, an entity is permitted to make a qualitative assessment of whether it is more likely than not that the indefinite-lived intangible asset is impaired. If it is determined through the qualitative assessment that the indefinite lived intangible asset's fair value is more likely than not greater than its carrying value, the quantitative impairment calculations would not be required. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The adoption did not have any impact on the Company’s Consolidated Financial Statements. | |||||||||
In July 2013, the FASB issued amendments to FASB ASC Topic 740 "Income Taxes." The amendments provide further guidance to the balance sheet presentation of unrecognized tax benefits when a net operating loss or similar tax loss carryforwards, or tax credit carryforwards exist. The amendments will be effective for public entities for annual periods beginning after December 15, 2013. The Company is currently reviewing the implications of this amendment, but does not believe it will have a material impact on the consolidated results of operations or on the financial position | |||||||||
(e) Contingencies | |||||||||
The Company recognizes liabilities for contingencies when there is an exposure that indicates it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of impairment or loss can be reasonably estimated. | |||||||||
(f) Cash Equivalents | |||||||||
For purposes of the consolidated financial statements, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company has included outstanding checks totaling $10.1 million and $7.7 million at December 29, 2013 and December 30, 2012, respectively, in “Accounts payable” and “Accrued payroll” in the consolidated balance sheets. Changes in such amounts are reflected in cash flows from operating activities in the consolidated statements of cash flows. | |||||||||
(g) Accounts Receivable | |||||||||
Accounts receivable consists primarily of bank credit cards receivable, landlord contributions, franchise royalty payments receivable, banquet billings receivable and other miscellaneous receivables. | |||||||||
(h) Allowance for Doubtful Accounts | |||||||||
The Company performs a specific review of account balances and applies historical collection experience to the various aging categories of receivable balances in establishing an allowance. | |||||||||
(i) Inventories | |||||||||
Inventories consist of food, beverages and supplies and are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. | |||||||||
(j) Property and Equipment, net | |||||||||
Property and equipment are stated at cost. Expenditures for improvements and major renewals are capitalized and minor replacement, maintenance and repairs are charged to expense. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the lease term or the estimated useful lives of the assets. The estimated useful lives for assets are as follows: Building and Building Improvements, 20 to 40 years; Equipment, 5 years; Furniture and Fixtures, 5 to 7 years; Computer Equipment, 3 to 5 years; and Leasehold Improvements, 5 to 20 years (limited by the lease term). | |||||||||
(k) Goodwill, Franchise Rights and Trademarks | |||||||||
Goodwill and trademarks acquired in a purchase business combination that are determined to have an indefinite useful life are not amortized, but tested for impairment at least annually in accordance with the provisions of FASB ASC Topic 350, “Intangibles-Goodwill and Other.” Goodwill and trademarks are tested annually for impairment on a reporting unit basis and more frequently if events and circumstances indicate that the asset might be impaired. For purposes of testing goodwill impairment, a reporting unit is defined as a restaurant location. For purposes of testing trademark impairment, a reporting unit is defined as a group of acquired restaurants sharing a common trade name. An impairment loss is recognized to the extent that the financial statement carrying amount exceeds the asset’s fair value. | |||||||||
Franchise rights acquired prior to 2008 in a purchase business combination that are determined to have an indefinite useful life are not amortized, but are tested for impairment at least annually on a reporting unit basis, which is defined as a group of reacquired restaurants, and more frequently if events and circumstances indicate that the asset might be impaired. The Company allows and expects franchisees to renew agreements indefinitely ensuring consistent cash flows. As a result, acquired franchise rights are determined to have indefinite useful lives. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. Franchise rights acquired after 2007 are no longer considered to have indefinite useful lives and are amortized in accordance with FASB ASC Topic 350. | |||||||||
(l) Impairment or Disposal of Long-Lived Assets | |||||||||
In accordance with “Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets,” FASB ASC Topic 360-10 (Topic 360-10), long lived assets, such as property and equipment and purchased intangibles subject to amortization, are reviewed for impairment on a restaurant-by-restaurant basis whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the financial statement carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Key assumptions in the determination of fair value are the future after-tax cash flows of the restaurant and discount rate. The after-tax cash flows incorporate reasonable sales growth and margin improvement assumptions that would be expected by a franchisee in the determination of a purchase price for the restaurant. Estimates of future cash flows are highly subjective judgments and can be significantly impacted by changes in the business or economic conditions. The discount rate used in the fair value calculations is our estimate of the required rate of return that a franchisee would expect to receive when purchasing a similar restaurant or groups of restaurants and the related long-lived assets. The discount rate incorporates rates of returns for historical refranchising market transactions and is commensurate with the risks and uncertainty inherent in the forecasted cash flows. | |||||||||
The assets and liabilities of a disposed group classified as held for sale are presented separately in the appropriate asset and liability sections of the consolidated balance sheets. Assets classified as held for sale are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value less costs to sell, and are no longer depreciated. We account for exit or disposal activities, including restaurant closures, in accordance with Topic 360-10. Such costs include the cost of disposing of the assets as well as other facility-related expenses from previously closed restaurants. These costs are generally expensed as incurred. Additionally, at the date we cease using a property under an operating lease, we record a liability under FASB ASC Topic 420, “Exit and Disposal Cost Obligations” for the net present value of any remaining lease obligations, net of estimated sublease income. Any subsequent adjustments to that liability as a result of lease termination or changes in estimates of sublease income are recorded in the period incurred. Upon disposal of the assets associated with a closed restaurant, any gain or loss is recorded in the same line within our consolidated statements of income as the original impairment. | |||||||||
(m) Deferred Financing Costs | |||||||||
Deferred financing costs represent fees paid in connection with obtaining bank and other long-term financing. The Company paid financing costs of $0, $610 thousand and $0 in fiscal years 2013, 2012 and 2011, respectively, and amortizes these costs using a method that approximates the effective interest method over the term of the related financing. Amortization of deferred financing costs was $421 thousand, $476 thousand and $768 thousand in fiscal years 2013, 2012 and 2011, respectively, and is included in interest expense on the consolidated statements of income. As a result of the February 2012 amendment to the senior credit facility, $807 thousand of previously deferred financing costs were written off because the participants of the lending group changed. | |||||||||
(n) Revenues | |||||||||
Revenues are derived principally from food and beverage sales. The Company does not rely on any major customers as a source of revenue. | |||||||||
Revenue from restaurant sales is recognized when food and beverage products are sold. Restaurant sales are presented net of sales taxes and discounts. Gratuities remitted by customers for the benefit of restaurant staff are not included in either revenues or operating expenses. Deferred revenue primarily represents the Company’s liability for gift cards that have been sold but not yet redeemed. When the gift cards are redeemed, the Company recognizes restaurant sales and reduces the deferred revenue liability. Company issued gift cards redeemed at franchisee-owned restaurants reduce the deferred revenue liability but do not result in Company restaurant sales. Gift card transactions involving franchisees are settled on a monthly basis through the Company’s third party gift card provider. The expected redemption value of gift cards represents the full value of all gift cards issued less the amount the Company has recognized as other operating income for gift cards that are not expected to be redeemed. As discussed in Note 2(b), “Change in Accounting for Gift Card Breakage,” during fiscal year 2013, the Company adopted the Redemption Method of accounting for gift card breakage revenue. Gift card breakage revenue is classified as a component of other operating income. | |||||||||
(o) International Revenues | |||||||||
The Company currently has nineteen international franchise restaurants in Aruba, Canada, China, El Salvador, Japan, Mexico, Singapore, Taiwan and the United Arab Emirates. In accordance with its franchise agreements relating to these international restaurants, the Company receives royalty revenue from these franchisees in U.S. dollars. Franchise fee revenues from international restaurants were $3.0 million, $2.7 million and $2.4 million in fiscal years 2013, 2012 and 2011, respectively. | |||||||||
(p) Rent | |||||||||
Certain of the Company’s operating leases contain predetermined fixed escalations of the minimum rent during the term of the lease. For these leases, the Company recognizes the related rent expense on a straight-line basis over the life of the lease and records the difference between amounts charged to operations and amounts paid as deferred rent. | |||||||||
Additionally, certain of the Company’s operating leases contain clauses that provide additional contingent rent based on a percentage of sales greater than certain specified target amounts. The Company recognizes contingent rent expense prior to the achievement of the specified target that triggers the contingent rent, provided achievement of that target is considered probable. | |||||||||
(q) Marketing and Advertising | |||||||||
Marketing and advertising expenses in the accompanying consolidated statements of income include advertising expenses of $7.7 million, $7.2 million and, $8.3 million in fiscal years 2013, 2012 and 2011, respectively. Advertising costs are expensed as incurred. | |||||||||
(r) Insurance Liability | |||||||||
The Company maintains various policies for workers’ compensation, employee health, general liability and property damage. Pursuant to those policies, the Company is responsible for losses up to certain limits. The Company records liabilities for the estimated exposure for aggregate losses below those limits. The recorded liabilities are based on estimates of the ultimate costs to be incurred to settle known claims and claims incurred but not reported as of the balance sheet date. The estimated liabilities are not discounted and are based on a number of assumptions and factors, including historical trends, actuarial assumptions and economic conditions. Independent actuaries are used to develop estimates of the workers’ compensation, general and employee health care liabilities. | |||||||||
(s) Stock-Based Compensation | |||||||||
The Company recognizes stock-based compensation in accordance with “Compensation—Stock Compensation,” FASB ASC Topic 718 (Topic 718), using the modified prospective transition method. Stock-based compensation cost includes: a) compensation cost for all share-based payments granted prior to, but not yet vested as of December 26, 2005, based on the grant date fair value estimated in accordance with the original provisions of FASB Statement No. 123, “Accounting for Stock-Based Compensation,” and b) compensation cost for all share-based payments granted subsequent to December 26, 2005, based on the grant date fair value estimated in accordance with the provisions of Topic 718. Compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award. | |||||||||
(t) Pre-Opening Costs | |||||||||
Pre-opening costs incurred with the opening of new restaurants are expensed as incurred. These costs include rent expense, wages, benefits, travel and lodging for the training and opening management teams, and food, beverage and other restaurant operating expenses incurred prior to a restaurant opening for business. | |||||||||
(u) Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
The Company applies the provisions of “Income Taxes,” FASB ASC Topic 740 (Topic 740). Topic 740 requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Our continuing practice is to recognize interest and penalties related to uncertain tax positions in income tax expense. | |||||||||
(v) Earnings Per Share | |||||||||
Basic earnings per common share is computed under the two-class method in accordance with “Earnings Per Share,” FASB ASC Topic 260. Under the two-class method, a portion of net income is allocated to participating securities, such as the Company’s preferred stock, and therefore is excluded from the calculation of basic earnings per share allocated to common shares. Diluted earnings per common share is computed by dividing the net income applicable to preferred and common shareholders for the period by the weighted average number of common and potential common shares outstanding during the period. Net income, in both the basic and diluted earnings per common share calculations, is reduced by the Company’s preferred stock dividends and accretion of the Company’s preferred stock to its redemption value to arrive at net income applicable to common and preferred shareholders. |
Note_3_Franchise_Operations
Note 3 - Franchise Operations | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Franchise Income [Abstract] | ' | ||||||||||||
Franchise Income [Text Block] | ' | ||||||||||||
(3) Franchise Operations | |||||||||||||
The Company franchises Ruth’s Chris Steak House restaurants. The Company executes franchise agreements for each franchise restaurant, which sets out the terms of its arrangement with the franchisee. The franchise agreements typically require the franchisee to pay an initial, non-refundable fee and continuing fees based upon a percentage of sales. The Company collects ongoing royalties of 5% of sales at franchise restaurants plus a 1% advertising fee applied to national advertising expenditures. The Company is not required to perform any services for the ongoing royalties and thus these royalties are recognized when the royalties are due from the franchisee on a monthly basis. These ongoing royalties are reflected in the accompanying consolidated statements of income as franchise income. The 1% advertising fee is not recorded as revenue, but rather is recorded as a liability against which specified advertising and marketing costs are charged. | |||||||||||||
The Company executes an area development agreement with franchisees that gives each franchisee exclusive rights to develop a specific number of restaurants within a specified area. The Company receives a development fee at the time that an area development agreement is executed. The development fee is recognized as revenue as franchise restaurants are opened. The Company also executes separate, site-specific, franchise agreements for each restaurant developed by a franchisee under an area development agreement. The Company charges a site-specific fee at the time the franchise agreement is executed. This fee is related to construction assistance and consulting regarding operating procedures and purchasing. These services are performed prior to the restaurant opening. The Company recognizes the site-specific franchise fee when the related restaurant opens. | |||||||||||||
The Company currently has 75 Ruth’s Chris Steak House franchise restaurants, including nineteen international restaurants. In January 2013, the Company signed an agreement with the Ko Group for the development of four new franchised Ruth’s Chris Steak House restaurants to be opened in the People’s Republic of China over the next three years. During fiscal year 2013, four new Ruth’s Chris Steak House franchise locations opened, including a second franchise restaurant located in San Juan in April 2013, a franchise restaurant located in Chattanooga in July 2013, a location in Las Vegas, NV operating under a license agreement with the Company and a franchise restaurant located in Shanghai in December 2013. One of two franchise restaurants located in Dubai was closed in July 2013. During fiscal year 2012, the Company opened four franchise restaurants in Dubai, Singapore, San Salvador and Niagara Falls, Ontario. During fiscal year 2011, the Company opened two franchise restaurants in Grand Rapids, MI and Asheville, NC, and closed one restaurant in Las Vegas, NV. No franchise restaurants were sold or purchased during fiscal years 2013, 2012 or 2011. Franchise income includes opening and development fees and income generated from existing franchise restaurants. The Company classifies franchise income separately in the consolidated statements of income (dollar amounts in thousands): | |||||||||||||
52/53 Weeks Ending | |||||||||||||
December 29, | December 30, | December 25, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Franchise income: | |||||||||||||
Income from existing franchise locations | $ | 14,612 | $ | 13,436 | $ | 12,214 | |||||||
Opening and development fee income | 400 | 400 | 250 | ||||||||||
Total franchise income: | $ | 15,012 | $ | 13,836 | $ | 12,464 | |||||||
Note_4_Segment_Information
Note 4 - Segment Information | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
(4) Segment Information | |||||||||||||
The Ruth’s Chris Steak House, Mitchell’s Fish Market and Cameron’s Steakhouse restaurant concepts in North America are managed as operating segments. The concepts operate within the full-service dining industry, providing similar products to similar customers. Revenues are derived principally from food and beverage sales. The Company does not rely on any major customers as a source of revenue. Franchise operations is also an operating segment. | |||||||||||||
For financial reporting purposes, the Company has determined that is has three reportable segments: Company-owned steakhouse restaurants, Company-owned fish market restaurants and franchise operations. The Company-owned Ruth’s Chris Steak House and Cameron’s Steakhouse restaurants are both included in the Company-owned steakhouse restaurant segment. As of December 29, 2013, (i) the Company-owned steakhouse restaurant segment included 63 Ruth’s Chris Steak House restaurants, three Cameron’s Steakhouse restaurants and one Ruth’s Chris Steak House restaurant operating under a management agreement,(ii) the Company-owned fish market restaurant segment included nineteen Mitchell’s Fish Market restaurants and (iii) the franchise operations segment included 75 franchisee-owned Ruth’s Chris Steak House restaurants. Because the Company-owned steakhouse restaurant operating margins, measured by segment profit as a percentage of segment revenue, have been greater than the operating margins of the Company-owned fish market restaurants, the results of those segments are reported separately. Segment profits for the Company-owned steakhouse and fish market restaurant segments equals segment revenues less segment expenses. Segment revenues for the Company-owned steakhouse and fish market restaurant segments include restaurant sales, management agreement income and other restaurant income. Gift card breakage revenue is not allocated to operating segments. Not all operating expenses are allocated to operating segments. Segment expenses for the Company-owned steakhouse and fish market restaurant segments include food and beverage costs and restaurant operating expenses. No other operating costs are allocated to the segments for the purpose of determining segment profits because such costs are not directly related to the operation of individual restaurants. Except for health care costs, the accounting policies applicable to each segment are consistent with the policies used to prepare the consolidated financial statements; health care costs are allocated to the Company-owned steakhouse and fish market restaurant segments based on annual budgeted health care costs. The profit of the franchise operations segment equals franchise income, which consists of franchise royalty fees and franchise opening fees. No costs are allocated to the franchise operations segment. Segment information related to the Company’s three reportable business segments follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
