Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 03, 2016 | May. 05, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | FIESTA RESTAURANT GROUP, INC. | |
Entity Central Index Key | 1,534,992 | |
Current Fiscal Year End Date | --01-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 3, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 26,908,207 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Current assets: | ||
Cash | $ 4,053 | $ 5,281 |
Trade receivables | 9,483 | 9,217 |
Inventories | 2,669 | 2,910 |
Prepaid rent | 3,295 | 3,163 |
Income tax receivable | 2,000 | 7,448 |
Prepaid expenses and other current assets | 4,778 | 3,219 |
Total current assets | 26,278 | 31,238 |
Property and equipment, net | 262,838 | 248,992 |
Goodwill | 123,484 | 123,484 |
Deferred income taxes | 8,497 | 8,497 |
Deferred financing costs, net | 841 | 918 |
Other assets | 2,451 | 2,516 |
Total assets | 424,389 | 415,645 |
Current liabilities: | ||
Current portion of long-term debt | 55 | 69 |
Accounts payable | 19,778 | 12,405 |
Accrued payroll, related taxes and benefits | 11,675 | 15,614 |
Accrued real estate taxes | 3,007 | 6,121 |
Other liabilities | 9,078 | 12,096 |
Total current liabilities | 43,593 | 46,305 |
Long-term debt, net of current portion | 72,513 | 72,612 |
Lease financing obligations | 1,663 | 1,663 |
Deferred income--sale-leaseback of real estate | 29,184 | 30,086 |
Other liabilities | 22,591 | 20,997 |
Total liabilities | $ 169,544 | $ 171,663 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,908,420 and 26,829,220 shares, respectively, and outstanding 26,630,642 and 26,571,602 shares, respectively. | $ 266 | $ 266 |
Additional paid-in capital | 160,692 | 159,724 |
Retained earnings | 93,887 | 83,992 |
Total stockholders' equity | 254,845 | 243,982 |
Total liabilities and stockholders' equity | $ 424,389 | $ 415,645 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Apr. 03, 2016 | Jan. 03, 2016 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,908,420 | 26,829,220 |
Common stock, shares outstanding | 26,630,642 | 26,571,602 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 03, 2016 | Mar. 29, 2015 | ||
Revenues: | |||
Restaurant sales | $ 175,939 | $ 163,058 | |
Franchise royalty revenues and fees | 738 | 817 | |
Total revenues | 176,677 | 163,875 | |
Costs and expenses: | |||
Cost of sales | 54,050 | 51,123 | |
Restaurant wages and related expenses (including stock-based compensation expense of $36 and $67, respectively) | [1] | 45,052 | 40,590 |
Restaurant rent expense | 8,921 | 8,007 | |
Other restaurant operating expenses | 22,388 | 19,859 | |
Advertising expense | 6,995 | 5,554 | |
General and administrative (including stock-based compensation expense of $975 and $874, respectively) | [2] | 13,848 | 13,764 |
Depreciation and amortization | 8,336 | 6,847 | |
Pre-opening costs | 1,182 | 951 | |
Impairment and other lease charges | 12 | 94 | |
Other (income) expense | (248) | (372) | |
Total operating expenses | 160,536 | 146,417 | |
Income from operations | 16,141 | 17,458 | |
Interest expense | 558 | 438 | |
Income before income taxes | 15,583 | 17,020 | |
Provision for income taxes | 5,688 | 6,519 | |
Net income | $ 9,895 | $ 10,501 | |
Basic net income per share | $ 0.37 | $ 0.39 | |
Diluted net income per share | $ 0.37 | $ 0.39 | |
Basic weighted average common shares outstanding | 26,605,717 | 26,435,166 | |
Diluted weighted average common shares outstanding | 26,612,021 | 26,442,602 | |
[1] | (1) Includes stock-based compensation expense of $36 and $67 for the three months ended April 3, 2016 and March 29, 2015, respectively | ||
[2] | (2) Includes stock-based compensation expense of $975 and $874 for the three months ended April 3, 2016 and March 29, 2015, respectively. |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Stock-based compensation | $ 1,011 | $ 941 |
Restaurant Wages And Related Expenses [Member] | ||
Stock-based compensation | 36 | 67 |
General and Administrative Expense [Member] | ||
Stock-based compensation | $ 975 | $ 874 |
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. 28, 2014 | $ 199,587 | $ 264 | $ 153,867 | $ 45,456 | |
Beginning shares at Dec. 28, 2014 | 26,358,448 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 941 | 941 | |||
Vesting of restricted shares | 116,239 | ||||
Vesting of restricted shares | 1 | ||||
Vesting of restricted shares and related tax benefit | 888 | 887 | |||
Net income | 10,501 | 10,501 | |||
Ending balance at Mar. 29, 2015 | 211,917 | 265 | 155,695 | 55,957 | |
Ending shares at Mar. 29, 2015 | 26,474,687 | ||||
Beginning balance at Jan. 03, 2016 | $ 243,982 | 266 | 159,724 | 83,992 | |
