The Marcus Corporation (MCS) 10-Q 5 Jan 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Nov. 26, 2015	Dec. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 26, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	MARCUS CORP
Entity Central Index Key	62,234
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	MCS
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,952,879
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,710,972

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 26, 2015	May. 28, 2015
Current assets:
Cash and cash equivalents	$ 6,118	$ 6,723
Restricted cash	18,155	8,760
Accounts and notes receivable, net of reserves of $254 and $245, respectively	13,421	16,339
Refundable income taxes	0	4,022
Deferred income taxes	3,187	2,997
Other current assets	6,507	6,732
Total current assets	47,388	45,573
Property and equipment:
Land and improvements	103,669	98,980
Buildings and improvements	613,706	633,946
Leasehold improvements	78,375	78,624
Furniture, fixtures and equipment	283,651	279,383
Construction in progress	9,848	8,392
Total property and equipment	1,089,249	1,099,325
Less accumulated depreciation and amortization	426,551	419,208
Net property and equipment	662,698	680,117
Other assets:
Investments in joint ventures	7,215	5,643
Goodwill	44,232	43,720
Other	38,054	33,989
Total other assets	89,501	83,352
TOTAL ASSETS	799,587	809,042
Current liabilities:
Accounts payable	21,701	36,776
Income taxes	1,172	0
Taxes other than income taxes	16,075	15,099
Accrued compensation	12,600	15,354
Other accrued liabilities	38,093	35,220
Current portion of capital lease obligation	5,146	5,053
Current maturities of long-term debt	19,672	17,742
Total current liabilities	114,459	125,244
Capital lease obligation	15,714	18,317
Long-term debt	217,457	229,669
Deferred income taxes	46,149	47,502
Deferred compensation and other	44,283	42,075
Equity:
Preferred Stock, $1 par; authorized 1,000,000 shares; none issued	0	0
Capital in excess of par	56,321	55,539
Retained earnings	321,902	307,939
Accumulated other comprehensive loss	(5,314)	(5,312)
Less cost of Common Stock in treasury (3,534,168 shares at November 26, 2015 and 3,636,098 shares at May 28, 2015)	(44,490)	(45,577)
Total shareholders' equity attributable to The Marcus Corporation	359,609	343,779
Noncontrolling interest	1,916	2,456
Total equity	361,525	346,235
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	799,587	809,042
Common Stock [Member]
Equity:
Common Stock	22,479	22,479
Class B Common Stock [Member]
Equity:
Common Stock	$ 8,711	$ 8,711

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 26, 2015	May. 28, 2015
Accounts and notes receivable, reserves	$ 254	$ 245
Preferred Stock, par (in dollars per share)	$ 1	$ 1
Preferred Stock, authorized	1,000,000	1,000,000
Preferred Stock, issued	0	0
Cost of Common Stock in treasury, shares	3,534,168	3,636,098
Common Stock [Member]
Common Stock, par (in dollars per share)	$ 1	$ 1
Common Stock, authorized	50,000,000	50,000,000
Common Stock, issued	22,478,541	22,478,541
Class B Common Stock [Member]
Common Stock, par (in dollars per share)	$ 1	$ 1
Common Stock, authorized	33,000,000	33,000,000
Common Stock, issued	8,710,972	8,710,972
Common Stock, outstanding	8,710,972	8,710,972

