Ruths Hospitality (RUTH) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 28, 2015	Jul. 30, 2015
Unvested Restricted Stock [Member]
Entity Common Stock, Shares Outstanding (in shares)		1,140,428
Common Stock [Member]
Entity Common Stock, Shares Outstanding (in shares)		35,211,431
Entity Registrant Name	Ruths Hospitality Group, Inc.
Entity Central Index Key	1,324,272
Current Fiscal Year End Date	--12-27
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Jun. 28, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($)	Jun. 28, 2015	Dec. 28, 2014
Franchise Rights [Member]
Current assets:
Finite-lived intangible assets	$ 32,418,000	$ 32,418,000
Other Intangible Assets [Member]
Current assets:
Finite-lived intangible assets	2,419,000	2,476,000
Cash and cash equivalents	5,130,000	4,301,000
Accounts receivable, less allowance for doubtful accounts 2015 - $756; 2014 - $760	16,265,000	20,458,000
Inventory	7,112,000	7,206,000
Assets held for sale	250,000	15,119,000
Prepaid expenses and other	2,251,000	1,291,000
Deferred income taxes	3,640,000	3,775,000
Total current assets	34,648,000	52,150,000
Property and equipment, net of accumulated depreciation 2015 - $120,724; 2014 - $114,708	82,252,000	80,354,000
Goodwill	24,293,000	24,293,000
Trademarks	118,000	118,000
Deferred income taxes	12,331,000	25,054,000
Other assets	1,432,000	1,704,000
Total assets	189,911,000	218,567,000
Liabilities and Shareholders' Equity
Accounts payable	9,545,000	13,414,000
Accrued payroll	12,883,000	15,304,000
Accrued expenses	7,427,000	11,065,000
Deferred revenue	$ 25,556,000	34,552,000
Liabilities associated with assets held for sale		4,869,000
Other current liabilities	$ 5,189,000	7,277,000
Total current liabilities	60,600,000	86,481,000
Long-term debt	0	13,000,000
Deferred rent	20,618,000	19,990,000
Other liabilities	2,666,000	2,785,000
Total liabilities	$ 83,884,000	$ 122,256,000
Commitments and contingencies (Note 11)
Shareholders' equity:
Common stock, par value $.01 per share; 100,000,000 shares authorized, 34,211,598 shares issued and outstanding at June 28, 2015; 34,333,858 shares issued and outstanding at December 28, 2014	$ 342,000	$ 343,000
Additional paid-in capital	151,417,000	155,455,000
Accumulated deficit	$ (45,732,000)	$ (59,487,000)
Treasury stock, at cost; 71,950 shares at June 28, 2015 and December 28, 2014
Total shareholders' equity	$ 106,027,000	$ 96,311,000
Total liabilities and shareholders' equity	$ 189,911,000	$ 218,567,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets - Unaudited (Parentheticals) - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 28, 2014
Other Intangible Assets [Member]
Finite-lived intangible assets, accumulated amortization	$ 1,263	$ 1,001
Allowance for doubtful accounts	756	760
Property and equipment, accumulated depreciation	$ 120,724	$ 114,708
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	34,211,598	34,333,858
Common stock, shares outstanding (in shares)	34,211,598	34,333,858
Treasury stock, shares (in shares)	71,950	71,950

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Revenues:
Restaurant sales	$ 85,765	$ 77,989	$ 177,836	$ 163,059
Franchise income	4,117	3,807	8,139	7,843
Other operating income	1,167	1,210	2,419	2,458
Total revenues	91,049	83,006	188,394	173,360
Costs and expenses:
Food and beverage costs	26,162	24,828	54,262	51,496
Restaurant operating expenses	40,264	37,741	81,966	76,584
Marketing and advertising	2,448	1,923	4,040	3,669
General and administrative costs	7,445	5,847	13,892	12,072
Depreciation and amortization expenses	3,187	2,714	6,106	5,224
Pre-opening costs	139	119	515	528
Total costs and expenses	79,645	73,172	160,781	149,573
Operating income	11,404	9,834	27,613	23,787
Other income (expense):
Interest expense, net	(174)	(298)	(400)	(585)
Other	16	12	31	21
Income from continuing operations before income tax expense	11,246	9,548	27,244	23,223
Income tax expense	3,577	2,880	8,807	7,566
Income from continuing operations	7,669	6,668	18,437	15,657
Income (loss) from discontinued operations, net of income taxes	(153)	236	(509)	111
Net income	$ 7,516	$ 6,904	$ 17,928	$ 15,768
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.22	$ 0.19	$ 0.53	$ 0.45
Discontinued operations (in dollars per share)	0	0.01	(0.01)	0
Basic earnings per share (in dollars per share)	0.22	0.20	0.52	0.45
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.22	0.18	0.53	0.44
Discontinued operations (in dollars per share)	0	0.01	(0.01)	0
Diluted earnings per share (in dollars per share)	$ 0.22	$ 0.19	$ 0.52	$ 0.44
Shares used in computing net income per common share:
Basic (in shares)	34,343,691	35,122,131	34,280,024	35,108,391
Diluted (in shares)	34,611,107	35,587,975	34,640,397	35,703,436
Cash dividends declared per common share (in dollars per share)	$ 0.06	$ 0.05	$ 0.12	$ 0.10

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity - Unaudited - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 29, 2013	34,990,000			72,000
Balance at Dec. 29, 2013	$ 350	$ 169,107	$ (68,804)		$ 100,653
Net income			15,768		15,768
Cash dividends			$ (3,596)		$ (3,596)
Repurchase of common stock (in shares)	(541,000)				(541,190)
Repurchase of common stock	$ (5)	$ (6,735)			$ (6,740)
Shares issued under stock compensation plan net of shares withheld for tax effects (in shares)	406,000
Shares issued under stock compensation plan net of shares withheld for tax effects	$ 4	(2,022)			(2,018)
Excess tax benefit from stock based compensation		1,398			1,398
Stock-based compensation		1,323			1,323
Balance at June 28, 2015 (in shares) at Jun. 29, 2014	34,855,000			72,000
Balance at June 28, 2015 at Jun. 29, 2014	$ 349	163,071	$ (56,632)		106,788
Balance (in shares) at Dec. 28, 2014	34,334,000			72,000
Balance at Dec. 28, 2014	$ 343	$ 155,455	(59,487)		96,311
Net income			17,928		17,928
Cash dividends			$ (4,173)		$ (4,173)
Repurchase of common stock (in shares)	(351,000)				(350,749)
Repurchase of common stock	$ (4)	$ (5,255)			$ (5,259)
Shares issued under stock compensation plan net of shares withheld for tax effects (in shares)	228,000
Shares issued under stock compensation plan net of shares withheld for tax effects	$ 3	(888)			(885)
Excess tax benefit from stock based compensation		540			540
Stock-based compensation		1,565			1,565
Balance at June 28, 2015 (in shares) at Jun. 28, 2015	34,211,000			72,000
Balance at June 28, 2015 at Jun. 28, 2015	$ 342	$ 151,417	$ (45,732)		$ 106,027