December 29, | December 30, | December 25, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollar amounts in thousands) | |||||||||||||
Revenues: | |||||||||||||
Company-owned steakhouse restaurants | $ | 322,833 | $ | 310,985 | $ | 286,867 | |||||||
Company-owned fish market restaurants | 68,943 | 70,304 | 67,043 | ||||||||||
Franchise operations | 15,012 | 13,836 | 12,464 | ||||||||||
Unallocated other revenue and revenue discounts | (139 | ) | 930 | 963 | |||||||||
Total revenues | $ | 406,649 | $ | 396,055 | $ | 367,337 | |||||||
Segment profits: | |||||||||||||
Company-owned steakhouse restaurants | $ | 68,578 | $ | 62,899 | $ | 57,379 | |||||||
Company-owned fish market restaurants | 6,423 | 6,900 | 7,029 | ||||||||||
Franchise operations | 15,012 | 13,836 | 12,464 | ||||||||||
Total segment profit | 90,013 | 83,635 | 76,872 | ||||||||||
Unallocated operating income | 1,509 | 1,463 | (98 | ) | |||||||||
Marketing and advertising expenses | (11,673 | ) | (11,178 | ) | (11,748 | ) | |||||||
General and administrative costs | (30,404 | ) | (28,299 | ) | (22,803 | ) | |||||||
Depreciation and amortization expenses | (13,060 | ) | (14,556 | ) | (14,859 | ) | |||||||
Pre-opening costs | (692 | ) | (540 | ) | (192 | ) | |||||||
Loss on impairment and asset disposals, net | (3,262 | ) | (4,955 | ) | (3,478 | ) | |||||||
Restructuring benefit | - | - | 502 | ||||||||||
Gain on settlements | 2,156 | 683 | - | ||||||||||
Interest expense, net | (1,640 | ) | (2,365 | ) | (2,892 | ) | |||||||
Debt issuance costs written off | - | (807 | ) | - | |||||||||
Other income (expense) | (50 | ) | 4 | (488 | ) | ||||||||
Income from continuing operations before income tax expense | $ | 32,897 | $ | 23,085 | $ | 20,816 | |||||||
Capital expenditures: | |||||||||||||
Company-owned steakhouse restaurants | $ | 11,359 | $ | 9,764 | $ | 7,562 | |||||||
Company-owned fish market restaurants | 2,210 | 1,065 | 687 | ||||||||||
Corporate assets | 1,742 | 628 | 726 | ||||||||||
Total capital expenditures | $ | 15,311 | $ | 11,457 | $ | 8,975 | |||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total assets: | |||||||||||||
Company-owned steakhouse restaurants | $ | 146,584 | $ | 143,385 | |||||||||
Company-owned fish market restaurants | 30,451 | 32,430 | |||||||||||
Franchise operations | 2,253 | 1,810 | |||||||||||
Corporate assets - unallocated | 19,211 | 16,402 | |||||||||||
Deferred income taxes - unallocated | 29,582 | 35,675 | |||||||||||
Total assets | $ | 228,081 | $ | 229,702 | |||||||||
Note_5_Fair_Value_Measurements
Note 5 - Fair Value Measurements | 12 Months Ended | |||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | |||||||||||||||||
(5) Fair Value Measurements | ||||||||||||||||||
Fair value is defined under “Fair Value Measurements and Disclosures,” FASB ASC Topic 820 (Topic 820) as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Topic 820 also establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when 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. The three levels of inputs are: | ||||||||||||||||||
• | Level 1—quoted prices (unadjusted) for an identical asset or liability in an active market. | |||||||||||||||||
• | Level 2—quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. | |||||||||||||||||
• | Level 3—unobservable and significant to the fair value measurement of the asset or liability. | |||||||||||||||||
The following were used to estimate the fair value of each class of financial instruments: | ||||||||||||||||||
• | The carrying amount of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses and other current liabilities are a reasonable estimate of their fair values due to their short duration. | |||||||||||||||||
• | Borrowings under the senior credit facility as of December 29, 2013 and December 30, 2012 have variable interest rates that reflect currently available terms and conditions for similar debt. The carrying amount of this debt is a reasonable estimate of its fair value (Level 2). | |||||||||||||||||
The Company’s non-financial assets measured at fair value on a non-recurring basis were as follows (amounts in thousands): | ||||||||||||||||||
Fair Value as of | Significant Other | Significant | Total Losses on | Valuation | ||||||||||||||
29-Dec-13 | Observable Inputs | Unobservable Inputs | Impairment | Method | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||||
Long-lived assets held and used | $ | - | $ | - | $ | - | $ | 2,112 | Income approach | |||||||||
Fair Value as of | Significant Other | Significant | Total Losses on | Valuation | ||||||||||||||
30-Dec-12 | Observable Inputs | Unobservable Inputs | Impairment | Method | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||||
Long-lived assets held and used | $ | - | $ | - | $ | - | $ | 4,694 | Income approach | |||||||||
Long-lived assets held for sale | $ | 1,153 | $ | 1,153 | $ | - | $ | 395 | Market approach | |||||||||
Fair Value as of | Significant | Total Losses on | Valuation | |||||||||||||||
29-Dec-13 | Unobservable Inputs | Impairment | Method | |||||||||||||||
(Level 3) | ||||||||||||||||||
Trademarks | $ | - | $ | - | $ | 400 | Income approach | |||||||||||
Losses on these assets are recorded as loss on impairment in the accompanying consolidated statements of income. See Notes 6 and 7 for a description of the valuation techniques used to measure fair value of intangibles and long-lived assets, as well as information used to develop the inputs to the fair value measurements. Total losses on impairment include losses recognized from all non-recurring fair value measurements during each of the fiscal years. |
Note_6_Goodwill_Franchise_Righ
Note 6 - Goodwill, Franchise Rights and Trademarks | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
(6) Goodwill, Franchise Rights and Trademarks | |||||||||||||
During the fourth quarter of each year, the Company completes an analysis to determine if goodwill and certain intangible assets are impaired as of the balance sheet date. The Company bases its fair value estimates on assumptions it believes to be reasonable, but which are inherently uncertain. | |||||||||||||
Franchise Rights | |||||||||||||
Owned franchise rights that have been determined to have indefinite lives must be reviewed for potential impairment annually and when triggering events are detected. No impairment charges related to franchise rights were recognized in fiscal years 2013, 2012 or 2011. | |||||||||||||
To determine the fair value of acquired franchise rights, the Company used a multi-period excess earnings approach. This approach involves projecting after-royalty future earnings, discounting those earnings using an appropriate market discount rate and subtracting a contributory charge for net working capital, property and equipment, assembled workforce and customer relationships to arrive at excess earnings attributable to these franchise rights. The Company calculated the present value of cash flows generated from future excess earnings and determined that the fair values exceeded the financial statement carrying value as of December 29, 2013. | |||||||||||||
Trademarks | |||||||||||||
In accordance with FASB ASC Topic 350, owned trademarks that have been determined to have indefinite lives must be reviewed for potential impairment annually and when triggering events are detected. To determine the fair value of the Mitchell’s trademarks, including Mitchell’s Fish Market, Columbus Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse, the Company used a relief-from-royalty valuation approach. This approach assumes that in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these types of assets. This approach is dependent on a number of factors, including estimates of future revenue growth and trends, royalty rates in the category of intellectual property, discount rates and other variables. The Company estimated the fair values of its various trademarks as of December 29, 2013 and determined that the estimated fair values exceeded the financial statement carrying values (after the recorded impairment). | |||||||||||||
During the fourth quarter of fiscal year 2013, a $400 thousand loss on impairment of an ancillary trademark not expected to be used was recorded. During the fourth quarter of fiscal year 2011, in connection with our annual impairment test, the Company recorded a non-cash loss on impairment of $3.0 million to reduce the financial statement carrying value of the Mitchell’s Fish Market trademark to $9.2 million, which represents its estimated fair value as of December 25, 2011. The estimated fair value declined primarily due to a change in the Company’s assumptions related to the projected sales growth of Mitchell’s Fish Market. The growth assumptions were revised in the fourth quarter of fiscal year 2011 consistent with Company’s annual strategic plan. No impairment charge related to trademarks was recognized in fiscal year 2012. | |||||||||||||
Goodwill | |||||||||||||
No impairment charges related to goodwill were recognized in fiscal years 2013, 2012 or 2011. | |||||||||||||
In performing the fiscal year 2013 evaluation of goodwill impairment under FASB ASC Topic 350-20 Step 1, the Company compared the carrying value of the reporting unit, which is considered to be the individual restaurant, to its fair value. Consistent with the valuation of restaurant operations, the Company utilized a multiple of EBITDA to approximate the fair value of the reporting unit for purposes of completing Step 1 of the evaluation. The Company considered EBITDA multiples of publicly held companies, including its own, as well as recent industry acquisitions. For reporting units whose estimated fair value exceeded its carrying value, no impairment is recorded. As of December 29, 2013, the estimated fair values of all reporting units exceeded their respective carrying values. | |||||||||||||
If a reporting unit’s fair value did not exceed its carrying value as the balance sheet date, the Company would have completed Step 2 of the evaluation by comparing the implied fair value of goodwill with the net asset value of the reporting unit. The Company would have calculated the implied fair value by allocating the fair value of a reporting unit to all of its assets and liabilities as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the unit. | |||||||||||||
The financial statement carrying values of the Company’s franchise rights, trademarks and goodwill were as follows (amounts in thousands): | |||||||||||||
Franchise Rights | Trademarks | ||||||||||||
Balance as of December 30, 2012 | $ | 32,200 | $ | 10,676 | |||||||||
Balance as of December 29, 2013 | $ | 32,200 | $ | 10,276 | |||||||||
Gross Goodwill | Accumulated | Net Carrying | |||||||||||
Impairment | Value of Goodwill | ||||||||||||
Losses | |||||||||||||
Balance as of December 30, 2012 | $ | 55,469 | $ | (33,372 | ) | $ | 22,097 | ||||||
Balance as of December 29, 2013 | $ | 55,469 | $ | (33,372 | ) | $ | 22,097 | ||||||
Any losses are included in “loss on impairment” in the accompanying consolidated statements of income. |
Note_7_Property_and_Equipment_
Note 7 - Property and Equipment, net | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
(7) Property and Equipment, net | |||||||||
Property and equipment consists of the following (amounts in thousands): | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Land | $ | 917 | $ | 917 | |||||
Building and building improvements | 23,760 | 23,286 | |||||||
Equipment | 33,066 | 31,560 | |||||||
Computer equipment | 11,518 | 9,729 | |||||||
Furniture and fixtures | 18,946 | 18,367 | |||||||
Automobiles | 27 | 27 | |||||||
Leasehold improvements | 121,768 | 116,679 | |||||||
Construction-in-progress | 4,159 | 1,706 | |||||||
214,161 | 202,271 | ||||||||
Less accumulated depreciation | (122,691 | ) | (112,292 | ) | |||||
$ | 91,470 | $ | 89,979 | ||||||
During fiscal year 2013, the Company recognized a $2.1 million impairment loss due to a decline in the estimated fair value of one restaurant’s assets (primarily leasehold improvements). The decline in estimated fair value was attributable to decreases in that restaurant’s projected profitability. During fiscal year 2012, the Company recognized an impairment loss on two restaurants aggregating $4.7 million. These impairments were recorded due to declines in the estimated fair value of the assets (which consist primarily of leasehold improvements). The declines in estimated fair value were primarily attributable to management’s assessment that the expected remaining lease terms would be shortened. Management reviewed the lease terms and cash flows of these restaurants and determined that it was not likely that the lease terms would be extended under the existing lease agreements. Additionally, a $395 thousand impairment loss was recognized during fiscal year 2012 on an owned property which was sold to a third party in February 2013. The financial statement carrying value of the owned property is classified as an asset held for sale as of December 30, 2012. |
Note_8_LongTerm_Debt
Note 8 - Long-Term Debt | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
(8) Long-term Debt | |||||||||
Long-term debt consists of the following (amounts in thousands): | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Senior Credit Facility: | |||||||||
Revolving credit facility | $ | 19,000 | $ | 45,000 | |||||
Less current maturities | - | - | |||||||
$ | 19,000 | $ | 45,000 | ||||||
As of December 29, 2013, the Company had an aggregate of $19.0 million of outstanding indebtedness under its senior credit facility at a weighted average interest rate of 3.46% with approximately $76.9 million of borrowings available, net of outstanding letters of credit of approximately $4.1 million. The 3.46% weighted average interest rate includes a 2.19% interest rate on outstanding indebtedness, plus fees on the Company’s unused borrowing capacity and outstanding letters of credit. As of December 29, 2013, the Company was in compliance with all the covenants under its credit facility. | |||||||||
On February 14, 2012, the Company entered into a Second Amended and Restated Credit Agreement with Wells Fargo Bank, as administrative agent, and certain other lenders (the Amended and Restated Credit Agreement). The Amended and Restated Credit Agreement allows for loan advances plus outstanding letters of credit of up to $100.0 million to be outstanding at any time that the conditions for borrowings are met. The Amended and Restated Credit Agreement sets the interest rates applicable to borrowings based on the Company’s actual leverage ratio, ranging (a) from 2.00% to 2.75% above the applicable LIBOR rate or (b) at the Company’s option, from 1.00% to 1.75% above the applicable base rate. | |||||||||
The Amended and Restated Credit Agreement contains customary covenants and restrictions, including, but not limited to: (1) prohibitions on incurring additional indebtedness and from guaranteeing obligations of others; (2) prohibitions on creating, incurring, assuming or permitting to exist any lien on or with respect to any property or asset; (3) limitations on the Company’s ability to enter into joint ventures, acquisitions and other investments; (4) prohibitions on directly or indirectly creating or becoming liable with respect to certain contingent liabilities; and (5) restrictions on directly or indirectly declaring, ordering, paying, or making any restricted junior payments. The Amended and Restated Credit Agreement requires the Company to maintain a fixed charge coverage ratio of 1.25:1.00 and the maximum leverage ratio of 2.50:1.00. The agreement was amended in May 2013 to reset the limit applicable to junior stock payments, which include both cash dividend payments and repurchase of common and preferred stock. Junior stock payments made subsequent to December 30, 2012 through the end of the agreement are limited to $100 million; $4.3 million of such payments had been made as of December 29, 2013. The Company’s obligations under the Amended and Restated Credit Agreement are guaranteed by each of its existing and future subsidiaries and are secured by substantially all of its assets and a pledge of the capital stock of its subsidiaries. The Amended and Restated Credit Agreement includes customary events of default. As of December 29, 2013, the Company was in compliance with the covenants under the Amended and Restated Credit Agreement. | |||||||||
As a result of the February 2012 amendment, $100 thousand of legal fees were incurred in the first quarter of fiscal year 2012. In addition, $807 thousand of previously deferred debt issuance costs were written off because the participants of the lending group changed. |
Note_9_Leases
Note 9 - Leases | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||||||
(9) Leases | |||||||||||||
At December 29, 2013, all of the Company’s Ruth’s Chris Steak House owned restaurants operated in leased premises, with the exception of the restaurants in Columbus and Ft. Lauderdale, which were owned properties and the restaurants in Anaheim, Lake Mary, Princeton and South Barrington which operate on leased land. The Company’s Mitchell’s Fish Market and Mitchell’s Steakhouse restaurants all operate in leased premises. The leases generally provide for minimum annual rental payments and are subject to escalations based, in some cases, upon increases in the Consumer Price Index, real estate taxes and other costs. In addition, certain leases contain contingent rental provisions based upon the sales at the underlying restaurants. Certain leases also provide for rent deferral during the initial term of such lease and/or scheduled minimum rent increases during the terms of the leases. For financial reporting purposes, rent expense is recorded on a straight-line basis over the life of the lease. Accordingly, included in liabilities in the accompanying consolidated balance sheets at December 29, 2013 and December 30, 2012 are accruals related to such rent deferrals and the pro rata portion of scheduled rent increases of approximately $23.2 million and $24.4 million, respectively, net of the current portion included in other current liabilities $2.1 million and $1.7 million, respectively. | |||||||||||||
In December 2013, the Company entered into an agreement to terminate a restaurant facility operating lease in March 2014. The $750 thousand agreed-upon payment, which was made in January 2014, was accounted for as lease termination penalty expense during the fourth quarter of fiscal year 2013. | |||||||||||||
The Company also leases certain restaurant-related equipment under non-cancellable operating lease agreements with third parties, which are included with leased premises in future minimum annual rental commitments. | |||||||||||||
Future minimum annual rental commitments under operating leases as of December 29, 2013 are as follows (amounts in thousands): | |||||||||||||
2014 | $ | 24,545 | |||||||||||
2015 | 23,175 | ||||||||||||
2016 | 22,914 | ||||||||||||
2017 | 21,304 | ||||||||||||
2018 | 19,930 | ||||||||||||
