Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 28, 2015 | Jul. 24, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | FIESTA RESTAURANT GROUP, INC. | |
Entity Central Index Key | 1,534,992 | |
Current Fiscal Year End Date | --01-03 | |
Entity Filer Category | Large Accelerated Filer | |
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 | |
Entity Common Stock, Shares Outstanding | 26,831,201 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 28, 2014 |
Current assets: | ||
Cash | $ 5,519 | $ 5,087 |
Trade receivables | 9,229 | 6,340 |
Inventories | 2,529 | 2,719 |
Prepaid rent | 2,964 | 2,894 |
Income tax receivable | 1,759 | 4,974 |
Prepaid expenses and other current assets | 4,372 | 3,166 |
Deferred income taxes | 2,925 | 2,925 |
Total current assets | 29,297 | 28,105 |
Property and equipment, net | 218,589 | 191,371 |
Goodwill | 123,484 | 123,484 |
Deferred income taxes | 11,055 | 11,055 |
Deferred financing costs, net | 1,079 | 1,233 |
Other assets | 2,696 | 2,708 |
Total assets | 386,200 | 357,956 |
Current liabilities: | ||
Current portion of long-term debt | 36 | 61 |
Accounts payable | 12,337 | 10,151 |
Accrued payroll, related taxes and benefits | 13,336 | 15,857 |
Accrued real estate taxes | 4,090 | 5,044 |
Other liabilities | 8,897 | 8,310 |
Total current liabilities | 38,696 | 39,423 |
Long-term debt, net of current portion | 72,264 | 67,264 |
Lease financing obligations | 1,662 | 1,660 |
Deferred income--sale-leaseback of real estate | 31,899 | 34,079 |
Other liabilities | 17,290 | 15,943 |
Total liabilities | $ 161,811 | $ 158,369 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,831,604 and 26,782,945 shares, respectively, and outstanding 26,531,479 and 26,358,448 shares, respectively. | $ 265 | $ 264 |
Additional paid-in capital | 156,918 | 153,867 |
Retained earnings | 67,206 | 45,456 |
Total stockholders' equity | 224,389 | 199,587 |
Total liabilities and stockholders' equity | $ 386,200 | $ 357,956 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 28, 2015 | Dec. 28, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,831,604 | 26,782,945 |
Common stock, shares outstanding | 26,531,479 | 26,358,448 |
Consolidated Statements of Oper
Consolidated Statements of Operations (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 | $ 171,268 | $ 153,515 | $ 334,326 | $ 298,340 | |
Franchise royalty revenues and fees | 632 | 670 | 1,449 | 1,281 | |
Total revenues | 171,900 | 154,185 | 335,775 | 299,621 | |
Costs and expenses: | |||||
Cost of sales | 54,223 | 48,960 | 105,346 | 94,489 | |
Restaurant wages and related expenses (including stock-based compensation expense of $40, $21, $107, and $30, respectively) | [1] | 42,383 | 39,116 | 82,973 | 75,622 |
Restaurant rent expense | 8,048 | 7,374 | 16,055 | 14,578 | |
Other restaurant operating expenses | 21,362 | 19,466 | 41,221 | 37,351 | |
Advertising expense | 5,144 | 4,676 | 10,698 | 10,095 | |
General and administrative (including stock-based compensation expense of $1,055, $1,058, $1,929, and $1,770, respectively) | [2] | 13,624 | 12,132 | 27,388 | 24,283 |
Depreciation and amortization | 7,401 | 5,578 | 14,248 | 10,923 | |
Pre-opening costs | 1,211 | 1,188 | 2,162 | 1,871 | |
Impairment and other lease charges | 0 | 32 | 94 | 17 | |
Other (income) expense | (142) | 0 | (514) | (6) | |
Total operating expenses | 153,254 | 138,522 | 299,671 | 269,223 | |
Income from operations | 18,646 | 15,663 | 36,104 | 30,398 | |
Interest expense | 414 | 568 | 852 | 1,171 | |
Income before income taxes | 18,232 | 15,095 | 35,252 | 29,227 | |
Provision for income taxes | 6,983 | 5,781 | 13,502 | 11,194 | |
Net income | $ 11,249 | $ 9,314 | $ 21,750 | $ 18,033 | |
Basic net income per share | $ 0.42 | $ 0.35 | $ 0.81 | $ 0.67 | |
Diluted net income per share | $ 0.42 | $ 0.35 | $ 0.81 | $ 0.67 | |
Basic weighted average common shares outstanding | 26,490,673 | 26,271,116 | 26,462,919 | 26,236,432 | |
Diluted weighted average common shares outstanding | 26,497,658 | 26,271,116 | 26,470,130 | 26,236,713 | |
[1] | Includes stock-based compensation expense of $40 and $107 for the three and six months ended June 28, 2015, respectively, and $21 and $30 for the three and six months ended June 29, 2014, respectively. | ||||
[2] | Includes stock-based compensation expense of $1,055 and $1,929 for the three and six months ended June 28, 2015, respectively, and $1,058 and $1,770 for the three and six months ended June 29, 2014, respectively. |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Stock-based compensation | $ 2,036 | $ 1,800 | ||
Restaurant Wages And Related Expenses [Member] | ||||
Stock-based compensation | $ 40 | $ 21 | 107 | 30 |
General and Administrative Expense [Member] | ||||
Stock-based compensation | $ 1,055 | $ 1,058 | $ 1,929 | $ 1,770 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Number of Common Stock Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 29, 2013 | $ 158,306 | $ 261 | $ 148,765 | $ 9,280 | |
Beginning shares at Dec. 29, 2013 | 26,082,800 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 1,800 | 1,800 | |||
Vesting of restricted shares | 235,669 | ||||
Vesting of restricted shares | 2 | ||||
Vesting of restricted shares and related tax benefit | 1,315 | 1,313 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (30) | (30) | |||
Net income | 18,033 | 18,033 | |||
Ending balance at Jun. 29, 2014 | 179,424 | 263 | 151,848 | 27,313 | |
Ending shares at Jun. 29, 2014 | 26,318,469 | ||||
Beginning balance at Dec. 28, 2014 | $ 199,587 | 264 | 153,867 | 45,456 | |