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Cash flows from operating activities:
Net income	$ 17,928,000	$ 15,768,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,106,000	6,510,000
Deferred income taxes	12,857,000	1,838,000
Non-cash interest expense	210,000	210,000
Loss on the disposal of property and equipment, net	0	118,000
Amortization of below market lease	0	65,000
Stock-based compensation expense	1,565,000	1,323,000
Changes in operating assets and liabilities:
Accounts receivables	4,193,000	3,726,000
Inventories	94,000	332,000
Prepaid expenses and other	(960,000)	247,000
Other assets	86,000	56,000
Accounts payable and accrued expenses	(11,046,000)	(13,382,000)
Deferred revenue	(8,996,000)	(7,922,000)
Deferred rent	628,000	(440,000)
Other liabilities	(938,000)	1,295,000
Net cash provided by operating activities	21,727,000	9,744,000
Cash flows from investing activities:
Acquisition of property and equipment	(8,121,000)	(6,362,000)
Acquisition of franchise restaurant, net of cash acquired	0	(2,800,000)
Proceeds from sale of Mitchell's Restaurants	10,000,000	0
Net cash provided (used in) investing activities	1,879,000	(9,162,000)
Cash flows from financing activities:
Principal borrowings on long-term debt	15,000,000	14,000,000
Principal repayments on long-term debt	(28,000,000)	(11,000,000)
Repurchase of common stock	(5,259,000)	(6,740,000)
Tax payments from the vesting of restricted stock and option exercises	(1,085,000)	(2,218,000)
Excess tax benefits from stock compensation	540,000	1,398,000
Proceeds from exercise of stock options	200,000	200,000
Cash dividend payments	(4,173,000)	(3,596,000)
Net cash used in financing activities	(22,777,000)	(7,956,000)
Net increase (decrease) in cash and cash equivalents	829,000	(7,374,000)
Cash and cash equivalents at beginning of period	4,301,000	10,586,000
Cash and cash equivalents at end of period	5,130,000	3,212,000
Supplemental disclosures of cash flow information:
Interest, net of capitalized interest	206,000	304,000
Income taxes	98,000	1,319,000
Noncash investing and financing activities:
Accrual-based acquisition of property and equipment	$ 1,534,000	$ 832,000

Note 1 - The Company and Basis

Note 1 - The Company and Basis of Presentation	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	(1) The Company and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Ruth’s Hospitality Group, Inc. and its subsidiaries (collectively, the Company) as of June 28, 2015 and December 28, 2014 and for the thirteen and twenty-six week periods ended June 28, 2015 and June 29, 2014 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The condensed consolidated financial statements 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. Ruth’s Hospitality Group, Inc. is a leading restaurant company focused on the upscale dining segment. Ruth’s Hospitality Group, Inc. operates Company-owned Ruth’s Chris Steak House restaurants and sells franchise rights to Ruth’s Chris Steak House franchisees giving the franchisees the exclusive right to operate similar restaurants in a particular area designated in the franchise agreement. As of June 28, 2015, there were 146 Ruth’s Chris Steak House restaurants, including 66 Company-owned restaurants, one restaurant operating under a management agreement and 79 franchisee-owned restaurants, including 20 international franchisee-owned restaurants in Aruba, Canada, China, Hong Kong, El Salvador, Japan, Mexico, Panama, Singapore, Taiwan and the United Arab Emirates. All Company owned restaurants are located in the United States. In February 2015, the Company opened a new Ruth’s Chris Steak House restaurant in St. Petersburg, FL. New franchisee-owned Ruth’s Chris Steak House restaurants opened in Ann Arbor, MI and Charleston, SC in May 2015. As of December 28, 2014, the Company also operated eighteen Mitchell’s Fish Markets and three Mitchell’s/Cameron’s Steakhouse restaurants (collectively, the Mitchell’s Restaurants), located primarily in the Midwest and Florida. On January 21, 2015, the Company sold the Mitchell’s Restaurants to a third party (see Note 2). For financial reporting purposes, the Mitchell’s Restaurants are classified as a discontinued operation for all periods presented and, as of December 28, 2014, the assets are classified as held for sale. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. The interim results of operations for the periods ended June 28, 2015 and June 29, 2014 are not necessarily indicative of the results that may be achieved for the full year. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to the SEC’s rules and regulations. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014. The Company operates on a 52- or 53-week fiscal year ending on the last Sunday in December. The fiscal quarters ended June 28, 2015 and June 29, 2014 each contained thirteen weeks and are referred to herein as the second quarter of fiscal year 2015 and the second quarter of fiscal year 2014, respectively. Fiscal years 2015 and 2014 are both 52-week years. Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reporting of revenue and expenses during the periods to prepare these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles. Significant items subject to such estimates and assumptions include the carrying amounts of property and equipment, goodwill, franchise rights, and obligations related to gift cards, incentive compensation, workers’ compensation and medical insurance. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Most significantly, the results of the Mitchell’s Restaurants have been reclassified as a discontinued operation. These reclassifications had no effect on previously reported net income. Recent Accounting Pronouncements for Future Application In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard was originally effective for interim and annual periods in fiscal years beginning after December 15, 2016. In July 2015, the FASB affirmed its proposal for a one year deferral of the effective date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. The FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” in April of 2015, which requires entities to present debt issuance costs related to a recognized debt liability on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. Entities will no longer record the cost of issuing debt as a separate asset, except when the cost is incurred before receipt of the funding from the associated debt liability. The new standard is effective for interim and annual periods beginning after December 15, 2015. The Company is currently evaluating the effect of the standard on its ongoing financial reporting.

