Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 26, 2015 | Oct. 26, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 26, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | DORM | |
Entity Registrant Name | Dorman Products, Inc. | |
Entity Central Index Key | 868,780 | |
Current Fiscal Year End Date | --12-26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,497,578 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 210,928 | $ 197,796 | $ 598,123 | $ 577,495 |
Cost of goods sold | 130,134 | 121,915 | 367,866 | 357,011 |
Gross profit | 80,794 | 75,881 | 230,257 | 220,484 |
Selling, general and administrative expenses | 39,554 | 37,405 | 118,470 | 108,361 |
Income from operations | 41,240 | 38,476 | 111,787 | 112,123 |
Interest expense, net | 48 | 58 | 152 | 160 |
Income before income taxes | 41,192 | 38,418 | 111,635 | 111,963 |
Provision for income taxes | 15,132 | 13,882 | 41,093 | 40,632 |
Net income | $ 26,060 | $ 24,536 | $ 70,542 | $ 71,331 |
Earnings Per Share: | ||||
Basic | $ 0.73 | $ 0.68 | $ 1.99 | $ 1.97 |
Diluted | $ 0.73 | $ 0.68 | $ 1.98 | $ 1.96 |
Weighted Average Shares Outstanding: | ||||
Basic | 35,514 | 35,898 | 35,535 | 36,217 |
Diluted | 35,575 | 36,024 | 35,611 | 36,372 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 79,321 | $ 47,656 |
Accounts receivable, less allowance for doubtful accounts and customer credits of $85,569 and $79,179 | 199,257 | 206,035 |
Inventories | 195,250 | 173,523 |
Deferred income taxes | 26,414 | 25,103 |
Prepaids and other current assets | 3,544 | 3,147 |
Total current assets | 503,786 | 455,464 |
Property, plant and equipment, net | 86,308 | 82,270 |
Goodwill and intangible assets, net | 29,914 | 29,989 |
Other assets | 19,297 | 12,645 |
Total | 639,305 | 580,368 |
Current liabilities: | ||
Accounts payable | 58,983 | 59,541 |
Accrued compensation | 8,847 | 10,713 |
Other accrued liabilities | 19,199 | 20,579 |
Total current liabilities | 87,029 | 90,833 |
Other long-term liabilities | 4,706 | 4,822 |
Deferred income taxes | $ 21,501 | $ 22,652 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, par value $0.01; authorized 50,000,000 shares; issued and outstanding 35,523,278 and 35,611,238 in 2015 and 2014, respectively | $ 355 | $ 356 |
Additional paid-in capital | 43,765 | 43,413 |
Retained earnings | 481,949 | 418,292 |
Total shareholders' equity | 526,069 | 462,061 |
Total | $ 639,305 | $ 580,368 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts and customer credits | $ 85,569 | $ 79,179 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 35,523,278 | 35,611,238 |
Common stock, shares outstanding | 35,523,278 | 35,611,238 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 70,542 | $ 71,331 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation, amortization and accretion | 11,739 | 9,001 |
Provision for doubtful accounts | 85 | 219 |
Benefit for deferred income taxes | (2,462) | (434) |
Provision for non-cash stock compensation | 752 | 1,510 |
Changes in assets and liabilities: | ||
Accounts receivable | 6,693 | (8,662) |
Inventories | (21,727) | (12,051) |
Prepaids and other current assets | (397) | (797) |
Other assets | (4,652) | (4,764) |
Accounts payable | 377 | (9,168) |
Accrued compensation and other liabilities | (3,467) | 1,221 |
Cash provided by operating activities | 57,483 | 47,406 |
Cash Flows from Investing Activities: | ||
Property, plant and equipment additions | (16,534) | (22,992) |
Purchase of equity investment | (2,000) | |
Cash used in investing activities | (18,534) | (22,992) |
Cash Flows from Financing Activities: | ||
Proceeds from exercise of stock options | 16 | 463 |
Other stock related activity | 34 | 81 |
Purchase and cancellation of common stock | (7,334) | (41,341) |
Cash used in financing activities | (7,284) | (40,797) |
Net Increase (Decrease) in Cash and Cash Equivalents | 31,665 | (16,383) |
Cash and Cash Equivalents, Beginning of Period | 47,656 | 60,593 |
Cash and Cash Equivalents, End of Period | 79,321 | 44,210 |
Supplemental Cash Flow Information | ||
Cash paid for interest expense | 211 | 176 |
Cash paid for income taxes | $ 41,709 | $ 38,192 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation As used herein, unless the context otherwise requires, “Dorman”, the “Company”, “we”, “us”, or “our” refers to Dorman Products, Inc. and its subsidiaries. Our ticker symbol on the NASDAQ Global Select Market is “DORM”. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the thirty-nine weeks ended September 26, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 26, 2015. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers. Generally, the second and third quarters have the highest level of net sales. The introduction of new products and product lines to customers may cause significant fluctuations from quarter to quarter. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2014. Certain prior year amounts have been reclassified to conform with current year presentation. |
Sales of Accounts Receivable