Beginning shares at Dec. 28, 2014 | 26,358,448 | 26,358,448 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | $ 2,036 | 2,036 | |||
Vesting of restricted shares | 173,031 | ||||
Vesting of restricted shares | 1 | ||||
Vesting of restricted shares and related tax benefit | 1,016 | 1,015 | |||
Net income | 21,750 | 21,750 | |||
Ending balance at Jun. 28, 2015 | $ 224,389 | $ 265 | $ 156,918 | $ 67,206 | |
Ending shares at Jun. 28, 2015 | 26,531,479 | 26,531,479 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 21,750 | $ 18,033 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Loss (gain) on disposals of property and equipment | (271) | 98 |
Stock-based compensation | 2,036 | 1,800 |
Impairment and other lease charges | 94 | 17 |
Depreciation and amortization | 14,248 | 10,923 |
Amortization of deferred financing costs | 154 | 154 |
Amortization of deferred gains from sale-leaseback transactions | (1,812) | (1,838) |
Deferred income taxes | 0 | (160) |
Changes in other operating assets and liabilities | (1,997) | (3,082) |
Net cash provided by (used in) operating activities | 34,202 | 25,945 |
Capital expenditures: | ||
New restaurant development | (33,462) | (26,604) |
Restaurant remodeling | (1,526) | (4,350) |
Other restaurant capital expenditures | (2,679) | (2,639) |
Corporate and restaurant information systems | (2,233) | (2,431) |
Total capital expenditures | 39,900 | 36,024 |
Proceeds from sale-leaseback transactions | 0 | 5,692 |
Proceeds from sales of other properties | 139 | 1,027 |
Net cash used in investing activities | (39,761) | (29,305) |
Cash flows from financing activities: | ||
Excess tax benefit from vesting of restricted shares | 1,016 | 1,315 |
Share issuance costs | (30) | |
Borrowings on revolving credit facility | 16,000 | 16,000 |
Repayments on revolving credit facility | (11,000) | (21,000) |
Principal payments on capital leases | (25) | (30) |
Other financing costs | 0 | (6) |
Net cash provided by (used in) fnancing activities | 5,991 | (3,751) |
Net increase (decrease) in cash | 432 | (7,111) |
Cash, beginning of period | 5,087 | 10,978 |
Cash, end of period | 5,519 | 3,867 |
Supplemental disclosures: | ||
Interest paid on long-term debt | 819 | 976 |
Interest paid on lease financing obligations | 70 | 69 |
Accruals for capital expenditures | 4,813 | 615 |
Income tax payments, net | $ 9,270 | $ 6,411 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Business Description. Fiesta Restaurant Group, Inc. ("Fiesta Restaurant Group" or "Fiesta") owns, operates and franchises two fast-casual restaurant brands through its wholly-owned subsidiaries Pollo Operations, Inc., and its subsidiaries, and Pollo Franchise, Inc., (collectively “Pollo Tropical”) and Taco Cabana, Inc. and its subsidiaries (collectively “Taco Cabana”). Unless the context otherwise requires, Fiesta and its subsidiaries, Pollo Tropical and Taco Cabana, are collectively referred to as the “Company”. At June 28, 2015 , Fiesta owned and operated 136 Pollo Tropical® restaurants, of which 111 were located in Florida, sixteen were located in Texas, seven were located in Georgia and two were located in Tennessee and franchised a total of 35 Pollo Tropical restaurants, including 17 in Puerto Rico, five in Panama, two in Guatemala, two in Trinidad & Tobago, one in Venezuela, one in the Bahamas, one in Ecuador, one in Honduras and five on college campuses in Florida. At June 28, 2015 , Fiesta owned and operated 163 Taco Cabana® restaurants, of which 160 were located in Texas, one was located in Oklahoma and, under the Cabana Grill® logo, which is an elevated, non-24 hour format for Taco Cabana, one was located in Georgia and one was located in Florida, and franchised a total of six Taco Cabana restaurants, including four in New Mexico, and two non-traditional locations (college campuses) in Texas. Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries. Fiscal Year . The Company uses a 52 - 53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three and six months ended June 28, 2015 and June 29, 2014 each contained thirteen and twenty-six weeks, respectively. The fiscal year ending January 3, 2016 will contain 53 weeks. Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three and six months ended June 28, 2015 and June 29, 2014 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three and six months ended June 28, 2015 and June 29, 2014 are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 28, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2014 . The December 28, 2014 balance sheet data is derived from those audited financial statements. Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value: • Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. • Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at June 28, 2015 , was approximately $71.0 million . Long-Lived Assets . The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. Use of Estimates . The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 28, 2015 | |