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Revenues:
Theatre admissions	$ 31,741	$ 32,794	$ 79,963	$ 74,139
Rooms	29,464	29,678	63,650	64,359
Theatre concessions	21,006	20,484	52,786	45,406
Food and beverage	19,216	20,134	38,025	36,289
Other revenues	14,249	12,971	30,442	27,637
Total revenues	115,676	116,061	264,866	247,830
Costs and expenses:
Theatre operations	29,217	27,953	70,896	62,816
Rooms	10,298	10,725	21,485	22,127
Theatre concessions	6,517	5,841	15,555	12,562
Food and beverage	14,519	15,924	29,281	27,987
Advertising and marketing	5,822	6,710	12,311	14,098
Administrative	14,787	12,955	29,353	25,347
Depreciation and amortization	10,242	10,156	20,668	19,234
Rent	2,159	2,160	4,352	4,314
Property taxes	4,003	3,719	7,824	7,625
Other operating expenses	7,558	8,298	16,731	17,411
Total costs and expenses	105,122	104,441	228,456	213,521
Operating income	10,554	11,620	36,410	34,309
Other income (expense):
Investment income	20	25	25	50
Interest expense	(2,382)	(2,388)	(4,783)	(4,792)
Loss on disposition of property, equipment and other assets	(226)	(495)	(31)	(501)
Equity earnings (losses) from unconsolidated joint ventures, net	39	27	20	(14)
Nonoperating Income (Expense), Total	(2,549)	(2,831)	(4,769)	(5,257)
Earnings before income taxes	8,005	8,789	31,641	29,052
Income taxes	2,897	3,398	12,080	11,385
Net earnings	5,108	5,391	19,561	17,667
Net earnings (loss) attributable to noncontrolling interests	163	168	(35)	12
Net earnings attributable to The Marcus Corporation	$ 4,945	$ 5,223	$ 19,596	$ 17,655
Common Stock [Member]
Net earnings per share - basic:
Common Stock	$ 0.18	$ 0.2	$ 0.73	$ 0.67
Net earnings per share - diluted:
Common Stock	0.18	0.19	0.7	0.64
Dividends per share:
Common Stock	0.105	0.095	0.21	0.19
Common Class B [Member]
Net earnings per share - basic:
Common Stock	0.17	0.18	0.66	0.6
Net earnings per share - diluted:
Common Stock	0.17	0.18	0.66	0.6
Dividends per share:
Common Stock	$ 0.095	$ 0.086	$ 0.191	$ 0.173

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015		Nov. 27, 2014
Net earnings	$ 5,108	$ 5,391	$ 19,561		$ 17,667
Other comprehensive income (loss), net of tax:
Fair market value adjustment of interest rate swap, net of tax expense (benefit) of $5, $(40), $(63) and $(37), respectively	8	(95)	(58)		(55)
Reclassification adjustment on interest rate swap included in interest expense, net of tax effect of $17, $37, $20 and $39, respectively	27	30	56	[1]	59	[1]
Other comprehensive income (loss)	35	(65)	(2)		4
Comprehensive income	5,143	5,326	19,559		17,671
Comprehensive income (loss) attributable to noncontrolling interests	163	168	(35)		12
Comprehensive income attributable to The Marcus Corporation	$ 4,980	$ 5,158	$ 19,594		$ 17,659
[1]	Amounts are included in interest expense in the consolidated statements of earnings.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Other Comprehensive Amortization Of Loss Derivatives Qualifying As Hedges Tax	$ 5	$ (63)	$ (40)	$ (37)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	$ 17	$ 20	$ 37	$ 39

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014
OPERATING ACTIVITIES:
Net earnings	$ 19,561	$ 17,667
Adjustments to reconcile net earnings to net cash provided by operating activities:
Losses (earnings) on investments in joint ventures	(20)	14
Distribution from joint venture	48	120
Loss on disposition of property, equipment and other assets	31	501
Amortization of favorable lease right	167	167
Depreciation and amortization	20,668	19,234
Stock compensation expense	794	683
Deferred income taxes	(1,471)	(470)
Deferred compensation and other	2,494	3,775
Changes in operating assets and liabilities:
Accounts and notes receivable	3,460	(5,101)
Other current assets	146	(165)
Accounts payable	(6,004)	(4,360)
Income taxes	5,251	5,692
Taxes other than income taxes	1,322	1,620
Accrued compensation	(3,245)	(1,574)
Other accrued liabilities	2,873	(2,561)
Total adjustments	26,514	17,575
Net cash provided by operating activities	46,075	35,242
INVESTING ACTIVITIES:
Capital expenditures	(33,822)	(27,047)
Proceeds from disposals of property, equipment and other assets	13,977	183
Increase in restricted cash	(9,395)	(1,100)
Increase in other assets	(438)	(1,142)
Purchase of interest in joint venture	(1,600)	(1,500)
Capital contribution in joint venture	0	(399)
Net cash used in investing activities	(31,278)	(31,005)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving credit facility	91,000	67,000
Repayments of borrowings on revolving credit facility	(99,500)	(63,000)
Principal payments on debt	(1,782)	(1,242)
Equity transactions:
Treasury stock transactions, except for stock options	170	173
Exercise of stock options	848	1,095
Dividends paid	(5,633)	(5,052)
Distributions to noncontrolling interest	(505)	(958)
Net cash used in financing activities	(15,402)	(1,984)
Net increase (decrease) in cash and cash equivalents	(605)	2,253
Cash and cash equivalents at beginning of period	6,723	6,780
Cash and cash equivalents at end of period	6,118	9,033
Supplemental Information:
Interest paid, net of amounts capitalized	4,696	4,558
Income taxes paid	8,301	5,600
Change in accounts payable for additions to property and equipment	$ (9,067)	$ (3,274)

