Chuy's (CHUY) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 29, 2015	1-May-15
Document Information [Line Items]
Entity Registrant Name	CHUY'S HOLDINGS, INC.
Entity Central Index Key	1524931
Current Fiscal Year End Date	-15
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	29-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		16,467,306
Amendment Flag	FALSE

Unaudited_Condensed_Consolidat

Unaudited Condensed Consolidated Balance Sheets (USD $)	Mar. 29, 2015	Dec. 28, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$6,779	$3,815
Accounts receivable	732	922
Lease incentives receivable	2,079	4,164
Inventories	905	926
Prepaid expenses and other current assets	2,303	3,087
Total current assets	12,798	12,914
Property and equipment, net	122,199	118,807
Other assets and intangible assets, net	1,470	1,522
Tradename	21,900	21,900
Goodwill	24,069	24,069
Total assets	182,436	179,212
CURRENT LIABILITIES
Accounts payable	4,437	5,921
Accrued liabilities	10,457	10,397
Deferred lease incentives	1,419	1,419
Current deferred tax liability	231	231
Total current liabilities	16,544	17,968
Deferred tax liability	8,352	6,976
Accrued deferred rent	5,645	5,252
Deferred lease incentives, less current portion	21,687	22,078
Long-term debt	8,500	8,750
Total liabilities	60,728	61,024
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value; 60,000,000 shares authorized; 16,467,306 shares issued and outstanding at March 29, 2015 and 16,440,906 shares issued and outstanding at December 28, 2014	165	164
Preferred stock, $0.01 par value; 15,000,000 shares authorized and no shares issued or outstanding at March 29, 2015 and December 28, 2014	0	0
Paid-in capital	88,751	88,467
Retained earnings	32,792	29,557
Total stockholders’ equity	121,708	118,188
Total liabilities and stockholders’ equity	$182,436	$179,212

Unaudited_Condensed_Consolidat1

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 29, 2015	Dec. 28, 2014
Common stock - par value	$0.01	$0.01
Common stock - shares authorized	60,000,000	60,000,000
Common stock - shares issued	16,467,306	16,440,906
Common stock - shares outstanding	16,467,306	16,440,906
Preferred stock - par value	$0.01	$0.01
Preferred stock - authorized	15,000,000	15,000,000
Preferred stock - issued	0	0
Preferred stock - outstanding	0	0

Unaudited_Condensed_Consolidat2

Unaudited Condensed Consolidated Income Statements (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Revenue	$66,829	$55,951
Costs and expenses:
Cost of sales	17,544	15,528
Labor	22,146	18,710
Operating	9,331	7,561
Occupancy	4,480	3,554
General and administrative	4,084	2,923
Marketing	535	422
Restaurant pre-opening	1,108	1,155
Depreciation and amortization	2,998	2,316
Total costs and expenses	62,226	52,169
Income from operations	4,603	3,782
Interest expense	47	22
Income before income taxes	4,556	3,760
Income tax expense	1,321	1,128
Net income	$3,235	$2,632
Net income per common share:
Basic	$0.20	$0.16
Diluted	$0.19	$0.16
Weighted-average shares outstanding:
Basic	16,449,682	16,397,629
Diluted	16,689,562	16,712,418

Unaudited_Condensed_Consolidat3

Unaudited Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Cash flows from operating activities:
Net income	$3,235	$2,632
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,998	2,316
Amortization of loan origination costs	11	11
Stock-based compensation	356	202
Excess tax benefit from stock-based compensation	-28	-537
Loss (gain) on disposal of property and equipment	68	-1
Amortization of deferred lease incentives	-391	-332
Deferred income taxes	1,376	900
Changes in operating assets and liabilities:
Accounts receivable	190	12
Inventories	21	-39
Prepaid expenses and other current assets	784	-241
Accounts payable	-2,500	-1,785
Accrued liabilities and deferred rent	348	-1,094
Deferred lease incentives	2,085	933
Net cash provided by operating activities	8,553	2,977
Cash flows from investing activities:
Purchase of property and equipment	-5,323	-6,247
Purchase of other assets	-47	-86
Net cash used in investing activities	-5,370	-6,333
Cash flows from financing activities:
Borrowings under revolving line of credit	1,000	2,000
Payments under revolving line of credit	-1,250	0
Excess tax benefit from stock-based compensation	28	537
Proceeds from the exercise of stock options	53	302
Indirect repurchase of shares for minimum tax withholdings	-50	0
Net cash provided by (used in) financing activities	-219	2,839
Net decrease in cash and cash equivalents	2,964	-517
Cash and cash equivalents, beginning of period	3,815	5,323
Cash and cash equivalents, end of period	6,779	4,806
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment and other assets acquired by accounts payable	1,016	1,455
Supplemental cash flow disclosures:
Cash paid for interest	51	38
Cash paid for income taxes	$273	$59