Other Liabilities, Long-Term [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Liabilities Other liabilities, current, consisted of the following: June 28, 2015 December 28, 2014 Accrued workers' compensation and general liability claims $ 4,503 $ 3,996 Sales and property taxes 2,000 1,933 Accrued occupancy costs 531 508 Other 1,863 1,873 $ 8,897 $ 8,310 Other liabilities, long-term, consisted of the following: June 28, 2015 December 28, 2014 Accrued occupancy costs $ 13,391 $ 12,254 Deferred compensation 1,465 1,102 Accrued workers' compensation and general liability claims 1,075 977 Other 1,359 1,610 $ 17,290 $ 15,943 Accrued occupancy costs include obligations pertaining to closed restaurant locations and accruals to expense operating lease rental payments on a straight-line basis over the lease term. The following table presents the activity in the closed-store reserve, of which $ 0.9 million and $1.0 million are included in long-term accrued occupancy costs at June 28, 2015 and December 28, 2014 , respectively, with the remainder in other current liabilities: Six Months Ended June 28, 2015 Year Ended December 28, 2014 Balance, beginning of period $ 1,251 $ 1,439 Additional lease charges, net of recoveries — 5 Payments, net (110 ) (321 ) Other adjustments 85 128 Balance, end of period $ 1,226 $ 1,251 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation During the six months ended June 28, 2015 and June 29, 2014 , the Company granted 22,597 and 71,891 non-vested restricted shares, respectively, under the Fiesta Plan to certain employees. These shares vest and become non-forfeitable over a four year vesting period. The weighted average fair value at grant date for these non-vested shares issued to employees during the six months ended June 28, 2015 and June 29, 2014 was $62.05 and $45.04 , respectively. During the six months ended June 28, 2015 and June 29, 2014 , the Company granted 10,007 and 24,252 restricted stock units, respectively, under the Fiesta Plan to certain employees. Certain of the restricted stock units vest and become non-forfeitable over a four year vesting period and certain of the restricted stock units vest and become non-forfeitable at the end of a four year vesting period. The weighted average fair value at grant date for these restricted stock units issued to employees during the six months ended June 28, 2015 and June 29, 2014 was $62.05 and $45.04 , respectively. During the three months ended June 28, 2015 and June 29, 2014, the Company granted 8,698 and 8,399 non-vested restricted shares, respectively, to non-employee directors. The weighted average fair value at the grant date for restricted non-vested shares issued to directors during the three months ended June 28, 2015 and June 29, 2014 was $54.06 and $37.23 , respectively. These shares vest and become non-forfeitable over a one year vesting period. Also during the six months ended June 28, 2015 , the Company granted in the aggregate 17,501 non-vested restricted shares and 17,501 restricted stock units under the Fiesta Plan to certain employees subject to performance conditions. The non-vested restricted shares vest and become non-forfeitable over a four year vesting period subject to the attainment of performance conditions. The restricted stock units vest and become non-forfeitable at the end of a three year vesting period. The number of shares into which the restricted stock units convert is determined based on the attainment of certain performance conditions, and ranges from no shares if the minimum performance condition is not met to 35,002 shares if the maximum performance condition is met. The weighted average fair value at the grant date for restricted non-vested shares and restricted stock units subject to performance conditions issued during the six months ended June 28, 2015 was $ 65.01 . Stock-based compensation expense for the six months ended June 28, 2015 and June 29, 2014 was $ 2.0 million and $1.8 million , respectively. As of June 28, 2015 , the total unrecognized stock-based compensation expense relating to non-vested restricted shares and restricted stock units was approximately $ 9.0 million . At June 28, 2015 , the remaining weighted average vesting period for non-vested restricted shares and restricted stock units was 2.0 years. A summary of all non-vested restricted shares and restricted stock units activity for the six months ended June 28, 2015 was as follows: Non-Vested Shares Restricted Stock Units Weighted Weighted Average Average Grant Date Grant Date Shares Price Units Price Outstanding at December 28, 2014 424,497 $ 20.50 20,783 $ 45.04 Granted 48,796 61.69 27,508 63.93 Vested (172,923 ) 17.56 (108 ) 45.04 Forfeited (245 ) 32.12 (2,419 ) 49.37 Outstanding at June 28, 2015 300,125 $ 28.88 45,764 $ 56.17 The fair value of the non-vested restricted shares and restricted stock units is based on the closing price on the date of grant. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food. The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements. The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and a current income tax receivable. Three Months Ended Pollo Tropical Taco Cabana Other Consolidated June 28, 2015: Restaurant sales $ 89,569 $ 81,699 $ — $ 171,268 Franchise revenue 477 155 — 632 Cost of sales 30,094 24,129 — 54,223 Restaurant wages and related expenses (1) 19,251 23,132 — 42,383 Restaurant rent expense 3,820 4,228 — 8,048 Other restaurant operating expenses 10,893 10,469 — 21,362 Advertising expense 1,904 3,240 — 5,144 General and administrative expense (2) 7,651 5,973 — 13,624 Depreciation and amortization 4,340 3,061 — 7,401 Pre-opening costs 1,144 67 — 1,211 Impairment and other lease charges — — — — Interest expense 176 238 — 414 Income before taxes 10,908 7,324 — 18,232 Capital expenditures 17,102 2,607 934 20,643 June 29, 2014: Restaurant sales $ 75,253 $ 78,262 $ — $ 153,515 Franchise revenue 542 128 — 670 Cost of sales 24,983 23,977 — 48,960 Restaurant wages and related