Sales of Accounts Receivable | 9 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Sales of Accounts Receivable | 2. Sales of Accounts Receivable We have entered into several customer sponsored programs administered by unrelated financial institutions that permit us to sell certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and were removed from our Consolidated Balance Sheet at the time of the sales transactions. Pursuant to these agreements, we sold $391.9 million and $380.2 million of accounts receivable during the thirty-nine weeks ended September 26, 2015 and September 27, 2014, respectively. If receivables had not been sold, $339.9 million and $298.9 million of additional accounts receivable would have been outstanding at September 26, 2015 and December 27, 2014, respectively, based on standard payment terms. Selling, general and administrative expenses for the thirty-nine weeks ended September 26, 2015 and September 27, 2014 included $5.4 million and $5.0 million, respectively, in financing costs associated with these accounts receivable sales programs. |
Inventories
Inventories | 9 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products, and are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Inventories were as follows: (in thousands) September 26, December 27, Bulk product $ 75,548 $ 65,603 Finished product 116,863 105,117 Packaging materials 2,839 2,803 Total $ 195,250 $ 173,523 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 4. Stock-Based Compensation Our 2008 Stock Option and Stock Incentive Plan (the “Plan”) was approved by our shareholders on May 20, 2009. Under the terms of the Plan, our Board of Directors may grant up to 2,000,000 shares of common stock in the form of shares of restricted stock, incentive stock options and non-qualified stock options or combinations thereof to officers, directors, employees, consultants and advisors. Grants under the Plan must be made within ten years of the date the Plan was approved and stock options are exercisable upon the terms set forth in the grant agreement approved by the Board of Directors, but in no event more than ten years from the date of grant. Restricted stock vests in accordance with the terms set forth in each restricted stock agreement. At September 26, 2015, 1,679,336 shares were available for grant under the Plan. We grant restricted stock to certain employees and members of our Board of Directors. The value of restricted stock issued is based on the fair value of our common stock on the grant date. Vesting of restricted stock is conditional based on continued employment or service for a specified period and in certain circumstances, the attainment of financial goals. We retain the restricted stock, and any dividends paid thereto, until the vesting conditions have been met. For awards with a service condition only, compensation cost related to restricted stock is recognized on a straight-line basis over the vesting period. For awards that have a service condition and require the attainment of financial goals, compensation cost related to restricted stock is recognized over the vesting period if it is probable that the financial goals will be attained. Compensation cost related to restricted stock was $0.7 million and $1.5 million for the thirty-nine weeks ended September 26, 2015 and September 27, 2014, respectively. The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 26, 2015: Shares Weighted Balance at December 27, 2014 72,900 $ 27.82 Granted 44,104 $ 45.68 Vested (32,160 ) $ 25.16 Cancelled (3,674 ) $ 42.46 Balance at September 26, 2015 81,170 $ 37.92 As of September 26, 2015, there was approximately $2.5 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 1.4 years. Cash flows resulting from tax deductions in excess of the tax effect of compensation cost recognized in the financial statements are classified as financing cash flows. The excess tax benefit generated from restricted shares which vested in the thirty-nine weeks ended September 26, 2015 and the thirty-nine weeks ended September 27, 2014 was $0.3 million and $0.4 million, respectively, and was credited to additional paid-in capital. We grant stock options to certain employees and members of the Board of Directors. We expense the grant-date fair value of stock options. Compensation cost is recognized on a straight-line basis over the vesting period for which related services are performed. The compensation cost charged against income for the thirty-nine weeks ended September 26, 2015 and September 27, 2014 was less than $0.1 million in each period. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Income. No cost was capitalized during the thirty-nine weeks ended September 26, 2015 or September 27, 2014. No stock options were granted during the thirty-nine weeks ended September 26, 2015 or September 27, 2014. Historically, we have used the Black-Scholes option valuation model to estimate the fair value of stock options granted. The following table summarizes our stock option activity for the thirty-nine weeks ended September 26, 2015: Shares Weighted Weighted Average Aggregate Balance at December 27, 2014 75,000 $ 7.28 Exercised (31,000 ) $ 6.26 Balance at September 26, 2015 44,000 $ 7.99 2.8 $ 1,855,300 Options exercisable at September 26, 2015 42,000 $ 7.45 2.6 $ 1,793,710 The total intrinsic value of stock options exercised in the thirty-nine weeks ended September 26, 2015 was $1.3 million. As of September 26, 2015, there was less than $0.1 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of less than one year. Cash received from option exercises was approximately $0.5 million in the thirty-nine weeks ended September 27, 2014. The excess tax benefit generated from options which were exercised in the thirty-nine ended September 27, 2014 was $0.1 million, and was credited to additional paid-in capital. Cash received and the excess tax benefit generated in the thirty-nine weeks ended September 26, 2015 was de minimis. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share Basic earnings per share is calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding nonvested restricted stock which is considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards. However, in periods when the price of our stock-based awards, by grant, is greater than our average stock price during the period, those common share equivalents are considered anti-dilutive and are excluded from the calculation of diluted earnings per share. Approximately 7,000 shares from stock-based awards were considered anti-dilutive as of September 26, 2015. No stock-based awards were considered anti-dilutive as of September 27, 2014. The following table sets forth the computation of basic earnings per share and diluted earnings per share: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands, except per share data) September 26, September 27, September 26, September 27, Numerator: Net income $ 26,060 $ 24,536 $ 70,542 $ 71,331 Denominator: Weighted average basic shares outstanding 35,514 35,898 35,535 36,217 Effect of stock-based compensation awards 61 126 76 155 Weighted average diluted shares outstanding 35,575 36,024 35,611 36,372 Earnings Per Share: Basic $ 0.73 $ 0.68 $ 1.99 $ 1.97 Diluted $ 0.73 $ 0.68 $ 1.98 $ 1.96 |
Common Stock Repurchases
Common Stock Repurchases | 9 Months Ended |
Sep. 26, 2015 | |
Text Block [Abstract] | |
Common Stock Repurchases | 6. Common Stock Repurchases We periodically repurchase, at the then current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). Shares are generally purchased from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. For the thirty-nine weeks ended September 26, 2015, we repurchased and cancelled 28,740 shares of common stock for $1.4 million at an average price of $48.26 per share. During the fifty-two weeks ended December 27, 2014, we repurchased and cancelled 61,830 shares of common stock for $3.1 million at an average price of $50.71 per share. The Board of Directors has authorized a share repurchase program, authorizing the repurchase of up to $100 million of our outstanding common stock through December 31, 2015. Under this program, share repurchases may be made from time to time depending on market conditions, share price, share availability and other factors at our discretion. The share repurchase program does not obligate us to acquire any specific number of shares. For the thirty-nine weeks ended September 26, 2015, we repurchased and cancelled 122,000 shares of common stock for $5.9 million at an average price of $48.77 per share under this program. For the fifty-two weeks ended December 27, 2014, we repurchased and cancelled 855,600 shares of common stock for $40.4 million at an average price of $47.20 per share under this program. At September 26, 2015, we had approximately $53.7 million remaining under the program. As discussed in Note 11, this share repurchase program was increased and extended on October 28, 2015. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 26, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 7. Related-Party Transactions We have a non-cancelable operating lease for our primary operating facility with a partnership in which Steven L. Berman, our Executive Chairman, and his family members, are partners. Based upon the terms of the lease, payments will be approximately $1.5 million in fiscal 2015 and were $1.5 million in fiscal 2014. The lease with the partnership expires December 31, 2017. In the opinion of our Audit Committee, the terms and rates of this lease are no less favorable than those which could have been obtained from an unaffiliated party. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes At September 26, 2015, we had $1.6 million of net unrecognized tax benefits, $1.1 million of which would affect our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of September 26, 2015, we had approximately $0.2 million of accrued interest related to uncertain tax positions. We file income tax returns in the United States, China and Mexico. All years before 2012 are closed for federal tax purposes. The examination by the Internal Revenue Service for the 2011 and 2012 tax years resulted in de minimis adjustments. We are currently under examination by one state tax authority for the years 2009-2012. Tax years before 2011 are closed for the remaining states in which we file. We filed tax returns in Sweden through 2012 and all years prior to 2008 are closed. It is reasonably possible that audit settlements, the conclusion of current examinations or the expiration of the statute of limitations could impact the Company’s unrecognized tax benefits. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 9. Fair Value Disclosures The carrying value of financial instruments such as cash, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair value based on the short-term nature of these instruments. |
New and Recently Adopted Accoun
New and Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 26, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | 10. New and Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 26, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Event On October 28, 2015, we announced that our Board of Directors authorized an increase to the existing share repurchase program from $100 million to $150 million and an extension of the program from December 31, 2015 to December 31, 2016. Including the additional authorization, we have approximately $103.7 million remaining under the program. |
New and Recently Adopted Acco17
New and Recently Adopted Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 26, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New and Recently Adopted Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products, and are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Inventories were as follows: (in thousands) September 26, December 27, Bulk product $ 75,548 $ 65,603 Finished product 116,863 105,117 Packaging materials 2,839 2,803 Total $ 195,250 $ 173,523 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 26, 2015: Shares Weighted Balance at December 27, 2014 72,900 $ 27.82 Granted 44,104 $ 45.68 Vested (32,160 ) $ 25.16 Cancelled (3,674 ) $ 42.46 Balance at September 26, 2015 81,170 $ 37.92 |
Summary of Stock Option Activity | The following table summarizes our stock option activity for the thirty-nine weeks ended September 26, 2015: Shares Weighted Weighted Average Aggregate Balance at December 27, 2014 75,000 $ 7.28 Exercised (31,000 ) $ 6.26 Balance at September 26, 2015 44,000 $ 7.99 2.8 $ 1,855,300 Options exercisable at September 26, 2015 42,000 $ 7.45 2.6 $ 1,793,710 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share | The following table sets forth the computation of basic earnings per share and diluted earnings per share: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands, except per share data) September 26, September 27, September 26, September 27, Numerator: Net income $ 26,060 $ 24,536 $ 70,542 $ 71,331 Denominator: Weighted average basic shares outstanding 35,514 35,898 35,535 36,217 Effect of stock-based compensation awards 61 126 76 155 Weighted average diluted shares outstanding 35,575 36,024 35,611 36,372 Earnings Per Share: Basic $ 0.73 $ 0.68 $ 1.99 $ 1.97 Diluted $ 0.73 $ 0.68 $ 1.98 $ 1.96 |
Sales of Accounts Receivable -
Sales of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Receivables [Abstract] | |||
Sale of accounts receivable | $ 391.9 | $ 380.2 | |
Additional accounts receivable outstanding if receivables had not been sold | 339.9 | $ 298.9 | |
Factoring costs associated with the sales of accounts receivable | $ 5.4 | $ 5 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Bulk product | $ 75,548 | $ 65,603 |
Finished product | 116,863 | 105,117 |
Packaging materials | 2,839 | 2,803 |
Total | $ 195,250 | $ 173,523 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost related to restricted stock | $ 700,000 | $ 1,500,000 |
Cash received from option exercises under the plan | $ 16,000 | 463,000 |
2008 Stock Option and Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized number of common stock shares for grant | 2,000,000 | |
Date of plan approval | May 20, 2009 | |
Maximum grant period from date of plan approval | 10 years | |
Shares available for grant under the plan | 1,679,336 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost related to stock options | $ 100,000 | 100,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to non-vested stock options, weighted-average period | 1 year | |
Tax benefit generated from compensation cost and credited to additional paid-in capital | 100,000 | |
Capitalized compensation cost | $ 0 | $ 0 |
Stock options granted | 0 | 0 |
Intrinsic value of stock options exercised | $ 1,300,000 | |
Cash received from option exercises under the plan | $ 500,000 | |
Stock Options [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to non-vested stock options | 100,000 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to non-vested stock options | $ 2,500,000 | |