Thereafter | 137,674 | ||||||||||||
$ | 249,542 | ||||||||||||
Rental expense consists of the following and is included in restaurant operating expenses in the accompanying consolidated statements of income (amounts in thousands): | |||||||||||||
Fiscal Year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals | $ | 22,313 | $ | 23,336 | $ | 23,581 | |||||||
Contingent rentals | 2,682 | 2,513 | 1,965 | ||||||||||
$ | 24,995 | $ | 25,849 | $ | 25,546 | ||||||||
Note_10_Gain_on_Settlements_an
Note 10 - Gain on Settlements and Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(10) Gain on Settlements and Commitments and Contingencies | |
During the third quarter of fiscal year 2013, the Company settled two loss claims asserted by the Company which previously arose and recognized an aggregate gain of $2.2 million, net of fees incurred. The majority of the gain pertained to compensation for the Company’s lost operating income awarded by the claims administrator pursuant to the settlement agreement reached in litigation related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. | |
The Company is subject to various claims, possible legal actions, and other matters arising in the normal course of business. Management does not expect disposition of these other matters to have a material adverse effect on the financial position, results of operations or liquidity of the Company. The Company expenses legal fees as incurred. | |
The legislation and regulations related to tax and unclaimed property matters are complex and subject to varying interpretations by both government authorities and taxpayers. The Company remits a variety of taxes and fees to various governmental authorities, including excise taxes, property taxes, sales and use taxes, and payroll taxes. The taxes and fees remitted by the Company are subject to review and audit by the applicable governmental authorities which could assert claims for additional assessments. Although management believes that the tax positions are reasonable and consequently there are no accrued liabilities for claims which may be asserted, various taxing authorities may challenge certain of the positions taken by the Company which may result in additional liability for taxes and interest. These tax positions are reviewed periodically based on the availability of new information, the lapsing of applicable statutes of limitations, the conclusion of tax audits, the identification of new tax contingencies, or the rendering of relevant court decisions. An unfavorable resolution of assessments by a governmental authority could negatively impact our results of operations and cash flows in future periods. | |
The Company is subject to unclaimed or abandoned property (escheat) laws which require the Company to turn over to certain state governmental authorities the property of others held by the Company that has been unclaimed for specified periods of time. The Company is subject to audit by individual U.S. states with regard to its escheatment practices. During fiscal year 2012, the Company agreed to pay $2.5 million to settle certain liabilities pertaining to unclaimed property returns which had not been filed timely, which was paid during the first quarter of fiscal year 2013. Because the agreed-upon payment amount was less than the liability accrued in prior years, a $0.7 million gain was recognized during the fourth quarter of fiscal year 2012 pertaining to this settlement. During fiscal year 2014, management expects to enter into settlement discussions with other states in an effort to settle liabilities pertaining to unclaimed property returns which have not been filed timely. Management does not expect the settlement of these liabilities to have a material adverse effect on the financial position, results of operations or liquidity of the Company. | |
The Company currently buys a majority of its beef from two suppliers. Although there are a limited number of beef suppliers, management believes that other suppliers could provide similar product on comparable terms. A change in suppliers, however, could cause supply shortages and a possible loss of sales, which would affect operating results adversely. |
Note_11_Redeemable_Convertible
Note 11 - Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 29, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
(11) Redeemable Convertible Preferred Stock | |
In February 2010, the Company issued and sold 25,000 shares of preferred stock to Bruckmann, Rosser, Sherrill & Co. Management, L.P. and affiliates (BRS) in a private placement transaction. The Company received proceeds of $23.2 million, net of approximately $1.8 million in closing and issuance costs. The preferred stock was classified as temporary shareholders’ equity since the shares had certain conditions that allow the holder to redeem the preferred stock for cash, and for which redemption was not solely within the control of the Company. | |
On March 8, 2012, the Company repurchased all of the outstanding preferred stock for $60.2 million. The purchase price, which includes payment of all accrued and unpaid dividends owed on the preferred stock, was funded using borrowings from the Company’s $100 million senior credit facility. After the repurchase and retirement of the preferred stock, the Company’s fully diluted common share base decreased by approximately 8.6 million shares and the 10% annual dividend on the preferred stock, which amounted to $2.5 million in fiscal year 2011, was eliminated. The Company recorded a reduction of net income applicable to shareholders of approximately $35.8 million in the first fiscal quarter of 2012 to reflect the excess of the redemption value over the financial statement carrying value of the preferred shares redeemed. In connection with the repurchase of preferred shares, the BRS director designee resigned his position as a member of the Company’s Board of Directors. | |
Each share of the preferred stock had an initial liquidation preference of $1,000. The holders of the preferred stock were entitled to quarterly dividends accruing at a 10% annual rate. The preferred stock was also convertible, under certain circumstances, into the number of shares of the Company’s common stock equal to the quotient of the liquidation preference, including accrued dividends, divided by the conversion price. Using the liquidation preference of $25.0 million as of December 25, 2011, a conversion of preferred stock into the Company’s common stock would have resulted in the issuance of 8,620,690 additional common shares. The preferred stock was convertible at any time, at the option of the holders. The Company had the option to convert the preferred stock, in whole or in part, after February 12, 2012 if the closing price of the Company’s common stock equaled or exceeded 225% of the then applicable conversion price for a period of 20 trading days over any 30 consecutive trading day period. At the option of the Company, the preferred stock could have been redeemed on or after February 12, 2015 without regard to the Company’s stock price. At the option of the holders, the preferred stock could have been redeemed on or after February 12, 2017. The redemption price per share was to equal the liquidation preference, including any accrued dividends. The Company was accreting the carrying value of preferred stock to its redemption value of $25 million from the date of issuance to the earliest redemption date, February 12, 2015. |
Note_12_Shareholders_Equity
Note 12 - Shareholders' Equity | 12 Months Ended | ||||||||||
Dec. 29, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||
(12) Shareholders’ Equity | |||||||||||
The holders of the Company’s common stock are entitled to one vote per share on all matters to be voted on by the Company’s shareholders. | |||||||||||
In May 2013, the Company announced that the Board of Directors approved a common stock repurchase program. Under the program the Company may from time to time purchase up to $30 million of its outstanding common stock. The share repurchases will be made at the Company’s discretion, within pricing parameters set by the Board of Directors, in the open market or in negotiated transactions depending on share price, market conditions or other factors. As of December 29, 2013, no shares have been repurchased under the common stock repurchase program. | |||||||||||
The Company’s Board of Directors declared the following dividends during the periods presented (amounts in thousands, except per share amounts): | |||||||||||
Declaration Date | Dividend per Share | Record Date | Total Amount | Payment Date | |||||||
Fiscal Year 2013: | |||||||||||
3-May-13 | $ | 0.04 | 16-May-13 | $ | 1,430 | 30-May-13 | |||||
24-Jul-13 | $ | 0.04 | 15-Aug-13 | $ | 1,424 | 29-Aug-13 | |||||
22-Oct-13 | $ | 0.04 | 14-Nov-13 | $ | 1,424 | 26-Nov-13 | |||||
Subsequent to the end of fiscal year 2013, the Company’s Board of Directors declared a $0.05 per share cash dividend ($1.8 million in total) payable on March 27, 2014. Dividends are paid to holders of common stock and restricted stock. |
Note_13_Employee_Benefit_Plan
Note 13 - Employee Benefit Plan | 12 Months Ended |
Dec. 29, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
(13) Employee Benefit Plan | |
In 2000, the Company established a 401(k) and Profit Sharing Plan. The Company may make matching contributions in an amount determined by the Board of Directors. In addition, the Company may contribute each period, at its discretion, an additional amount from profits. The Company matches the employees’ contributions at year end. Employees vest in the Company’s contributions based upon their years of service. The Company’s expenses relating to matching contributions were approximately $305 thousand, $298 thousand and $280 thousand for fiscal years 2013, 2012 and 2011, respectively. |
Note_14_Incentive_and_Stock_Op
Note 14 - Incentive and Stock Option Plan | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
(14) Incentive and Stock Option Plans | |||||||||||||||||
As of December 29, 2013, the Company had the following share-based compensation plans: | |||||||||||||||||
2000 Stock Option Plan | |||||||||||||||||
The Company established a stock option plan (the 2000 Stock Option Plan) which allowed the Company’s Board of Directors to grant stock options to directors, officers, key employees and other key individuals performing services for the Company. The 2000 Stock Option Plan authorized grants of options to purchase up to 1,765,981 shares of authorized but unissued shares of common stock. The Plan provided for granting of options to purchase shares of common stock at an exercise price not less than the fair value of the stock on the date of grant. Options are exercisable at various periods ranging from one to ten years from date of grant. Under the Company’s 2000 Stock Option Plan, there are 9,527 shares of common stock issuable upon exercise of currently outstanding options at December 29, 2013. There are no shares available for future grants under the 2000 Stock Option Plan. | |||||||||||||||||
2005 Long-Term Equity Incentive Plan | |||||||||||||||||
In connection with the initial public offering, the Company adopted the Ruth’s Chris Steak House, Inc. 2005 Long-Term Equity Incentive Plan (the 2005 Equity Incentive Plan), which allows the Company’s Board of Directors to grant stock options, restricted stock, restricted stock units, deferred stock units and other equity-based awards to directors, officers, key employees and other key individuals performing services for the Company. Initially, 2.4 million shares were authorized for issuance under the 2005 Equity Incentive Plan. The 2005 Equity Incentive Plan provides for granting of options to purchase shares of common stock at an exercise price not less than the fair value of the stock on the date of grant. Options are exercisable, and restricted stock vests, at various periods ranging from one to five years from date of grant. Effective May 22, 2008, the 2005 Equity Incentive Plan was amended, with stockholder approval, to increase the number of shares authorized for issuance under the plan by 1.5 million shares. The Amended and Restated 2005 Equity Incentive Plan was adopted on October 26, 2012. Under the 2005 Equity Incentive Plan, as amended and restated, there are 1,960,497 shares of common stock issuable upon exercise of currently outstanding options and restricted stock awards at December 29, 2013, and 456,280 shares available for future grants. | |||||||||||||||||
During the fiscal year 2011, the Company issued 255,000 shares of restricted stock to certain employees and executive officers from available shares under its 2005 Equity Incentive Plan, as amended. The shares were issued with a grant date fair market value equal to the closing price of the stock on the date of the grants. The stock grants vest on the third anniversary of the grant date. | |||||||||||||||||
During the fiscal year 2012, the Company issued 230,585 shares of restricted stock to certain employees and executive officers from available shares under its 2005 Equity Incentive Plan, as amended. The shares were issued with a grant date fair market value equal to the closing price of the stock on the date of the grants. One-third of the restricted stock grant vests on each of the three anniversary dates following the grant date. | |||||||||||||||||
During the fiscal year 2013, the Company issued 247,225 shares of restricted stock to certain employees and executive officers from available shares under its 2005 Equity Incentive Plan, as amended. The shares were issued with a grant date fair market value equal to the closing price of the stock on the date of the grants. Of the 247,225 shares of restricted stock issued during 2013, 155,441 shares vest on the second anniversary of the grant date and the remaining shares vest one-third on each of the three anniversary dates following the grant date. | |||||||||||||||||
The Company recorded $2.3 million, $2.3 million and $2.5 million in total stock option and restricted stock compensation expense during fiscal years 2013, 2012 and 2011, respectively that was classified primarily as general and administrative costs. The Company recognized $0.9 million, $0.9 million and $0.8 million in income tax benefit related to stock-based compensation plans during fiscal years 2013, 2012 and 2011, respectively. As of December 29, 2013, the Company had a $5.1 million hypothetical Additional Paid In Capital (APIC) Pool balance. The hypothetical APIC Pool balance represents the tax benefit of the cumulative excess of corporate income tax deductions over financial accounting compensation expense recognized for equity based compensation awards which have fully vested. The hypothetical APIC Pool will increase or decrease each year, dependent upon both the vesting of restricted stock awards and the stock options exercised and/or cancelled. Shortfalls generated by the excess of compensation expense for financial accounting purposes over the corresponding corporate income tax deduction will be charged to the hypothetical APIC Pool balance rather than income tax expense. Once the hypothetical APIC pool is fully depleted, the tax effect of any excess of financial accounting expense over the corresponding corporate income tax deduction beyond that point will be treated as income tax expense in the consolidated statement of income. | |||||||||||||||||
A summary of the status of non-vested restricted stock as of December 29, 2013 and changes during fiscal 2012 is presented below. | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date Fair | |||||||||||||||||
Value Per Share | |||||||||||||||||
Non-vested shares at beginning of year | 1,063,249 | $ | 5.02 | ||||||||||||||
Granted | 247,225 | 9.45 | |||||||||||||||
Vested | (684,529 | ) | 4.77 | ||||||||||||||
Non-vested shares at end of year | 625,945 | $ | 7.04 | ||||||||||||||
As of December 29, 2013, there was $2.5 million of total unrecognized compensation cost related to 625,945 shares of non-vested restricted stock. This cost is expected to be recognized over a weighted-average period of approximately 1.84 years. The total grant date fair value of restricted stock vested in fiscal years 2013, 2012 and 2011 was $3.3 million, $0.7 million and $0.8 million, respectively. | |||||||||||||||||
The following table summarizes stock option activity for fiscal year 2013 under all plans: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Weighted- | Weighted-Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic Value ($000's) | |||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||
Outstanding at beginning of year | 1,436,987 | $ | 7.96 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (44,555 | ) | 4.67 | ||||||||||||||
Forfeited | (48,353 | ) | 7.16 | ||||||||||||||
Outstanding at end of year | 1,344,079 | $ | 8.09 | 4.18 | $ | 10,400 | |||||||||||
Options exercisable at year end | 1,335,815 | $ | 8.12 | 4.17 | $ | 10,301 | |||||||||||
As of December 29, 2013, there was no unrecognized compensation cost related to non-vested stock options. The total intrinsic value of options exercised in fiscal 2013, 2012 and 2011 was $0.3 million, $0.9 million and $0.1 million, respectively. | |||||||||||||||||
During fiscal years 2013, 2012 and 2011, the Company received $208 thousand, $393 thousand and $78 thousand, respectively, in cash related to the exercise of options. The exercise of shares were fulfilled from shares reserved for issue under the stock option plans and resulted in an increase in issued shares outstanding. | |||||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award. No options have been granted since 2010. |
Note_15_Income_Taxes
Note 15 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
(15) Income Taxes | |||||||||||||
Total income tax expense for fiscal years 2013, 2012 and 2011 was (amounts in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations | $ | 9,102 | $ | 6,687 | $ | 1,663 | |||||||
Loss from discontined operations | (820 | ) | (68 | ) | 116 | ||||||||
Total consolidated income tax expense | $ | 8,282 | $ | 6,619 | $ | 1,779 | |||||||
Income tax expense from continuing operations consists of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 29, 2013 | |||||||||||||
U.S. Federal | $ | 1,973 | $ | 5,386 | $ | 7,359 | |||||||
State | 804 | 590 | 1,394 | ||||||||||
Foreign | 349 | 0 | 349 | ||||||||||
$ | 4,226 | $ | 4,876 | $ | 9,102 | ||||||||
Year ended December 30, 2012 | |||||||||||||
U.S. Federal | $ | 2,331 | $ | 2,733 | $ | 5,064 | |||||||
State | 951 | 365 | 1,316 | ||||||||||
Foreign | 307 | 0 | 307 | ||||||||||
$ | 3,589 | $ | 3,098 | $ | 6,687 | ||||||||
Year ended December 25, 2011 | |||||||||||||
U.S. Federal | $ | 2,283 | $ | (2,015 | ) | $ | 267 | ||||||
State | 1,279 | (126 | ) | 1,153 | |||||||||
Foreign | 242 | 0 | 242 | ||||||||||
$ | 3,804 | $ | (2,141 | ) | $ | 1,663 | |||||||
Income tax expense differs from amounts computed by applying the federal statutory income tax rate to income from continuing operations before income taxes as follows (amounts in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense at statutory rates | $ | 11,514 | $ | 8,109 | $ | 7,307 | |||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
State income taxes, net of federal benefit | 1,114 | 1,409 | 1,201 | ||||||||||
Stock compensation expense | - | 12 | 150 | ||||||||||
Employment tax credits | (3,381 | ) | (3,184 | ) | (2,924 | ) | |||||||
State employment tax credits generated in prior years | (623 | ) | - | - | |||||||||
Increase (decrease) to valuation allowance | 243 | 253 | (4,077 | ) | |||||||||
Cumulative impact of adjustment to deferred items | 173 | (171 | ) | - | |||||||||
Other | 62 | 259 | 6 | ||||||||||
$ | 9,102 | $ | 6,687 | $ | 1,663 | ||||||||
The decrease in the valuation allowance recorded in the second quarter of fiscal year 2011 pertains to certain state deferred tax assets, primarily state net operating loss carryforwards. Previously, the Company had recorded a valuation allowance equal to these state deferred tax assets because the Company did not expect to realize the benefit of these state tax loss carryforwards. The Company completed a revision of its corporate structure during fiscal year 2011 which makes it more likely than not that a majority of these state tax loss carryforwards will be used in the future. Therefore, the valuation allowance was reduced to $1.2 million. | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are presented below (amounts in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accounts payable and accrued expenses | $ | 4,371 | $ | 4,386 | |||||||||