expenses (1) 16,423 22,693 — 39,116 Restaurant rent expense 3,071 4,303 — 7,374 Other restaurant operating expenses 9,422 10,044 — 19,466 Advertising expense 1,639 3,037 — 4,676 General and administrative expense (2) 6,420 5,712 — 12,132 Depreciation and amortization 2,750 2,828 — 5,578 Pre-opening costs 968 220 — 1,188 Impairment and other lease charges (31 ) 63 — 32 Interest expense 262 306 — 568 Income before taxes 9,888 5,207 — 15,095 Capital expenditures 14,302 5,122 371 19,795 Six Months Ended Pollo Tropical Taco Cabana Other Consolidated June 28, 2015: Restaurant sales $ 176,458 $ 157,868 $ — $ 334,326 Franchise revenue 1,158 291 — 1,449 Cost of sales 58,633 46,713 — 105,346 Restaurant wages and related expenses (1) 38,005 44,968 — 82,973 Restaurant rent expense 7,469 8,586 — 16,055 Other restaurant operating expenses 20,982 20,239 — 41,221 Advertising expense 4,262 6,436 — 10,698 General and administrative expense (2) 15,448 11,940 — 27,388 Depreciation and amortization 8,079 6,169 — 14,248 Pre-opening costs 2,014 148 — 2,162 Impairment and other lease charges — 94 — 94 Interest expense 361 491 — 852 Income before taxes 22,498 12,754 — 35,252 Capital expenditures 32,144 5,658 2,098 39,900 June 29, 2014: Restaurant sales $ 146,609 $ 151,731 $ — $ 298,340 Franchise revenue 1,030 251 — 1,281 Cost of sales 48,212 46,277 — 94,489 Restaurant wages and related expenses (1) 31,688 43,934 — 75,622 Restaurant rent expense 5,988 8,590 — 14,578 Other restaurant operating expenses 17,799 19,552 — 37,351 Advertising expense 3,601 6,494 — 10,095 General and administrative expense (2) 12,660 11,623 — 24,283 Depreciation and amortization 5,327 5,596 — 10,923 Pre-opening costs 1,501 370 — 1,871 Impairment and other lease charges (70 ) 87 — 17 Interest expense 549 622 — 1,171 Income before taxes 20,384 8,843 — 29,227 Capital expenditures 24,123 9,771 2,130 36,024 Identifiable Assets: June 28, 2015: $ 207,541 $ 170,935 $ 7,724 $ 386,200 December 28, 2014 177,923 167,729 12,304 357,956 (1) Includes stock-based compensation expense of $ 40 and $ 107 for the three and six months ended June 28, 2015 , respectively, and $ 21 and $ 30 for the three and six months ended June 29, 2014 , respectively. (2) Includes stock-based compensation expense of $1,055 and $1,929 for the three and six months ended June 28, 2015 , respectively, and $1,058 and $ 1,770 for the three and six months ended June 29, 2014 , respectively. |
Segment Reporting, Policy [Policy Text Block] | The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food. The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements. |
Net Income per Share
Net Income per Share | 6 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Net Income per Share We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if our restricted stock units were converted into common shares. Restricted stock units with performance conditions are only included in the diluted earnings per share calculation to the extent that the performance conditions have been met at the measurement date. We compute diluted earnings per share by adjusting the basic weighted average number of common shares by the dilutive effect of the restricted stock units, determined using the treasury stock method. Weighted average outstanding restricted stock units totaling 9,391 and 23,596 shares were not included in the computation of diluted earnings per share for the three months ended June 28, 2015 and June 29, 2014, respectively, because to do so would have been antidilutive. The computation of basic and diluted net income per share is as follows: Three Months Ended Six Months Ended June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Basic and diluted net income per share: Net income $ 11,249 $ 9,314 $ 21,750 $ 18,033 Less: income allocated to participating securities (142 ) (178 ) (285 ) (354 ) Net income available to common stockholders $ 11,107 $ 9,136 $ 21,465 $ 17,679 Weighted average common shares, basic 26,490,673 26,271,116 26,462,919 26,236,432 Restricted stock units 6,985 — 7,211 281 Weighted average common shares, diluted 26,497,658 26,271,116 26,470,130 26,236,713 Basic net income per common share $ 0.42 $ 0.35 $ 0.81 $ 0.67 Diluted net income per common share $ 0.42 $ 0.35 $ 0.81 $ 0.67 |
Earnings Per Share, Policy [Policy Text Block] | We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | Commitments and Contingencies Legal Matters . The Company is a party to legal proceedings incidental to the conduct of business. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. There were no material changes to the status of the class action suit filed by Daisy, Inc., an automotive repair shop in Cape Coral, Florida, against Fiesta Restaurant Group, Inc. during the six months ended June 28, 2015 . The amount of any loss related to this matter cannot be reasonably estimated at this time. The Company does not have insurance coverage for this claim. The Company is a party to various other litigation matters incidental to the conduct of business. The Company does not believe that the outcome of any of these matters will have a material effect on its consolidated financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 28, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance in former ASC 605, Revenue Recognition, and provides for either a full retrospective adoption in which the standard is applied to all of the periods presented or a modified retrospective adoption in which the cumulative effect of initially applying the standard is recognized at the date of initial application. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other US GAAP requirements. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of ASC 606; however, the Company expects the provisions to primarily impact certain franchise revenues and does not expect the standard to have a material effect on its financial statements. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2016. In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs. ASU 2015-03 generally requires debt issuance costs related to a recognized liability to be reported as a direct reduction from the carrying amount of the debt. However, cost incurred in connection with revolving-debt arrangements may continue to be presented as an asset. The new standard does not change the recognition and measurement of debt issuance costs. Because the Company's debt issuance costs are related to its revolving credit facility, the Company may continue to classify its debt issuance costs as an asset. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2015. |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 6 Months Ended |
Jun. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year . The Company uses a 52 - 53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three and six months ended June 28, 2015 and June 29, 2014 each contained thirteen and twenty-six weeks, respectively. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three and six months ended June 28, 2015 and June 29, 2014 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three and six months ended June 28, 2015 and June 29, 2014 are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 28, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2014 . The December 28, 2014 balance sheet data is derived from those audited financial statements. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value: • Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. • Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at June 28, 2015 , was approximately $71.0 million . |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets . The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates . The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates. |
Other Liabilities Other Liabili
Other Liabilities Other Liabilities (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Other Liabilities [Abstract] | |
Other Current Liabilities [Table Text Block] | Other liabilities, current, consisted of the following: June 28, 2015 December 28, 2014 Accrued workers' compensation and general liability claims $ 4,503 $ 3,996 Sales and property taxes 2,000 1,933 Accrued occupancy costs 531 508 Other 1,863 1,873 $ 8,897 $ 8,310 |
Other Noncurrent Liabilities [Table Text Block] | Other liabilities, long-term, consisted of the following: June 28, 2015 December 28, 2014 Accrued occupancy costs $ 13,391 $ 12,254 Deferred compensation 1,465 1,102 Accrued workers' compensation and general liability claims 1,075 977 Other 1,359 1,610 $ 17,290 $ 15,943 |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents the activity in the closed-store reserve, of which $ 0.9 million and $1.0 million are included in long-term accrued occupancy costs at June 28, 2015 and December 28, 2014 , respectively, with the remainder in other current liabilities: Six Months Ended June 28, 2015 Year Ended December 28, 2014 Balance, beginning of period $ 1,251 $ 1,439 Additional lease charges, net of recoveries — 5 Payments, net (110 ) (321 ) Other adjustments 85 128 Balance, end of period $ 1,226 $ 1,251 |
Stock-based Compensation Stock-
Stock-based Compensation Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of all non-vested restricted shares and restricted stock units activity for the six months ended June 28, 2015 was as follows: Non-Vested Shares Restricted Stock Units Weighted Weighted Average Average Grant Date Grant Date Shares Price Units Price Outstanding at December 28, 2014 424,497 $ 20.50 20,783 $ 45.04 Granted 48,796 61.69 27,508 63.93 Vested (172,923 ) 17.56 (108 ) 45.04 Forfeited (245 ) 32.12 (2,419 ) 49.37 Outstanding at June 28, 2015 300,125 $ 28.88 45,764 $ 56.17 |
Business Segment Information Bu
Business Segment Information Business Segment (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and a current income tax receivable. Three Months Ended Pollo Tropical Taco Cabana Other Consolidated June 28, 2015: Restaurant sales $ 89,569 $ 81,699 $ — $ 171,268 Franchise revenue 477 155 — 632 Cost of sales 30,094 24,129 — 54,223 Restaurant wages and related expenses (1) 19,251 23,132 — 42,383 Restaurant rent expense 3,820 4,228 — 8,048 Other restaurant operating expenses 10,893 10,469 — 21,362 Advertising expense 1,904 3,240 — 5,144 General and administrative expense (2) 7,651 5,973 — 13,624 Depreciation and amortization 4,340 3,061 — 7,401 Pre-opening costs 1,144 67 — 1,211 Impairment and other lease charges — — — — Interest expense 176 238 — 414 Income before taxes 10,908 7,324 — 18,232 Capital expenditures 17,102 2,607 934 20,643 June 29, 2014: Restaurant sales $ 75,253 $ 78,262 $ — $ 153,515 Franchise revenue 542 128 — 670 Cost of sales 24,983 23,977 — 48,960 Restaurant wages and related expenses (1) 16,423 22,693 — 39,116 Restaurant rent expense 3,071 4,303 — 7,374 Other restaurant operating expenses 9,422 10,044 — 19,466 Advertising expense 1,639 3,037 — 4,676 General and administrative expense (2) 6,420 5,712 — 12,132 Depreciation and amortization 2,750 2,828 — 5,578 Pre-opening costs 968 220 — 1,188 