Note 2 - Mitchell's Restaurants

Note 2 - Mitchell's Restaurants	6 Months Ended
	Jun. 28, 2015
Mitchells Restaurants [Member]
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	(2) Mitchell’s Restaurants In November 2014, the Company, Landry’s, Inc. and Mitchell’s Entertainment, Inc., an affiliate of Landry’s Inc. (together with Landry’s Inc., Landry’s), entered into an asset purchase agreement (the Agreement). Pursuant to the Agreement, the Company agreed to sell the Mitchell’s Restaurants and related assets to Landry’s for $10 million. The sale of the Mitchell’s Restaurants closed on January 21, 2015. The assets sold consisted primarily of leasehold interests, leasehold improvements, restaurant equipment and furnishings, inventory, and related intangible assets, including brand names and trademarks associated with the 21 Mitchell’s Restaurants. The assets and related liabilities of the Mitchell’s Restaurants are classified as held for sale in the consolidated balance sheet as of December 28, 2014. The results of operations, impairment charges and loss on assets held for sale have been classified as discontinued operations in the consolidated statements of income for all periods presented. No amounts for shared general and administrative costs or interest expense were allocated to discontinued operations. Substantially all direct cash flows related to operating these restaurants were eliminated on the closing date of the sale. The Company’s continuing involvement was limited to the provision of transition services for four months with minimal impact on cash flows. Under the terms of the Agreement, Landry’s assumed the Mitchell’s Restaurants’ facility lease obligations and the Company will reimburse Landry’s for gift cards that were sold prior to the closing date and are used at the Mitchell’s Restaurants during the eighteen months following the closing date. In the Agreement, the Company and Landry’s have made customary representations and warranties and have agreed to customary covenants relating to the sale of the Mitchell’s Restaurants. Specifically, (i) before the closing date, the Company was subject to certain business conduct restrictions with respect to its operation of the Mitchell’s Restaurants, and (ii) for eighteen months following the closing date, neither the Company nor Landry’s will knowingly solicit or employ, or seek to solicit or employ, certain key employees of the other party, subject to certain limited exceptions. Landry’s offered employment to substantially all of the employees of the Mitchell’s Restaurants. The Company and Landry’s have agreed to indemnify each other for losses arising from certain breaches of the Agreement and for certain other liabilities. The Company has guaranteed Landry’s lease obligations aggregating $39.0 million under nine of the Mitchell’s Restaurants’ leases. The Company did not record a financial accounting liability for the lease guarantees, because the likelihood of Landry’s defaulting on the lease agreements was deemed to be remote. Landry’s also indemnified the Company in the event of a default under any of the leases. The Company did record a $250 thousand liability for its letter of credit obligation related to one of the leases. The following summarizes the financial statement carrying amounts of assets and liabilities associated with the Mitchell’s Restaurants which are classified as held for sale (in thousands): June 28, December 28, 2015 2014 Inventory $ - $ 952 Property and equipment, net - 8,775 Trademarks - 2,847 Other intangibles 250 2,545 Total assets held for sale $ 250 $ 15,119 Deferred rent liability $ - $ 4,869 Total liabilities associated with assets held for sale $ - $ 4,869 As of June 28, 2015, the Company owned a liquor license related to the Mitchell’s Restaurants, which is classified as held for sale in the consolidated balance sheet as of June 28, 2015.
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	(3) Discontinued Operations The Company accounts for its closed restaurants in accordance with the provisions of FASB ASC Topic 360-10, “Property, Plant and Equipment.” As of December 29, 2014, the Company adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which changed the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. ASU 2014-08 requires that an entity report as a discontinued operation only a disposal that represents a strategic shift in operations that has a major effect on its operations and financial results. Therefore, individual restaurants which are closed after December 28, 2014 will not be classified as discontinued operations. Prior to the Company’s adoption of ASU 2014-08, when a restaurant was closed or the restaurant was either held for sale or abandoned, the restaurant’s operations were 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, were reclassified. For the thirteen and twenty-six week periods ended June 28, 2015 and June 29, 2014, all restaurant sales, direct costs and expenses and income taxes attributable to restaurants classified as discontinued operations have been aggregated to a single caption entitled loss from discontinued operations, net of income tax benefit in the condensed consolidated statements of income for all periods presented. Loss from discontinued operations, net of income tax benefit is comprised of the following (in thousands): 13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Revenues Mitchell's Restaurants $ - $ 19,242 $ 4,343 $ 37,896 Other Restaurants - 744 - 2,687 Total revenues - 19,986 4,343 40,583 Costs and expenses Recurring costs and expenses Mitchell's Restaurants 217 18,980 5,138 37,847 Other Restaurants 43 912 117 3,155 Total costs and expenses 260 19,892 5,255 41,002 Income (loss) before income taxes (260 ) 94 (912 ) (419 ) Income tax benefit (107 ) (142 ) (403 ) (530 ) Income (loss) from discontinued operations, net of income taxes $ (153 ) $ 236 $ (509 ) $ 112 In addition to the Mitchell’s Restaurants, discontinued operations for the thirteen and twenty-six week periods ended June 28, 2015 and June 29, 2014 also includes the results of other closed restaurants. Due to an expiring lease term, the Company closed the Company-owned Ruth’s Chris Steak House in Kansas City, MO in March 2014 after seventeen 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 the closing of this location. Due to local market conditions and disappointing financial results, the Company negotiated early terminations of the facility leases for the Stamford, CT Mitchell’s Fish Market restaurant, which closed in March 2014, and the Providence, RI Ruth’s Chris Steak House restaurant, which closed in September 2014. Cash flows from discontinued operations are combined with the cash flows from continuing operations within each of the categories on our condensed consolidated statement of cash flows. Except for the receipt of $10 million for the sale of the Mitchell’s Restaurants during the first quarter of fiscal year 2015, we do not anticipate that the sale of the Mitchell’s Restaurants or any of our closed restaurants reported as discontinued operations will have a material impact on the Company’s cash flow during fiscal year 2015.