Unrecognized compensation cost related to non-vested stock options, weighted-average period | 1 year 4 months 24 days | |
Tax benefit generated from compensation cost and credited to additional paid-in capital | $ 300,000 | $ 400,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) | 9 Months Ended |
Sep. 26, 2015$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning Balance, Shares | 72,900 |
Granted, Shares | 44,104 |
Vested, Shares | (32,160) |
Cancelled, Shares | (3,674) |
Ending Balance, Shares | 81,170 |
Beginning Balance, Weighted Average Price | $ / shares | $ 27.82 |
Granted, Weighted Average Price | $ / shares | 45.68 |
Vested, Weighted Average Price | $ / shares | 25.16 |
Cancelled, Weighted Average Price | $ / shares | 42.46 |
Ending Balance, Weighted Average Price | $ / shares | $ 37.92 |
Stock-Based Compensation - Su25
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 26, 2015USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning Balance, Shares | 75,000 |
Exercised, Shares | (31,000) |
Ending Balance, Shares | 44,000 |
Options Exercisable, Shares | 42,000 |
Beginning Balance, Weighted Average Price | $ / shares | $ 7.28 |
Exercised, Weighted Average Price | $ / shares | 6.26 |
Ending Balance, Weighted Average Price | $ / shares | 7.99 |
Options Exercisable, Weighted Average Price | $ / shares | $ 7.45 |
Ending Balance, Weighted Average Remaining Term (In years) | 2 years 9 months 18 days |
Options Exercisable, Weighted Average Remaining Term (In years) | 2 years 7 months 6 days |
Ending Balance, Aggregate Intrinsic Value | $ | $ 1,855,300 |
Options Exercisable, Aggregate Intrinsic Value | $ | $ 1,793,710 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Earnings Per Share [Abstract] | ||
Stock-based awards considered as anti-dilutive | 7,000 | 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Numerator: | ||||
Net income | $ 26,060 | $ 24,536 | $ 70,542 | $ 71,331 |
Denominator: | ||||
Weighted average basic shares outstanding | 35,514 | 35,898 | 35,535 | 36,217 |
Effect of stock-based compensation awards | 61 | 126 | 76 | 155 |
Weighted average diluted shares outstanding | 35,575 | 36,024 | 35,611 | 36,372 |
Earnings Per Share: | ||||
Basic | $ 0.73 | $ 0.68 | $ 1.99 | $ 1.97 |
Diluted | $ 0.73 | $ 0.68 | $ 1.98 | $ 1.96 |
Common Stock Repurchases - Addi
Common Stock Repurchases - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 26, 2015 | Dec. 27, 2014 | |
Four Zero One K Plan [Member] | ||
Shares Repurchases [Line Items] | ||
Repurchase and cancellation of shares | 28,740 | 61,830 |
Common stock repurchased, average price | $ 48.26 | $ 50.71 |
Repurchase and cancellation of shares, value | $ 1,400,000 | $ 3,100,000 |
Share Repurchase Program [Member] | ||
Shares Repurchases [Line Items] | ||
Repurchase and cancellation of shares | 122,000 | 855,600 |
Common stock repurchased, average price | $ 48.77 | $ 47.20 |
Repurchase and cancellation of shares, value | $ 5,900,000 | $ 40,400,000 |
Share repurchase program shares authorized to be repurchased | $ 100,000,000 | |
Share repurchase program expiration date | Dec. 31, 2015 | |
Share repurchase program, remaining authorized amount | $ 53,700,000 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 26, 2015 | Sep. 26, 2015 | Dec. 27, 2014 |
Related Party Transaction [Line Items] | |||
Operating lease expiration date | Dec. 31, 2017 | ||
Total annual rental payments to the partnership under the lease arrangement | $ 1.5 | ||
Scenario, Forecast [Member] | |||
Related Party Transaction [Line Items] | |||
Total annual rental payments to the partnership under the lease arrangement | $ 1.5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 26, 2015USD ($) | |
Income Tax Contingency [Line Items] | |
Net unrecognized tax benefits | $ 1.6 |
Unrecognized tax benefits which would impact effective tax rate if recognized | 1.1 |
Accrued interest related to uncertain tax positions | $ 0.2 |
Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Income tax examination by the Internal Revenue service | 2,011 |
Earliest Tax Year [Member] | State Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Income tax years under examination | 2,009 |
Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Income tax examination by the Internal Revenue service | 2,012 |
Latest Tax Year [Member] | State Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Income tax years under examination | 2,012 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Share Repurchase Program [Member] - USD ($) | Oct. 28, 2015 | Sep. 26, 2015 |
Subsequent Event [Line Items] | ||
Share repurchase program shares authorized to be repurchased | $ 100,000,000 | |
Share repurchase program expiration date | Dec. 31, 2015 | |
Share repurchase program, remaining authorized amount | $ 53,700,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share repurchase program shares authorized to be repurchased | $ 150,000,000 | |
Share repurchase program expiration date | Dec. 31, 2016 | |
Share repurchase program, remaining authorized amount | $ 103,700,000 |