Impairment and other lease charges (31 ) 63 — 32 Interest expense 262 306 — 568 Income before taxes 9,888 5,207 — 15,095 Capital expenditures 14,302 5,122 371 19,795 Six Months Ended Pollo Tropical Taco Cabana Other Consolidated June 28, 2015: Restaurant sales $ 176,458 $ 157,868 $ — $ 334,326 Franchise revenue 1,158 291 — 1,449 Cost of sales 58,633 46,713 — 105,346 Restaurant wages and related expenses (1) 38,005 44,968 — 82,973 Restaurant rent expense 7,469 8,586 — 16,055 Other restaurant operating expenses 20,982 20,239 — 41,221 Advertising expense 4,262 6,436 — 10,698 General and administrative expense (2) 15,448 11,940 — 27,388 Depreciation and amortization 8,079 6,169 — 14,248 Pre-opening costs 2,014 148 — 2,162 Impairment and other lease charges — 94 — 94 Interest expense 361 491 — 852 Income before taxes 22,498 12,754 — 35,252 Capital expenditures 32,144 5,658 2,098 39,900 June 29, 2014: Restaurant sales $ 146,609 $ 151,731 $ — $ 298,340 Franchise revenue 1,030 251 — 1,281 Cost of sales 48,212 46,277 — 94,489 Restaurant wages and related expenses (1) 31,688 43,934 — 75,622 Restaurant rent expense 5,988 8,590 — 14,578 Other restaurant operating expenses 17,799 19,552 — 37,351 Advertising expense 3,601 6,494 — 10,095 General and administrative expense (2) 12,660 11,623 — 24,283 Depreciation and amortization 5,327 5,596 — 10,923 Pre-opening costs 1,501 370 — 1,871 Impairment and other lease charges (70 ) 87 — 17 Interest expense 549 622 — 1,171 Income before taxes 20,384 8,843 — 29,227 Capital expenditures 24,123 9,771 2,130 36,024 Identifiable Assets: June 28, 2015: $ 207,541 $ 170,935 $ 7,724 $ 386,200 December 28, 2014 177,923 167,729 12,304 357,956 (1) Includes stock-based compensation expense of $ 40 and $ 107 for the three and six months ended June 28, 2015 , respectively, and $ 21 and $ 30 for the three and six months ended June 29, 2014 , respectively. (2) Includes stock-based compensation expense of $1,055 and $1,929 for the three and six months ended June 28, 2015 , respectively, and $1,058 and $ 1,770 for the three and six months ended June 29, 2014 , respectively. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | The computation of basic and diluted net income per share is as follows: Three Months Ended Six Months Ended June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Basic and diluted net income per share: Net income $ 11,249 $ 9,314 $ 21,750 $ 18,033 Less: income allocated to participating securities (142 ) (178 ) (285 ) (354 ) Net income available to common stockholders $ 11,107 $ 9,136 $ 21,465 $ 17,679 Weighted average common shares, basic 26,490,673 26,271,116 26,462,919 26,236,432 Restricted stock units 6,985 — 7,211 281 Weighted average common shares, diluted 26,497,658 26,271,116 26,470,130 26,236,713 Basic net income per common share $ 0.42 $ 0.35 $ 0.81 $ 0.67 Diluted net income per common share $ 0.42 $ 0.35 $ 0.81 $ 0.67 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | |
Entity Information [Line Items] | ||||||
Weeks In Fiscal Period | 13 | 13 | 26 | 26 | 52 | |
Scenario, Forecast [Member] | ||||||
Entity Information [Line Items] | ||||||
Weeks In Fiscal Period | 53 | |||||
Entity Operated Units [Member] | Pollo Tropical [Member] | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 136 | 136 | ||||
Entity Operated Units [Member] | Pollo Tropical [Member] | FLORIDA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 111 | 111 | ||||
Entity Operated Units [Member] | Pollo Tropical [Member] | GEORGIA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 7 | 7 | ||||
Entity Operated Units [Member] | Pollo Tropical [Member] | TENNESSEE | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 2 | 2 | ||||
Entity Operated Units [Member] | Pollo Tropical [Member] | TEXAS | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 16 | 16 | ||||
Entity Operated Units [Member] | Taco Cabana [Member] | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 163 | 163 | ||||
Entity Operated Units [Member] | Taco Cabana [Member] | FLORIDA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Entity Operated Units [Member] | Taco Cabana [Member] | GEORGIA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Entity Operated Units [Member] | Taco Cabana [Member] | TEXAS | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 160 | 160 | ||||
Entity Operated Units [Member] | Taco Cabana [Member] | OKLAHOMA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 35 | 35 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | FLORIDA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 5 | 5 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | PUERTO RICO | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 17 | 17 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | PANAMA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 5 | 5 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | GUATEMALA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 2 | 2 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | TRINIDAD AND TOBAGO | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 2 | 2 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | VENEZUELA | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | BAHAMAS | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | ECUADOR | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Franchised Units [Member] | Pollo Tropical [Member] | HONDURAS | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 1 | 1 | ||||
Franchised Units [Member] | Taco Cabana [Member] | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 6 | 6 | ||||