Note 3 - Discontinued Operation

Note 3 - Discontinued Operations	6 Months Ended
	Jun. 28, 2015
Mitchells Restaurants [Member]
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	(2) Mitchell’s Restaurants In November 2014, the Company, Landry’s, Inc. and Mitchell’s Entertainment, Inc., an affiliate of Landry’s Inc. (together with Landry’s Inc., Landry’s), entered into an asset purchase agreement (the Agreement). Pursuant to the Agreement, the Company agreed to sell the Mitchell’s Restaurants and related assets to Landry’s for $10 million. The sale of the Mitchell’s Restaurants closed on January 21, 2015. The assets sold consisted primarily of leasehold interests, leasehold improvements, restaurant equipment and furnishings, inventory, and related intangible assets, including brand names and trademarks associated with the 21 Mitchell’s Restaurants. The assets and related liabilities of the Mitchell’s Restaurants are classified as held for sale in the consolidated balance sheet as of December 28, 2014. The results of operations, impairment charges and loss on assets held for sale have been classified as discontinued operations in the consolidated statements of income for all periods presented. No amounts for shared general and administrative costs or interest expense were allocated to discontinued operations. Substantially all direct cash flows related to operating these restaurants were eliminated on the closing date of the sale. The Company’s continuing involvement was limited to the provision of transition services for four months with minimal impact on cash flows. Under the terms of the Agreement, Landry’s assumed the Mitchell’s Restaurants’ facility lease obligations and the Company will reimburse Landry’s for gift cards that were sold prior to the closing date and are used at the Mitchell’s Restaurants during the eighteen months following the closing date. In the Agreement, the Company and Landry’s have made customary representations and warranties and have agreed to customary covenants relating to the sale of the Mitchell’s Restaurants. Specifically, (i) before the closing date, the Company was subject to certain business conduct restrictions with respect to its operation of the Mitchell’s Restaurants, and (ii) for eighteen months following the closing date, neither the Company nor Landry’s will knowingly solicit or employ, or seek to solicit or employ, certain key employees of the other party, subject to certain limited exceptions. Landry’s offered employment to substantially all of the employees of the Mitchell’s Restaurants. The Company and Landry’s have agreed to indemnify each other for losses arising from certain breaches of the Agreement and for certain other liabilities. The Company has guaranteed Landry’s lease obligations aggregating $39.0 million under nine of the Mitchell’s Restaurants’ leases. The Company did not record a financial accounting liability for the lease guarantees, because the likelihood of Landry’s defaulting on the lease agreements was deemed to be remote. Landry’s also indemnified the Company in the event of a default under any of the leases. The Company did record a $250 thousand liability for its letter of credit obligation related to one of the leases. The following summarizes the financial statement carrying amounts of assets and liabilities associated with the Mitchell’s Restaurants which are classified as held for sale (in thousands): June 28, December 28, 2015 2014 Inventory $ - $ 952 Property and equipment, net - 8,775 Trademarks - 2,847 Other intangibles 250 2,545 Total assets held for sale $ 250 $ 15,119 Deferred rent liability $ - $ 4,869 Total liabilities associated with assets held for sale $ - $ 4,869 As of June 28, 2015, the Company owned a liquor license related to the Mitchell’s Restaurants, which is classified as held for sale in the consolidated balance sheet as of June 28, 2015.
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	(3) Discontinued Operations The Company accounts for its closed restaurants in accordance with the provisions of FASB ASC Topic 360-10, “Property, Plant and Equipment.” As of December 29, 2014, the Company adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which changed the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. ASU 2014-08 requires that an entity report as a discontinued operation only a disposal that represents a strategic shift in operations that has a major effect on its operations and financial results. Therefore, individual restaurants which are closed after December 28, 2014 will not be classified as discontinued operations. Prior to the Company’s adoption of ASU 2014-08, when a restaurant was closed or the restaurant was either held for sale or abandoned, the restaurant’s operations were 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, were reclassified. For the thirteen and twenty-six week periods ended June 28, 2015 and June 29, 2014, all restaurant sales, direct costs and expenses and income taxes attributable to restaurants classified as discontinued operations have been aggregated to a single caption entitled loss from discontinued operations, net of income tax benefit in the condensed consolidated statements of income for all periods presented. Loss from discontinued operations, net of income tax benefit is comprised of the following (in thousands): 13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Revenues Mitchell's Restaurants $ - $ 19,242 $ 4,343 $ 37,896 Other Restaurants - 744 - 2,687 Total revenues - 19,986 4,343 40,583 Costs and expenses Recurring costs and expenses Mitchell's Restaurants 217 18,980 5,138 37,847 Other Restaurants 43 912 117 3,155 Total costs and expenses 260 19,892 5,255 41,002 Income (loss) before income taxes (260 ) 94 (912 ) (419 ) Income tax benefit (107 ) (142 ) (403 ) (530 ) Income (loss) from discontinued operations, net of income taxes $ (153 ) $ 236 $ (509 ) $ 112 In addition to the Mitchell’s Restaurants, discontinued operations for the thirteen and twenty-six week periods ended June 28, 2015 and June 29, 2014 also includes the results of other closed restaurants. Due to an expiring lease term, the Company closed the Company-owned Ruth’s Chris Steak House in Kansas City, MO in March 2014 after seventeen 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 the closing of this location. Due to local market conditions and disappointing financial results, the Company negotiated early terminations of the facility leases for the Stamford, CT Mitchell’s Fish Market restaurant, which closed in March 2014, and the Providence, RI Ruth’s Chris Steak House restaurant, which closed in September 2014. Cash flows from discontinued operations are combined with the cash flows from continuing operations within each of the categories on our condensed consolidated statement of cash flows. Except for the receipt of $10 million for the sale of the Mitchell’s Restaurants during the first quarter of fiscal year 2015, we do not anticipate that the sale of the Mitchell’s Restaurants or any of our closed restaurants reported as discontinued operations will have a material impact on the Company’s cash flow during fiscal year 2015.

Note 4 - Long-term Debt

Note 4 - Long-term Debt	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	(4) Long-term Debt Long-term debt consists of the following (in thousands): June 28, December 28, 2015 2014 Senior Credit Facility: Revolving credit facility $ - $ 13,000 Less current maturities - - $ - $ 13,000 As of June 28, 2015, the Company had no outstanding indebtedness under its senior credit facility with approximately $95.8 million of borrowings available, net of outstanding letters of credit of approximately $4.2 million. As of June 28, 2015, the weighted average interest rate on the Company’s outstanding letters of credit was 2.1%. In addition, the fee on the Company’s unused senior credit facility was 0.2%. 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 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; $36.3 million of such payments had been made as of June 28, 2015. 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 June 28, 2015, the Company was in compliance with the covenants under the Amended and Restated Credit Agreement.

Note 5 - Shareholders' Equity

Note 5 - Shareholders' Equity	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	(5) Shareholders’ Equity In May 2013, the Company announced that its Board of Directors approved a common stock repurchase program. Under the program, the Company was authorized from time to time to purchase up to $30 million of its outstanding common stock. During the first twenty-six weeks of fiscal year ended 2014, 541,190 shares were repurchased at an aggregate cost of $6.7 million, or an average cost of $12.45 per share. The share repurchases were made in the open market at the Company’s discretion, within pricing parameters set by the Board of Directors. On November 17, 2014, the Company announced that its Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to $50 million of outstanding common stock from time to time in the open market, through negotiated transactions or otherwise, depending on share price, market conditions and other factors. The new share repurchase program replaced the Company’s previous share repurchase program announced in May 2013, which was terminated. The new share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and has no termination date. During the first twenty-six weeks of fiscal year 2015, 350,749 shares were repurchased under this new program at an aggregate cost of $5.3 million, or an average cost of $14.99 per share. As of June 28, 2015, $39.6 million remained available for future purchases under the new program. Share repurchases under both programs were accounted for under the cost method and all repurchased shares were retired and cancelled. The excess of the purchase price over the par value of the shares was recorded as a reduction in additional paid-in capital. 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 2015: February 13, 2015 $ 0.06 February 26, 2015 $ 2,082 March 12, 2015 April 21, 2015 $ 0.06 May 14, 2015 $ 2,090 May 28, 2015 Fiscal Year 2014: February 21, 2014 $ 0.05 March 13, 2014 $ 1,798 March 27, 2014 April 22, 2014 $ 0.05 May 15, 2014 $ 1,798 May 29, 2014 Subsequent to the end of the second quarter of fiscal year 2015, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per common and restricted share, or approximately $2.1 million in the aggregate based on the number of shares currently outstanding, payable on August 27, 2015 to stockholders of record on August 13, 2015. Outstanding unvested restricted stock is not included in common stock outstanding amounts. Restricted stock outstanding as of June 28, 2015 aggregated 908,272 shares.

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	(6) Fair Value Measurements The carrying amounts of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to their short duration. Borrowings classified as long-term debt as of June 28, 2015 and December 28, 2014 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). As of June 28, 2015 and December 28, 2014, the end of the second quarter of fiscal year 2015, the Company had no assets or liabilities measured on a recurring or nonrecurring basis subject to the disclosure requirements of “Fair Value Measurements and Disclosures,” FASB ASC Topic 820 except for the Mitchell’s Restaurants assets held for sale using a market approach valuation method (Level 3).