General

General	6 Months Ended
	Nov. 26, 2015
General [Abstract]
General	1. General Accounting Policies – 8,736,000 10,188,000 20,516,000 10,048,000 19,008,000 Swap Available for Pension Accumulated (in thousands) Balance at May 28, 2015 $ (17) $ (11) $ (5,284) $ (5,312) Other comprehensive loss before reclassifications (58) - - (58) Amounts reclassified from accumulated other comprehensive loss (1) 56 - - 56 Net other comprehensive loss (2) - - (2) Balance at November 26, 2015 $ (19) $ (11) $ (5,284) $ (5,314) Swap Available Pension Accumulated (in thousands) Balance at May 29, 2014 $ 34 $ (11) $ (4,581) $ (4,558) Other comprehensive loss before reclassifications (55) - - (55) Amounts reclassified from accumulated other comprehensive loss (1) 59 - - 59 Net other comprehensive income 4 - - 4 Balance at November 27, 2014 $ 38 $ (11) $ (4,581) $ (4,554) (1) Holders of Common Stock are entitled to cash dividends per share equal to 110 13 Weeks 13 Weeks 26 Weeks 26 Weeks (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 4,945 $ 5,223 $ 19,596 $ 17,655 Denominator: Denominator for basic EPS 27,626 27,400 27,600 27,374 Effect of dilutive employee stock options 319 168 313 215 Denominator for diluted EPS 27,945 27,568 27,913 27,589 Net earnings per share - basic: Common Stock $ 0.18 $ 0.20 $ 0.73 $ 0.67 Class B Common Stock $ 0.17 $ 0.18 $ 0.66 $ 0.60 Net earnings per share - diluted: Common Stock $ 0.18 $ 0.19 $ 0.70 $ 0.64 Class B Common Stock $ 0.17 $ 0.18 $ 0.66 $ 0.60 Total Noncontrolling (in thousands) Balance at May 28, 2015 $ 343,779 $ 2,456 Net earnings attributable to The Marcus Corporation 19,596 – Net loss attributable to noncontrolling interests – (35) Distributions to noncontrolling interests – (505) Cash dividends (5,633) – Exercise of stock options 848 – Treasury stock transactions, except for stock options 170 – Share-based compensation 794 – Other 57 – Other comprehensive loss, net of tax (2) – Balance at November 26, 2015 $ 359,609 $ 1,916 Total Noncontrolling (in thousands) Balance at May 29, 2014 $ 326,211 $ 3,768 Net earnings attributable to The Marcus Corporation 17,655 – Net earnings attributable to noncontrolling interests – 12 Distributions to noncontrolling interests – (958) Cash dividends (5,052) – Exercise of stock options 1,095 – Treasury stock transactions, except for stock options 173 – Share-based compensation 683 – Other 47 – Other comprehensive income, net of tax 4 – Balance at November 27, 2014 $ 340,816 $ 2,822 The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 70,000 Level 2 33,000 28,000 Level 3 7,737,000 13 Weeks 13 Weeks 26 Weeks 26 Weeks (in thousands) Service cost $ 197 $ 174 $ 394 $ 349 Interest cost 328 311 656 622 Net amortization of prior service cost and actuarial loss 90 81 180 162 Net periodic pension cost $ 615 $ 566 $ 1,230 $ 1,133 Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers

Asset Sale

Asset Sale	6 Months Ended
	Nov. 26, 2015
Asset Sale [Abstract]
Asset Sale	2. Asset Sale On October 16, 2015, the Company sold the Hotel Phillips for a total purchase price of approximately $ 13,500,000 13,100,000 at its estimated net realizable value on the consolidated balance sheet. The result of the transaction was a loss on sale of approximately $ 70 1,439 3,945 2,610 5,157 199 499 410 718

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Nov. 26, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Acivities	3. Derivatives and Hedging Activities The Company utilizes derivatives principally to manage market risks and reduce its exposure resulting from fluctuations in interest rates. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions. The Company entered into an interest rate swap agreement on February 28, 2013 covering $ 25,000,000 0.96 0.25 25,000,000 33,000 28,000

Capital Lease Obligation

Capital Lease Obligation	6 Months Ended
	Nov. 26, 2015
Capital Lease Obligation [Abstract]
Capital Lease Obligation	4. Capital Lease Obligation During fiscal 2012, the Company entered into a master licensing agreement with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema Corp (CDF2), whereby CDF2 purchased on the Company’s behalf, and then deployed and licensed back to the Company, digital cinema projection systems (the “systems”) for use by the Company in its theatres. As of November 26, 2015, 642 10 45,510,000 21,524,000 18,435,000 Under the terms of the master licensing agreement, the Company made an initial one-time payment to CDF2. The Company expects that the balance of CDF2’s costs to deploy the systems will be covered primarily through the payment of virtual print fees (VPF’s) from film distributors to CDF2 each time a digital movie is booked on one of the systems deployed on a Company screen. The Company agreed to make an average number of bookings of eligible digital movies on each screen on which a licensed system has been deployed to provide for a minimum level of VPF’s paid by distributors (standard booking commitment) to CDF2. To the extent the VPF’s paid by distributors are less than the standard booking commitment, the Company must make a shortfall payment to CDF2. Based upon the Company’s historical booking patterns, the Company does not expect to make any shortfall payments during the life of the agreement. Accounting Standards Codification No. 840, Leases 6,163,000 The Company’s capital lease obligation is being reduced as VPF’s are paid by the film distributors to CDF2. The Company has recorded the reduction of the obligation associated with the payment of VPF’s as a reduction of the interest related to the obligation and the amortization incurred related to the systems, as the payments represent a specific reimbursement of the cost of the systems by the studios. Based on the Company’s expected minimum number of eligible movies to be booked, the Company expects the obligation to be reduced by at least $ 5,146,000

Income Taxes

Income Taxes	6 Months Ended
	Nov. 26, 2015
Income Taxes [Abstract]
Income Taxes	5. Income Taxes The Company’s effective income tax rate, adjusted for losses from noncontrolling interests, for the 13 and 26 weeks ended November 26, 2015 was 36.9 38.1

Business Segment Information

Business Segment Information	6 Months Ended
	Nov. 26, 2015
Business Segment Information [Abstract]
Business Segment Information	6. Business Segment Information The Company’s primary operations are reported in the following business segments: Theatres and Hotels/Resorts. Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Following is a summary of business segment information for the 13 and 26 weeks ended November 26, 2015 and November 27, 2014 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 56,463 $ 59,089 $ 124 $ 115,676 Operating income (loss) 7,329 7,628 (4,403) 10,554 Depreciation and amortization 5,594 4,501 147 10,242 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 56,275 $ 59,626 $ 160 $ 116,061 Operating income (loss) 9,783 5,729 (3,892) 11,620 Depreciation and amortization 5,005 5,035 116 10,156 26 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 139,787 $ 124,830 $ 249 $ 264,866 Operating income (loss) 25,389 19,140 (8,119) 36,410 Depreciation and amortization 11,280 9,101 287 20,668 26 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 125,662 $ 121,873 $ 295 $ 247,830 Operating income (loss) 24,637 16,733 (7,061) 34,309 Depreciation and amortization 9,735 9,282 217 19,234

