Chuy's (CHUY) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 27, 2015	Oct. 30, 2015
Document Information [Line Items]
Entity Registrant Name	CHUY'S HOLDINGS, INC.
Entity Central Index Key	1,524,931
Current Fiscal Year End Date	--12-27
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 27, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		16,478,461
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2015	Dec. 28, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 10,598	$ 3,815
Accounts receivable	658	922
Lease incentives receivable	1,019	4,164
Inventories	1,012	926
Prepaid expenses and other current assets	3,899	3,087
Total current assets	17,186	12,914
Property and equipment, net	130,236	118,807
Other assets and intangible assets, net	1,669	1,522
Tradename	21,900	21,900
Goodwill	24,069	24,069
Total assets	195,060	179,212
CURRENT LIABILITIES
Accounts payable	6,121	5,921
Accrued liabilities	13,726	10,397
Deferred lease incentives	1,717	1,419
Current deferred tax liability	231	231
Total current liabilities	21,795	17,968
Deferred tax liability	10,948	6,976
Accrued deferred rent	6,487	5,252
Deferred lease incentives, less current portion	23,625	22,078
Long-term debt	0	8,750
Total liabilities	$ 62,855	$ 61,024
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value; 60,000,000 shares authorized; 16,478,461 shares issued and outstanding at September 27, 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 September 27, 2015 and December 28, 2014	0	0
Paid-in capital	89,806	88,467
Retained earnings	42,234	29,557
Total stockholders’ equity	132,205	118,188
Total liabilities and stockholders’ equity	$ 195,060	$ 179,212

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 27, 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	16,474,069	16,440,906
Common stock - shares outstanding	16,474,069	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 Consolidat4

Unaudited Condensed Consolidated Income Statements - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Revenue	$ 73,910	$ 64,107	$ 216,101	$ 183,342
Costs and expenses:
Cost of sales	19,674	18,110	57,020	51,618
Labor	23,641	21,763	69,914	61,279
Operating	10,235	8,966	29,734	25,122
Occupancy	4,802	3,782	14,149	11,140
General and administrative	4,073	2,876	12,456	8,738
Marketing	576	422	1,720	1,327
Restaurant pre-opening	1,067	1,273	2,874	3,733
Depreciation and amortization	3,230	2,663	9,422	7,418
Total costs and expenses	67,298	59,855	197,289	170,375
Income from operations	6,612	4,252	18,812	12,967
Interest expense	16	36	93	77
Income before income taxes	6,596	4,216	18,719	12,890
Income tax expense	2,527	1,110	6,042	3,706
Net income	$ 4,069	$ 3,106	$ 12,677	$ 9,184
Net income per common share:
Basic	$ 0.25	$ 0.19	$ 0.77	$ 0.56
Diluted	$ 0.24	$ 0.19	$ 0.76	$ 0.55
Weighted-average shares outstanding:
Basic	16,476,472	16,436,585	16,465,499	16,423,301
Diluted	16,760,695	16,706,865	16,726,925	16,711,794

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Cash flows from operating activities:
Net income	$ 12,677	$ 9,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,422	7,418
Amortization of loan origination costs	34	34
Stock-based compensation	1,255	731
Excess tax benefit from stock-based compensation	(109)	(523)
Loss on disposal of property and equipment	90	29
Amortization of deferred lease incentives	(1,233)	(932)
Deferred income taxes	3,972	2,937
Changes in operating assets and liabilities:
Accounts receivable	264	(101)
Inventories	(86)	(143)
Prepaid expenses and other current assets	(812)	(467)
Accounts payable	(2,427)	(1,658)
Accrued liabilities and deferred rent	4,515	1,457
Deferred lease incentives	6,223	3,266
Net cash provided by operating activities	33,785	21,232
Cash flows from investing activities:
Purchase of property and equipment	(18,097)	(26,369)
Purchase of other assets	(315)	(287)
Net cash used in investing activities	(18,412)	(26,656)
Cash flows from financing activities:
Borrowings under revolving line of credit	1,000	4,250
Payments under revolving line of credit	(9,750)	(1,500)
Excess tax benefit from stock-based compensation	109	523
Proceeds from the exercise of stock options	105	321
Indirect repurchase of shares for minimum tax withholdings	(54)	0
Net cash provided by (used in) financing activities	(8,590)	3,594
Net increase (decrease) in cash and cash equivalents	6,783	(1,830)
Cash and cash equivalents, beginning of period	3,815	5,323
Cash and cash equivalents, end of period	10,598	3,493
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment and other assets acquired by accounts payable	2,627	1,348
Supplemental cash flow disclosures:
Cash paid for interest	87	125
Cash paid for income taxes	$ 2,323	$ 562