Deferred rent | 4,098 | 4,439 | |||||||||||
Net state operating loss carryforwards | 3,623 | 3,744 | |||||||||||
Tax credit carryforwards | 7,364 | 5,234 | |||||||||||
Property and equipment | 15,157 | 20,301 | |||||||||||
Other | 423 | 179 | |||||||||||
Total gross deferred tax assets | 35,036 | 38,283 | |||||||||||
Less valuation allowance | (1,108 | ) | (1,203 | ) | |||||||||
Net deferred tax assets | 33,928 | 37,080 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | (4,346 | ) | (1,405 | ) | |||||||||
Total gross deferred tax liabilities | (4,346 | ) | (1,405 | ) | |||||||||
Net deferred tax assets | $ | 29,582 | $ | 35,675 | |||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of the net deferred tax assets. | |||||||||||||
As of December 29, 2013, the Company has state net operating loss carry-forwards of $103 million and federal and state tax credit carry-forwards of $7.4 million, which are available to offset federal and state taxable income with the last of such benefit expiring in 2032. | |||||||||||||
As of December 29, 2013, the Company’s gross unrecognized tax benefits totaled approximately $1.2 million, of which $786 thousand, if recognized, would impact the effective tax rate. The Company does not anticipate there will be any material changes in the unrecognized tax benefits within the next 12 months. Our continuing practice is to recognize interest and penalties related to uncertain tax positions in income tax expense. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits follows (amounts in thousands): | |||||||||||||
Unrecognized tax benefits balance at December 30,2012 | $ | 1,287 | |||||||||||
Gross increases for tax positions of prior years | 60 | ||||||||||||
Settlements | (137 | ) | |||||||||||
Unrecognized tax benefits balance at December 29, 2013 | $ | 1,210 | |||||||||||
The Company files consolidated and separate income tax returns in the United States Federal jurisdiction and many state jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal or state and local income tax examinations for years before 2009. |
Note_16_Earnings_Per_Share
Note 16 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
(16) Earnings Per Share | |||||||||||||
Basic earnings per common share is computed under the two-class method in accordance with FASB ASC Topic 260. Under the two-class method, a portion of net income is allocated to participating securities, such as the Company’s preferred stock, and therefore is excluded from the calculation of basic earnings per share allocated to common shares. Diluted earnings per common share is computed by dividing the net income applicable to preferred and common shareholders for the period by the weighted average number of common and potential common shares outstanding during the period. Net income, in both the basic and diluted earnings per common share calculations, is reduced by the Company’s preferred stock dividends and accretion of the Company’s preferred stock to its redemption value. | |||||||||||||
The following table sets forth the computation of basic earnings per common share (amounts in thousands, except share and per share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations | $ | 23,795 | $ | 16,398 | $ | 19,153 | |||||||
Income (loss) from discontinued operations, net of income taxes | (1,306 | ) | (19 | ) | 396 | ||||||||
Net income | 22,489 | 16,379 | 19,549 | ||||||||||
Preferred stock dividends | - | 514 | 2,493 | ||||||||||
Accretion of preferred stock redemption value | - | 73 | 353 | ||||||||||
Excess of redemption value over carrying value of preferred shares redeemed | - | 35,776 | - | ||||||||||
Undistributed net income (loss) | 22,489 | (19,984 | ) | 16,703 | |||||||||
Undistributed net income allocated to preferred shareholders | - | - | 3,371 | ||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | 22,489 | $ | (19,984 | ) | $ | 13,332 | ||||||
Shares: | |||||||||||||
Weighted average number of common shares outstanding - basic | 34,761,160 | 34,313,636 | 34,093,104 | ||||||||||
Basic earnings per common share: | |||||||||||||
Continuing operations | $ | 0.69 | $ | (0.58 | ) | $ | 0.38 | ||||||
Discontinued operations | (0.04 | ) | - | 0.01 | |||||||||
Basic earnings per common share | $ | 0.65 | $ | (0.58 | ) | $ | 0.39 | ||||||
Diluted earnings (loss) per share for fiscal years 2013, 2012 and 2011 excludes 202,824 stock options and restricted shares at a weighted-average price of $18.67, and excludes 824,850 stock options and restricted shares at a weighted-average price of $11.37, and 1,024,829 stock options and restricted shares at a weighted-average price of $9.56, respectively, which were outstanding during the periods but were anti-dilutive. Diluted earnings per share for fiscal year 2012 also excludes the 8,620,690 shares of common stock issuable upon the conversion of 25,000 shares of preferred stock, which were outstanding until their repurchase and retirement on March 8, 2012, but were anti-dilutive. | |||||||||||||
The following table sets forth the computation of diluted earnings per share ( amounts in thousands, except share and per share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations | $ | 23,795 | $ | 16,398 | $ | 19,153 | |||||||
Income (loss) from discontinued operations, net of income taxes | (1,306 | ) | (19 | ) | 396 | ||||||||
Net income | 22,489 | 16,379 | 19,549 | ||||||||||
Preferred stock dividends | - | 514 | 2,493 | ||||||||||
Accretion of preferred stock redemption value | - | 73 | 353 | ||||||||||
Excess of redemption value over carrying value of preferred stock redeemed | - | 35,776 | - | ||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | 22,489 | $ | (19,984 | ) | $ | 16,703 | ||||||
Shares: | |||||||||||||
Weighted average number of common shares outstanding - basic | 34,761,160 | 34,313,636 | 34,093,104 | ||||||||||
Dilutive shares | 1,023,270 | - | 538,307 | ||||||||||
Dilutive convertible preferred stock | - | - | 8,620,690 | ||||||||||
Weighted-average number of common shares outstanding - diluted | 35,784,430 | 34,313,636 | 43,252,101 | ||||||||||
Diluted earnings per common share: | |||||||||||||
Continuing operations | $ | 0.67 | $ | (0.58 | ) | $ | 0.38 | ||||||
Discontinued operations | (0.04 | ) | - | 0.01 | |||||||||
Diluted earnings per common share | $ | 0.63 | $ | (0.58 | ) | $ | 0.39 | ||||||
Note_17_Discontinued_Operation
Note 17 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
(17) Discontinued Operations | |||||||||||||
The Company accounts for its closed restaurants in accordance with the provisions of Topic 360-10. Therefore, when a restaurant is closed, and the restaurant is either held for sale or abandoned, the restaurant’s operations are eliminated from the ongoing operations. Accordingly, the operations of such restaurants, net of applicable income taxes, are presented as discontinued operations and prior period operations of such restaurants, net of applicable income taxes, are reclassified. | |||||||||||||
Discontinued operations consist of the following (amounts in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 807 | $ | 2,533 | $ | 5,241 | |||||||
Income (loss) before income tax | $ | (2,093 | ) | $ | (87 | ) | $ | 512 | |||||
Income (loss) from operations of discontinued restaurants, net of income tax expense (benefit) | $ | (1,306 | ) | $ | (19 | ) | $ | 396 | |||||
The Company accounts for the exit costs in accordance with the provisions of “Exit or Disposal Cost Obligations,” FASB ASC Topic 420, which requires that such costs be expensed in the periods when such costs are incurred. All of the losses incurred are included in discontinued operations in the accompanying consolidated statements of income (loss). In August 2005, the Company ceased operations at its location near the United Nations in Manhattan. The Company has remaining lease commitments of $0.6 million per fiscal year through September 2016. The Company entered into a sublease agreement in April 2011 in order to recover some of the amounts due under the remaining lease term. As of December 30, 2012, the Company had recorded a contingent lease liability of $0.8 million related to this property which was net of a contra-liability for the present value of anticipated sublease income. In March 2013, the subtenant vacated the property. The Company has commenced legal proceedings to recover all amounts due from the subtenant. Loss from discontinued operations for fiscal year 2013 includes the impact of the re-measurement of the Company’s lease exit costs. The re-measurement included (a) the write-off of the contra liability for the present value of anticipated sublease income and (b) the write-off of past due rent and utility amounts owed by the subtenant. The loss before income taxes on discontinued operations for fiscal year 2013 includes $1.2 million from the location near the United Nations in Manhattan. As of December 29, 2013, the recorded contingent lease liability was $1.8 million. | |||||||||||||
In March 2013, the Company closed the Ruth’s Chris Steak House located in Phoenix, AZ after 27 years of operation. As the closing of this restaurant coincided with the termination of the lease agreement, the Company did not incur significant expenses related to closing this location. The results of operations with respect to this location for all periods prior to closing have been reclassified and are now included in discontinued operations in the accompanying consolidated statements of income. | |||||||||||||
In June 2011, the Company closed the Ruth’s Chris Steak House located in Santa Barbara, California. As the closing of this restaurant coincided with the termination of the lease agreement, the Company did not incur significant expenses related to this restaurant. The results of operations with respect to this restaurant are included in discontinued operations in the accompanying consolidated statements of income. | |||||||||||||
In October 2011, the Company closed the Mitchell’s Fish Market located in Glenview, Illinois. As the closing of this restaurant coincided with the termination of the lease agreement, the Company did not incur significant expenses related to this restaurant. The results of operations with respect to this restaurant are included in discontinued operations in the accompanying consolidated statements of income. |
Note_18_Supplemental_Consolida
Note 18 - Supplemental Consolidated Financial Statement Information | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Additional Financial Information Disclosure [Text Block] | ' | ||||||||
(18) Supplemental Consolidated Financial Statement Information | |||||||||
(a) Accounts Receivable, net | |||||||||
Accounts receivable, net consists of the following (amounts in thousands): | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Bank credit card receivables | $ | 7,664 | $ | 6,887 | |||||
Landlord contributions | 104 | 448 | |||||||
Franchise fees | 2,120 | 1,812 | |||||||
Trade | 1,106 | 868 | |||||||
Refundable income tax | 955 | 436 | |||||||
Other | 2,239 | 1,222 | |||||||
Allowance for doubtful accounts | (779 | ) | (378 | ) | |||||
$ | 13,409 | $ | 11,295 | ||||||
(b) Other Assets | |||||||||
Other assets consist of the following (amounts in thousands): | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Deposits | $ | 899 | $ | 1,125 | |||||
Deferred financing costs, net | 1,322 | 1,742 | |||||||
Other | 39 | 36 | |||||||
$ | 2,260 | $ | 2,903 | ||||||
Note_19_Quarterly_Financial_Da
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
(19) Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
Summarized unaudited quarterly financial data (amounts in thousands, except per share information): | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 31, | June 30, | September 29, | December 29, | Total | |||||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||||||
Total revenues | $ | 107,360 | $ | 101,816 | $ | 88,582 | $ | 108,890 | $ | 406,649 | |||||||||||
Cost and expenses | (94,315 | ) | (90,930 | ) | (83,765 | ) | (103,051 | ) | (372,062 | ) | |||||||||||
Operating income | 13,045 | 10,886 | 4,817 | 5,839 | 34,587 | ||||||||||||||||
Interest expense, net | (516 | ) | (415 | ) | (415 | ) | (294 | ) | (1,640 | ) | |||||||||||
Other | 34 | 4 | (92 | ) | 5 | (50 | ) | ||||||||||||||
Income from continuing operations before income tax expense (benefit) | 12,563 | 10,475 | 4,310 | 5,550 | 32,897 | ||||||||||||||||
Income tax expense (benefit) | 3,806 | 2,612 | 1,370 | 1,314 | 9,102 | ||||||||||||||||
Income from continuing operations | 8,757 | 7,863 | 2,940 | 4,236 | 23,795 | ||||||||||||||||
Discontinued operations, net of income tax | (1,096 | ) | (96 | ) | (53 | ) | (61 | ) | (1,306 | ) | |||||||||||
Net income | $ | 7,661 | $ | 7,767 | $ | 2,887 | $ | 4,175 | $ | 22,489 | |||||||||||
Basic earnings per share: | |||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.69 | |||||||||||
Discontinued operations | (0.03 | ) | - | - | - | (0.04 | ) | ||||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.65 | |||||||||||
Diluted earnings per share: | |||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.67 | |||||||||||
Discontinued operations | (0.03 | ) | - | - | - | (0.04 | ) | ||||||||||||||
Diluted earnings per share | $ | 0.22 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.63 | |||||||||||
Dividends declared per common share | $ | - | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.12 | |||||||||||
Quarter Ended | |||||||||||||||||||||
March 25, | June 24, | September 23, | December 30, | Total | |||||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||||||
Total revenues | $ | 100,266 | $ | 97,111 | $ | 84,334 | $ | 114,344 | $ | 396,055 | |||||||||||
Cost and expenses | (90,299 | ) | (88,218 | ) | (82,471 | ) | (108,814 | ) | (369,802 | ) | |||||||||||
Operating income | 9,967 | 8,893 | 1,863 | 5,530 | 26,253 | ||||||||||||||||
Interest expense, net | (482 | ) | (598 | ) | (680 | ) | (605 | ) | (2,365 | ) | |||||||||||
Debt issuance costs written-off | (807 | ) | - | - | - | (807 | ) | ||||||||||||||
Other | (63 | ) | (48 | ) | 16 | 99 | 4 | ||||||||||||||
Income from continuing operations before income tax expense | 8,615 | 8,247 | 1,199 | 5,024 | 23,085 | ||||||||||||||||
Income tax expense | 2,574 | 2,403 | 320 | 1,390 | 6,687 | ||||||||||||||||
Income from continuing operations | 6,041 | 5,844 | 879 | 3,634 | 16,398 | ||||||||||||||||
Discontinued operations, net of income tax | 54 | (12 | ) | (77 | ) | 16 | (19 | ) | |||||||||||||
Net income | 6,095 | 5,832 | 802 | 3,650 | 16,379 | ||||||||||||||||
Preferred stock dividends | 514 | - | - | - | 514 | ||||||||||||||||
Accretion of preferred stock redemption value | 73 | - | - | - | 73 | ||||||||||||||||
Excess of redemption value over carrying value of preferred shares redeemed | 35,776 | - | - | - | 35,776 | ||||||||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | (30,268 | ) | $ | 5,832 | $ | 802 | $ | 3,650 | $ | (19,984 | ) | |||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.11 | $ | (0.58 | ) | |||||||||
Discontinued operations | - | - | - | - | - | ||||||||||||||||
Basic earnings (loss) per share | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.11 | $ | (0.58 | ) | |||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.1 | $ | (0.58 | ) | |||||||||
Discontinued operations | - | - | - | - | - | ||||||||||||||||
Diluted earnings (loss) per share | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.1 | $ | (0.58 | ) | |||||||||
Dividends declared per common share | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
During the fourth quarter of fiscal year 2013, the Company recorded impairment losses aggregating $3.3 million and also recorded a $2.0 million reduction in other operating income attributable to a change in accounting method for gift card breakage revenue. The fiscal year 2013 impairment loss was primarily attributable to a $400 thousand impairment of an ancillary trademark, a $2.1 million impairment loss due to a decline in the estimated fair value of one restaurant’s assets (primarily leasehold improvements) and a $750 thousand lease termination penalty. During the third quarter of fiscal year 2013, the Company settled two loss claims asserted by the Company which previously arose and recognized an aggregate gain of $2.2 million, net of fees incurred. The majority of the gain pertained to compensation for the Company’s lost operating income awarded by the claims administrator pursuant to the settlement agreement reached in litigation related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. | |||||||||||||||||||||
During the fourth quarter of fiscal year 2012, the Company recorded a $5.0 million loss on impairment and asset disposals and a $683 thousand gain on settlement of unclaimed property liabilities. The loss on impairment and asset disposals was the net result of: a gain on asset disposals of $134 thousand; a $395 thousand impairment related to a location being sold; and two impairment losses aggregating $4.7 million due to declines in the estimated fair value of the assets (which consisted primarily of leasehold improvements). During the first quarter of fiscal year 2012, the Company recorded an $807 thousand write-off of debt issuance costs previously deferred. The write-off of debt issuance costs was a as a consequence of the February 2012 amendment to our senior credit agreement. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
(a) Basis of Presentation | |||||||||
The Company utilizes a 52- or 53-week reporting period ending on the last Sunday of December. The periods ended December 29, 2013 (fiscal year 2013) and December 30, 2011 (fiscal year 2011) each had a 52-week reporting period. The period ended December 30, 2012 (fiscal year 2012) had a 53-week reporting period. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and include the financial statements of Ruth’s Hospitality Group, Inc. and its wholly owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||
The preparation of consolidated financial statements in conformity requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Revenue Recognition, Gift Cards [Policy Text Block] | ' | ||||||||
(b) Change in Accounting for Gift Card Breakage | |||||||||
The portion of gift cards sold to customers which are never redeemed is commonly referred to as gift card breakage. Prior to the fourth quarter of fiscal 2013, the Company recognized breakage revenue using the Delayed Method of accounting. Based on historical information and after the Company’s determination that there is no legal obligation to remit the value of unredeemed gift cards to relevant governmental authorities, gift card breakage revenue was recognized for cards which remained unredeemed after 18 months after the date of last activity. Gift card breakage produces a revenue stream which is a key element of the profitability of the Company’s gift card program and is classified as a component of other operating revenue. | |||||||||
At the end of the fourth quarter of fiscal year 2013, the Company concluded it had accumulated a sufficient level of historical data from a large pool of homogeneous transactions to allow management to reasonably and objectively determine an estimated gift card breakage rate and the pattern of gift card redemptions. As a result, the Company elected to change its policy for recognizing gift card breakage revenue by changing from the Delayed Method to the Redemption Method of accounting. Under the Redemption Method, breakage revenue is recognized and the gift card liability is derecognized for unredeemed gift cards in proportion to actual gift card redemptions. The Company believes that the Redemption Method is preferable to the Delayed Method because it better reflects the gift card earnings process resulting in the recognition of breakage revenue over the period of gift card redemptions (i.e., over the performance period) and because the new presentation makes the Company’s financial statements more comparable with its primary competitors. The Company will continue to review historical gift card redemption information to assess the reasonableness of projected gift card breakage rates and patterns of redemption. | |||||||||