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 29, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION
	Chuy’s Holdings, Inc. (the “Company” or “Chuy’s”) is in the business of developing and operating Chuy’s restaurants throughout the United States. Chuy’s is a fast-growing, full-service restaurant concept offering a distinct menu of authentic, freshly-prepared Mexican and Tex Mex inspired food. As of March 29, 2015, the Company operated 62 restaurants in fourteen states.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements and the related notes reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), except that certain information and notes have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the “SEC”). Results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the fiscal year ended December 28, 2014. The accompanying consolidated balance sheet as of December 28, 2014, has been derived from our audited consolidated financial statements.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the period. Actual results could differ from those estimates.
	The Company operates on a 52- or 53- week fiscal year that ends on the last Sunday of the calendar year. Each quarterly period has 13 weeks, except for a 53-week year when the fourth quarter has 14 weeks. Our 2015 fiscal year will consist of 52 weeks and our 2014 fiscal year consisted of 52 weeks.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 29, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS
	We reviewed all significant newly-issued accounting pronouncements and concluded that they either are not applicable to our operations or that no material effect is expected on our consolidated financial statements as a result of future adoption.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
Net Income Per Share	NET INCOME PER SHARE
	The number of shares and net income per share data for all periods presented are based on the historical weighted-average shares of common stock outstanding.
	Basic net income per share of the Company's common stock is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period.
	Diluted net income per share of the Company's common stock is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential shares of common stock equivalents outstanding during the period using the treasury stock method for dilutive options and deferred shares (these deferred shares were granted under the Chuy's Holdings, Inc. 2012 Omnibus Equity Incentive Plan (the "2012 Plan"), and are referred to as "restricted stock units"). For the thirteen-week period ended March 29, 2015, there were approximately 57,883 shares of common stock equivalents that were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive.
	The computation of basic and diluted earnings per share is as follows:
		Thirteen Weeks Ended
		March 29,		March 30,
		2015		2014
	BASIC
	NUMERATOR:
	Net income	$	3,235	$	2,632
	DENOMINATOR:
	Weighted-average common shares outstanding	16,449,682		16,397,629
	Basic net income per common share	$	0.2	$	0.16
	DILUTED
	NUMERATOR:
	Net income	$	3,235	$	2,632
	DENOMINATOR:
	Weighted-average common shares outstanding	16,449,682		16,397,629
	Dilutive effect of stock options and restricted stock units	239,880		314,789
	Weighted-average of diluted shares	16,689,562		16,712,418
	Diluted net income per common share	$	0.19	$	0.16