Franchised Units [Member] | Taco Cabana [Member] | TEXAS | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 2 | 2 | ||||
Franchised Units [Member] | Taco Cabana [Member] | NEW MEXICO | ||||||
Entity Information [Line Items] | ||||||
Number of Restaurants | 4 | 4 | ||||
Maximum [Member] | Scenario, Forecast [Member] | ||||||
Entity Information [Line Items] | ||||||
Weeks In Fiscal Period | 53 | |||||
Minimum [Member] | Scenario, Forecast [Member] | ||||||
Entity Information [Line Items] | ||||||
Weeks In Fiscal Period | 52 |
Basis of Presentation Fair Valu
Basis of Presentation Fair Value Disclosures (Details) $ in Millions | Jun. 28, 2015USD ($) |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 71 |
Other Liabilities Other Liabi22
Other Liabilities Other Liabilities Details (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 28, 2014 | Dec. 29, 2013 |
Other current liabilities [Line Items] | |||
Accrued workers' compensation and general liability claims | $ 4,503 | $ 3,996 | |
Sales and property taxes | 2,000 | 1,933 | |
Accrued occupancy costs | 531 | 508 | |
Other | 1,863 | 1,873 | |
Other Liabilities | 8,897 | 8,310 | |
Accrued occupancy costs | 13,391 | 12,254 | |
Deferred compensation | 1,465 | 1,102 | |
Accrued workers' compensation and general liability claims | 1,075 | 977 | |
Other | 1,359 | 1,610 | |
Other Liabilities, Noncurrent | 17,290 | 15,943 | |
Restructuring Reserve | 1,226 | 1,251 | $ 1,439 |
Long-Term Liability [Member] | |||
Restructuring Reserve | $ 900 | $ 1,000 |
Other Liabilities Restructuring
Other Liabilities Restructuring Reserve (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 28, 2015 | Dec. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | $ 1,251 | $ 1,439 |
Additional lease charges, net of recoveries | 0 | 5 |
Payments, net | (110) | (321) |
Other adjustments | 85 | 128 |
Balance, end of period | 1,226 | 1,251 |
Long-Term Liability [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 1,000 | |
Balance, end of period | $ 900 | $ 1,000 |
Stock-based Compensation Stoc24
Stock-based Compensation Stock-based Compensation (Details) (Narrative) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 2 | $ 1.8 |
Nonvested awards, total compensation cost not yet recognized | $ 9 | |
Nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 11 months 24 days | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, grants in period, weighted average grant date fair value | $ 61.69 | |
Restricted shares, grants in period | 48,796 | |
Restricted Stock [Member] | Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, award vesting period | 4 years | |
Restricted shares, grants in period, weighted average grant date fair value | $ 62.05 | $ 45.04 |
Restricted shares, grants in period | 22,597 | 71,891 |
Restricted Stock [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, award vesting period | 4 years | |
Restricted shares, grants in period, weighted average grant date fair value | $ 65.01 | |
Restricted shares, grants in period | 17,501 | |
Restricted Stock [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, award vesting period | 1 year | |
Restricted shares, grants in period, weighted average grant date fair value | $ 54.06 | $ 37.23 |
Restricted shares, grants in period | 8,698 | 8,399 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, grants in period, weighted average grant date fair value | $ 63.93 | |
Restricted shares, grants in period | 27,508 | |
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, award vesting period | 4 years | |
Restricted shares, grants in period, weighted average grant date fair value | $ 62.05 | $ 45.04 |
Restricted shares, grants in period | 10,007 | 24,252 |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, award vesting period | 3 years | |
Restricted shares, grants in period, weighted average grant date fair value | $ 65.01 | |
Restricted shares, grants in period | 17,501 | |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares to be issued at end of performance period | 0 | |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares to be issued at end of performance period | 35,002 |
Stock-based Compensation Stoc25
Stock-based Compensation Stock-based Compensation (Details) - 6 months ended Jun. 28, 2015 - $ / shares | Total |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested shares, beginning | 424,497 |
Non-vested shares weighted average grant date price, beginning | $ 20.50 |
Restricted shares, grants in period | 48,796 |
Restricted shares, grants in period, weighted average grant date fair value | $ 61.69 |
Restricted shares, vested in period | 172,923 |
Restricted shares, vested in period, weighted average grant date fair value | $ 17.56 |
Restricted shares, forfeited in period | 245 |
Restricted shares, forfeited in period, weighted average grant date fair value | $ 32.12 |
Non-vested shares, ending | 300,125 |
Non-vested shares weighted average grant date price, ending | $ 28.88 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested shares, beginning | 20,783 |
Non-vested shares weighted average grant date price, beginning | $ 45.04 |
Restricted shares, grants in period | 27,508 |
Restricted shares, grants in period, weighted average grant date fair value | $ 63.93 |
Restricted shares, vested in period | 108 |
Restricted shares, vested in period, weighted average grant date fair value | $ 45.04 |
Restricted shares, forfeited in period | 2,419 |