In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 250, “Accounting Changes and Error Corrections,” the Company concluded that this accounting change represented a change in accounting estimate effected by a change in accounting principle and included a revision in expected redemptions based on consumer redemption patterns. Accordingly, we accounted for the change as a change in estimate utilizing the cumulative catch-up method. The impact of the cumulative catch-up adjustment recorded at the end of the fourth quarter of fiscal 2013 was to reduce gift card breakage revenue by $2.0 million. Inclusive of this adjustment, the Company recognized $1.3 million of gift card breakage revenue in fiscal year 2013. Gift card breakage revenue recognized in fiscal years 2012 and 2011 was $2.3 million and $2.1 million, respectively. Consistent with the cumulative catch-up method of accounting for a change in accounting estimate effected by a change in accounting principle, previously issued financial statements will not be revised. | |||||||||
Correction of Immaterial Errors [Policy Text Block] | ' | ||||||||
(c ) Correction of Immaterial Errors | |||||||||
The consolidated balance sheet as of December 30, 2012 has been adjusted to reflect an immaterial error correction of the tax basis of property and equipment for periods prior to fiscal year 2009. Consequently, the related deferred tax assets were reduced by $1.7 million and the accumulated deficit was increased by $1.7 million. During the fourth quarter of fiscal year 2013, the Company completed a review of its deferred tax assets related to property and equipment and determined that the following adjustments were needed to correct previously reported information (in thousands): | |||||||||
As Reported | As Restated | ||||||||
Balance Sheet as of December 30, 2012 | |||||||||
Total Deferred Income Taxes | $ | 37,327 | $ | 35,675 | |||||
Total assets | $ | 231,357 | $ | 229,702 | |||||
Accumulated Deficit | $ | (85,359 | ) | $ | (87,015 | ) | |||
Total shareholders' equity | $ | 82,388 | $ | 80,733 | |||||
Statement of Shareholders' Equity | |||||||||
Accumulated Deficit -as of December 26, 2010 | $ | (118,282 | ) | $ | (119,936 | ) | |||
Total shareholders' equity as of December 26, 2010 | $ | 80,361 | $ | 78,707 | |||||
Accumulated Deficit - December 25, 2011 | $ | (101,225 | ) | $ | (102,880 | ) | |||
Total shareholders' equity as of December 25, 2011 | $ | 99,640 | $ | 97,986 | |||||
Tax footnote information as of December 30, 2012 | |||||||||
Property and equipment | $ | 21,953 | $ | 20,301 | |||||
Total gross deferred tax assets | $ | 39,935 | $ | 38,283 | |||||
Net deferred tax assets | $ | 37,327 | $ | 35,675 | |||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
(d) Recent Accounting Pronouncements | |||||||||
Effective December 31, 2012, the Company adopted FASB Accounting Standard Update (ASU) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The adoption of the guidance requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, the Company is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The adoption of this guidance did not impact the Company's consolidated results of operations or on the financial position. | |||||||||
Effective December 31, 2012, the Company adopted FASB ASU No. 2012-02, "Intangibles–Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” which modifies the impairment test for indefinite-lived intangible assets. Under the new guidance, an entity is permitted to make a qualitative assessment of whether it is more likely than not that the indefinite-lived intangible asset is impaired. If it is determined through the qualitative assessment that the indefinite lived intangible asset's fair value is more likely than not greater than its carrying value, the quantitative impairment calculations would not be required. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The adoption did not have any impact on the Company’s Consolidated Financial Statements. | |||||||||
In July 2013, the FASB issued amendments to FASB ASC Topic 740 "Income Taxes." The amendments provide further guidance to the balance sheet presentation of unrecognized tax benefits when a net operating loss or similar tax loss carryforwards, or tax credit carryforwards exist. The amendments will be effective for public entities for annual periods beginning after December 15, 2013. The Company is currently reviewing the implications of this amendment, but does not believe it will have a material impact on the consolidated results of operations or on the financial position | |||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||
(e) Contingencies | |||||||||
The Company recognizes liabilities for contingencies when there is an exposure that indicates it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of impairment or loss can be reasonably estimated. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
(f) Cash Equivalents | |||||||||
For purposes of the consolidated financial statements, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company has included outstanding checks totaling $10.1 million and $7.7 million at December 29, 2013 and December 30, 2012, respectively, in “Accounts payable” and “Accrued payroll” in the consolidated balance sheets. Changes in such amounts are reflected in cash flows from operating activities in the consolidated statements of cash flows. | |||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||
(g) Accounts Receivable | |||||||||
Accounts receivable consists primarily of bank credit cards receivable, landlord contributions, franchise royalty payments receivable, banquet billings receivable and other miscellaneous receivables. | |||||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | ||||||||
(h) Allowance for Doubtful Accounts | |||||||||
The Company performs a specific review of account balances and applies historical collection experience to the various aging categories of receivable balances in establishing an allowance. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
(i) Inventories | |||||||||
Inventories consist of food, beverages and supplies and are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
(j) Property and Equipment, net | |||||||||
Property and equipment are stated at cost. Expenditures for improvements and major renewals are capitalized and minor replacement, maintenance and repairs are charged to expense. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the lease term or the estimated useful lives of the assets. The estimated useful lives for assets are as follows: Building and Building Improvements, 20 to 40 years; Equipment, 5 years; Furniture and Fixtures, 5 to 7 years; Computer Equipment, 3 to 5 years; and Leasehold Improvements, 5 to 20 years (limited by the lease term). | |||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
(k) Goodwill, Franchise Rights and Trademarks | |||||||||
Goodwill and trademarks acquired in a purchase business combination that are determined to have an indefinite useful life are not amortized, but tested for impairment at least annually in accordance with the provisions of FASB ASC Topic 350, “Intangibles-Goodwill and Other.” Goodwill and trademarks are tested annually for impairment on a reporting unit basis and more frequently if events and circumstances indicate that the asset might be impaired. For purposes of testing goodwill impairment, a reporting unit is defined as a restaurant location. For purposes of testing trademark impairment, a reporting unit is defined as a group of acquired restaurants sharing a common trade name. An impairment loss is recognized to the extent that the financial statement carrying amount exceeds the asset’s fair value. | |||||||||
Franchise rights acquired prior to 2008 in a purchase business combination that are determined to have an indefinite useful life are not amortized, but are tested for impairment at least annually on a reporting unit basis, which is defined as a group of reacquired restaurants, and more frequently if events and circumstances indicate that the asset might be impaired. The Company allows and expects franchisees to renew agreements indefinitely ensuring consistent cash flows. As a result, acquired franchise rights are determined to have indefinite useful lives. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. Franchise rights acquired after 2007 are no longer considered to have indefinite useful lives and are amortized in accordance with FASB ASC Topic 350. | |||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||
(l) Impairment or Disposal of Long-Lived Assets | |||||||||
In accordance with “Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets,” FASB ASC Topic 360-10 (Topic 360-10), long lived assets, such as property and equipment and purchased intangibles subject to amortization, are reviewed for impairment on a restaurant-by-restaurant basis whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the financial statement carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Key assumptions in the determination of fair value are the future after-tax cash flows of the restaurant and discount rate. The after-tax cash flows incorporate reasonable sales growth and margin improvement assumptions that would be expected by a franchisee in the determination of a purchase price for the restaurant. Estimates of future cash flows are highly subjective judgments and can be significantly impacted by changes in the business or economic conditions. The discount rate used in the fair value calculations is our estimate of the required rate of return that a franchisee would expect to receive when purchasing a similar restaurant or groups of restaurants and the related long-lived assets. The discount rate incorporates rates of returns for historical refranchising market transactions and is commensurate with the risks and uncertainty inherent in the forecasted cash flows. | |||||||||
The assets and liabilities of a disposed group classified as held for sale are presented separately in the appropriate asset and liability sections of the consolidated balance sheets. Assets classified as held for sale are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value less costs to sell, and are no longer depreciated. We account for exit or disposal activities, including restaurant closures, in accordance with Topic 360-10. Such costs include the cost of disposing of the assets as well as other facility-related expenses from previously closed restaurants. These costs are generally expensed as incurred. Additionally, at the date we cease using a property under an operating lease, we record a liability under FASB ASC Topic 420, “Exit and Disposal Cost Obligations” for the net present value of any remaining lease obligations, net of estimated sublease income. Any subsequent adjustments to that liability as a result of lease termination or changes in estimates of sublease income are recorded in the period incurred. Upon disposal of the assets associated with a closed restaurant, any gain or loss is recorded in the same line within our consolidated statements of income as the original impairment. | |||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||
(m) Deferred Financing Costs | |||||||||
Deferred financing costs represent fees paid in connection with obtaining bank and other long-term financing. The Company paid financing costs of $0, $610 thousand and $0 in fiscal years 2013, 2012 and 2011, respectively, and amortizes these costs using a method that approximates the effective interest method over the term of the related financing. Amortization of deferred financing costs was $421 thousand, $476 thousand and $768 thousand in fiscal years 2013, 2012 and 2011, respectively, and is included in interest expense on the consolidated statements of income. As a result of the February 2012 amendment to the senior credit facility, $807 thousand of previously deferred financing costs were written off because the participants of the lending group changed. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
(n) Revenues | |||||||||
Revenues are derived principally from food and beverage sales. The Company does not rely on any major customers as a source of revenue. | |||||||||
Revenue from restaurant sales is recognized when food and beverage products are sold. Restaurant sales are presented net of sales taxes and discounts. Gratuities remitted by customers for the benefit of restaurant staff are not included in either revenues or operating expenses. Deferred revenue primarily represents the Company’s liability for gift cards that have been sold but not yet redeemed. When the gift cards are redeemed, the Company recognizes restaurant sales and reduces the deferred revenue liability. Company issued gift cards redeemed at franchisee-owned restaurants reduce the deferred revenue liability but do not result in Company restaurant sales. Gift card transactions involving franchisees are settled on a monthly basis through the Company’s third party gift card provider. The expected redemption value of gift cards represents the full value of all gift cards issued less the amount the Company has recognized as other operating income for gift cards that are not expected to be redeemed. As discussed in Note 2(b), “Change in Accounting for Gift Card Breakage,” during fiscal year 2013, the Company adopted the Redemption Method of accounting for gift card breakage revenue. Gift card breakage revenue is classified as a component of other operating income. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
(o) International Revenues | |||||||||
The Company currently has nineteen international franchise restaurants in Aruba, Canada, China, El Salvador, Japan, Mexico, Singapore, Taiwan and the United Arab Emirates. In accordance with its franchise agreements relating to these international restaurants, the Company receives royalty revenue from these franchisees in U.S. dollars. Franchise fee revenues from international restaurants were $3.0 million, $2.7 million and $2.4 million in fiscal years 2013, 2012 and 2011, respectively. | |||||||||
Lease, Policy [Policy Text Block] | ' | ||||||||
(p) Rent | |||||||||
Certain of the Company’s operating leases contain predetermined fixed escalations of the minimum rent during the term of the lease. For these leases, the Company recognizes the related rent expense on a straight-line basis over the life of the lease and records the difference between amounts charged to operations and amounts paid as deferred rent. | |||||||||
Additionally, certain of the Company’s operating leases contain clauses that provide additional contingent rent based on a percentage of sales greater than certain specified target amounts. The Company recognizes contingent rent expense prior to the achievement of the specified target that triggers the contingent rent, provided achievement of that target is considered probable. | |||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||
(q) Marketing and Advertising | |||||||||
Marketing and advertising expenses in the accompanying consolidated statements of income include advertising expenses of $7.7 million, $7.2 million and, $8.3 million in fiscal years 2013, 2012 and 2011, respectively. Advertising costs are expensed as incurred. | |||||||||
Self Insurance Reserve [Policy Text Block] | ' | ||||||||
(r) Insurance Liability | |||||||||
The Company maintains various policies for workers’ compensation, employee health, general liability and property damage. Pursuant to those policies, the Company is responsible for losses up to certain limits. The Company records liabilities for the estimated exposure for aggregate losses below those limits. The recorded liabilities are based on estimates of the ultimate costs to be incurred to settle known claims and claims incurred but not reported as of the balance sheet date. The estimated liabilities are not discounted and are based on a number of assumptions and factors, including historical trends, actuarial assumptions and economic conditions. Independent actuaries are used to develop estimates of the workers’ compensation, general and employee health care liabilities. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
(s) Stock-Based Compensation | |||||||||
The Company recognizes stock-based compensation in accordance with “Compensation—Stock Compensation,” FASB ASC Topic 718 (Topic 718), using the modified prospective transition method. Stock-based compensation cost includes: a) compensation cost for all share-based payments granted prior to, but not yet vested as of December 26, 2005, based on the grant date fair value estimated in accordance with the original provisions of FASB Statement No. 123, “Accounting for Stock-Based Compensation,” and b) compensation cost for all share-based payments granted subsequent to December 26, 2005, based on the grant date fair value estimated in accordance with the provisions of Topic 718. Compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award. | |||||||||
Pre-opening Costs [Policy Text Block] | ' | ||||||||
(t) Pre-Opening Costs | |||||||||
Pre-opening costs incurred with the opening of new restaurants are expensed as incurred. These costs include rent expense, wages, benefits, travel and lodging for the training and opening management teams, and food, beverage and other restaurant operating expenses incurred prior to a restaurant opening for business. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
(u) Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
The Company applies the provisions of “Income Taxes,” FASB ASC Topic 740 (Topic 740). Topic 740 requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Our continuing practice is to recognize interest and penalties related to uncertain tax positions in income tax expense. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
(v) Earnings Per Share | |||||||||
Basic earnings per common share is computed under the two-class method in accordance with “Earnings Per Share,” FASB ASC Topic 260. Under the two-class method, a portion of net income is allocated to participating securities, such as the Company’s preferred stock, and therefore is excluded from the calculation of basic earnings per share allocated to common shares. Diluted earnings per common share is computed by dividing the net income applicable to preferred and common shareholders for the period by the weighted average number of common and potential common shares outstanding during the period. Net income, in both the basic and diluted earnings per common share calculations, is reduced by the Company’s preferred stock dividends and accretion of the Company’s preferred stock to its redemption value to arrive at net income applicable to common and preferred shareholders. |
Note_1_The_Company_Organizatio1
Note 1 - The Company, Organization and Description of Business (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Franchisor Disclosure [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Ruth's Chris Steak House | Company | Franchised | Managed | Total | Company | Franchised | Managed | Total | |||||||||||||||||||||||||
Beginning of period | 63 | 74 | 1 | 138 | 64 | 72 | 1 | 137 | |||||||||||||||||||||||||
New | 0 | 1 | 0 | 1 | 0 | 4 | 0 | 4 | |||||||||||||||||||||||||
Closed | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 2 | |||||||||||||||||||||||||
End of period | 63 | 75 | 1 | 139 | 63 | 75 | 1 | 139 | |||||||||||||||||||||||||
% of total | 47 | % | 52 | % | 1 | % | 100 | % | 47 | % | 52 | % | 1 | % | 100 | % | |||||||||||||||||
Mitchell's Fish Market | Company | Franchised | Managed | Total | Company | Franchised | Managed | Total | |||||||||||||||||||||||||
Beginning of period | 19 | 0 | 0 | 19 | 19 | 0 | 0 | 19 | |||||||||||||||||||||||||
New | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Closed | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
End of period | 19 | 0 | 0 | 19 | 19 | 0 | 0 | 19 | |||||||||||||||||||||||||