Beginning shares at Jan. 03, 2016 | 26,571,602 | 26,571,602 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | $ 1,011 | 1,011 | |||
Vesting of restricted shares | 59,040 | ||||
Vesting of restricted shares | 0 | ||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | (43) | ||||
Net income | 9,895 | 9,895 | |||
Ending balance at Apr. 03, 2016 | $ 254,845 | $ 266 | $ 160,692 | $ 93,887 | |
Ending shares at Apr. 03, 2016 | 26,630,642 | 26,630,642 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 9,895 | $ 10,501 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Loss (gain) on disposals of property and equipment | (39) | (294) |
Stock-based compensation | 1,011 | 941 |
Impairment and other lease charges | 12 | 94 |
Depreciation and amortization | 8,336 | 6,847 |
Amortization of deferred financing costs | 77 | 77 |
Amortization of deferred gains from sale-leaseback transactions | (901) | (911) |
Changes in other operating assets and liabilities | (380) | (4,434) |
Net cash provided by (used in) operating activities | 18,011 | 12,821 |
Capital expenditures: | ||
New restaurant development | (14,086) | (15,955) |
Restaurant remodeling | (243) | (872) |
Other restaurant capital expenditures | (910) | (1,245) |
Corporate and restaurant information systems | (1,552) | (1,185) |
Total capital expenditures | 16,791 | 19,257 |
Properties purchased for sale-leaseback | (2,663) | 0 |
Proceeds from sales of other properties | 236 | 0 |
Net cash used in investing activities | (19,218) | (19,257) |
Cash flows from financing activities: | ||
Excess tax benefit from vesting of restricted shares | 92 | 888 |
Borrowings on revolving credit facility | 6,400 | 7,000 |
Repayments on revolving credit facility | (6,500) | (3,000) |
Principal payments on capital leases | (13) | (16) |
Net cash provided by (used in) fnancing activities | (21) | 4,872 |
Net increase (decrease) in cash | (1,228) | (1,564) |
Cash, beginning of period | 5,281 | 5,087 |
Cash, end of period | 4,053 | 3,523 |
Supplemental disclosures: | ||
Interest paid on long-term debt | 473 | 418 |
Accruals for capital expenditures | 7,764 | 5,012 |
Income tax payments (refunds), net | $ 282 | $ (789) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 , the Company owned and operated 161 Pollo Tropical® restaurants and 162 Taco Cabana® restaurants. The Pollo Tropical restaurants include 119 located in Florida, 27 located in Texas, eleven located in Georgia and four located in Tennessee. The Taco Cabana restaurants include 161 located in Texas and one located in Oklahoma. At April 3, 2016 , the Company franchised a total of 36 Pollo Tropical restaurants and six Taco Cabana restaurants. The franchised Pollo Tropical restaurants include 17 in Puerto Rico, one in Honduras, one in the Bahamas, three in Trinidad & Tobago, one in Venezuela, five in Panama, three in Guatemala, and five on college campuses in Florida. The franchised Taco Cabana restaurants include four in New Mexico and two on 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. All intercompany transactions have been eliminated in consolidation. Fiscal Year . The Company uses a 52 - 53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended January 3, 2016 contained 53 weeks. The three months ended April 3, 2016 and March 29, 2015 each contained thirteen weeks. The fiscal year ending January 1, 2017 will contain 52 weeks. Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended April 3, 2016 and March 29, 2015 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 U.S. Generally Accepted Accounting Principles ("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 months ended April 3, 2016 and March 29, 2015 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 January 3, 2016 included in the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2016 . The January 3, 2016 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 at the measurement date under current market conditions. 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 the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates. At April 3, 2016 , the fair value and carrying value of the Company's senior credit facility was approximately $70.9 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 | 3 Months Ended |