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 27, 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 September 27, 2015 , the Company operated 65 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 condensed 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 Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 27, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , 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 GAAP when it becomes effective. In July 2015, the FASB voted to defer the effective date of this ASU by one year to annual periods beginning after December 15, 2017 (our 2018 fiscal year). Early adoption is permitted for annual periods beginning after December 15, 2016 (our 2017 fiscal year). The standard permits the use of either the retrospective or cumulative effect transition method. The adoption of this standard update is not expected to have a material impact on our consolidated financial statements. Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in the financial statements from an asset on the balance sheet to a deduction from the related debt liability. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015 (our 2016 fiscal year). Early adoption is permitted. The adoption of this standard update is not expected to have a material impact on our consolidated financial statements. Software Licenses In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance about whether a cloud computing arrangement includes a software license. ASU 2015-05 is effective for annual and interim periods beginning after December 15, 2015 (our 2016 fiscal year). Early adoption is permitted. We are currently evaluating the impact, if any, this guidance will have on our consolidated financial statements.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 27, 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 weeks ended September 27, 2015 and September 28, 2014 there were approximately 9,500 and 24,000 shares, respectively, of common stock equivalents that were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive. For the thirty-nine -week period ended September 27, 2015 and September 28, 2014 , there were approximately 39,000 and 7,000 shares, respectively, 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 Thirty-Nine Weeks Ended September 27, September 28, September 27, September 28, BASIC NUMERATOR: Net income $ 4,069 $ 3,106 $ 12,677 $ 9,184 DENOMINATOR: Weighted-average common shares outstanding 16,476,472 16,436,585 16,465,499 16,423,301 Basic net income per common share $ 0.25 $ 0.19 $ 0.77 $ 0.56 DILUTED NUMERATOR: Net income $ 4,069 $ 3,106 $ 12,677 $ 9,184 DENOMINATOR: Weighted-average common shares outstanding 16,476,472 16,436,585 16,465,499 16,423,301 Dilutive effect of stock options and restricted stock units 284,223 270,280 261,426 288,493 Weighted-average of diluted shares 16,760,695 16,706,865 16,726,925 16,711,794 Diluted net income per common share $ 0.24 $ 0.19 $ 0.76 $ 0.55

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 27, 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. Options granted under these plans vest over five years from the date of grant and have a maximum term of 10 years. Restricted stock units granted under the 2012 Plan vest over four to five years from the date of grant. As of September 27, 2015 , a total of 896,591 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 $450,000 and $ 332,000 for the thirteen weeks ended September 27, 2015 and September 28, 2014 and $1,255,000 and $731,000 for the thirty-nine weeks ended September 27, 2015 and September 28, 2014 . Stock Options A summary of stock-based compensation activity related to stock options for the thirty-nine weeks ended September 27, 2015 are as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 28, 2014 684,188 $ 12.27 Exercised (18,083 ) 5.78 Forfeited (19,290 ) 32.01 Outstanding at September 27, 2015 646,815 $ 11.86 4.05 $ 10,424 Exercisable at September 27, 2015 526,983 $ 8.87 3.35 $ 9,979 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 September 27, 2015 and multiplying this result by the related number of options outstanding and exercisable at September 27, 2015 . The estimated fair value of the common stock as of September 27, 2015 used in the above calculation was $27.69 per share, the closing price of the Company’s common stock on September 25, 2015, the last trading day of the third quarter. The total intrinsic value of options exercised during the thirty-nine weeks ended September 27, 2015 was $357,000 . The fair value of options vested during the thirty-nine weeks ended September 27, 2015 was $560,000 . There was approximately $922,000 of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of September 27, 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 thirty-nine weeks ended September 27, 2015 are as follows: Shares Weighted Average Fair Value Weighted Total Compensation Cost Related to Non-Vested Awards Outstanding at December 28, 2014 87,428 $ 40.36 Granted 109,023 23.51 Vested (21,849 ) 40.36 Forfeited (4,250 ) 33.50 Outstanding at September 27, 2015 170,352 $ 29.75 2.99 $ 4,252 The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of September 27, 2015 , total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $4.3 million , which is expected to be recognized ratably through the year 2020 .