% of total | 100 | % | 0 | % | 0 | % | 100 | % | 100 | % | 0 | % | 0 | % | 100 | % | |||||||||||||||||
Cameron's Steakhouse | Company | Franchised | Managed | Total | Company | Franchised | Managed | Total | |||||||||||||||||||||||||
Beginning of period | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | |||||||||||||||||||||||||
New | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Closed | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
End of period | 3 | 0 | 0 | 3 | 3 | 0 | 0 | 3 | |||||||||||||||||||||||||
100 | % | 0 | % | 0 | % | 100 | % | 100 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Total system | 85 | 75 | 1 | 161 | 85 | 75 | 1 | 161 | |||||||||||||||||||||||||
% of total | 54 | % | 45 | % | 1 | % | 100 | % | 54 | % | 45 | % | 1 | % | 100 | % |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | ||||||||
As Reported | As Restated | ||||||||
Balance Sheet as of December 30, 2012 | |||||||||
Total Deferred Income Taxes | $ | 37,327 | $ | 35,675 | |||||
Total assets | $ | 231,357 | $ | 229,702 | |||||
Accumulated Deficit | $ | (85,359 | ) | $ | (87,015 | ) | |||
Total shareholders' equity | $ | 82,388 | $ | 80,733 | |||||
Statement of Shareholders' Equity | |||||||||
Accumulated Deficit -as of December 26, 2010 | $ | (118,282 | ) | $ | (119,936 | ) | |||
Total shareholders' equity as of December 26, 2010 | $ | 80,361 | $ | 78,707 | |||||
Accumulated Deficit - December 25, 2011 | $ | (101,225 | ) | $ | (102,880 | ) | |||
Total shareholders' equity as of December 25, 2011 | $ | 99,640 | $ | 97,986 | |||||
Tax footnote information as of December 30, 2012 | |||||||||
Property and equipment | $ | 21,953 | $ | 20,301 | |||||
Total gross deferred tax assets | $ | 39,935 | $ | 38,283 | |||||
Net deferred tax assets | $ | 37,327 | $ | 35,675 |
Note_3_Franchise_Operations_Ta
Note 3 - Franchise Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Franchise Income [Abstract] | ' | ||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||
52/53 Weeks Ending | |||||||||||||
December 29, | December 30, | December 25, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Franchise income: | |||||||||||||
Income from existing franchise locations | $ | 14,612 | $ | 13,436 | $ | 12,214 | |||||||
Opening and development fee income | 400 | 400 | 250 | ||||||||||
Total franchise income: | $ | 15,012 | $ | 13,836 | $ | 12,464 |
Note_4_Segment_Information_Tab
Note 4 - Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||
Fiscal Year Ended | |||||||||||||
December 29, | December 30, | December 25, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollar amounts in thousands) | |||||||||||||
Revenues: | |||||||||||||
Company-owned steakhouse restaurants | $ | 322,833 | $ | 310,985 | $ | 286,867 | |||||||
Company-owned fish market restaurants | 68,943 | 70,304 | 67,043 | ||||||||||
Franchise operations | 15,012 | 13,836 | 12,464 | ||||||||||
Unallocated other revenue and revenue discounts | (139 | ) | 930 | 963 | |||||||||
Total revenues | $ | 406,649 | $ | 396,055 | $ | 367,337 | |||||||
Segment profits: | |||||||||||||
Company-owned steakhouse restaurants | $ | 68,578 | $ | 62,899 | $ | 57,379 | |||||||
Company-owned fish market restaurants | 6,423 | 6,900 | 7,029 | ||||||||||
Franchise operations | 15,012 | 13,836 | 12,464 | ||||||||||
Total segment profit | 90,013 | 83,635 | 76,872 | ||||||||||
Unallocated operating income | 1,509 | 1,463 | (98 | ) | |||||||||
Marketing and advertising expenses | (11,673 | ) | (11,178 | ) | (11,748 | ) | |||||||
General and administrative costs | (30,404 | ) | (28,299 | ) | (22,803 | ) | |||||||
Depreciation and amortization expenses | (13,060 | ) | (14,556 | ) | (14,859 | ) | |||||||
Pre-opening costs | (692 | ) | (540 | ) | (192 | ) | |||||||
Loss on impairment and asset disposals, net | (3,262 | ) | (4,955 | ) | (3,478 | ) | |||||||
Restructuring benefit | - | - | 502 | ||||||||||
Gain on settlements | 2,156 | 683 | - | ||||||||||
Interest expense, net | (1,640 | ) | (2,365 | ) | (2,892 | ) | |||||||
Debt issuance costs written off | - | (807 | ) | - | |||||||||
Other income (expense) | (50 | ) | 4 | (488 | ) | ||||||||
Income from continuing operations before income tax expense | $ | 32,897 | $ | 23,085 | $ | 20,816 | |||||||
Capital expenditures: | |||||||||||||
Company-owned steakhouse restaurants | $ | 11,359 | $ | 9,764 | $ | 7,562 | |||||||
Company-owned fish market restaurants | 2,210 | 1,065 | 687 | ||||||||||
Corporate assets | 1,742 | 628 | 726 | ||||||||||
Total capital expenditures | $ | 15,311 | $ | 11,457 | $ | 8,975 | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total assets: | |||||||||||||
Company-owned steakhouse restaurants | $ | 146,584 | $ | 143,385 | |||||||||
Company-owned fish market restaurants | 30,451 | 32,430 | |||||||||||
Franchise operations | 2,253 | 1,810 | |||||||||||
Corporate assets - unallocated | 19,211 | 16,402 | |||||||||||
Deferred income taxes - unallocated | 29,582 | 35,675 | |||||||||||
Total assets | $ | 228,081 | $ | 229,702 |
Note_5_Fair_Value_Measurements1
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||||
Fair Value as of | Significant Other | Significant | Total Losses on | Valuation | ||||||||||||||
29-Dec-13 | Observable Inputs | Unobservable Inputs | Impairment | Method | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||||
Long-lived assets held and used | $ | - | $ | - | $ | - | $ | 2,112 | Income approach | |||||||||
Fair Value as of | Significant Other | Significant | Total Losses on | Valuation | ||||||||||||||
30-Dec-12 | Observable Inputs | Unobservable Inputs | Impairment | Method | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||||
Long-lived assets held and used | $ | - | $ | - | $ | - | $ | 4,694 | Income approach | |||||||||
Long-lived assets held for sale | $ | 1,153 | $ | 1,153 | $ | - | $ | 395 | Market approach | |||||||||
Fair Value Measurements, Intangible Assets, Nonrecurring [Table Text Block] | ' | |||||||||||||||||
Fair Value as of | Significant | Total Losses on | Valuation | |||||||||||||||
29-Dec-13 | Unobservable Inputs | Impairment | Method | |||||||||||||||
(Level 3) | ||||||||||||||||||
Trademarks | $ | - | $ | - | $ | 400 | Income approach |
Note_6_Goodwill_Franchise_Righ1
Note 6 - Goodwill, Franchise Rights and Trademarks (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
Franchise Rights | Trademarks | ||||||||||||
Balance as of December 30, 2012 | $ | 32,200 | $ | 10,676 | |||||||||
Balance as of December 29, 2013 | $ | 32,200 | $ | 10,276 | |||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
Gross Goodwill | Accumulated | Net Carrying | |||||||||||
Impairment | Value of Goodwill | ||||||||||||
Losses | |||||||||||||
Balance as of December 30, 2012 | $ | 55,469 | $ | (33,372 | ) | $ | 22,097 | ||||||
Balance as of December 29, 2013 | $ | 55,469 | $ | (33,372 | ) | $ | 22,097 |
Note_7_Property_and_Equipment_1
Note 7 - Property and Equipment, net (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Land | $ | 917 | $ | 917 | |||||
Building and building improvements | 23,760 | 23,286 | |||||||
Equipment | 33,066 | 31,560 | |||||||
Computer equipment | 11,518 | 9,729 | |||||||
Furniture and fixtures | 18,946 | 18,367 | |||||||
Automobiles | 27 | 27 | |||||||
Leasehold improvements | 121,768 | 116,679 | |||||||
Construction-in-progress | 4,159 | 1,706 | |||||||
214,161 | 202,271 | ||||||||
Less accumulated depreciation | (122,691 | ) | (112,292 | ) | |||||
$ | 91,470 | $ | 89,979 |
Note_8_LongTerm_Debt_Tables
Note 8 - Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Senior Credit Facility: | |||||||||
Revolving credit facility | $ | 19,000 | $ | 45,000 | |||||
Less current maturities | - | - | |||||||
$ | 19,000 | $ | 45,000 |
Note_9_Leases_Tables
Note 9 - Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
2014 | $ | 24,545 | |||||||||||
2015 | 23,175 | ||||||||||||
2016 | 22,914 | ||||||||||||
2017 | 21,304 | ||||||||||||
2018 | 19,930 | ||||||||||||
Thereafter | 137,674 | ||||||||||||
$ | 249,542 | ||||||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||
Fiscal Year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rentals | $ | 22,313 | $ | 23,336 | $ | 23,581 | |||||||
Contingent rentals | 2,682 | 2,513 | 1,965 | ||||||||||
$ | 24,995 | $ | 25,849 | $ | 25,546 |
Note_12_Shareholders_Equity_Ta
Note 12 - Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 29, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Schedule of Dividends Payable [Table Text Block] | ' | ||||||||||
Declaration Date | Dividend per Share | Record Date | Total Amount | Payment Date | |||||||
Fiscal Year 2013: | |||||||||||
3-May-13 | $ | 0.04 | 16-May-13 | $ | 1,430 | 30-May-13 | |||||
24-Jul-13 | $ | 0.04 | 15-Aug-13 | $ | 1,424 | 29-Aug-13 | |||||
22-Oct-13 | $ | 0.04 | 14-Nov-13 | $ | 1,424 | 26-Nov-13 |
Note_14_Incentive_and_Stock_Op1
Note 14 - Incentive and Stock Option Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
2013 | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant-Date Fair | |||||||||||||||||
Value Per Share | |||||||||||||||||
Non-vested shares at beginning of year | 1,063,249 | $ | 5.02 | ||||||||||||||
Granted | 247,225 | 9.45 | |||||||||||||||
Vested | (684,529 | ) | 4.77 | ||||||||||||||
Non-vested shares at end of year | 625,945 | $ | 7.04 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
2013 | |||||||||||||||||
Shares | Weighted- | Weighted-Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic Value ($000's) | |||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||
Outstanding at beginning of year | 1,436,987 | $ | 7.96 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (44,555 | ) | 4.67 | ||||||||||||||
Forfeited | (48,353 | ) | 7.16 | ||||||||||||||
Outstanding at end of year | 1,344,079 | $ | 8.09 | 4.18 | $ | 10,400 | |||||||||||
Options exercisable at year end | 1,335,815 | $ | 8.12 | 4.17 | $ | 10,301 |
Note_15_Income_Taxes_Tables
Note 15 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Consolidated Income Tax Expense [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations | $ | 9,102 | $ | 6,687 | $ | 1,663 | |||||||
Loss from discontined operations | (820 | ) | (68 | ) | 116 | ||||||||
Total consolidated income tax expense | $ | 8,282 | $ | 6,619 | $ | 1,779 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 29, 2013 | |||||||||||||
U.S. Federal | $ | 1,973 | $ | 5,386 | $ | 7,359 | |||||||
State | 804 | 590 | 1,394 | ||||||||||
Foreign | 349 | 0 | 349 | ||||||||||
$ | 4,226 | $ | 4,876 | $ | 9,102 | ||||||||
Year ended December 30, 2012 | |||||||||||||
U.S. Federal | $ | 2,331 | $ | 2,733 | $ | 5,064 | |||||||
State | 951 | 365 | 1,316 | ||||||||||
Foreign | 307 | 0 | 307 | ||||||||||
$ | 3,589 | $ | 3,098 | $ | 6,687 | ||||||||
Year ended December 25, 2011 | |||||||||||||
U.S. Federal | $ | 2,283 | $ | (2,015 | ) | $ | 267 | ||||||
State | 1,279 | (126 | ) | 1,153 | |||||||||
Foreign | 242 | 0 | 242 | ||||||||||
$ | 3,804 | $ | (2,141 | ) | $ | 1,663 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense at statutory rates | $ | 11,514 | $ | 8,109 | $ | 7,307 | |||||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
State income taxes, net of federal benefit | 1,114 | 1,409 | 1,201 | ||||||||||
Stock compensation expense | - | 12 | 150 | ||||||||||
Employment tax credits | (3,381 | ) | (3,184 | ) | (2,924 | ) | |||||||
State employment tax credits generated in prior years | (623 | ) | - | - | |||||||||
Increase (decrease) to valuation allowance | 243 | 253 | (4,077 | ) | |||||||||
Cumulative impact of adjustment to deferred items | 173 | (171 | ) | - | |||||||||
Other | 62 | 259 | 6 | ||||||||||
$ | 9,102 | $ | 6,687 | $ | 1,663 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accounts payable and accrued expenses | $ | 4,371 | $ | 4,386 | |||||||||
Deferred rent | 4,098 | 4,439 | |||||||||||
Net state operating loss carryforwards | 3,623 | 3,744 | |||||||||||
Tax credit carryforwards | 7,364 | 5,234 | |||||||||||
Property and equipment | 15,157 | 20,301 | |||||||||||
Other | 423 | 179 | |||||||||||
Total gross deferred tax assets | 35,036 | 38,283 | |||||||||||
Less valuation allowance | (1,108 | ) | (1,203 | ) | |||||||||
Net deferred tax assets | 33,928 | 37,080 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | (4,346 | ) | (1,405 | ) | |||||||||
Total gross deferred tax liabilities | (4,346 | ) | (1,405 | ) | |||||||||
Net deferred tax assets | $ | 29,582 | $ | 35,675 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
Unrecognized tax benefits balance at December 30,2012 | $ | 1,287 | |||||||||||
Gross increases for tax positions of prior years | 60 | ||||||||||||
Settlements | (137 | ) | |||||||||||
Unrecognized tax benefits balance at December 29, 2013 | $ | 1,210 |
Note_16_Earnings_Per_Share_Tab
Note 16 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations | $ | 23,795 | $ | 16,398 | $ | 19,153 | |||||||
Income (loss) from discontinued operations, net of income taxes | (1,306 | ) | (19 | ) | 396 | ||||||||
Net income | 22,489 | 16,379 | 19,549 | ||||||||||
Preferred stock dividends | - | 514 | 2,493 | ||||||||||
Accretion of preferred stock redemption value | - | 73 | 353 | ||||||||||
Excess of redemption value over carrying value of preferred shares redeemed | - | 35,776 | - | ||||||||||
Undistributed net income (loss) | 22,489 | (19,984 | ) | 16,703 | |||||||||
Undistributed net income allocated to preferred shareholders | - | - | 3,371 | ||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | 22,489 | $ | (19,984 | ) | $ | 13,332 | ||||||
Shares: | |||||||||||||
Weighted average number of common shares outstanding - basic | 34,761,160 | 34,313,636 | 34,093,104 | ||||||||||
Basic earnings per common share: | |||||||||||||
Continuing operations | $ | 0.69 | $ | (0.58 | ) | $ | 0.38 | ||||||
Discontinued operations | (0.04 | ) | - | 0.01 | |||||||||
Basic earnings per common share | $ | 0.65 | $ | (0.58 | ) | $ | 0.39 | ||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations | $ | 23,795 | $ | 16,398 | $ | 19,153 | |||||||
Income (loss) from discontinued operations, net of income taxes | (1,306 | ) | (19 | ) | 396 | ||||||||
Net income | 22,489 | 16,379 | 19,549 | ||||||||||
Preferred stock dividends | - | 514 | 2,493 | ||||||||||
Accretion of preferred stock redemption value | - | 73 | 353 | ||||||||||
Excess of redemption value over carrying value of preferred stock redeemed | - | 35,776 | - | ||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | 22,489 | $ | (19,984 | ) | $ | 16,703 | ||||||
Shares: | |||||||||||||
Weighted average number of common shares outstanding - basic | 34,761,160 | 34,313,636 | 34,093,104 | ||||||||||
Dilutive shares | 1,023,270 | - | 538,307 | ||||||||||
Dilutive convertible preferred stock | - | - | 8,620,690 | ||||||||||
Weighted-average number of common shares outstanding - diluted | 35,784,430 | 34,313,636 | 43,252,101 | ||||||||||
Diluted earnings per common share: | |||||||||||||
Continuing operations | $ | 0.67 | $ | (0.58 | ) | $ | 0.38 | ||||||
Discontinued operations | (0.04 | ) | - | 0.01 | |||||||||
Diluted earnings per common share | $ | 0.63 | $ | (0.58 | ) | $ | 0.39 |
Note_17_Discontinued_Operation1
Note 17 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 807 | $ | 2,533 | $ | 5,241 | |||||||
Income (loss) before income tax | $ | (2,093 | ) | $ | (87 | ) | $ | 512 | |||||
Income (loss) from operations of discontinued restaurants, net of income tax expense (benefit) | $ | (1,306 | ) | $ | (19 | ) | $ | 396 |
Note_18_Supplemental_Consolida1
Note 18 - Supplemental Consolidated Financial Statement Information (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Bank credit card receivables | $ | 7,664 | $ | 6,887 | |||||
Landlord contributions | 104 | 448 | |||||||
Franchise fees | 2,120 | 1,812 | |||||||
Trade | 1,106 | 868 | |||||||
Refundable income tax | 955 | 436 | |||||||
Other | 2,239 | 1,222 | |||||||
Allowance for doubtful accounts | (779 | ) | (378 | ) | |||||
$ | 13,409 | $ | 11,295 | ||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Deposits | $ | 899 | $ | 1,125 | |||||
Deferred financing costs, net | 1,322 | 1,742 | |||||||
Other | 39 | 36 | |||||||
$ | 2,260 | $ | 2,903 |
Note_19_Quarterly_Financial_Da1
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 29, | December 29, | Total | March 25, | June 24, | September 23, | December 30, | Total | |||||||||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 107,360 | $ | 101,816 | $ | 88,582 | $ | 108,890 | $ | 406,649 | Total revenues | $ | 100,266 | $ | 97,111 | $ | 84,334 | $ | 114,344 | $ | 396,055 | |||||||||||||||||||||
Cost and expenses | (94,315 | ) | (90,930 | ) | (83,765 | ) | (103,051 | ) | (372,062 | ) | Cost and expenses | (90,299 | ) | (88,218 | ) | (82,471 | ) | (108,814 | ) | (369,802 | ) | |||||||||||||||||||||
Operating income | 13,045 | 10,886 | 4,817 | 5,839 | 34,587 | Operating income | 9,967 | 8,893 | 1,863 | 5,530 | 26,253 | |||||||||||||||||||||||||||||||
Interest expense, net | (516 | ) | (415 | ) | (415 | ) | (294 | ) | (1,640 | ) | Interest expense, net | (482 | ) | (598 | ) | (680 | ) | (605 | ) | (2,365 | ) | |||||||||||||||||||||
Other | 34 | 4 | (92 | ) | 5 | (50 | ) | Debt issuance costs written-off | (807 | ) | - | - | - | (807 | ) | |||||||||||||||||||||||||||
Other | (63 | ) | (48 | ) | 16 | 99 | 4 | |||||||||||||||||||||||||||||||||||
Income from continuing operations before income tax expense (benefit) | 12,563 | 10,475 | 4,310 | 5,550 | 32,897 | |||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,806 | 2,612 | 1,370 | 1,314 | 9,102 | Income from continuing operations before income tax expense | 8,615 | 8,247 | 1,199 | 5,024 | 23,085 | |||||||||||||||||||||||||||||||
Income tax expense | 2,574 | 2,403 | 320 | 1,390 | 6,687 | |||||||||||||||||||||||||||||||||||||
Income from continuing operations | 8,757 | 7,863 | 2,940 | 4,236 | 23,795 | |||||||||||||||||||||||||||||||||||||
Discontinued operations, net of income tax | (1,096 | ) | (96 | ) | (53 | ) | (61 | ) | (1,306 | ) | Income from continuing operations | 6,041 | 5,844 | 879 | 3,634 | 16,398 | ||||||||||||||||||||||||||
Net income | $ | 7,661 | $ | 7,767 | $ | 2,887 | $ | 4,175 | $ | 22,489 | Discontinued operations, net of income tax | 54 | (12 | ) | (77 | ) | 16 | (19 | ) | |||||||||||||||||||||||
Net income | 6,095 | 5,832 | 802 | 3,650 | 16,379 | |||||||||||||||||||||||||||||||||||||
Basic earnings per share: | Preferred stock dividends | 514 | - | - | - | 514 | ||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.69 | Accretion of preferred stock redemption value | 73 | - | - | - | 73 | ||||||||||||||||||||||||||
Discontinued operations | (0.03 | ) | - | - | - | (0.04 | ) | |||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.65 | Excess of redemption value over carrying value of preferred shares redeemed | 35,776 | - | - | - | 35,776 | ||||||||||||||||||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | (30,268 | ) | $ | 5,832 | $ | 802 | $ | 3,650 | $ | (19,984 | ) | ||||||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.67 | Basic earnings (loss) per share: | |||||||||||||||||||||||||||||||
Discontinued operations | (0.03 | ) | - | - | - | (0.04 | ) | Continuing operations | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.11 | $ | (0.58 | ) | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.22 | $ | 0.22 | $ | 0.08 | $ | 0.12 | $ | 0.63 | Discontinued operations | - | - | - | - | - | ||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.11 | $ | (0.58 | ) | ||||||||||||||||||||||||||||||
Dividends declared per common share | $ | - | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.12 | ||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.1 | $ | (0.58 | ) | ||||||||||||||||||||||||||||||
Discontinued operations | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | (0.89 | ) | $ | 0.17 | $ | 0.02 | $ | 0.1 | $ | (0.58 | ) | ||||||||||||||||||||||||||||||
Dividends declared per common share | $ | - | $ | - | $ | - | $ | - | $ | - |
Note_1_The_Company_Organizatio2
Note 1 - The Company, Organization and Description of Business (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 161 | ' | 159 |
Company-owned Steakhouse Restaurants [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 63 | ' | ' |
Company-owned Steakhouse Restaurants [Member] | Cameron's/Mitchell's Steakhouse [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 3 | ' | ' |