Apr. 03, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Liabilities Other liabilities, current, consisted of the following: April 3, 2016 January 3, 2016 Accrued workers' compensation and general liability claims $ 5,448 $ 5,540 Sales and property taxes 1,669 3,031 Accrued occupancy costs 885 980 Other 1,076 2,545 $ 9,078 $ 12,096 Other liabilities, long-term, consisted of the following: April 3, 2016 January 3, 2016 Accrued occupancy costs $ 16,166 $ 15,349 Deferred compensation 1,581 1,665 Accrued workers' compensation and general liability claims 1,139 697 Other 3,705 3,286 $ 22,591 $ 20,997 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 $ 1.2 million are included in long-term accrued occupancy costs at April 3, 2016 and January 3, 2016 , with the remainder in other current liabilities: Three Months Ended April 3, 2016 Year Ended January 3, 2016 Balance, beginning of period $ 1,832 $ 1,251 Provisions for restaurant closures — 554 Additional lease charges, net of (recoveries) — 258 Payments, net (166 ) (358 ) Other adjustments 108 127 Balance, end of period $ 1,774 $ 1,832 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Apr. 03, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation During the three months ended April 3, 2016 and March 29, 2015 , the Company granted 50,087 and 22,597 non-vested restricted shares, respectively, under the Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan (the "Fiesta Plan") to certain employees. These shares generally 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 three months ended April 3, 2016 and March 29, 2015 was $35.25 and $62.05 , respectively. During the three months ended April 3, 2016 and March 29, 2015 , the Company granted 5,762 and 10,007 restricted stock units, respectively, under the Fiesta Plan to certain employees. The restricted stock units granted during the three months ended April 3, 2016 vest and become non-forfeitable at the end of a four year vesting period. The restricted stock units granted during the three months ended March 29, 2015 vest and become non-forfeitable over a four year vesting period or, for certain units, 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 three months ended April 3, 2016 and March 29, 2015 was $ 35.25 and $62.05 , respectively. Also during the three months ended April 3, 2016 and March 29, 2015, the Company granted 33,691 and 17,501 non-vested restricted shares, respectively, and 33,691 and 17,501 restricted stock units, respectively, 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 for the restricted stock units granted during the three months ended April 3, 2016 and March 29, 2015 , ranges from no shares, if the minimum performance condition is not met, to 67,382 and 35,002 shares, respectively, if the maximum performance condition is met. The weighted average fair value at grant date for restricted non-vested shares and restricted stock units subject to performance conditions granted during the three months ended April 3, 2016 and March 29, 2015 was $ 35.25 and $ 65.01 , respectively. Stock-based compensation expense for the three months ended April 3, 2016 and March 29, 2015 was $ 1.0 million and $0.9 million , respectively. As of April 3, 2016 , the total unrecognized stock-based compensation expense relating to non-vested restricted shares and restricted stock units was approximately $ 9.2 million . At April 3, 2016 , the remaining weighted average vesting period for non-vested restricted shares was 1.7 years and restricted stock units was 2.6 years. A summary of all non-vested restricted shares and restricted stock units activity for the three months ended April 3, 2016 was as follows: Non-Vested Shares Restricted Stock Units Weighted Weighted Average Average Grant Date Grant Date Shares Price Units Price Outstanding at January 3, 2016 257,618 $ 30.69 42,840 $ 56.46 Granted 83,778 35.25 39,453 35.25 Vested/Released (58,918 ) 33.00 (122 ) 51.45 Forfeited (4,700 ) 37.62 (1,093 ) 47.02 Outstanding at April 3, 2016 277,778 $ 31.46 81,078 $ 46.27 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 | 3 Months Ended |
Apr. 03, 2016 | |
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 restaurants offer 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, a current income tax receivable and advisory fees related to a proposed separation transaction. Three Months Ended Pollo Tropical Taco Cabana Other Consolidated April 3, 2016: Restaurant sales $ 98,906 $ 77,033 $ — $ 175,939 Franchise revenue 577 161 — 738 Cost of sales 31,604 22,446 — 54,050 Restaurant wages and related expenses (1) 22,896 22,156 — 45,052 Restaurant rent expense 4,644 4,277 — 8,921 Other restaurant operating expenses 12,592 9,796 — 22,388 Advertising expense 3,762 3,233 — 6,995 General and administrative expense (2) 7,685 5,462 701 13,848 Depreciation and amortization 5,278 3,058 — 8,336 Pre-opening costs 1,114 68 — 1,182 Impairment and other lease charges — 12 — 12 Interest expense 251 307 — 558 Income before taxes 9,669 6,615 (701 ) 15,583 Capital expenditures 14,099 1,634 1,058 16,791 March 29, 2015: Restaurant sales $ 86,889 $ 76,169 $ — $ 163,058 Franchise revenue 681 136 — 817 Cost of sales 28,539 22,584 — 51,123 Restaurant wages and related expenses (1) 18,754 21,836 — 