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 27, 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 September 27, 2015 , the interest rate on our Revolving Credit Facility was 1.91% . 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 September 27, 2015 we had no borrowings under our Revolving Credit Facility, and the amount available for future borrowings was $25 million . On October 30, 2015, we entered into an amendment to our Revolving Credit Facility. For additional information, see Note 9 to the Notes to the Unaudited Condensed Consolidated Financial Statements.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 27, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES The major classes of accrued liabilities at September 27, 2015 and December 28, 2014 are summarized as follows: September 27, December 28, Accrued compensation and related benefits $ 6,996 $ 3,883 Other accruals 2,304 2,582 Sales and use tax 1,977 1,779 Deferred gift card revenue 941 1,326 Property tax 1,508 827 Total accrued liabilities $ 13,726 $ 10,397

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 27, 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure	8 . INCOME TAXES Due to higher pre-tax income levels and the utilization of the Company's remaining federal net operating loss carryforwards in the first half of 2015, the Company's federal statutory tax rate increased from 34% to 35% in the third quarter of 2015 and began paying federal tax obligations from operating cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 27, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to September 27, 2015 , the Company opened two new restaurants for a total of sixty-seven restaurants, in fourteen states. On October 30, 2015, the Company entered into an amendment (the “Amendment”) to its Revolving Credit Facility. The Amendment made changes to the Revolving Credit Facility to, among other things, (1) extend the maturity date of the Revolving Credit Facility to October 30, 2020 from November 30, 2017 and (2) revise the applicable margins and leverage ratios that determine the commitment fees and interest rates payable by the Company under the Revolving Credit Facility. The Revolving Credit Facility as amended by the Amendment will continue to contain customary affirmative and negative covenants and events of default, including covenants settings a maximum leverage ratio and a minimum fixed charge coverage ratio.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 27, 2015
Earnings Per Share [Abstract]
Net Income Per Share	The computation of basic and diluted earnings per share is as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended September 27, September 28, September 27, September 28, BASIC NUMERATOR: Net income $ 4,069 $ 3,106 $ 12,677 $ 9,184 DENOMINATOR: Weighted-average common shares outstanding 16,476,472 16,436,585 16,465,499 16,423,301 Basic net income per common share $ 0.25 $ 0.19 $ 0.77 $ 0.56 DILUTED NUMERATOR: Net income $ 4,069 $ 3,106 $ 12,677 $ 9,184 DENOMINATOR: Weighted-average common shares outstanding 16,476,472 16,436,585 16,465,499 16,423,301 Dilutive effect of stock options and restricted stock units 284,223 270,280 261,426 288,493 Weighted-average of diluted shares 16,760,695 16,706,865 16,726,925 16,711,794 Diluted net income per common share $ 0.24 $ 0.19 $ 0.76 $ 0.55

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 27, 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 thirty-nine weeks ended September 27, 2015 are as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 28, 2014 684,188 $ 12.27 Exercised (18,083 ) 5.78 Forfeited (19,290 ) 32.01 Outstanding at September 27, 2015 646,815 $ 11.86 4.05 $ 10,424 Exercisable at September 27, 2015 526,983 $ 8.87 3.35 $ 9,979
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 thirty-nine weeks ended September 27, 2015 are as follows: Shares Weighted Average Fair Value Weighted Total Compensation Cost Related to Non-Vested Awards Outstanding at December 28, 2014 87,428 $ 40.36 Granted 109,023 23.51 Vested (21,849 ) 40.36 Forfeited (4,250 ) 33.50 Outstanding at September 27, 2015 170,352 $ 29.75 2.99 $ 4,252