Note 7 - Segment Information

Note 7 - Segment Information	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(7) Segment Information Previously, the Company provided financial information for three operating segments: the Company-owned steakhouse restaurant segment, the Company-owned fish market restaurant segment and the franchise operations segment. As a consequence of the sale of the Mitchell’s Restaurants, management has determined that the Company has two reportable segments – the Company-owned steakhouse segment and the franchise operations segment. Previously reported segment information has been revised to exclude the Mitchell’s Restaurants. The Company does not rely on any major customers as a source of revenue. The Company-owned Ruth’s Chris Steak House restaurants, all of which are located in North America, operate within the full-service dining industry, providing similar products to similar customers. Revenues are derived principally from food and beverage sales. As of June 28, 2015, (i) the Company-owned steakhouse restaurant segment included 66 Ruth’s Chris Steak House restaurants and one Ruth’s Chris Steak House restaurant operating under a management agreement and (ii) the franchise operations segment included 79 franchisee-owned Ruth’s Chris Steak House restaurants. Segment profits for the Company-owned steakhouse restaurant segments equal segment revenues less segment expenses. Segment revenues for the Company-owned steakhouse restaurants 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 segment 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. The accounting policies applicable to each segment are consistent with the policies used to prepare the consolidated financial statements. 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 two reportable business segments follows (in thousands): 13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Revenues: Company-owned steakhouse restaurants $ 86,411 $ 78,595 $ 179,004 $ 164,163 Franchise operations 4,117 3,807 8,139 7,843 Unallocated other revenue and revenue discounts, net 521 604 1,251 1,354 Total revenues $ 91,049 $ 83,006 $ 188,394 $ 173,360 Segment profits: Company-owned steakhouse restaurants $ 19,985 $ 16,026 $ 42,776 $ 36,083 Franchise operations 4,117 3,807 8,139 7,843 Total segment profit 24,102 19,833 50,915 43,926 Unallocated operating income 521 604 1,251 1,354 Marketing and advertising expenses (2,448 ) (1,923 ) (4,040 ) (3,669 ) General and administrative costs (7,445 ) (5,847 ) (13,892 ) (12,072 ) Depreciation and amortization expenses (3,187 ) (2,714 ) (6,106 ) (5,224 ) Pre-opening costs (139 ) (119 ) (515 ) (528 ) Interest expense, net (174 ) (298 ) (400 ) (585 ) Other income 16 12 31 21 Income from continuing operations before income tax expense $ 11,246 $ 9,548 $ 27,244 $ 23,223 Capital expenditures: Company-owned steakhouse restaurants $ 3,412 $ 2,271 $ 7,721 $ 4,835 Corporate assets 88 413 175 901 Mitchell's Restaurants - 348 225 626 Total capital expenditures $ 3,500 $ 3,032 $ 8,121 $ 6,362 June 28, December 28, 2015 2014 Total assets: Company-owned steakhouse restaurants $ 152,623 $ 155,757 Franchise operations 1,722 2,151 Corporate assets - unallocated 19,345 16,711 Deferred income taxes - unallocated 15,971 28,829 Mitchell's Restaurants 250 15,119 Total assets $ 189,911 $ 218,567

Note 8 - Stock-Based Employee C

Note 8 - Stock-Based Employee Compensation	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(8) Stock-Based Employee Compensation Under the Amended and Restated 2005 Equity Incentive Plan, at June 28, 2015, there were 382,492 shares of common stock issuable upon exercise of currently outstanding options, 908,272 currently outstanding restricted stock awards and 2,278,845 shares available for future grants. During the first twenty-six weeks of fiscal year 2015, the Company issued 583,662 restricted stock awards to directors, officers and other employees of the Company. Of the 583,662 restricted stock awards issued during the first twenty-six weeks of fiscal year 2015, 104,567 shares will vest pro rata over three annual service periods through March 9, 2018, 54,095 will vest upon completion of a two-year service period on March 9, 2017, 100,000 shares will vest pro rata over three annual service periods through June 15, 2018 and 325,000 will vest at 25% annually with the first vesting date occurring on June 15, 2018 and ending June 15, 2021. Total stock compensation expense recognized during the first twenty-six weeks of fiscal years 2015 and 2014 was $1.6 million and $1.3 million, respectively.

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(9) Income Taxes 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: 26 Weeks Ended June 28, June 29, 2015 2014 Income tax expense at statutory rates 35.0 % 35.0 % Increase (decrease) in income taxes resulting from: State income taxes, net of federal benefit 4.5 % 4.5 % Federal employment tax credits (7.1 %) (7.9 %) Other (0.1 %) 1.0 % Effective tax rate 32.3 % 32.6 % The Company utilizes the federal FICA tip credit to reduce its periodic federal income tax expense. A restaurant company employer may claim a credit against the company’s federal income taxes for FICA taxes paid on certain tip wages (the FICA tip credit). The credit against income tax liability is for the full amount of eligible FICA taxes. Employers cannot deduct from taxable income the amount of FICA taxes taken into account in determining the credit. Income taxes applicable to discontinued operations are comprised of (a) taxes calculated at the composite federal and state statutory tax rate times the pre-tax loss plus (b) the FICA tip credit benefit attributable to the restaurant sales of the Mitchell’s Restaurants. A reconciliation of the U.S. statutory tax rate to the effective tax rate applicable to discontinued operations for the first twenty-six weeks of fiscal years 2015 and 2014 follows: 26 Weeks Ended June 28, June 29, 2015 2014 Income tax expense at statutory rates (319 ) (147 ) Increase (decrease) in income taxes resulting from: State income taxes, net of federal benefit (41 ) (19 ) Other, primarily federal FICA tip credit net benefit (42 ) (364 ) (402 ) (530 ) Effective tax rate 44.2 % 126.6 % During all periods presented, the FICA tip credit net benefit had a disproportionate impact on the income tax rate applicable to discontinued operations due to the Mitchell’s Restaurants generally operating near break even from operations before income taxes. 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 income or state tax examinations for years before 2010.