40,590 Restaurant rent expense 3,649 4,358 — 8,007 Other restaurant operating expenses 10,089 9,770 — 19,859 Advertising expense 2,358 3,196 — 5,554 General and administrative expense (2) 7,797 5,967 — 13,764 Depreciation and amortization 3,739 3,108 — 6,847 Pre-opening costs 870 81 — 951 Impairment and other lease charges — 94 — 94 Interest expense 185 253 — 438 Income before taxes 11,590 5,430 — 17,020 Capital expenditures 15,042 3,051 1,164 19,257 Identifiable Assets: April 3, 2016: 251,099 161,303 11,987 424,389 January 3, 2016 237,065 165,549 13,031 415,645 (1) Includes stock-based compensation expense of $36 and $67 for the three months ended April 3, 2016 and March 29, 2015, respectively. (2) Includes stock-based compensation expense of $975 and $874 for the three months ended April 3, 2016 and March 29, 2015, 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 restaurants offer 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 | 3 Months Ended |
Apr. 03, 2016 | |
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 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 7,407 shares were not included in the computation of diluted earnings per share for the three months ended April 3, 2016, because to do so would have been antidilutive. The computation of basic and diluted net income per share is as follows: Three Months Ended April 3, 2016 March 29, 2015 Basic and diluted net income per share: Net income $ 9,895 $ 10,501 Less: income allocated to participating securities (93 ) (142 ) Net income available to common stockholders $ 9,802 $ 10,359 Weighted average common shares, basic 26,605,717 26,435,166 Restricted stock units 6,304 7,436 Weighted average common shares, diluted 26,612,021 26,442,602 Basic net income per common share $ 0.37 $ 0.39 Diluted net income per common share $ 0.37 $ 0.39 |
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 | 3 Months Ended |
Apr. 03, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | Commitments and Contingencies Lease Assignments . Taco Cabana has assigned four leases on properties where it no longer operates restaurants with lease terms expiring on various dates through 2029 to various parties. Although the Company is a not a guarantor under these leases, it remains secondarily liable as a surety for these leases. The maximum potential liability for future rental payments the Company could be required to make under these leases at April 3, 2016 was $2.2 million . The obligations under these leases will generally continue to decrease over time as the operating leases expire. The Company does not believe it is probable that it would be ultimately responsible for the obligations under these leases. Legal Matters . The Company is a party to legal proceedings incidental to the conduct of business, including the matter described below. 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. On September 29, 2014, Daisy, Inc., an automotive repair shop in Cape Coral, Florida, filed a putative class action suit against Fiesta's subsidiary, Pollo Operations, Inc. ("Pollo Operations") in the United States District Court for the Middle District of Florida. The suit alleged that Pollo Operations engaged in unlawful activity in violation of the Telephone Consumer Protection Act, § 227 et seq. occurring in December 2010 and January 2011. As of April 3, 2016, Pollo Operations reached a settlement with the plaintiff which resulted in dismissal of the case and has paid all settlement claims. The Company is also 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) | 3 Months Ended |
Apr. 03, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, and in subsequent updates, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance in former Topic 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 non-financial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of Topic 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, 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessee recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required with an option to use certain practical expedients. The new guidance is required to be applied at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact on its financial statements. Although the impact is not currently estimable, the Company expects to recognize lease assets and lease liabilities for most of the leases it currently accounts for as operating leases. In March 2016, the FASB issued ASU No. 