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION
	The Company has outstanding awards under the Chuy's Holdings, Inc. 2006 Stock Option Plan (the "2006 Plan") and the 2012 Plan. The outstanding options vest ratably over five years from the date of grant and have a maximum term of 10 years. The outstanding restricted stock units vest over four to five years from the date of grant. As of March 29, 2015, a total of 882,755 shares of common stock are reserved and remain available for issuance under the 2012 Plan.
	Stock-based compensation cost recognized in the accompanying consolidated income statements was $356,000 and $202,000 for the thirteen weeks ended March 29, 2015 and March 30, 2014.
	Stock Options
	A summary of stock-based compensation activity related to stock options for the thirteen weeks ended March 29, 2015 are as follows:
		Shares		Weighted		Weighted	Aggregate
				Average		Average	Intrinsic
				Exercise		Remaining	Value
				Price		Contractual
						Term
						(Years)
	Outstanding and expected to vest at December 28, 2014	684,188		$	12.27
	Exercised	(7,436	)	7.13
	Forfeited	(1,018	)	29.47
	Outstanding and expected to vest at March 29, 2015	675,734		$	12.3	4.62	$	7,697
	Exercisable at March 29, 2015	524,078		$	8.69	3.76	$	7,359
	The aggregate intrinsic value in the table above is obtained by subtracting the weighted average exercise price from the estimated fair value of the underlying common stock as of March 29, 2015 and multiplying this result by the related number of options outstanding and exercisable at March 29, 2015. The estimated fair value of the common stock as of March 29, 2015 used in the above calculation was $21.99 per share, the closing price of the Company’s common stock on March 27, 2015, the last trading day of the first quarter. The total intrinsic value of options exercised during the thirteen weeks ended March 29, 2015 was $105,000. The fair value of options vested during the thirteen weeks ended March 29, 2015 was $427,000.
	There was approximately $1.3 million of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of March 29, 2015. These costs will be recognized ratably through the year 2019.
	Restricted Stock Units
	A summary of stock-based compensation activity related to restricted stock units for the thirteen weeks ended March 29, 2015 are as follows:
		Shares		Weighted		Weighted	Total Compensation Cost Related to Non-Vested Awards
				Average		Average
				Fair Value		Remaining
						Contractual
						Term
						(Year)
	Outstanding and expected to vest at December 28, 2014	87,428		$	40.36
	Granted	100,094		23.12
	Vested	(21,098	)	40.68
	Outstanding and expected to vest at March 29, 2015	166,424		$	29.95	3.41	$	4,865
	The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of March 29, 2015, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $4.9 million, which is expected to be recognized ratably over the next four years.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Mar. 29, 2015
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT
	Revolving Credit Facility
	On November 30, 2012, the Company entered into a secured $25 million revolving credit facility (the “Revolving Credit Facility”) with Wells Fargo Bank, National Association, which replaced the Company's previous credit facility. As of March 29, 2015, the interest rate on our Revolving Credit Facility was 1.93%. The Revolving Credit Facility requires the Company to comply with a fixed charge coverage ratio, a lease adjusted leverage ratio and certain non-financial covenants. The Revolving Credit Facility also places certain restrictions on the payment of dividends and distributions. Under the Revolving Credit Facility, Chuy's may declare and make dividend payments so long as (i) no default or event of default has occurred and is continuing or would result therefrom and (ii) immediately after giving effect to any such dividend payment, on a pro forma basis, the lease adjusted leverage ratio is at least .50 less than the ratio required to be maintained at such time.
	The obligations under the Company’s Revolving Credit Facility are secured by a first priority lien on substantially all of the Company’s assets. As of March 29, 2015, we had borrowings under our Revolving Credit Facility of $8.5 million, and the amount available for future borrowings was $16.5 million.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 29, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES
	The major classes of accrued liabilities at March 29, 2015 and December 28, 2014 are summarized as follows:
		March 29,		December 28,
		2015		2014
	Accrued compensation and related benefits	$	4,396	$	3,883
	Other accruals	2,502		2,582
	Sales and use tax	2,029		1,779
	Deferred gift card revenue	1,003		1,326
	Property tax	527		827
	Total accrued liabilities	$	10,457	$	10,397

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 29, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	COMMITMENTS AND CONTINGENCIES
	We are involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 29, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS
	Subsequent to March 29, 2015, the Company opened one new restaurant for a total of 63 restaurants, in fourteen states.

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
Net Income Per Share	The computation of basic and diluted earnings per share is as follows:
		Thirteen Weeks Ended
		March 29,		March 30,
		2015		2014
	BASIC
	NUMERATOR:
	Net income	$	3,235	$	2,632
	DENOMINATOR:
	Weighted-average common shares outstanding	16,449,682		16,397,629
	Basic net income per common share	$	0.2	$	0.16
	DILUTED
	NUMERATOR:
	Net income	$	3,235	$	2,632
	DENOMINATOR:
	Weighted-average common shares outstanding	16,449,682		16,397,629
	Dilutive effect of stock options and restricted stock units	239,880		314,789
	Weighted-average of diluted shares	16,689,562		16,712,418
	Diluted net income per common share	$	0.19	$	0.16

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Activity Related to Stock Options	A summary of stock-based compensation activity related to stock options for the thirteen weeks ended March 29, 2015 are as follows:
		Shares		Weighted		Weighted	Aggregate
				Average		Average	Intrinsic
				Exercise		Remaining	Value
				Price		Contractual
						Term
						(Years)
	Outstanding and expected to vest at December 28, 2014	684,188		$	12.27
	Exercised	(7,436	)	7.13
	Forfeited	(1,018	)	29.47
	Outstanding and expected to vest at March 29, 2015	675,734		$	12.3	4.62	$	7,697
	Exercisable at March 29, 2015	524,078		$	8.69	3.76	$	7,359
Summary of Stock-Based Compensation Activity Related to Restricted Stock Units	A summary of stock-based compensation activity related to restricted stock units for the thirteen weeks ended March 29, 2015 are as follows:
		Shares		Weighted		Weighted	Total Compensation Cost Related to Non-Vested Awards
				Average		Average
				Fair Value		Remaining
						Contractual
						Term
						(Year)
	Outstanding and expected to vest at December 28, 2014	87,428		$	40.36
	Granted	100,094		23.12
	Vested	(21,098	)	40.68
	Outstanding and expected to vest at March 29, 2015	166,424		$	29.95	3.41	$	4,865

