Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 29, 2016 | Apr. 27, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | CHEESECAKE FACTORY INC | |
Entity Central Index Key | 887,596 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 29, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,500,862 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 29, 2016 | Dec. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 53,922 | $ 43,854 |
Accounts receivable | 13,079 | 14,159 |
Income tax receivable | 16,021 | 18,739 |
Other receivables | 30,588 | 72,658 |
Inventories | 35,543 | 34,010 |
Prepaid expenses | 40,637 | 41,976 |
Total current assets | 189,790 | 225,396 |
Property and equipment, net | 885,964 | 892,191 |
Other assets: | ||
Intangible assets, net | 22,471 | 21,972 |
Prepaid rent | 45,521 | 46,881 |
Other | 48,905 | 46,906 |
Total other assets | 116,897 | 115,759 |
Total assets | 1,192,651 | 1,233,346 |
Current liabilities: | ||
Accounts payable | 38,363 | 47,770 |
Other accrued expenses | 267,857 | 302,456 |
Total current liabilities | 306,220 | 350,226 |
Deferred income taxes | 85,685 | 82,524 |
Deferred rent | 72,580 | 72,911 |
Deemed landlord financing liability | 89,173 | 87,841 |
Other noncurrent liabilities | $ 53,433 | $ 51,305 |
Commitments and contingencies (Note 4) | ||
Stockholders' equity: | ||
Common stock, $.01 par value, 250,000,000 shares authorized; 93,806,826 and 93,126,667 issued at March 29, 2016 and December 29, 2015, respectively | $ 938 | $ 931 |
Additional paid-in capital | 733,078 | 710,242 |
Retained earnings | 1,165,012 | 1,140,788 |
Treasury stock, 45,101,139 and 44,064,322 shares at cost at March 29, 2016 and December 29, 2015, respectively | (1,313,468) | (1,263,422) |
Total stockholders' equity | 585,560 | 588,539 |
Total liabilities and stockholders' equity | $ 1,192,651 | $ 1,233,346 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 29, 2016 | Dec. 29, 2015 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 93,806,826 | 93,126,667 |
Treasury stock, shares | 45,101,139 | 44,064,322 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
CONSOLIDATED STATEMENTS OF INCOME | ||
Revenues | $ 553,693 | $ 517,973 |
Costs and expenses: | ||
Cost of sales | 130,773 | 126,612 |
Labor expenses | 185,658 | 171,169 |
Other operating costs and expenses | 129,557 | 123,435 |
General and administrative expenses | 35,337 | 33,075 |
Depreciation and amortization expenses | 21,464 | 21,177 |
Preopening costs | 2,310 | 1,451 |
Total costs and expenses | 505,099 | 476,919 |
Income from operations | 48,594 | 41,054 |
Interest and other expense, net | (2,304) | (1,895) |
Income before income taxes | 46,290 | 39,159 |
Income tax provision | 12,336 | 10,736 |
Net income | $ 33,954 | $ 28,423 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.70 | $ 0.58 |
Diluted (in dollars per share) | $ 0.68 | $ 0.56 |
Weighted average shares outstanding: | ||
Basic (in shares) | 48,518 | 49,225 |
Diluted (in shares) | 50,037 | 51,102 |
Cash dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.165 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 29, 2016 - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Balance at Dec. 29, 2015 | $ 931 | $ 710,242 | $ 1,140,788 | $ (1,263,422) | $ 588,539 |
Balance (in shares) at Dec. 29, 2015 | 93,127 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 33,954 | 33,954 | |||
Cash dividends declared | (9,730) | (9,730) | |||
Tax impact of stock options exercised, net of cancellations | 5,940 | 5,940 | |||
Stock-based compensation | 5,258 | 5,258 | |||
Common stock issued under stock-based compensation plans | $ 7 | 11,638 | 11,645 | ||
Common stock issued under stock-based compensation plans (in shares) | 680 | ||||
Treasury stock purchases | (50,046) | (50,046) | |||
Balance at Mar. 29, 2016 | $ 938 | $ 733,078 | $ 1,165,012 | $ (1,313,468) | $ 585,560 |
Balance (in shares) at Mar. 29, 2016 | 93,807 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 33,954 | $ 28,423 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization expenses | 21,464 | 21,177 |
Deferred income taxes | 3,161 | 1,215 |
Stock-based compensation | 5,185 | 4,731 |
Tax impact of stock options exercised, net of cancellations | 5,940 | 4,340 |
Excess tax benefit related to stock options exercised | (6,034) | (4,317) |
Other | 834 | 814 |
Changes in assets and liabilities: | ||
Accounts receivable | 1,080 | 2,527 |
Other receivables | 42,070 | 32,635 |
Inventories | (1,533) | 730 |
Prepaid expenses | 1,339 | (8,346) |
Other assets | (619) | (1,847) |
Accounts payable | (509) | (1,334) |
Income taxes receivable/payable | 2,718 | 4,600 |
Other accrued expenses | (32,742) | (20,000) |
Cash provided by operating activities | 76,308 | 65,348 |
Cash flows from investing activities: | ||
Additions to property and equipment | (22,441) | (24,151) |
Additions to intangible assets | (620) | (547) |
Cash used in investing activities | (23,061) | (24,698) |
Cash flows from financing activities: | ||
Deemed landlord financing payments | (873) | (743) |
Borrowings on credit facility | 25,000 | |
Proceeds from exercise of stock options | 11,645 | 5,669 |
Excess tax benefit related to stock options exercised | 6,034 | 4,317 |
Cash dividends paid | (9,939) | (8,443) |
Treasury stock purchases | (50,046) | (80,389) |
Payment for future treasury stock purchases under accelerated stock repurchase agreement | (4,601) | |
Cash used in financing activities | (43,179) | (59,190) |
Net change in cash and cash equivalents | 10,068 | (18,540) |
Cash and cash equivalents at beginning of period | 43,854 | 58,018 |
Cash and cash equivalents at end of period | 53,922 | 39,478 |