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products (Topic 405-20), which creates an exception under Topic 405-20 to derecognize financial liabilities related to certain prepaid stored-value products using a breakage model consistent with the revenue breakage model in Topic 606. The new guidance will be effective concurrent with Topic 606, which is effective for the Company for interim and annual periods beginning after December 15, 2017. The Company does not expect this standard to have a material effect on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718), to simplify various aspects of the accounting and presentation of share-based payments, including the income tax effects of awards and forfeiture assumptions. Currently, tax deductions in excess of compensation costs (excess tax benefits) are recorded in equity and tax deduction shortfalls (tax deficiencies), to the extent of previous excess tax benefits, are recorded in equity and then to income tax expense. Under the new guidance, all excess tax benefits and tax deficiencies will be recorded to income tax expense in the income statement, which could create volatility in the Company's income statement. The new guidance will also change the classification of excess tax benefits in the cash flow statement and impact the diluted earnings per share calculation. The guidance will be effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. Different components of the guidance require prospective, retrospective and/or modified retrospective adoption. The Company is currently evaluating the impact on its financial statements and it is not currently estimable. |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 3 Months Ended |
Apr. 03, 2016 | |
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. All intercompany transactions have been eliminated in consolidation. |
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 January 3, 2016 contained 53 weeks. The three months ended April 3, 2016 and March 29, 2015 each contained thirteen weeks. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended April 3, 2016 and March 29, 2015 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 U.S. Generally Accepted Accounting Principles ("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 months ended April 3, 2016 and March 29, 2015 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 January 3, 2016 included in the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2016 . The January 3, 2016 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 at the measurement date under current market conditions. 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 the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates. At April 3, 2016 , the fair value and carrying value of the Company's senior credit facility was approximately $70.9 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) | 3 Months Ended |
Apr. 03, 2016 | |
Other Liabilities [Abstract] | |
Other Current Liabilities [Table Text Block] | Other liabilities, current, consisted of the following: April 3, 2016 January 3, 2016 Accrued workers' compensation and general liability claims $ 5,448 $ 5,540 Sales and property taxes 1,669 3,031 Accrued occupancy costs 885 980 Other 1,076 2,545 $ 9,078 $ 12,096 |
Other Noncurrent Liabilities [Table Text Block] | Other liabilities, long-term, consisted of the following: April 3, 2016 January 3, 2016 Accrued occupancy costs $ 16,166 $ 15,349 Deferred compensation 1,581 1,665 Accrued workers' compensation and general liability claims 1,139 697 Other 3,705 3,286 $ 22,591 $ 20,997 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents the activity in the closed-store reserve, of which $ 1.2 million are included in long-term accrued occupancy costs at April 3, 2016 and January 3, 2016 , with the remainder in other current liabilities: Three Months Ended April 3, 2016 Year Ended January 3, 2016 Balance, beginning of period $ 1,832 $ 1,251 Provisions for restaurant closures — 554 Additional lease charges, net of (recoveries) — 258 Payments, net (166 ) (358 ) Other adjustments 108 127 Balance, end of period $ 1,774 $ 1,832 |
Stock-based Compensation Stock-
Stock-based Compensation Stock-based Compensation (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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 three months ended April 3, 2016 was as follows: Non-Vested Shares Restricted Stock Units Weighted Weighted Average Average Grant Date Grant Date Shares Price Units Price Outstanding at January 3, 2016 257,618 $ 30.69 42,840 $ 56.46 Granted 83,778 35.25 39,453 35.25 Vested/Released (58,918 ) 33.00 (122 ) 51.45 Forfeited (4,700 ) 37.62 (1,093 ) 47.02 Outstanding at April 3, 2016 277,778 $ 31.46 81,078 $ 46.27 |
Business Segment Information Bu