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 29, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The major classes of accrued liabilities at March 29, 2015 and December 28, 2014 are summarized as follows:
		March 29,		December 28,
		2015		2014
	Accrued compensation and related benefits	$	4,396	$	3,883
	Other accruals	2,502		2,582
	Sales and use tax	2,029		1,779
	Deferred gift card revenue	1,003		1,326
	Property tax	527		827
	Total accrued liabilities	$	10,457	$	10,397

Basis_of_Presentation_Details

Basis of Presentation (Details)	Mar. 29, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Restaurants	62

Net_Income_Per_Share_Computati

Net Income Per Share (Computation of Basic and Diluted Earnings Per Share)(Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
NUMERATOR:
Net income	$3,235	$2,632
DENOMINATOR:
Weighted-average common shares outstanding	16,449,682	16,397,629
Basic net income per common share	$0.20	$0.16
NUMERATOR:
Net income	$3,235	$2,632
DENOMINATOR:
Weighted-average common shares outstanding	16,449,682	16,397,629
Dilutive effect of stock options and restricted stock units	239,880	314,789
Weighted-average of diluted shares	16,689,562	16,712,418
Diluted net income per common share	$0.19	$0.16

Net_Income_Per_Share_Narrative

Net Income Per Share (Narrative) (Details)	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	57,883

StockBased_Compensation_Summar

Stock-Based Compensation (Summary of Stock-Based Compensation Activity) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015
Shares
Outstanding and expected to vest at December 28, 2014	684,188
Exercised	-7,436
Forfeited	-1,018
Outstanding and expected to vest at March 29, 2015	675,734
Exercisable at March 29, 2015	524,078
Weighted Average Exercise Price
Outstanding and expected to vest at December 28, 2014	$12.27
Exercised	$7.13
Forfeited	$29.47
Outstanding and expected to vest at March 29, 2015	$12.30
Exercisable at March 29, 2015	$8.69
Weighted Average Remaining Contractual Term (Years)
Outstanding and expected to vest at March 29, 2015	4 years 7 months 12 days
Exercisable at March 29, 2015	3 years 9 months 2 days
Aggregate Intrinsic Value
Outstanding and expected to vest at March 29, 2015	$7,697
Exercisable at March 29, 2015	$7,359

StockBased_Compensation_Summar1

Stock-Based Compensation (Summary of Stock-Based Compensation Activity - Restricted Stock Units) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015
Shares
Outstanding and expected to vest at December 28, 2014	87,428
Granted	100,094
Vested	-21,098
Outstanding and expected to vest at March 29, 2015	166,424
Weighted Average Fair Value
Outstanding and expected to vest at December 28, 2014	$40.36
Granted	$23.12
Vested	$40.68
Outstanding and expected to vest at March 29, 2015	$29.95
Weighted Average Remaining Contractual Term [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	3 years 4 months 29 days
2012 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Total Compensation Cost Related to Non-Vested Awards [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$4,865

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative)(Details) (USD $)	3 Months Ended
	Mar. 29, 2015	Mar. 30, 2014	Mar. 27, 2015
Stock-based compensation	$356,000	$202,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedFairValueOfCommonStockPerShare			$21.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	105,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	427,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	1,300,000
2012 Omnibus Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	882,755
2012 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$4,865,000
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	Mar. 29, 2015	Dec. 28, 2014
Debt Instrument [Line Items]
Long-term debt	$8,500,000	$8,750,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	25,000,000
Line of Credit Facility, Interest Rate at Period End	1.93%
Line of Credit Facility, Remaining Borrowing Capacity	$16,500,000

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Mar. 29, 2015	Dec. 28, 2014
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Accrued compensation and related benefits	$4,396	$3,883
Other accruals	2,502	2,582
Sales and use tax	2,029	1,779
Deferred gift card revenue	1,003	1,326
Property tax	527	827
Total accrued liabilities	$10,457	$10,397

Subsequent_Events_Details

Subsequent Events (Details)	Mar. 29, 2015	7-May-15
Subsequent Event [Line Items]
Number of Restaurants	62
Restaurants [Member]
Subsequent Event [Line Items]
Number of New Restaurants		1
Number of Restaurants		63