General (Policies)

General (Policies)	6 Months Ended
	Nov. 26, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Fiscal Year-End Change	Fiscal Year-End Change
Restricted Cash	Restricted Cash – 8,736,000
Depreciation and Amortization	Depreciation and Amortization 10,188,000 20,516,000 10,048,000 19,008,000
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Swap Available for Pension Accumulated (in thousands) Balance at May 28, 2015 $ (17) $ (11) $ (5,284) $ (5,312) Other comprehensive loss before reclassifications (58) - - (58) Amounts reclassified from accumulated other comprehensive loss (1) 56 - - 56 Net other comprehensive loss (2) - - (2) Balance at November 26, 2015 $ (19) $ (11) $ (5,284) $ (5,314) Swap Available Pension Accumulated (in thousands) Balance at May 29, 2014 $ 34 $ (11) $ (4,581) $ (4,558) Other comprehensive loss before reclassifications (55) - - (55) Amounts reclassified from accumulated other comprehensive loss (1) 59 - - 59 Net other comprehensive income 4 - - 4 Balance at November 27, 2014 $ 38 $ (11) $ (4,581) $ (4,554) (1)
Earnings Per Share	Earnings Per Share Holders of Common Stock are entitled to cash dividends per share equal to 110 13 Weeks 13 Weeks 26 Weeks 26 Weeks (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 4,945 $ 5,223 $ 19,596 $ 17,655 Denominator: Denominator for basic EPS 27,626 27,400 27,600 27,374 Effect of dilutive employee stock options 319 168 313 215 Denominator for diluted EPS 27,945 27,568 27,913 27,589 Net earnings per share - basic: Common Stock $ 0.18 $ 0.20 $ 0.73 $ 0.67 Class B Common Stock $ 0.17 $ 0.18 $ 0.66 $ 0.60 Net earnings per share - diluted: Common Stock $ 0.18 $ 0.19 $ 0.70 $ 0.64 Class B Common Stock $ 0.17 $ 0.18 $ 0.66 $ 0.60
Equity	Equity Total Noncontrolling (in thousands) Balance at May 28, 2015 $ 343,779 $ 2,456 Net earnings attributable to The Marcus Corporation 19,596 – Net loss attributable to noncontrolling interests – (35) Distributions to noncontrolling interests – (505) Cash dividends (5,633) – Exercise of stock options 848 – Treasury stock transactions, except for stock options 170 – Share-based compensation 794 – Other 57 – Other comprehensive loss, net of tax (2) – Balance at November 26, 2015 $ 359,609 $ 1,916 Total Noncontrolling (in thousands) Balance at May 29, 2014 $ 326,211 $ 3,768 Net earnings attributable to The Marcus Corporation 17,655 – Net earnings attributable to noncontrolling interests – 12 Distributions to noncontrolling interests – (958) Cash dividends (5,052) – Exercise of stock options 1,095 – Treasury stock transactions, except for stock options 173 – Share-based compensation 683 – Other 47 – Other comprehensive income, net of tax 4 – Balance at November 27, 2014 $ 340,816 $ 2,822
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities measured at fair value are classified in one of the following categories: Level 1 70,000 Level 2 33,000 28,000 Level 3 7,737,000
Defined Benefit Plan	Defined Benefit Plan 13 Weeks 13 Weeks 26 Weeks 26 Weeks (in thousands) Service cost $ 197 $ 174 $ 394 $ 349 Interest cost 328 311 656 622 Net amortization of prior service cost and actuarial loss 90 81 180 162 Net periodic pension cost $ 615 $ 566 $ 1,230 $ 1,133
New Accounting Pronouncement	New Accounting Pronouncements Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers

General (Tables)