Business Segment Information Business Segment (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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, a current income tax receivable and advisory fees related to a proposed separation transaction. Three Months Ended Pollo Tropical Taco Cabana Other Consolidated April 3, 2016: Restaurant sales $ 98,906 $ 77,033 $ — $ 175,939 Franchise revenue 577 161 — 738 Cost of sales 31,604 22,446 — 54,050 Restaurant wages and related expenses (1) 22,896 22,156 — 45,052 Restaurant rent expense 4,644 4,277 — 8,921 Other restaurant operating expenses 12,592 9,796 — 22,388 Advertising expense 3,762 3,233 — 6,995 General and administrative expense (2) 7,685 5,462 701 13,848 Depreciation and amortization 5,278 3,058 — 8,336 Pre-opening costs 1,114 68 — 1,182 Impairment and other lease charges — 12 — 12 Interest expense 251 307 — 558 Income before taxes 9,669 6,615 (701 ) 15,583 Capital expenditures 14,099 1,634 1,058 16,791 March 29, 2015: Restaurant sales $ 86,889 $ 76,169 $ — $ 163,058 Franchise revenue 681 136 — 817 Cost of sales 28,539 22,584 — 51,123 Restaurant wages and related expenses (1) 18,754 21,836 — 40,590 Restaurant rent expense 3,649 4,358 — 8,007 Other restaurant operating expenses 10,089 9,770 — 19,859 Advertising expense 2,358 3,196 — 5,554 General and administrative expense (2) 7,797 5,967 — 13,764 Depreciation and amortization 3,739 3,108 — 6,847 Pre-opening costs 870 81 — 951 Impairment and other lease charges — 94 — 94 Interest expense 185 253 — 438 Income before taxes 11,590 5,430 — 17,020 Capital expenditures 15,042 3,051 1,164 19,257 Identifiable Assets: April 3, 2016: 251,099 161,303 11,987 424,389 January 3, 2016 237,065 165,549 13,031 415,645 (1) Includes stock-based compensation expense of $36 and $67 for the three months ended April 3, 2016 and March 29, 2015, respectively. (2) Includes stock-based compensation expense of $975 and $874 for the three months ended April 3, 2016 and March 29, 2015, respectively. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
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 April 3, 2016 March 29, 2015 Basic and diluted net income per share: Net income $ 9,895 $ 10,501 Less: income allocated to participating securities (93 ) (142 ) Net income available to common stockholders $ 9,802 $ 10,359 Weighted average common shares, basic 26,605,717 26,435,166 Restricted stock units 6,304 7,436 Weighted average common shares, diluted 26,612,021 26,442,602 Basic net income per common share $ 0.37 $ 0.39 Diluted net income per common share $ 0.37 $ 0.39 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Apr. 03, 2016USD ($) | Mar. 29, 2015 | Jan. 01, 2017 | Jan. 03, 2016 | |
Entity Information [Line Items] | ||||
Weeks In Fiscal Period | 13 | 13 | 53 | |
Line of Credit Facility, Amount Outstanding | $ 70,900 | |||
Scenario, Forecast [Member] | ||||
Entity Information [Line Items] | ||||
Weeks In Fiscal Period | 52 | |||
Entity Operated Units [Member] | Pollo Tropical [Member] | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 161 | |||
Entity Operated Units [Member] | Pollo Tropical [Member] | FLORIDA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 119 | |||
Entity Operated Units [Member] | Pollo Tropical [Member] | GEORGIA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 11 | |||
Entity Operated Units [Member] | Pollo Tropical [Member] | TENNESSEE | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 4 | |||
Entity Operated Units [Member] | Pollo Tropical [Member] | TEXAS | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 27 | |||
Entity Operated Units [Member] | Taco Cabana [Member] | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 162 | |||
Entity Operated Units [Member] | Taco Cabana [Member] | TEXAS | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 161 | |||
Entity Operated Units [Member] | Taco Cabana [Member] | OKLAHOMA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 1 | |||
Franchised Units [Member] | Pollo Tropical [Member] | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 36 | |||
Franchised Units [Member] | Pollo Tropical [Member] | FLORIDA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 5 | |||
Franchised Units [Member] | Pollo Tropical [Member] | PUERTO RICO | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 17 | |||
Franchised Units [Member] | Pollo Tropical [Member] | PANAMA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 5 | |||
Franchised Units [Member] | Pollo Tropical [Member] | GUATEMALA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 3 | |||
Franchised Units [Member] | Pollo Tropical [Member] | TRINIDAD AND TOBAGO | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 3 | |||
Franchised Units [Member] | Pollo Tropical [Member] | VENEZUELA | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 1 | |||
Franchised Units [Member] | Pollo Tropical [Member] | BAHAMAS | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 1 | |||