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	(10) Earnings Per Share The following table sets forth the computation of earnings per share (amounts in thousands, except share and per share amounts): 13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Income from continuing operations $ 7,669 $ 6,668 $ 18,437 $ 15,657 Income (loss) from discontinued operations, net of income taxes (153 ) 236 (509 ) 111 Net income $ 7,516 $ 6,904 $ 17,928 $ 15,768 Shares: Weighted average number of common shares outstanding - basic 34,343,691 35,122,131 34,280,024 35,108,391 Weighted average number of common shares outstanding - diluted 34,611,107 35,587,975 34,640,397 35,703,436 Basic earnings (loss) per common share: Continuing operations $ 0.22 $ 0.19 $ 0.53 $ 0.45 Discontinued operations (0.00 ) 0.01 (0.01 ) 0.00 Basic earnings per common share $ 0.22 $ 0.20 $ 0.52 $ 0.45 Diluted earnings (loss) per common share: Continuing operations $ 0.22 $ 0.18 $ 0.53 $ 0.44 Discontinued operations (0.00 ) 0.01 (0.01 ) 0.00 Diluted earnings per common share $ 0.22 $ 0.19 $ 0.52 $ 0.44 Diluted earnings per share for the second quarters of fiscal year 2015 and 2014 excludes stock options and restricted shares of 185,291 and 152,722 respectively, which were outstanding during the period but were anti-dilutive. The weighted average exercise prices of the anti-dilutive stock options for second quarters of fiscal years 2015 and 2014 were $18.72 per share and $18.70 per share, respectively. Diluted earnings per share for the first twenty-six weeks of fiscal years 2015 and 2014 excludes stock options and restricted shares of 220,272 and 145,634 respectively, which were outstanding during the period but were anti-dilutive. The weighted average exercise prices of the anti-dilutive stock options for the first twenty-six weeks of fiscal years 2015 and 2014 were $18.72 per share and $18.69 per share, respectively.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 28, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(11) Commitments and Contingencies 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 the Company’s 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. The Company sells a considerable number of gift cards, which are issued and administered by a third party gift card issuer and service provider, consistent with common retail industry practice. The third party gift card issuer is paid a net fee for its services by the Company. The third party gift card issuer and service provider, as well as a number of other restaurant companies, retailers and gift card issuers, were named as defendants in an action filed under seal in June 2013 by William French on behalf of the State of Delaware in the Superior Court of Delaware in and for New Castle County alleging violations of Delaware law. The filing was unsealed in March 2014. The complaint alleges that approximately $30 million with respect to unused gift cards should be escheated by the Company to the State of Delaware and seeks interest and penalties, attorneys’ fees and costs, and an injunction against alleged future violations of Delaware’s unclaimed property laws. The Company has not yet been served with the complaint. The Company believes that it is in compliance with Delaware’s unclaimed property laws and intends to defend its position vigorously if served. To protect its interests, the Company has joined in a notice to remove the case to federal district court, which was filed in May 2014, and a motion to dismiss filed by all defendants in June 2014. In December 2014, the case was remanded back to Superior Court of Delaware. 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 2 - Mitchell's Restauran18

Note 2 - Mitchell's Restaurants (Tables)	6 Months Ended
	Jun. 28, 2015
Mitchells Restaurants [Member]
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	June 28, December 28, 2015 2014 Inventory $ - $ 952 Property and equipment, net - 8,775 Trademarks - 2,847 Other intangibles 250 2,545 Total assets held for sale $ 250 $ 15,119 Deferred rent liability $ - $ 4,869 Total liabilities associated with assets held for sale $ - $ 4,869
Disposal Groups, Including Discontinued Operations [Table Text Block]	13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Revenues Mitchell's Restaurants $ - $ 19,242 $ 4,343 $ 37,896 Other Restaurants - 744 - 2,687 Total revenues - 19,986 4,343 40,583 Costs and expenses Recurring costs and expenses Mitchell's Restaurants 217 18,980 5,138 37,847 Other Restaurants 43 912 117 3,155 Total costs and expenses 260 19,892 5,255 41,002 Income (loss) before income taxes (260 ) 94 (912 ) (419 ) Income tax benefit (107 ) (142 ) (403 ) (530 ) Income (loss) from discontinued operations, net of income taxes $ (153 ) $ 236 $ (509 ) $ 112

Note 3 - Discontinued Operati19

Note 3 - Discontinued Operations (Tables)	6 Months Ended
	Jun. 28, 2015
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Revenues Mitchell's Restaurants $ - $ 19,242 $ 4,343 $ 37,896 Other Restaurants - 744 - 2,687 Total revenues - 19,986 4,343 40,583 Costs and expenses Recurring costs and expenses Mitchell's Restaurants 217 18,980 5,138 37,847 Other Restaurants 43 912 117 3,155 Total costs and expenses 260 19,892 5,255 41,002 Income (loss) before income taxes (260 ) 94 (912 ) (419 ) Income tax benefit (107 ) (142 ) (403 ) (530 ) Income (loss) from discontinued operations, net of income taxes $ (153 ) $ 236 $ (509 ) $ 112

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	6 Months Ended
	Jun. 28, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 28, December 28, 2015 2014 Senior Credit Facility: Revolving credit facility $ - $ 13,000 Less current maturities - - $ - $ 13,000

Note 5 - Shareholders' Equity (

Note 5 - Shareholders' Equity (Tables)	6 Months Ended
	Jun. 28, 2015
Notes Tables
Schedule of Dividends Payable [Table Text Block]	Declaration Date Dividend per Share Record Date Total Amount Payment Date Fiscal Year 2015: February 13, 2015 $ 0.06 February 26, 2015 $ 2,082 March 12, 2015 April 21, 2015 $ 0.06 May 14, 2015 $ 2,090 May 28, 2015 Fiscal Year 2014: February 21, 2014 $ 0.05 March 13, 2014 $ 1,798 March 27, 2014 April 22, 2014 $ 0.05 May 15, 2014 $ 1,798 May 29, 2014

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	6 Months Ended
	Jun. 28, 2015
Notes Tables
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Revenues: Company-owned steakhouse restaurants $ 86,411 $ 78,595 $ 179,004 $ 164,163 Franchise operations 4,117 3,807 8,139 7,843 Unallocated other revenue and revenue discounts, net 521 604 1,251 1,354 Total revenues $ 91,049 $ 83,006 $ 188,394 $ 173,360 Segment profits: Company-owned steakhouse restaurants $ 19,985 $ 16,026 $ 42,776 $ 36,083 Franchise operations 4,117 3,807 8,139 7,843 Total segment profit 24,102 19,833 50,915 43,926 Unallocated operating income 521 604 1,251 1,354 Marketing and advertising expenses (2,448 ) (1,923 ) (4,040 ) (3,669 ) General and administrative costs (7,445 ) (5,847 ) (13,892 ) (12,072 ) Depreciation and amortization expenses (3,187 ) (2,714 ) (6,106 ) (5,224 ) Pre-opening costs (139 ) (119 ) (515 ) (528 ) Interest expense, net (174 ) (298 ) (400 ) (585 ) Other income 16 12 31 21 Income from continuing operations before income tax expense $ 11,246 $ 9,548 $ 27,244 $ 23,223 Capital expenditures: Company-owned steakhouse restaurants $ 3,412 $ 2,271 $ 7,721 $ 4,835 Corporate assets 88 413 175 901 Mitchell's Restaurants - 348 225 626 Total capital expenditures $ 3,500 $ 3,032 $ 8,121 $ 6,362 June 28, December 28, 2015 2014 Total assets: Company-owned steakhouse restaurants $ 152,623 $ 155,757 Franchise operations 1,722 2,151 Corporate assets - unallocated 19,345 16,711 Deferred income taxes - unallocated 15,971 28,829 Mitchell's Restaurants 250 15,119 Total assets $ 189,911 $ 218,567