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 27, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The major classes of accrued liabilities at September 27, 2015 and December 28, 2014 are summarized as follows: September 27, December 28, Accrued compensation and related benefits $ 6,996 $ 3,883 Other accruals 2,304 2,582 Sales and use tax 1,977 1,779 Deferred gift card revenue 941 1,326 Property tax 1,508 827 Total accrued liabilities $ 13,726 $ 10,397

Basis of Presentation (Details)

Basis of Presentation (Details)	Sep. 27, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Restaurants	65

Net Income Per Share (Computati

Net Income Per Share (Computation of Basic and Diluted Earnings Per Share)(Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
NUMERATOR:
Net income	$ 4,069	$ 3,106	$ 12,677	$ 9,184
DENOMINATOR:
Weighted-average common shares outstanding	16,476,472	16,436,585	16,465,499	16,423,301
Basic net income per common share	$ 0.25	$ 0.19	$ 0.77	$ 0.56
NUMERATOR:
Net income	$ 4,069	$ 3,106	$ 12,677	$ 9,184
DENOMINATOR:
Weighted-average common shares outstanding	16,476,472	16,436,585	16,465,499	16,423,301
Dilutive effect of stock options and restricted stock units	284,223	270,280	261,426	288,493
Weighted-average of diluted shares	16,760,695	16,706,865	16,726,925	16,711,794
Diluted net income per common share	$ 0.24	$ 0.19	$ 0.76	$ 0.55

Net Income Per Share (Narrative

Net Income Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,500	24,000	39,000	7,000

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock-Based Compensation Activity) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 27, 2015USD ($)$ / sharesshares
Shares
Outstanding at December 28, 2014 | shares	684,188
Exercised | shares	(18,083)
Forfeited | shares	(19,290)
Outstanding at September 27, 2015 | shares	646,815
Exercisable at September 27, 2015 | shares	526,983
Weighted Average Exercise Price
Outstanding at December 28, 2014	$ 12.27
Exercised	5.78
Forfeited	32.01
Outstanding at September 27, 2015	11.86
Exercisable at September 27, 2015	$ 8.87
Weighted Average Remaining Contractual Term (Years)
Outstanding at September 27, 2015	4 years 18 days
Exercisable at September 27, 2015	3 years 4 months 6 days
Aggregate Intrinsic Value
Outstanding at September 27, 2015 | $	$ 10,424
Exercisable at September 27, 2015 | $	$ 9,979

Stock-Based Compensation (Sum22

Stock-Based Compensation (Summary of Stock-Based Compensation Activity - Restricted Stock Units) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 27, 2015USD ($)$ / sharesshares
Shares
Outstanding at December 28, 2014 | shares	87,428
Granted | shares	109,023
Vested | shares	(21,849)
Forfeited | shares	(4,250)
Outstanding at September 27, 2015 | shares	170,352
Weighted Average Fair Value
Outstanding at December 28, 2014	$ 40.36
Granted	23.51
Vested	40.36
Forfeited	33.50
Outstanding at September 27, 2015	$ 29.75
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	2 years 11 months 27 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 | $	$ 4,252

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative)(Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Sep. 27, 2015	Sep. 28, 2014	Sep. 25, 2015
Stock-based compensation	$ 450,000	$ 332,000	$ 1,255,000	$ 731,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedFairValueOfCommonStockPerShare					$ 27.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			357,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value			$ 560,000
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	$ 900,000		$ 900,000
2012 Omnibus Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	896,591		896,591
2012 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4,252,000		$ 4,252,000
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

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 27, 2015	Dec. 28, 2014
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 8,750
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Line of Credit Facility, Interest Rate at Period End	1.91%
Line of Credit Facility, Remaining Borrowing Capacity	$ 25,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2015	Dec. 28, 2014
Payables and Accruals [Abstract]
Accrued compensation and related benefits	$ 6,996	$ 3,883
Other accruals	2,304	2,582
Sales and use tax	1,977	1,779
Deferred gift card revenue	941	1,326
Property tax	1,508	827
Total accrued liabilities	$ 13,726	$ 10,397

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 30, 2015	Sep. 27, 2015
Subsequent Event [Line Items]
Number of Restaurants		65
Restaurants [Member]
Subsequent Event [Line Items]
Number of New Restaurants	2
Number of Restaurants	67