Franchised Units [Member] | Pollo Tropical [Member] | HONDURAS | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 1 | |||
Franchised Units [Member] | Taco Cabana [Member] | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 6 | |||
Franchised Units [Member] | Taco Cabana [Member] | TEXAS | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 2 | |||
Franchised Units [Member] | Taco Cabana [Member] | NEW MEXICO | ||||
Entity Information [Line Items] | ||||
Number of Restaurants | 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 | Apr. 03, 2016USD ($) |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 70.9 |
Long-Term Debt (Details)
Long-Term Debt (Details) | Apr. 03, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Amount Outstanding | $ 70,900 |
Other Liabilities Other Liabi23
Other Liabilities Other Liabilities Current (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Other current liabilities [Line Items] | ||
Accrued workers' compensation and general liability claims | $ 5,448 | $ 5,540 |
Sales and property taxes | 1,669 | 3,031 |
Accrued occupancy costs | 885 | 980 |
Other | 1,076 | 2,545 |
Other Liabilities | $ 9,078 | $ 12,096 |
Other Liabilities Other Liabi24
Other Liabilities Other Liabilities Noncurrent (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Jan. 03, 2016 |
Accrued occupancy costs | $ 16,166 | $ 15,349 |
Deferred compensation | 1,581 | 1,665 |
Accrued workers' compensation and general liability claims | 1,139 | 697 |
Other | 3,705 | 3,286 |
Other Liabilities, Noncurrent | $ 22,591 | $ 20,997 |
Other Liabilities Restructuring
Other Liabilities Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 03, 2016 | Jan. 03, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | $ 1,832 | $ 1,251 |
Provisions for restaurant closures | 0 | 554 |
Additional lease charges, net of (recoveries) | 0 | 258 |
Payments, net | (166) | (358) |
Other adjustments | 108 | 127 |
Balance, end of period | 1,774 | 1,832 |
Long-Term Liability [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 1,200 | |
Balance, end of period | $ 1,200 | $ 1,200 |
Stock-based Compensation Stoc26
Stock-based Compensation Stock-based Compensation (Details) (Narrative) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 1 | $ 0.9 |
Nonvested awards, total compensation cost not yet recognized | $ 9.2 | |
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 | $ 35.25 | |
Restricted shares, grants in period | 83,778 | |
Nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 8 months 17 days | |
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 | $ 35.25 | $ 62.05 |
Restricted shares, grants in period | 50,087 | 22,597 |
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 | $ 35.25 | $ 65.01 |
Restricted shares, grants in period | 33,691 | 17,501 |
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 | $ 35.25 | |
Restricted shares, grants in period | 39,453 | |
Nonvested awards, total compensation cost not yet recognized, period for recognition | 2 years 6 months 23 days | |
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, grants in period, weighted average grant date fair value | $ 35.25 | $ 62.05 |
Restricted shares, grants in period | 5,762 | 10,007 |
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 | 67,382 | 35,002 |
Stock-based Compensation Stoc27
Stock-based Compensation Stock-based Compensation (Details) | 3 Months Ended |
Apr. 03, 2016$ / sharesshares | |
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 | shares | 257,618 |
Non-vested shares weighted average grant date price, beginning | $ / shares | $ 30.69 |
Restricted shares, grants in period | shares | 83,778 |
Restricted shares, grants in period, weighted average grant date fair value | $ / shares | $ 35.25 |
Restricted shares, vested in period | shares | (58,918) |
Restricted shares, vested in period, weighted average grant date fair value | $ / shares | $ 33 |
Restricted shares, forfeited in period | shares | (4,700) |
Restricted shares, forfeited in period, weighted average grant date fair value | $ / shares | $ 37.62 |
Non-vested shares, ending | shares | 277,778 |
Non-vested shares weighted average grant date price, ending | $ / shares | $ 31.46 |
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 | shares | 42,840 |
Non-vested shares weighted average grant date price, beginning | $ / shares | $ 56.46 |
Restricted shares, grants in period | shares | 39,453 |
Restricted shares, grants in period, weighted average grant date fair value | $ / shares | $ 35.25 |
Restricted shares, vested in period | shares | (122) |
Restricted shares, vested in period, weighted average grant date fair value | $ / shares | $ 51.45 |
Restricted shares, forfeited in period | shares | (1,093) |