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	6 Months Ended
	Jun. 28, 2015
Discontinued Operations [Member]
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	26 Weeks Ended June 28, June 29, 2015 2014 Income tax expense at statutory rates (319 ) (147 ) Increase (decrease) in income taxes resulting from: State income taxes, net of federal benefit (41 ) (19 ) Other, primarily federal FICA tip credit net benefit (42 ) (364 ) (402 ) (530 ) Effective tax rate 44.2 % 126.6 %
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	26 Weeks Ended June 28, June 29, 2015 2014 Income tax expense at statutory rates 35.0 % 35.0 % Increase (decrease) in income taxes resulting from: State income taxes, net of federal benefit 4.5 % 4.5 % Federal employment tax credits (7.1 %) (7.9 %) Other (0.1 %) 1.0 % Effective tax rate 32.3 % 32.6 %

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	13 Weeks Ended 26 Weeks Ended June 28, June 29, June 28, June 29, 2015 2014 2015 2014 Income from continuing operations $ 7,669 $ 6,668 $ 18,437 $ 15,657 Income (loss) from discontinued operations, net of income taxes (153 ) 236 (509 ) 111 Net income $ 7,516 $ 6,904 $ 17,928 $ 15,768 Shares: Weighted average number of common shares outstanding - basic 34,343,691 35,122,131 34,280,024 35,108,391 Weighted average number of common shares outstanding - diluted 34,611,107 35,587,975 34,640,397 35,703,436 Basic earnings (loss) per common share: Continuing operations $ 0.22 $ 0.19 $ 0.53 $ 0.45 Discontinued operations (0.00 ) 0.01 (0.01 ) 0.00 Basic earnings per common share $ 0.22 $ 0.20 $ 0.52 $ 0.45 Diluted earnings (loss) per common share: Continuing operations $ 0.22 $ 0.18 $ 0.53 $ 0.44 Discontinued operations (0.00 ) 0.01 (0.01 ) 0.00 Diluted earnings per common share $ 0.22 $ 0.19 $ 0.52 $ 0.44

Note 1 - The Company and Basi25

Note 1 - The Company and Basis of Presentation (Details Textual)	Jun. 28, 2015	Dec. 28, 2014
Ruths Chris Steak House [Member] | Entity Operated Units [Member]
Number of Restaurants	66
Ruths Chris Steak House [Member] | Managed [Member]
Number of Restaurants	1
Ruths Chris Steak House [Member] | Franchised Units [Member] | International [Member]
Number of Restaurants	20
Ruths Chris Steak House [Member] | Franchised Units [Member]
Number of Restaurants	79
Ruths Chris Steak House [Member]
Number of Restaurants	146
Mitchells Fish Market [Member] | Company-owned Fish Market Restaurants [Member]
Number of Restaurants		18
Camerons Mitchell Steak house [Member] | Company-owned Fish Market Restaurants [Member]
Number of Restaurants		3

Note 2 - Mitchell's Restauran26

Note 2 - Mitchell's Restaurants (Details Textual) $ in Thousands	Jun. 28, 2015USD ($)	Nov. 30, 2014USD ($)
Mitchells Restaurants [Member]
Disposal Group, Including Discontinued Operation, Consideration		$ 10,000
Number of Restaurants		21
One of the Leases [Member]
Letters of Credit Outstanding, Amount	$ 250
Lease Obligations Guaranteed	$ 39,000

Note 2 - Mitchell's Restauran27

Note 2 - Mitchell's Restaurants - Carrying Amounts of Assets and Liabilities with the Mitchell's Restaurants Classified as Held for Sale (Details) - Mitchells Restaurants [Member] - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 28, 2014
Trademarks [Member]
Intangible assets		$ 2,847
Other Intangible Assets [Member]
Intangible assets	$ 250	2,545
Inventory		952
Property and equipment, net		8,775
Total assets held for sale	$ 250	15,119
Deferred rent liability		4,869
Total liabilities associated with assets held for sale		$ 4,869

Note 3 - Discontinued Operati28

Note 3 - Discontinued Operations (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 29, 2015	Jun. 28, 2015	Jun. 29, 2014
Mitchells Restaurants [Member]
Proceeds from Divestiture of Businesses	$ 10,000,000
Proceeds from Divestiture of Businesses		$ 10,000,000	$ 0

Note 3 - Discontinued Operati29

Note 3 - Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Mitchells Restaurants [Member]
Revenues:
Revenues		$ 19,242	$ 4,343	$ 37,896
Costs and expenses:
Recurring costs and expenses	$ 217	18,980	$ 5,138	37,847
Other Restaurants [Member]
Revenues:
Revenues		744		2,687
Costs and expenses:
Recurring costs and expenses	$ 43	912	$ 117	3,155
Revenues		19,986	4,343	40,583
Recurring costs and expenses	$ 260	19,892	5,255	41,002
Income (loss) before income taxes	(260)	94	(912)	(419)
Income tax benefit	(107)	(142)	(403)	(530)
Income (loss) from discontinued operations, net of income taxes	$ (153)	$ 236	$ (509)	$ 111

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual)	Feb. 14, 2012USD ($)	Jun. 28, 2015USD ($)
Senior Credit Facility [Member] | Amended And Restated Credit Agreement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Senior Credit Facility [Member] | Amended And Restated Credit Agreement [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Senior Credit Facility [Member] | Amended And Restated Credit Agreement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Senior Credit Facility [Member] | Amended And Restated Credit Agreement [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Senior Credit Facility [Member]
Long-term Line of Credit		$ 0
Line of Credit Facility, Remaining Borrowing Capacity		$ 95,800,000
Long-term Debt, Weighted Average Interest Rate		2.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Letter of Credit [Member]
Letters of Credit Outstanding, Amount		$ 4,200,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
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	$ 100,000,000
Debt Covenant Limit Used for Cash Dividends and Repurchases of Common or Preferred Stock		$ 36,300,000

Note 4 - Long-term Debt - Summa

Note 4 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)	Jun. 28, 2015	Dec. 28, 2014
Senior Credit Facility:
Revolving credit facility	$ 0	$ 13,000,000
Less current maturities	0	0
	$ 0	$ 13,000,000

Note 5 - Shareholders' Equity32

Note 5 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014	Nov. 17, 2014	May. 31, 2013
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.06
Dividends Payable, Current	$ 2.1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		908,272		908,272
Stock Repurchase Program, Authorized Amount						$ 50	$ 30
Stock Repurchased During Period, Shares				350,749	541,190
Treasury Stock, Value, Acquired, Cost Method				$ 5.3	$ 6.7
Treasury Stock Acquired, Average Cost Per Share				$ 14.99	$ 12.45
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 39.6		$ 39.6
Common Stock, Dividends, Per Share, Declared		$ 0.06	$ 0.05	$ 0.12	$ 0.10