General (Tables)	6 Months Ended
	Nov. 26, 2015
General [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax: Swap Available for Pension Accumulated (in thousands) Balance at May 28, 2015 $ (17) $ (11) $ (5,284) $ (5,312) Other comprehensive loss before reclassifications (58) - - (58) Amounts reclassified from accumulated other comprehensive loss (1) 56 - - 56 Net other comprehensive loss (2) - - (2) Balance at November 26, 2015 $ (19) $ (11) $ (5,284) $ (5,314) Swap Available Pension Accumulated (in thousands) Balance at May 29, 2014 $ 34 $ (11) $ (4,581) $ (4,558) Other comprehensive loss before reclassifications (55) - - (55) Amounts reclassified from accumulated other comprehensive loss (1) 59 - - 59 Net other comprehensive income 4 - - 4 Balance at November 27, 2014 $ 38 $ (11) $ (4,581) $ (4,554) (1)
Schedule of Earnings Per Share, Basic and Diluted	The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding: 13 Weeks 13 Weeks 26 Weeks 26 Weeks (in thousands, except per share data) Numerator: Net earnings attributable to The Marcus Corporation $ 4,945 $ 5,223 $ 19,596 $ 17,655 Denominator: Denominator for basic EPS 27,626 27,400 27,600 27,374 Effect of dilutive employee stock options 319 168 313 215 Denominator for diluted EPS 27,945 27,568 27,913 27,589 Net earnings per share - basic: Common Stock $ 0.18 $ 0.20 $ 0.73 $ 0.67 Class B Common Stock $ 0.17 $ 0.18 $ 0.66 $ 0.60 Net earnings per share - diluted: Common Stock $ 0.18 $ 0.19 $ 0.70 $ 0.64 Class B Common Stock $ 0.17 $ 0.18 $ 0.66 $ 0.60
Components of Shareholders' Equity Activity Attributable to The Marcus Corporation and Noncontrolling Interests	Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 26 weeks ended November 26, 2015 and November 27, 2014 was as follows: Total Noncontrolling (in thousands) Balance at May 28, 2015 $ 343,779 $ 2,456 Net earnings attributable to The Marcus Corporation 19,596 – Net loss attributable to noncontrolling interests – (35) Distributions to noncontrolling interests – (505) Cash dividends (5,633) – Exercise of stock options 848 – Treasury stock transactions, except for stock options 170 – Share-based compensation 794 – Other 57 – Other comprehensive loss, net of tax (2) – Balance at November 26, 2015 $ 359,609 $ 1,916 Total Noncontrolling (in thousands) Balance at May 29, 2014 $ 326,211 $ 3,768 Net earnings attributable to The Marcus Corporation 17,655 – Net earnings attributable to noncontrolling interests – 12 Distributions to noncontrolling interests – (958) Cash dividends (5,052) – Exercise of stock options 1,095 – Treasury stock transactions, except for stock options 173 – Share-based compensation 683 – Other 47 – Other comprehensive income, net of tax 4 – Balance at November 27, 2014 $ 340,816 $ 2,822
Schedule of Net Benefit Costs	The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows: 13 Weeks 13 Weeks 26 Weeks 26 Weeks (in thousands) Service cost $ 197 $ 174 $ 394 $ 349 Interest cost 328 311 656 622 Net amortization of prior service cost and actuarial loss 90 81 180 162 Net periodic pension cost $ 615 $ 566 $ 1,230 $ 1,133

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Nov. 26, 2015
Business Segment Information [Abstract]
Schedule of Segment Reporting Information, by Segment	Following is a summary of business segment information for the 13 and 26 weeks ended November 26, 2015 and November 27, 2014 (in thousands): 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 56,463 $ 59,089 $ 124 $ 115,676 Operating income (loss) 7,329 7,628 (4,403) 10,554 Depreciation and amortization 5,594 4,501 147 10,242 13 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 56,275 $ 59,626 $ 160 $ 116,061 Operating income (loss) 9,783 5,729 (3,892) 11,620 Depreciation and amortization 5,005 5,035 116 10,156 26 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 139,787 $ 124,830 $ 249 $ 264,866 Operating income (loss) 25,389 19,140 (8,119) 36,410 Depreciation and amortization 11,280 9,101 287 20,668 26 Weeks Ended Theatres Hotels/ Corporate Total Revenues $ 125,662 $ 121,873 $ 295 $ 247,830 Operating income (loss) 24,637 16,733 (7,061) 34,309 Depreciation and amortization 9,735 9,282 217 19,234