Restricted shares, forfeited in period, weighted average grant date fair value | $ / shares | $ 47.02 |
Non-vested shares, ending | shares | 81,078 |
Non-vested shares weighted average grant date price, ending | $ / shares | $ 46.27 |
Business Segment Information 28
Business Segment Information Business Segment Details (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 03, 2016 | Mar. 29, 2015 | Jan. 03, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Restaurant sales | $ 175,939 | $ 163,058 | ||
Franchise revenue | 738 | 817 | ||
Cost of sales | 54,050 | 51,123 | ||
Restaurant wages and related expenses | [1] | 45,052 | 40,590 | |
Restaurant rent expense | 8,921 | 8,007 | ||
Other restaurant operating expenses | 22,388 | 19,859 | ||
Advertising expense | 6,995 | 5,554 | ||
General and administrative expense | [2] | 13,848 | 13,764 | |
Depreciation and amortization | 8,336 | 6,847 | ||
Pre-opening costs | 1,182 | 951 | ||
Impairment and other lease charges | 12 | 94 | ||
Interest expense | 558 | 438 | ||
Income before taxes | 15,583 | 17,020 | ||
Total capital expenditures | 16,791 | 19,257 | ||
Assets | 424,389 | $ 415,645 | ||
Stock-based compensation | 1,011 | 941 | ||
Pollo Tropical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restaurant sales | 98,906 | 86,889 | ||
Franchise revenue | 577 | 681 | ||
Cost of sales | 31,604 | 28,539 | ||
Restaurant wages and related expenses | 22,896 | 18,754 | ||
Restaurant rent expense | 4,644 | 3,649 | ||
Other restaurant operating expenses | 12,592 | 10,089 | ||
Advertising expense | 3,762 | 2,358 | ||
General and administrative expense | 7,685 | 7,797 | ||
Depreciation and amortization | 5,278 | 3,739 | ||
Pre-opening costs | 1,114 | 870 | ||
Impairment and other lease charges | 0 | 0 | ||
Interest expense | 251 | 185 | ||
Income before taxes | 9,669 | 11,590 | ||
Total capital expenditures | 14,099 | 15,042 | ||
Assets | 251,099 | 237,065 | ||
Taco Cabana [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restaurant sales | 77,033 | 76,169 | ||
Franchise revenue | 161 | 136 | ||
Cost of sales | 22,446 | 22,584 | ||
Restaurant wages and related expenses | 22,156 | 21,836 | ||
Restaurant rent expense | 4,277 | 4,358 | ||
Other restaurant operating expenses | 9,796 | 9,770 | ||
Advertising expense | 3,233 | 3,196 | ||
General and administrative expense | 5,462 | 5,967 | ||
Depreciation and amortization | 3,058 | 3,108 | ||
Pre-opening costs | 68 | 81 | ||
Impairment and other lease charges | 12 | 94 | ||
Interest expense | 307 | 253 | ||
Income before taxes | 6,615 | 5,430 | ||
Total capital expenditures | 1,634 | 3,051 | ||
Assets | 161,303 | 165,549 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restaurant sales | 0 | 0 | ||
Franchise revenue | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Restaurant wages and related expenses | 0 | 0 | ||
Restaurant rent expense | 0 | 0 | ||
Other restaurant operating expenses | 0 | 0 | ||
Advertising expense | 0 | 0 | ||
General and administrative expense | 701 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Pre-opening costs | 0 | 0 | ||
Impairment and other lease charges | 0 | 0 | ||
Interest expense | 0 | 0 | ||
Income before taxes | (701) | 0 | ||
Total capital expenditures | 1,058 | 1,164 | ||
Assets | 11,987 | $ 13,031 | ||
Restaurant Wages And Related Expenses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | 36 | 67 | ||
General and Administrative Expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation | $ 975 | $ 874 | ||
[1] | (1) Includes stock-based compensation expense of $36 and $67 for the three months ended April 3, 2016 and March 29, 2015, respectively | |||
[2] | (2) Includes stock-based compensation expense of $975 and $874 for the three months ended April 3, 2016 and March 29, 2015, respectively. |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Mar. 29, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 9,895 | $ 10,501 |
Less: income allocated to participating securities | (93) | (142) |
Net income available to common shareholders | $ 9,802 | $ 10,359 |
Weighted average common shares, basic | 26,605,717 | 26,435,166 |
Restricted stock units | 6,304 | 7,436 |
Weighted average common shares, diluted | 26,612,021 | 26,442,602 |
Basic net income per share | $ 0.37 | $ 0.39 |
Diluted net income per share | $ 0.37 | $ 0.39 |
Net Income per Share Narrative
Net Income per Share Narrative (Details) | 3 Months Ended |
Apr. 03, 2016shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,407 |
Commitments and Contingencies N
Commitments and Contingencies Narrative Details (Details) $ in Millions | Apr. 03, 2016USD ($) |
Loss Contingencies [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2.2 |