Restricted shares, forfeited in period, weighted average grant date fair value | $ 49.37 |
Non-vested shares, ending | 45,764 |
Non-vested shares weighted average grant date price, ending | $ 56.17 |
Business Segment Information 26
Business Segment Information Business Segment Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Dec. 28, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Restaurant sales | $ 171,268 | $ 153,515 | $ 334,326 | $ 298,340 | ||
Franchise revenue | 632 | 670 | 1,449 | 1,281 | ||
Cost of sales | 54,223 | 48,960 | 105,346 | 94,489 | ||
Restaurant wages and related expenses | [1] | 42,383 | 39,116 | 82,973 | 75,622 | |
Restaurant rent expense | 8,048 | 7,374 | 16,055 | 14,578 | ||
Other restaurant operating expenses | 21,362 | 19,466 | 41,221 | 37,351 | ||
Advertising expense | 5,144 | 4,676 | 10,698 | 10,095 | ||
General and administrative expense | [2] | 13,624 | 12,132 | 27,388 | 24,283 | |
Depreciation and amortization | 7,401 | 5,578 | 14,248 | 10,923 | ||
Pre-opening costs | 1,211 | 1,188 | 2,162 | 1,871 | ||
Impairment and other lease charges | 0 | 32 | 94 | 17 | ||
Interest expense | 414 | 568 | 852 | 1,171 | ||
Income before taxes | 18,232 | 15,095 | 35,252 | 29,227 | ||
Total capital expenditures | 20,643 | 19,795 | 39,900 | 36,024 | ||
Assets | 386,200 | 386,200 | $ 357,956 | |||
Stock-based compensation | 2,036 | 1,800 | ||||
Pollo Tropical [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restaurant sales | 89,569 | 75,253 | 176,458 | 146,609 | ||
Franchise revenue | 477 | 542 | 1,158 | 1,030 | ||
Cost of sales | 30,094 | 24,983 | 58,633 | 48,212 | ||
Restaurant wages and related expenses | 19,251 | 16,423 | 38,005 | 31,688 | ||
Restaurant rent expense | 3,820 | 3,071 | 7,469 | 5,988 | ||
Other restaurant operating expenses | 10,893 | 9,422 | 20,982 | 17,799 | ||
Advertising expense | 1,904 | 1,639 | 4,262 | 3,601 | ||
General and administrative expense | 7,651 | 6,420 | 15,448 | 12,660 | ||
Depreciation and amortization | 4,340 | 2,750 | 8,079 | 5,327 | ||
Pre-opening costs | 1,144 | 968 | 2,014 | 1,501 | ||
Impairment and other lease charges | 0 | (31) | 0 | (70) | ||
Interest expense | 176 | 262 | 361 | 549 | ||
Income before taxes | 10,908 | 9,888 | 22,498 | 20,384 | ||
Total capital expenditures | 17,102 | 14,302 | 32,144 | 24,123 | ||
Assets | 207,541 | 207,541 | 177,923 | |||
Taco Cabana [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restaurant sales | 81,699 | 78,262 | 157,868 | 151,731 | ||
Franchise revenue | 155 | 128 | 291 | 251 | ||
Cost of sales | 24,129 | 23,977 | 46,713 | 46,277 | ||
Restaurant wages and related expenses | 23,132 | 22,693 | 44,968 | 43,934 | ||
Restaurant rent expense | 4,228 | 4,303 | 8,586 | 8,590 | ||
Other restaurant operating expenses | 10,469 | 10,044 | 20,239 | 19,552 | ||
Advertising expense | 3,240 | 3,037 | 6,436 | 6,494 | ||
General and administrative expense | 5,973 | 5,712 | 11,940 | 11,623 | ||
Depreciation and amortization | 3,061 | 2,828 | 6,169 | 5,596 | ||
Pre-opening costs | 67 | 220 | 148 | 370 | ||
Impairment and other lease charges | 0 | 63 | 94 | 87 | ||
Interest expense | 238 | 306 | 491 | 622 | ||
Income before taxes | 7,324 | 5,207 | 12,754 | 8,843 | ||
Total capital expenditures | 2,607 | 5,122 | 5,658 | 9,771 | ||
Assets | 170,935 | 170,935 | 167,729 | |||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restaurant sales | 0 | 0 | 0 | 0 | ||
Franchise revenue | 0 | 0 | 0 | 0 | ||
Cost of sales | 0 | 0 | 0 | 0 | ||
Restaurant wages and related expenses | 0 | 0 | 0 | 0 | ||
Restaurant rent expense | 0 | 0 | 0 | 0 | ||
Other restaurant operating expenses | 0 | 0 | 0 | 0 | ||
Advertising expense | 0 | 0 | 0 | 0 | ||
General and administrative expense | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Pre-opening costs | 0 | 0 | 0 | 0 | ||
Impairment and other lease charges | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Income before taxes | 0 | 0 | 0 | 0 | ||
Total capital expenditures | 934 | 371 | 2,098 | 2,130 | ||
Assets | 7,724 | 7,724 | $ 12,304 | |||
Restaurant Wages And Related Expenses [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Stock-based compensation | 40 | 21 | 107 | 30 | ||
General and Administrative Expense [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Stock-based compensation | $ 1,055 | $ 1,058 | $ 1,929 | $ 1,770 | ||
[1] | Includes stock-based compensation expense of $40 and $107 for the three and six months ended June 28, 2015, respectively, and $21 and $30 for the three and six months ended June 29, 2014, respectively. | |||||
[2] | Includes stock-based compensation expense of $1,055 and $1,929 for the three and six months ended June 28, 2015, respectively, and $1,058 and $1,770 for the three and six months ended June 29, 2014, respectively. |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 11,249 | $ 9,314 | $ 21,750 | $ 18,033 |
Less: income allocated to participating securities | (142) | (178) | (285) | (354) |
Net income available to common shareholders | $ 11,107 | $ 9,136 | $ 21,465 | $ 17,679 |
Weighted average common shares, basic | 26,490,673 | 26,271,116 | 26,462,919 | 26,236,432 |
Restricted stock units | 6,985 | 0 | 7,211 | 281 |
Weighted average common shares, diluted | 26,497,658 | 26,271,116 | 26,470,130 | 26,236,713 |
Basic net income per share | $ 0.42 | $ 0.35 | $ 0.81 | $ 0.67 |
Diluted net income per share | $ 0.42 | $ 0.35 | $ 0.81 | $ 0.67 |
Net Income per Share Narrative
Net Income per Share Narrative (Details) - shares | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,391 | 23,596 |