General (Details)

General (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015		Nov. 27, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance, Swap Agreements				$ (17)		$ 34
Other comprehensive loss before reclassifications, Swap Agreements		$ 8	$ (95)	(58)		(55)
Amounts reclassified from accumulated other comprehensive loss, Swap Agreements		27	30	56	[1]	59	[1]
Net other comprehensive income (loss), Swap Agreements				(2)		4
Ending Balance, Swap Agreements		(19)	38	(19)		38
Beginning Balance, Available for Sale Investments				(11)		(11)
Other comprehensive loss before reclassifications, Available for Sale Investments				0		0
Amounts reclassified from accumulated other comprehensive loss, Available for Sale Investments	[1]			0		0
Net other comprehensive income (loss), Available for Sale Investments				0		0
Ending Balance, Available for Sale Investments		(11)	(11)	(11)		(11)
Beginning Balance, Pension Obligation				(5,284)		(4,581)
Other comprehensive loss before reclassifications, Pension Obligation				0		0
Amounts reclassified from accumulated other comprehensive loss, Pension Obligation	[1]			0		0
Net other comprehensive income (loss), Pension Obligation				0		0
Ending Balance, Pension Obligation		(5,284)	(4,581)	(5,284)		(4,581)
Beginning Balance, Accumulated Other Comprehensive Loss				(5,312)		(4,558)
Other comprehensive loss before reclassifications, Accumulated Other Comprehensive Loss				(58)		(55)
Amounts reclassified from accumulated other comprehensive loss, Accumulated Other Comprehensive Loss	[1]			56		59
Net other comprehensive income (loss), Accumulated Other Comprehensive Loss		35	(65)	(2)		4
Ending Balance, Accumulated Other Comprehensive Loss		$ (5,314)	$ (4,554)	$ (5,314)		$ (4,554)
[1]	Amounts are included in interest expense in the consolidated statements of earnings.

General (Details 1)

General (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Numerator:
Net earnings attributable to The Marcus Corporation	$ 4,945	$ 5,223	$ 19,596	$ 17,655
Denominator:
Denominator for basic EPS	27,626	27,400	27,600	27,374
Effect of dilutive employee stock options	319	168	313	215
Denominator for diluted EPS	27,945	27,568	27,913	27,589
Common Stock [Member]
Net earnings per share - basic:
Common Stock	$ 0.18	$ 0.2	$ 0.73	$ 0.67
Net earnings per share - diluted:
Common Stock	0.18	0.19	0.7	0.64
Class B Common Stock [Member]
Net earnings per share - basic:
Common Stock	0.17	0.18	0.66	0.6
Net earnings per share - diluted:
Common Stock	$ 0.17	$ 0.18	$ 0.66	$ 0.6

General (Details 2)

General (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Total Shareholders' Equity Attributable to The Marcus Corporation
Beginning Balance			$ 343,779	$ 326,211
Net earnings attributable to The Marcus Corporation	$ 4,945	$ 5,223	19,596	17,655
Cash dividends			(5,633)	(5,052)
Exercise of stock options			848	1,095
Treasury stock transactions, except for stock options			170	173
Share-based compensation			794	683
Other			57	47
Other comprehensive income (loss), net of tax	35	(65)	(2)	4
Ending Balance	359,609	340,816	359,609	340,816
Noncontrolling Interests
Beginning Balance			2,456	3,768
Net earnings (loss) attributable to noncontrolling interests	163	168	(35)	12
Distributions to noncontrolling interests			(505)	(958)
Ending Balance	$ 1,916	$ 2,822	$ 1,916	$ 2,822

General (Details 3)