Note 5 - Shareholders' Equity -

Note 5 - Shareholders' Equity - Dividends Declared (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Dividend Declared 1 [Member]
Declaration date	Feb. 13, 2015
Dividend per share (in dollars per share)	$ 0.06
Record date	Feb. 26, 2015
Total amount	$ 2,082
Payment date	Mar. 12, 2015
Dividends Declared 2 [Member]
Declaration date	Apr. 21, 2015
Dividend per share (in dollars per share)	$ 0.06
Record date	May 14, 2015
Total amount	$ 2,090
Payment date	May 28, 2015
Dividends Declared 3 [Member]
Declaration date		Feb. 21, 2014
Dividend per share (in dollars per share)		$ 0.05
Record date		Mar. 13, 2014
Total amount		$ 1,798
Payment date		Mar. 27, 2014
Dividends Declared 4 [Member]
Declaration date		Apr. 22, 2014
Dividend per share (in dollars per share)		$ 0.05
Record date		May 15, 2014
Total amount		$ 1,798
Payment date		May 29, 2014

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Entity Operated Units [Member] | Ruths Chris Steak House [Member]
Number of Restaurants	66
Management Agreement Operating Unit [Member] | Ruths Chris Steak House [Member]
Number of Restaurants	1
Franchised Units [Member] | Ruths Chris Steak House [Member]
Number of Restaurants	79
Ruths Chris Steak House [Member]
Number of Restaurants	146
Number of Operating Segments		3
Number of Reportable Segments	2

Note 7 - Segment Information -

Note 7 - Segment Information - Segment Information, Operating Profit (Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014	Dec. 28, 2014
Company-owned Steakhouse Restaurants [Member] | Operating Segments [Member]
Revenues:
Revenues	$ 86,411,000	$ 78,595,000	$ 179,004,000	$ 164,163,000
Segment profits:
Segment profits	19,985,000	16,026,000	42,776,000	36,083,000
Capital expenditures:
Capital expenditures	3,412,000	2,271,000	7,721,000	4,835,000
Total assets:
Assets	152,623,000		152,623,000		$ 155,757,000
Franchise Operations [Member] | Operating Segments [Member]
Revenues:
Revenues	4,117,000	3,807,000	8,139,000	7,843,000
Segment profits:
Segment profits	4,117,000	3,807,000	8,139,000	7,843,000
Total assets:
Assets	$ 1,722,000		1,722,000		2,151,000
Mitchells Restaurants [Member]
Capital expenditures:
Capital expenditures		348,000	225,000	626,000
Total assets:
Assets	$ 250,000		250,000		15,119,000
Segment Reconciling Items [Member]
Revenues:
Revenues	521,000	604,000	1,251,000	1,354,000
Segment profits:
Unallocated operating income	521,000	604,000	1,251,000	1,354,000
Corporate, Non-Segment [Member]
Capital expenditures:
Capital expenditures	88,000	413,000	175,000	901,000
Total assets:
Assets	19,345,000		19,345,000		16,711,000
Deferred income taxes - unallocated	15,971,000		15,971,000		28,829,000
Revenues	91,049,000	83,006,000	188,394,000	173,360,000
Segment profits	24,102,000	19,833,000	50,915,000	43,926,000
Marketing and advertising expenses	(2,448,000)	(1,923,000)	(4,040,000)	(3,669,000)
General and administrative costs	(7,445,000)	(5,847,000)	(13,892,000)	(12,072,000)
Depreciation and amortization expenses	(3,187,000)	(2,714,000)	(6,106,000)	(5,224,000)
Pre-opening costs	(139,000)	(119,000)	(515,000)	(528,000)
Interest expense, net	(174,000)	(298,000)	(400,000)	(585,000)
Other income	16,000	12,000	31,000	21,000
Income from continuing operations before income tax expense	11,246,000	9,548,000	27,244,000	23,223,000
Capital expenditures	3,500,000	$ 3,032,000	8,121,000	$ 6,362,000
Assets	$ 189,911,000		$ 189,911,000		$ 218,567,000

Note 8 - Stock-Based Employee36

Note 8 - Stock-Based Employee Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Long-term Equity Incentive Plan 2005 [Member] | Pro Rata Through March 09 2018 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Long-term Equity Incentive Plan 2005 [Member] | Pro Rata Through March 09 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	104,567
Long-term Equity Incentive Plan 2005 [Member] | Vest on March 9, 2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Long-term Equity Incentive Plan 2005 [Member] | Vest on March 9, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	54,095
Long-term Equity Incentive Plan 2005 [Member] | Pro Rata Through June 15, 2018 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Long-term Equity Incentive Plan 2005 [Member] | Pro Rata Through June 15, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	100,000
Long-term Equity Incentive Plan 2005 [Member] | June 15, 2018 through June 15, 2021 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Long-term Equity Incentive Plan 2005 [Member] | June 15, 2018 through June 15, 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	325,000
Long-term Equity Incentive Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	382,492
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	908,272
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,278,845
Stock Issued During Period, Shares, Restricted Stock Award, Gross	583,662
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	908,272
Allocated Share-based Compensation Expense	$ 1.6	$ 1.3

Note 9 - Income Taxes - Reconci

Note 9 - Income Taxes - Reconciliation of the U.S. Statutory Rate to the Effective Rate (Details)	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Income tax expense at statutory rates	35.00%	35.00%
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal benefit	4.50%	4.50%
Federal employment tax credits	(7.10%)	(7.90%)
Other	(0.10%)	1.00%
Effective tax rate	32.30%	32.60%

Note 9 - Income Taxes - Income

Note 9 - Income Taxes - Income Tax Reconciliation Applicable to Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Discontinued Operations [Member]
Income tax expense at statutory rates	$ (319)	$ (147)
State income taxes, net of federal benefit	(41)	(19)
Other, primarily federal FICA tip credit net benefit	(42)	(364)
	$ (402)	$ (530)
Effective tax rate	44.20%	126.60%
	$ 8,807	$ 7,566
Effective tax rate	32.30%	32.60%

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	185,291	152,722	220,272	145,634
Weighted Average Exercise Prices Anti Dilutive Stock Options	$ 18.72	$ 18.70	$ 18.72	$ 18.69

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Income from continuing operations	$ 7,669	$ 6,668	$ 18,437	$ 15,657
Income (loss) from discontinued operations, net of income taxes	(153)	236	(509)	111
Net income	$ 7,516	$ 6,904	$ 17,928	$ 15,768
Shares used in computing net income per common share:
Weighted average number of common shares outstanding - basic (in shares)	34,343,691	35,122,131	34,280,024	35,108,391
Weighted average number of common shares outstanding - diluted (in shares)	34,611,107	35,587,975	34,640,397	35,703,436
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.22	$ 0.19	$ 0.53	$ 0.45
Discontinued operations (in dollars per share)	0	0.01	(0.01)	0
Basic earnings per common share (in dollars per share)	0.22	0.20	0.52	0.45
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.22	0.18	0.53	0.44
Discontinued operations (in dollars per share)	0	0.01	(0.01)	0
Diluted earnings per common share (in dollars per share)	$ 0.22	$ 0.19	$ 0.52	$ 0.44

Note 11 - Commitments and Con41

Note 11 - Commitments and Contingencies (Details Textual) $ in Millions	Jun. 28, 2013USD ($)
Loss Contingency, Damages Sought, Value	$ 30