Franchise Operations [Member] | Ruth's Chris Steak House [Member] | International [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 18 | ' | ' |
Franchise Operations [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 75 | ' | ' |
Company-owned Fish Market Restaurants [Member] | Mitchell's Fish Market [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 19 | ' | ' |
Managed [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 139 | 138 | 137 |
Number of Franchise Restaurants Opened During Period | 4 | ' | ' |
Mitchell's Fish Market [Member] | ' | ' | ' |
Note 1 - The Company, Organization and Description of Business (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 19 | 19 | 19 |
Note_1_The_Company_Organizatio3
Note 1 - The Company, Organization and Description of Business (Details) - Summary of Restaurants | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Entity Managed Units [Member] | Entity Managed Units [Member] | Entity Managed Units [Member] | Entity Managed Units [Member] | Entity Managed Units [Member] | Entity Managed Units [Member] | Entity Managed Units [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | |||
Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | ||||||||||||
Franchisor Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants, beginning | 161 | 159 | 63 | 64 | 19 | 19 | 3 | 3 | 85 | 74 | 72 | 0 | 0 | 0 | 0 | 75 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 138 | 137 | 19 | 19 | 3 | 3 |
Number of restaurants, ending | 161 | 159 | 63 | 63 | 19 | 19 | 3 | 3 | 85 | 75 | 75 | 0 | 0 | 0 | 0 | 75 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 139 | 139 | 19 | 19 | 3 | 3 |
New | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | 1 | 4 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | 1 | 4 | 0 | 0 | 0 | 0 |
Closed | ' | ' | 0 | 1 | 0 | 0 | 0 | 0 | ' | 0 | 1 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 2 | 0 | 0 | 0 | 0 |
Percentage of total | 100.00% | ' | 47.00% | 47.00% | 100.00% | 100.00% | 100.00% | 100.00% | 54.00% | 52.00% | 52.00% | 0.00% | 0.00% | 0.00% | 0.00% | 45.00% | 1.00% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 29, 2013 | Dec. 30, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Gift Card Liability | $2,000,000 | ' | ' | ' | ' | ' | ' |
Revenue Recognition, Gift Cards, Breakage | ' | ' | ' | 1,300,000 | 2,300,000 | 2,100,000 | ' |
Cash and Cash Equivalents, at Carrying Value | 10,586,000 | 7,909,000 | ' | 10,586,000 | 7,909,000 | 3,925,000 | 5,018,000 |
Payments of Financing Costs | ' | ' | ' | 0 | 610,000 | 0 | ' |
Amortization of Financing Costs | ' | ' | ' | 421,000 | 476,000 | 768,000 | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | 807,000 | 807,000 | 807,000 | ' | ' |
Number of Restaurants | 161 | 159 | ' | 161 | 159 | ' | ' |
Franchise Revenue | 15,012,000 | 13,836,000 | ' | 15,012,000 | 13,836,000 | 12,464,000 | ' |
Advertising Expense | ' | ' | ' | 7,700,000 | 7,200,000 | 8,300,000 | ' |
Franchise Operations [Member] | International [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Franchise Revenue | ' | ' | ' | 3,000,000 | 2,700,000 | 2,400,000 | ' |
Scenario, Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Change in Amount, Corrections to Beginning Balance | ' | ' | ' | ' | 1,700,000 | ' | ' |
Cumulative Effect on Retained Earnings, Net of Tax | ' | ' | ' | ' | -1,700,000 | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '20 years | ' | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '40 years | ' | ' | ' |
Equipment [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '5 years | ' | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '5 years | ' | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '7 years | ' | ' | ' |
Computer Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '3 years | ' | ' | ' |
Computer Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '5 years | ' | ' | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '5 years | ' | ' | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '20 years | ' | ' | ' |
Franchised Units [Member] | International [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | 19 | ' | ' | 19 | ' | ' | ' |
Franchised Units [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | 75 | ' | ' | 75 | ' | ' | ' |
Accounts Payable and Accrued Payroll [Member] | Outstanding Checks [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $10,100,000 | $7,700,000 | ' | $10,100,000 | $7,700,000 | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Adjusted Balance Sheet (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
In Thousands, unless otherwise specified | ||||
Net deferred tax assets | $29,582 | $35,675 | ' | ' |
Total assets | 228,081 | 229,702 | ' | ' |
Accumulated Deficit | -68,804 | -87,015 | ' | ' |
Total shareholder's equity | 100,653 | 80,733 | 97,986 | 78,707 |
Property and equipment | 15,157 | 20,301 | ' | ' |
Total gross deferred tax assets | 35,036 | 38,283 | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' |
Net deferred tax assets | ' | 37,327 | ' | ' |
Total assets | ' | 231,357 | ' | ' |
Accumulated Deficit | ' | -85,359 | -101,225 | -118,282 |
Total shareholder's equity | ' | 82,388 | 99,640 | 80,361 |
Property and equipment | ' | 21,953 | ' | ' |
Total gross deferred tax assets | ' | 39,935 | ' | ' |
Restatement Adjustment [Member] | ' | ' | ' | ' |
Net deferred tax assets | ' | 35,675 | ' | ' |
Total assets | ' | 229,702 | ' | ' |
Accumulated Deficit | ' | -87,015 | -102,880 | -119,936 |
Total shareholder's equity | ' | 80,733 | 97,986 | 78,707 |
Property and equipment | ' | 20,301 | ' | ' |
Total gross deferred tax assets | ' | $38,283 | ' | ' |
Note_3_Franchise_Operations_De
Note 3 - Franchise Operations (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 161 | ' | 159 |
Company-owned Steakhouse Restaurants [Member] | Management Agreement Operating Unit [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 75 | ' | ' |
Company-owned Steakhouse Restaurants [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 63 | ' | ' |
Company-owned Fish Market Restaurants [Member] | Mitchell's Fish Market [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 19 | ' | ' |
Franchise Operations [Member] | Ruth's Chris Steak House [Member] | International Locations [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number Of Franchise Restaurants To Be Developed | 4 | ' | ' |
Franchise Operations [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 75 | ' | ' |
Management Agreement Operating Unit [Member] | Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Ruth's Chris Steak House [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Royalty of Sales, Percentage | 5.00% | ' | ' |
Advertising Fee, Percentage | 1.00% | ' | ' |
Number of Restaurants | 139 | 138 | 137 |
Mitchell's Fish Market [Member] | ' | ' | ' |
Note 3 - Franchise Operations (Details) [Line Items] | ' | ' | ' |
Number of Restaurants | 19 | 19 | 19 |
Note_3_Franchise_Operations_De1
Note 3 - Franchise Operations (Details) - Consolidated Statements of Income - Franchise Income (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Consolidated Statements of Income - Franchise Income [Abstract] | ' | ' | ' | ' | ' |
Income from existing franchise locations | $14,612 | $13,436 | ' | ' | $12,214 |
Opening and development fee income | 400 | 400 | ' | ' | 250 |
Total franchise income: | $15,012 | $13,836 | $15,012 | $13,836 | $12,464 |
Note_4_Segment_Information_Det
Note 4 - Segment Information (Details) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | |
Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Management Agreement Operating Unit [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | |||
Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Cameron's Steakhouse [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | Mitchell's Fish Market [Member] | ||||||||||||||
Note 4 - Segment Information (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | 161 | 159 | 63 | 63 | 64 | 3 | 3 | 3 | 19 | 19 | 19 | 85 | 1 | 75 | 74 | 72 | 0 | 0 | 0 | 0 | 0 | 0 | 75 | 139 | 138 | 137 | 3 | 3 | 3 | 19 | 19 | 19 |
Note_4_Segment_Information_Det1
Note 4 - Segment Information (Details) - Segment Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $108,890 | $88,582 | $101,816 | $107,360 | $114,344 | $84,334 | $97,111 | $100,266 | $406,649 | $396,055 | $367,337 |
Profits | ' | ' | ' | ' | ' | ' | ' | ' | 90,013 | 83,635 | 76,872 |
Unallocated operating income | 5,839 | 4,817 | 10,886 | 13,045 | 5,530 | 1,863 | 8,893 | 9,967 | 34,587 | 26,253 | 24,196 |
Marketing and advertising expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,673 | -11,178 | -11,748 |
General and administrative costs | ' | ' | ' | ' | ' | ' | ' | ' | -30,404 | -28,299 | -22,803 |
Depreciation and amortization expenses | ' | ' | ' | ' | ' | ' | ' | ' | -13,060 | -14,556 | -14,859 |
Pre-opening costs | ' | ' | ' | ' | ' | ' | ' | ' | -692 | -540 | -192 |
Loss on impairment and asset disposals, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,262 | -4,955 | -3,478 |
Restructuring benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 502 |
Gain on settlements | ' | 2,200 | ' | ' | ' | ' | ' | ' | 2,156 | 683 | ' |
Interest expense, net | -294 | -415 | -415 | -516 | ' | ' | ' | ' | -1,640 | -2,365 | -2,892 |
Debt issuance costs written off | ' | ' | ' | ' | ' | ' | ' | -807 | -807 | -807 | ' |
Other income (expense) | 5 | -92 | 4 | 34 | 99 | 16 | -48 | -63 | -50 | 4 | -488 |
Income from continuing operations before income tax expense | 5,550 | 4,310 | 10,475 | 12,563 | 5,024 | 1,199 | 8,247 | 8,615 | 32,897 | 23,085 | 20,816 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15,311 | 11,457 | 8,975 |
Operating Segments [Member] | Company-owned Steakhouse Restaurants [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 322,833 | 310,985 | 286,867 |
Profits | ' | ' | ' | ' | ' | ' | ' | ' | 68,578 | 62,899 | 57,379 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11,359 | 9,764 | 7,562 |
Operating Segments [Member] | Company-owned Fish Market Restaurants [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 68,943 | 70,304 | 67,043 |
Profits | ' | ' | ' | ' | ' | ' | ' | ' | 6,423 | 6,900 | 7,029 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,210 | 1,065 | 687 |
Operating Segments [Member] | Franchise Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15,012 | 13,836 | 12,464 |
Profits | ' | ' | ' | ' | ' | ' | ' | ' | 15,012 | 13,836 | 12,464 |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -139 | 930 | 963 |
Unallocated operating income | ' | ' | ' | ' | ' | ' | ' | ' | 1,509 | 1,463 | -98 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1,742 | $628 | $726 |
Note_4_Segment_Information_Det2
Note 4 - Segment Information (Details) - Fiscal Year Ended December 29, 2013 December 30, 2012 December 25, 2011 (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | $228,081 | $229,702 |
Deferred income taxes - unallocated | 29,582 | 35,675 |
Operating Segments [Member] | Company-owned Steakhouse Restaurants [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | 146,584 | 143,385 |
Operating Segments [Member] | Company-owned Fish Market Restaurants [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | 30,451 | 32,430 |
Operating Segments [Member] | Franchise Operations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | 2,253 | 1,810 |
Corporate, Non-Segment [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total Assets | $19,211 | $16,402 |
Note_5_Fair_Value_Measurements2
Note 5 - Fair Value Measurements (Details) - Fair Value of Long-live Non Financial Assets (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Note 5 - Fair Value Measurements (Details) - Fair Value of Long-live Non Financial Assets [Line Items] | ' | ' | ' |
Long-lived assets held and used - Loss on Impairment | ' | $2,112 | $4,694 |
Long-lived assets held for sale | 1,153 | ' | 1,153 |
Long-lived assets held for sale | 395 | ' | 395 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Note 5 - Fair Value Measurements (Details) - Fair Value of Long-live Non Financial Assets [Line Items] | ' | ' | ' |
Long-lived assets held for sale | $1,153 | ' | $1,153 |
Note_5_Fair_Value_Measurements3
Note 5 - Fair Value Measurements (Details) - Fair Value of Intangible Assets (Trademarks [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 29, 2013 | Dec. 29, 2013 | Dec. 25, 2011 | |
Trademarks [Member] | ' | ' | ' |
Note 5 - Fair Value Measurements (Details) - Fair Value of Intangible Assets [Line Items] | ' | ' | ' |
Trademarks | $400,000 | $400,000 | $3,000,000 |
Note_6_Goodwill_Franchise_Righ2
Note 6 - Goodwill, Franchise Rights and Trademarks (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 25, 2011 | Dec. 25, 2011 | |
Franchise Rights [Member] | Franchise Rights [Member] | Franchise Rights [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | ||||
Note 6 - Goodwill, Franchise Rights and Trademarks (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | $0 | $0 | $0 | $400,000 | $400,000 | $3,000,000 | ' |
Finite-lived Intangible Assets, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 |
Goodwill, Impairment Loss | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Note_6_Goodwill_Franchise_Righ3
Note 6 - Goodwill, Franchise Rights and Trademarks (Details) - Carrying Value of Intangible Assets (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value of Intangible Assets [Abstract] | ' | ' |
Franchise rights | $32,200 | $32,200 |
Trademarks | $10,276 | $10,676 |
Note_6_Goodwill_Franchise_Righ4
Note 6 - Goodwill, Franchise Rights and Trademarks (Details) - Carrying Value of Goodwill (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value of Goodwill [Abstract] | ' | ' |
Gross Goodwill | $55,469 | $55,469 |
Accumulated Impairment Losses, Goodwill | -33,372 | -33,372 |
Goodwill | $22,097 | $22,097 |
Note_7_Property_and_Equipment_2
Note 7 - Property and Equipment, net (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Note 7 - Property and Equipment, net (Details) [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges | $3,300 | $5,000 | $2,100 | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | 2,112 | 4,694 |
Impairment of Long-Lived Assets to be Disposed of | ' | 395 | ' | 395 |
Leasehold Improvements [Member] | ' | ' | ' | ' |
Note 7 - Property and Equipment, net (Details) [Line Items] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | $4,700 | ' | $4,700 |
Note_7_Property_and_Equipment_3
Note 7 - Property and Equipment, net (Details) - Summary of Property and Equipment (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $214,161 | $202,271 |
Less accumulated depreciation | -122,691 | -112,292 |
91,470 | 89,979 | |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 917 | 917 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 23,760 | 23,286 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 33,066 | 31,560 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 11,518 | 9,729 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 18,946 | 18,367 |
Automobiles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 27 | 27 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 121,768 | 116,679 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $4,159 | $1,706 |
Note_8_LongTerm_Debt_Details
Note 8 - Long-Term Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Feb. 14, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Feb. 14, 2012 | Feb. 14, 2012 | Feb. 14, 2012 | Feb. 14, 2012 | |
Senior Credit Facility [Member] | Letter of Credit [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | |||||||
Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | Amended and Restated Credit Agreement [Member] | |||||||
Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | |||||||
Note 8 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | ' | ' | ' | ' | $19,000,000 | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | 3.46% | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | ' | ' | ' | ' | 76,900,000 | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount (in Dollars) | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 2.19% | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 2.75% | 1.75% |
Fixed Charge Coverage Ratio after Amendment | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' |
Maximum Leverage Ratio after Amendment | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' |
Debt Instrument Covenants on Cash Dividend Payments and Repurchases of Common or Preferred Stock (in Dollars) | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant Limit Used For Repurchase Of PreferredStock (in Dollars) | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees (in Dollars) | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost (in Dollars) | $807,000 | $807,000 | $807,000 | ' | ' | ' | ' | ' | ' | ' |
Note_8_LongTerm_Debt_Details_S
Note 8 - Long-Term Debt (Details) - Summary of Long-Term Debt (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Senior Credit Facility: | ' | ' |
Revolving credit facility | $19,000 | $45,000 |
Less current maturities | 0 | 0 |
$19,000 | $45,000 |
Note_9_Leases_Details
Note 9 - Leases (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 31, 2014 |
Subsequent Event [Member] | |||
Note 9 - Leases (Details) [Line Items] | ' | ' | ' |
Deferred Rent Credit | $23,200,000 | $24,400,000 | ' |
Deferred Rent Credit, Current | 2,100,000 | 1,700,000 | ' |
Lease Termination Penalty | ' | ' | $750,000 |
Note_9_Leases_Details_Future_M
Note 9 - Leases (Details) - Future Minimum Lease Payments (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | ' |
2014 | $24,545 |
2015 | 23,175 |
2016 | 22,914 |
2017 | 21,304 |
2018 | 19,930 |
Thereafter | 137,674 |
$249,542 |
Note_9_Leases_Details_Summary_
Note 9 - Leases (Details) - Summary of Rent Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Summary of Rent Expense [Abstract] | ' | ' | ' |
Minimum rentals | $22,313 | $23,336 | $23,581 |
Contingent rentals | 2,682 | 2,513 | 1,965 |
$24,995 | $25,849 | $25,546 |
Note_10_Gain_on_Settlements_an1
Note 10 - Gain on Settlements and Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | $2,200,000 | $2,156,000 | $683,000 |
Litigation Settlement, Amount | ' | ' | $2,500,000 |
Note_11_Redeemable_Convertible1
Note 11 - Redeemable Convertible Preferred Stock (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Mar. 08, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Mar. 08, 2012 | Mar. 08, 2012 | Feb. 28, 2010 | |
Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | |||||
Senior Credit Facility [Member] | |||||||
Note 11 - Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | 25,000 |
Proceeds from Issuance of Redeemable Convertible Preferred Stock | ' | ' | ' | ' | ' | ' | $23,200,000 |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | 1,800,000 |
Payments for Repurchase of Convertible Preferred Stock | ' | ' | 59,740,000 | ' | ' | 60,200,000 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 100,000,000 | ' | ' |
Diluted Common Share Decreased Due to Repurchase of Preferred Stock (in Shares) | 8,600,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 10.00% | ' | ' | ' | ' | ' | 10.00% |
Dividend Amount Eliminated | 2,500,000 | ' | ' | ' | ' | ' | ' |
Reduction in Net Income Due to Redemption of Preferred Stock | 35,800,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | $1,000 |
Preferred Stock, Liquidation Preference, Value | ' | 25,000,000 | ' | 25,000,000 | ' | ' | ' |
Number of Common Stock That Would Have Been Issued Had Preferred Stock Converted (in Shares) | ' | 8,620,690 | ' | 8,620,690 | ' | ' | ' |
Preferred Stock Conversion Date | ' | 12-Feb-12 | ' | 12-Feb-12 | ' | ' | ' |
Closing Price as Percentage of Conversion Price | ' | 225.00% | ' | 225.00% | ' | ' | ' |
Applicable Conversion Price for Period of Trading Days | ' | '20 days | ' | ' | ' | ' | ' |
Consecutive Trading Day Period | ' | '30 days | ' | ' | ' | ' | ' |
Preferred Stock Expected Redemption Date | ' | 12-Feb-15 | ' | ' | ' | ' | ' |
Preferred Stock Redeem Date Option for Holders | ' | 12-Feb-17 | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | ' | $25,000,000 | $73,000 | $353,000 | ' | ' | ' |
Note_12_Shareholders_Equity_De