General (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Service cost	$ 197	$ 174	$ 394	$ 349
Interest cost	328	311	656	622
Net amortization of prior service cost and actuarial loss	90	81	180	162
Net periodic pension cost	$ 615	$ 566	$ 1,230	$ 1,133

General (Details Textual)

General (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014	May. 28, 2015
General [Line Items]
Depreciation	$ 10,188,000	$ 10,048,000	$ 20,516,000	$ 19,008,000
Percentage Of Cash Dividends			110.00%
Restricted Cash and Investments, Total	8,736,000		$ 8,736,000
Fair Value, Inputs, Level 1 [Member]
General [Line Items]
Available-for-sale Securities, Fair Value Disclosure	70,000		70,000		$ 70,000
Fair Value, Inputs, Level 2 [Member]
General [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	$ 33,000		$ 33,000		28,000
Fair Value, Inputs, Level 3 [Member]
General [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance					$ 7,737,000

Asset Sale (Details Textual)

Asset Sale (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014	Oct. 16, 2015
Gain Loss On Sale Of Property Plant Equipment	$ (226,000)	$ (495,000)	$ (31,000)	$ (501,000)
Revenues	115,676,000	116,061,000	264,866,000	247,830,000
Operating Income (Loss)	10,554,000	11,620,000	36,410,000	34,309,000
Hotel Phillips [Member]
Business Acquisition Cost Of Acquired Entities Purchase Price					$ 13,500,000
Business Acquisition, Net of Transaction Costs					$ 13,100,000
Gain Loss On Sale Of Property Plant Equipment			70,000
Revenues	1,439,000	2,610,000	3,945,000	5,157,000
Operating Income (Loss)	$ 199,000	$ 410,000	$ 499,000	$ 718,000

Derivatives and Hedging Activ23

Derivatives and Hedging Activities (Details Textual) - USD ($)	6 Months Ended
	Nov. 26, 2015	May. 28, 2015	Feb. 28, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 25,000,000
Description Of Derivative Variable Rate Basis	one-month LIBOR
Fair Value, Inputs, Level 2 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	$ 33,000	$ 28,000
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Amount of Hedged Item			$ 25,000,000
Derivative, Fixed Interest Rate			0.96%
Derivative, Variable Interest Rate	0.25%

Capital Lease Obligation (Detai

Capital Lease Obligation (Details Textual)	6 Months Ended
	Nov. 26, 2015USD ($)	May. 28, 2015USD ($)
Property, Plant and Equipment [Line Items]
Capital Leased Assets, Number of Units	642
Term Of Licensing Agreement	10 years
Commitment Minimum Lease Payments	$ 6,163,000
Payments Obligation Reduced Amount	$ 5,146,000
Expect Period Of Payments Obligation	12 months
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Capital Leases, Balance Sheet, Assets by Major Class, Net	$ 45,510,000
Digital Systems [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 21,524,000	$ 18,435,000

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Effective Income Tax Rate	36.90%	39.40%	38.10%	39.20%

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 26, 2015	Nov. 27, 2014	Nov. 26, 2015	Nov. 27, 2014
Segment Reporting Information [Line Items]
Revenues	$ 115,676	$ 116,061	$ 264,866	$ 247,830
Operating income (loss)	10,554	11,620	36,410	34,309
Depreciation and amortization	10,242	10,156	20,668	19,234
Theatres [Member]
Segment Reporting Information [Line Items]
Revenues	56,463	56,275	139,787	125,662
Operating income (loss)	7,329	9,783	25,389	24,637
Depreciation and amortization	5,594	5,005	11,280	9,735
Hotels/Resorts [Member]
Segment Reporting Information [Line Items]
Revenues	59,089	59,626	124,830	121,873
Operating income (loss)	7,628	5,729	19,140	16,733
Depreciation and amortization	4,501	5,035	9,101	9,282
Corporate Items [Member]
Segment Reporting Information [Line Items]
Revenues	124	160	249	295
Operating income (loss)	(4,403)	(3,892)	(8,119)	(7,061)
Depreciation and amortization	$ 147	$ 116	$ 287	$ 217