Note 12 - Shareholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | 3-May-13 | Oct. 22, 2013 | Jul. 24, 2013 | 31-May-13 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Jan. 31, 2014 |
Subsequent Event [Member] | |||||||||
Note 12 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | $30 | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $0.04 | $0.04 | $0.04 | ' | $0.04 | $0.04 | $0.04 | $0.12 | $0.05 |
Dividends Payable, Current | ' | ' | ' | ' | ' | ' | ' | ' | $1.80 |
Dividends Payable, Date to be Paid | 30-May-13 | 26-Nov-13 | 29-Aug-13 | ' | ' | ' | ' | ' | 27-Mar-14 |
Note_12_Shareholders_Equity_De1
Note 12 - Shareholders' Equity (Details) - Dividends Declared (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | 3-May-13 | Oct. 22, 2013 | Jul. 24, 2013 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Dec. 25, 2011 |
Fiscal Year 2013: | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per Share (in Dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.12 | ' |
Record Date | 16-May-13 | 14-Nov-13 | 15-Aug-13 | ' | ' | ' | ' | ' |
Total Amount (in Dollars) | $1,430 | $1,424 | $1,424 | ' | ' | ' | ' | $589 |
Payment Date | 30-May-13 | 26-Nov-13 | 29-Aug-13 | ' | ' | ' | ' | ' |
Note_13_Employee_Benefit_Plan_
Note 13 - Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $305 | $298 | $280 |
Note_14_Incentive_and_Stock_Op2
Note 14 - Incentive and Stock Option Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation | $2,343,000 | $2,322,000 | $2,531,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 900,000 | 900,000 | 800,000 |
Additional paid in capital | 5,100,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 625,945 | 1,063,249 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 300,000 | 900,000 | 100,000 |
Proceeds from Stock Options Exercised | 208,000 | 393,000 | 78,000 |
Scenario, Previously Reported [Member] | 2005 Long-term Equity Incentive Plan [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 2,400,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 2,500,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 625,945 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 306 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 3,300,000 | 700,000 | 800,000 |
Employee Stock Option [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Proceeds from Stock Options Exercised | $208,000 | $393,000 | $78,000 |
2000 Stock Option Plan [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,765,981 | ' | ' |
2000 Stock Option Plan [Member] | Minimum [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' | ' |
2000 Stock Option Plan [Member] | Maximum [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '10 years | ' | ' |
Stock Option Plan [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Shares Issuable (in Shares) | 9,527 | ' | ' |
2005 Long-term Equity Incentive Plan [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Shares Issuable (in Shares) | 1,960,497 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 1,500,000 | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 247,225 | 230,585 | 255,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in Shares) | 155,441 | ' | ' |
2005 Long-term Equity Incentive Plan [Member] | Minimum [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' | ' |
2005 Long-term Equity Incentive Plan [Member] | Maximum [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Equity Incentive Plan [Member] | ' | ' | ' |
Note 14 - Incentive and Stock Option Plan (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 456,280 | ' | ' |
Note_14_Incentive_and_Stock_Op3
Note 14 - Incentive and Stock Option Plan (Details) - Summary of Non-vested Restricted Stock (USD $) | 12 Months Ended |
Dec. 29, 2013 | |
Summary of Non-vested Restricted Stock [Abstract] | ' |
Non-vested shares at beginning of year | 1,063,249 |
Non-vested shares at beginning of year (in Dollars per share) | $5.02 |
Granted | 247,225 |
Granted (in Dollars per share) | $9.45 |
Vested | -684,529 |
Vested (in Dollars per share) | $4.77 |
Non-vested shares at end of year | 625,945 |
Non-vested shares at end of year (in Dollars per share) | $7.04 |
Note_14_Incentive_and_Stock_Op4
Note 14 - Incentive and Stock Option Plan (Details) - Summary of Stock Option Activity (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 |
Summary of Stock Option Activity [Abstract] | ' |
Outstanding at beginning of year | 1,436,987 |
Outstanding at beginning of year (in Dollars per share) | $7.96 |
Exercised | -44,555 |
Exercised (in Dollars per share) | $4.67 |
Forfeited | -48,353 |
Forfeited (in Dollars per share) | $7.16 |
Outstanding at end of year | 1,344,079 |
Outstanding at end of year (in Dollars per share) | $8.09 |
Outstanding at end of year | '4 years 65 days |
Outstanding at end of year (in Dollars) | $10,400 |
Options exercisable at year end | 1,335,815 |
Options exercisable at year end (in Dollars per share) | $8.12 |
Options exercisable at year end | '4 years 62 days |
Options exercisable at year end (in Dollars) | $10,301 |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Operating Loss Carryforwards, Valuation Allowance | $1,200,000 | ' |
Operating Loss Carryforwards | 103,000,000 | ' |
Tax Credit Carryforward, Amount | 7,400,000 | ' |
Unrecognized Tax Benefits | 1,210,000 | 1,287,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $786,000 | ' |
Note_15_Income_Taxes_Details_I
Note 15 - Income Taxes (Details) - Income Tax Expense (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Income Tax Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $1,314 | $1,370 | $2,612 | $3,806 | $1,390 | $320 | $2,403 | $2,574 | $9,102 | $6,687 | $1,663 |
Loss from discontined operations | ' | ' | ' | ' | ' | ' | ' | ' | -820 | -68 | 116 |
Total consolidated income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $8,282 | $6,619 | $1,779 |
Note_15_Income_Taxes_Details_I1
Note 15 - Income Taxes (Details) - Income Tax Expense From Continuing Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Income Tax Expense From Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Federal, Current | ' | ' | ' | ' | ' | ' | ' | ' | $1,973 | $2,331 | $2,283 |
U.S. Federal, Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 5,386 | 2,733 | -2,015 |
U.S. Federal, Total | ' | ' | ' | ' | ' | ' | ' | ' | 7,359 | 5,064 | 267 |
State, Current | ' | ' | ' | ' | ' | ' | ' | ' | 804 | 951 | 1,279 |
State, Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 590 | 365 | -126 |
State, Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,394 | 1,316 | 1,153 |
Foreign, Current | ' | ' | ' | ' | ' | ' | ' | ' | 349 | 307 | 242 |
Foreign, Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign, Total | ' | ' | ' | ' | ' | ' | ' | ' | 349 | 307 | 242 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 4,226 | 3,589 | 3,804 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 4,876 | 3,098 | -2,141 |
Total | $1,314 | $1,370 | $2,612 | $3,806 | $1,390 | $320 | $2,403 | $2,574 | $9,102 | $6,687 | $1,663 |
Note_15_Income_Taxes_Details_I2
Note 15 - Income Taxes (Details) - Income Tax Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense at statutory rates | ' | ' | ' | ' | ' | ' | ' | ' | $11,514 | $8,109 | $7,307 |
Increase (decrease) in income taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State income taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,114 | 1,409 | 1,201 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 150 |
Employment tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -3,381 | -3,184 | -2,924 |
State employment tax credits generated in prior years | ' | ' | ' | ' | ' | ' | ' | ' | -623 | ' | ' |
Increase (decrease) to valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 253 | -4,077 |
Cumulative impact of adjustment to deferred items | ' | ' | ' | ' | ' | ' | ' | ' | 173 | -171 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 259 | 6 |
$1,314 | $1,370 | $2,612 | $3,806 | $1,390 | $320 | $2,403 | $2,574 | $9,102 | $6,687 | $1,663 |
Note_15_Income_Taxes_Details_D
Note 15 - Income Taxes (Details) - Deferred Tax Assets (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Accounts payable and accrued expenses | $4,371 | $4,386 |
Deferred rent | 4,098 | 4,439 |
Net state operating loss carryforwards | 3,623 | 3,744 |
Tax credit carryforwards | 7,364 | 5,234 |
Property and equipment | 15,157 | 20,301 |
Other | 423 | 179 |
Total gross deferred tax assets | 35,036 | 38,283 |
Less valuation allowance | -1,108 | -1,203 |
Net deferred tax assets | 33,928 | 37,080 |
Deferred tax liabilities: | ' | ' |
Intangible assets | -4,346 | -1,405 |
Total gross deferred tax liabilities | -4,346 | -1,405 |
Net deferred tax assets | $29,582 | $35,675 |
Note_15_Income_Taxes_Details_U
Note 15 - Income Taxes (Details) - Unrecognized Tax Benefit Reconciliation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Unrecognized Tax Benefit Reconciliation [Abstract] | ' | ' |
Unrecognized tax benefits balance | $1,210 | $1,287 |
Gross increases for tax positions of prior years | 60 | ' |
Settlements | ($137) | ' |
Note_16_Earnings_Per_Share_Det
Note 16 - Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 202,824 | 824,850 | 1,024,829 |
Weighted Average Exercise Prices Anti Dilutive Stock Options (in Dollars per share) | $18.67 | $11.37 | $9.56 |
undefined | ' | 8,620,690 | ' |
Preferred Stock Shares to be Converted | ' | 25,000 | ' |
Note_16_Earnings_Per_Share_Det1
Note 16 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Computation of Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $4,236 | $2,940 | $7,863 | $8,757 | $3,634 | $879 | $5,844 | $6,041 | $23,795 | $16,398 | $19,153 |
Loss (income) from discontinued operations, net of income benefit (expense) | -61 | -53 | -96 | -1,096 | 16 | -77 | -12 | 54 | -1,306 | -19 | 396 |
Net income | 4,175 | 2,887 | 7,767 | 7,661 | 3,650 | 802 | 5,832 | 6,095 | 22,489 | 16,379 | 19,549 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | 514 | ' | 514 | 2,493 |
Accretion of preferred stock redemption value | ' | ' | ' | ' | ' | ' | ' | 73 | ' | 73 | 353 |
Excess of redemption value over carrying value of preferred stock redeemed | ' | ' | ' | ' | ' | ' | ' | 35,776 | ' | 35,776 | ' |
Net income (loss) applicable to preferred and common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 22,489 | -19,984 | 16,703 |
Undistributed net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 22,489 | -19,984 | 16,703 |
Undistributed net income allocated to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,371 |
Net income (loss) applicable to preferred and common shareholders | ' | ' | ' | ' | $3,650 | $802 | $5,832 | ($30,268) | $22,489 | ($19,984) | $13,332 |
Weighted average number of common shares outstanding - basic (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,761,160 | 34,313,636 | 34,093,104 |
Dilutive shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,023,270 | ' | 538,307 |
Dilutive convertible preferred stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,620,690 |
Weighted-average number of common shares outstanding - diluted (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 35,784,430 | 34,313,636 | 43,252,101 |
Continuing operations (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.25 | $0.10 | $0.02 | $0.17 | ($0.89) | $0.67 | ($0.58) | $0.38 |
Discontinued operations (in Dollars per share) | ' | ' | ' | ($0.03) | ' | ' | ' | ' | ($0.04) | ' | $0.01 |
Diluted earnings per common share (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.22 | $0.10 | $0.02 | $0.17 | ($0.89) | $0.63 | ($0.58) | $0.39 |
Continuing operations (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.25 | $0.11 | $0.02 | $0.17 | ($0.89) | $0.69 | ($0.58) | $0.38 |
Discontinued operations (in Dollars per share) | ' | ' | ' | ($0.03) | ' | ' | ' | ' | ($0.04) | ' | $0.01 |
Basic earnings per common share (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.22 | $0.11 | $0.02 | $0.17 | ($0.89) | $0.65 | ($0.58) | $0.39 |
Note_17_Discontinued_Operation2
Note 17 - Discontinued Operations (Details) (USD $) | 12 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Aug. 31, 2005 | |
Note 17 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Contingent Lease Liability | ' | $800,000 | ' | $600,000 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -2,093,000 | -87,000 | 512,000 | ' |
Accounts Receivable, Net, Current | 13,409,000 | 11,295,000 | ' | ' |
Past Due Rent And Utilities [Member] | ' | ' | ' | ' |
Note 17 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Accounts Receivable, Net, Current | 1,800,000 | ' | ' | ' |
Manhattan [Member] | ' | ' | ' | ' |
Note 17 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ($1,200,000) | ' | ' | ' |
Note_17_Discontinued_Operation3
Note 17 - Discontinued Operations (Details) - Summary of Discontinued Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Summary of Discontinued Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $807 | $2,533 | $5,241 |
Income (loss) before income tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,093 | -87 | 512 |
Income (loss) from operations of discontinued restaurants, net of income tax expense (benefit) | ($61) | ($53) | ($96) | ($1,096) | $16 | ($77) | ($12) | $54 | ($1,306) | ($19) | $396 |
Note_18_Supplemental_Consolida2
Note 18 - Supplemental Consolidated Financial Statement Information (Details) - Summary of Accounts Receivabl (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Accounts Receivabl [Abstract] | ' | ' |
Bank credit card receivables | $7,664 | $6,887 |
Landlord contributions | 104 | 448 |
Franchise fees | 2,120 | 1,812 |
Trade | 1,106 | 868 |
Refundable income tax | 955 | 436 |
Other | 2,239 | 1,222 |
Allowance for doubtful accounts | -779 | -378 |
$13,409 | $11,295 |
Note_18_Supplemental_Consolida3
Note 18 - Supplemental Consolidated Financial Statement Information (Details) - Summary of Other Assets (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Other Assets [Abstract] | ' | ' |
Deposits | $899 | $1,125 |
Deferred financing costs, net | 1,322 | 1,742 |
Other | 39 | 36 |
$2,260 | $2,903 |
Note_19_Quarterly_Financial_Da2
Note 19 - Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 25, 2011 | |
Change in Estimated Fair Value, Restaurant Assets [Member] | Lease Termination [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | |||||||
Note 19 - Quarterly Financial Data (Unaudited) (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | $3,300,000 | ' | $5,000,000 | ' | $2,100,000 | ' | $2,100,000 | $750,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Gift Card Liability | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | 3,000,000 |
Gain (Loss) Related to Litigation Settlement | ' | 2,200,000 | ' | ' | 2,156,000 | 683,000 | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) On Settlement Of Unclaimed Property Liabilities | ' | ' | 683,000 | ' | ' | 683,000 | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets for Financial Service Operations | ' | ' | 134,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | 395,000 | ' | ' | 395,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | ' | ' | 2,112,000 | 4,694,000 | ' | ' | 4,700,000 | 4,700,000 | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | $807,000 | $807,000 | $807,000 | ' | ' | ' | ' | ' | ' | ' |
Note_19_Quarterly_Financial_Da3
Note 19 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Results of Operations, 2013 (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | 3-May-13 | Oct. 22, 2013 | Jul. 24, 2013 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Quarterly Results of Operations, 2013 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | $108,890 | $88,582 | $101,816 | $107,360 | $114,344 | $84,334 | $97,111 | $100,266 | $406,649 | $396,055 | $367,337 |
Cost and expenses | ' | ' | ' | -103,051 | -83,765 | -90,930 | -94,315 | -108,814 | -82,471 | -88,218 | -90,299 | -372,062 | -369,802 | -343,141 |
Operating income | ' | ' | ' | 5,839 | 4,817 | 10,886 | 13,045 | 5,530 | 1,863 | 8,893 | 9,967 | 34,587 | 26,253 | 24,196 |
Interest expense, net | ' | ' | ' | -294 | -415 | -415 | -516 | ' | ' | ' | ' | -1,640 | -2,365 | -2,892 |
Other | ' | ' | ' | 5 | -92 | 4 | 34 | 99 | 16 | -48 | -63 | -50 | 4 | -488 |
Income from continuing operations before income tax expense (benefit) | ' | ' | ' | 5,550 | 4,310 | 10,475 | 12,563 | 5,024 | 1,199 | 8,247 | 8,615 | 32,897 | 23,085 | 20,816 |
Income tax expense (benefit) | ' | ' | ' | 1,314 | 1,370 | 2,612 | 3,806 | 1,390 | 320 | 2,403 | 2,574 | 9,102 | 6,687 | 1,663 |
Income from continuing operations | ' | ' | ' | 4,236 | 2,940 | 7,863 | 8,757 | 3,634 | 879 | 5,844 | 6,041 | 23,795 | 16,398 | 19,153 |
Discontinued operations, net of income tax | ' | ' | ' | -61 | -53 | -96 | -1,096 | 16 | -77 | -12 | 54 | -1,306 | -19 | 396 |
Net income | ' | ' | ' | $4,175 | $2,887 | $7,767 | $7,661 | $3,650 | $802 | $5,832 | $6,095 | $22,489 | $16,379 | $19,549 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ' | ' | ' | $0.12 | $0.08 | $0.22 | $0.25 | $0.11 | $0.02 | $0.17 | ($0.89) | $0.69 | ($0.58) | $0.38 |
Discontinued operations (in Dollars per share) | ' | ' | ' | ' | ' | ' | ($0.03) | ' | ' | ' | ' | ($0.04) | ' | $0.01 |
Basic earnings per share (in Dollars per share) | ' | ' | ' | $0.12 | $0.08 | $0.22 | $0.22 | $0.11 | $0.02 | $0.17 | ($0.89) | $0.65 | ($0.58) | $0.39 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ' | ' | ' | $0.12 | $0.08 | $0.22 | $0.25 | $0.10 | $0.02 | $0.17 | ($0.89) | $0.67 | ($0.58) | $0.38 |
Discontinued operations (in Dollars per share) | ' | ' | ' | ' | ' | ' | ($0.03) | ' | ' | ' | ' | ($0.04) | ' | $0.01 |
Diluted earnings per share (in Dollars per share) | ' | ' | ' | $0.12 | $0.08 | $0.22 | $0.22 | $0.10 | $0.02 | $0.17 | ($0.89) | $0.63 | ($0.58) | $0.39 |
Dividends declared per common share (in Dollars per share) | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | ' | ' | ' | ' | ' | $0.12 | ' | ' |
Note_19_Quarterly_Financial_Da4
Note 19 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Results of Operations, 2012 (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Quarterly Results of Operations, 2012 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $108,890 | $88,582 | $101,816 | $107,360 | $114,344 | $84,334 | $97,111 | $100,266 | $406,649 | $396,055 | $367,337 |
Cost and expenses | -103,051 | -83,765 | -90,930 | -94,315 | -108,814 | -82,471 | -88,218 | -90,299 | -372,062 | -369,802 | -343,141 |
Operating income | 5,839 | 4,817 | 10,886 | 13,045 | 5,530 | 1,863 | 8,893 | 9,967 | 34,587 | 26,253 | 24,196 |
Interest expense, net | ' | ' | ' | ' | -605 | -680 | -598 | -482 | ' | -2,365 | ' |
Debt issuance costs written-off | ' | ' | ' | ' | ' | ' | ' | -807 | -807 | -807 | ' |
Other | 5 | -92 | 4 | 34 | 99 | 16 | -48 | -63 | -50 | 4 | -488 |
Income from continuing operations before income tax expense | 5,550 | 4,310 | 10,475 | 12,563 | 5,024 | 1,199 | 8,247 | 8,615 | 32,897 | 23,085 | 20,816 |
Income tax expense | 1,314 | 1,370 | 2,612 | 3,806 | 1,390 | 320 | 2,403 | 2,574 | 9,102 | 6,687 | 1,663 |
Income from continuing operations | 4,236 | 2,940 | 7,863 | 8,757 | 3,634 | 879 | 5,844 | 6,041 | 23,795 | 16,398 | 19,153 |
Discontinued operations, net of income tax | -61 | -53 | -96 | -1,096 | 16 | -77 | -12 | 54 | -1,306 | -19 | 396 |
Net income | 4,175 | 2,887 | 7,767 | 7,661 | 3,650 | 802 | 5,832 | 6,095 | 22,489 | 16,379 | 19,549 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | 514 | ' | 514 | 2,493 |
Accretion of preferred stock redemption value | ' | ' | ' | ' | ' | ' | ' | 73 | ' | 73 | 353 |
Excess of redemption value over carrying value of preferred shares redeemed | ' | ' | ' | ' | ' | ' | ' | 35,776 | ' | 35,776 | ' |
Net income (loss) applicable to preferred and common shareholders | ' | ' | ' | ' | $3,650 | $802 | $5,832 | ($30,268) | $22,489 | ($19,984) | $13,332 |
Basic earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.25 | $0.11 | $0.02 | $0.17 | ($0.89) | $0.69 | ($0.58) | $0.38 |
Basic earnings (loss) per share (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.22 | $0.11 | $0.02 | $0.17 | ($0.89) | $0.65 | ($0.58) | $0.39 |
Diluted earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.25 | $0.10 | $0.02 | $0.17 | ($0.89) | $0.67 | ($0.58) | $0.38 |
Diluted earnings (loss) per share (in Dollars per share) | $0.12 | $0.08 | $0.22 | $0.22 | $0.10 | $0.02 | $0.17 | ($0.89) | $0.63 | ($0.58) | $0.39 |