Supplemental disclosures: | ||
Interest paid | 1,483 | 1,455 |
Income taxes paid | 909 | 543 |
Construction payable | $ 4,601 | $ 8,285 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 29, 2016 | |
Basis of Presentation and Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies The accompanying consolidated financial statements include the accounts of The Cheesecake Factory Incorporated and its wholly owned subsidiaries (referred to herein collectively as the “Company,” “we,” “us” and “our”) prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for the fair statement of the financial condition, results of operations and cash flows for the period. However, these results are not necessarily indicative of results for any other interim period or for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 29, 2015 filed with the SEC on February 25, 2016. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from these estimates. We utilize a 52/53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal year 2016 consists of 53 weeks and will end on January 3, 2017. Fiscal 2015, which ended on December 29, 2015, was a 52-week year. Impairment of Long-Lived Assets and Lease Terminations We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate the carrying value of the assets or asset group may not be recoverable. Factors considered include, but are not limited to, significant underperformance relative to historical or projected future operating results, significant changes in the manner in which an asset is being used, an expectation that an asset will be disposed of significantly before the end of its previously estimated useful life and significant negative industry or economic trends. We regularly review restaurants that are cash flow negative for the previous four quarters and those that are being considered for closure or relocation to determine if impairment testing is warranted. At any given time, we may be monitoring a small number of locations, and future impairment charges could be required if individual restaurant performance does not improve. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance affecting all entities that issue share-based payment awards to their employees. This update covers such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, which will require us to adopt these provisions in the first quarter of fiscal 2017. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Early adoption is permitted. We have not yet selected a transition date nor have we determined the effect of the standard on our consolidated financial statements. In February 2016, the FASB issued guidance that requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The standard also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of fiscal 2019 using a modified retrospective approach. Early adoption is permitted. We have not yet selected a transition date nor have we determined the effect of the standard on our consolidated financial statements. In July 2015, the FASB issued guidance that requires inventory within the scope of the standard to be measured at the lower of cost and net realizable value. Previous guidance required inventory to be measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. We expect the adoption of this guidance to have no material impact on our consolidated financial statements. In April 2015, the FASB issued guidance regarding a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In April 2015, the FASB issued updated guidance intended to simplify, and provide consistency to, the presentation of debt issuance costs. The new standard requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. In August 2015, the FASB provided additional guidance for presentation of debt issuance costs related to line-of-credit arrangements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In February 2015, the FASB issued updated guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In June 2014, the FASB issued updated guidance intended to eliminate the diversity in practice regarding share-based payment awards that include terms which provide for a performance target that affects vesting being achieved after the requisite service period. The new standard requires that a performance target which affects vesting and could be achieved after the requisite service period be treated as a performance condition that affects vesting and should not be reflected in estimating the grant-date fair value. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In May 2014, the FASB issued accounting guidance that provides a comprehensive new revenue recognition model that will supersede most of the existing revenue recognition requirements and require entities to recognize revenue at an amount that reflects the consideration to which a company expects to be entitled in exchange for transferring goods or services to a customer. In August 2015, the FASB deferred the effective date of this standard by one year with early adoption permitted no earlier than the original effective date. The guidance is now effective for us beginning in the first quarter of fiscal 2018. In March and April 2016, the FASB provided additional guidance related to implementation. This standard is not expected to have a material impact on our consolidated financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 29, 2016 | |
Inventories | |
Inventories | 2. Inventories Inventories consisted of (in thousands): March 29, 2016 December 29, 2015 Restaurant food and supplies $ $ Bakery finished goods and work in progress Bakery raw materials and supplies Total $ $ |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 29, 2016 | |
Long-Term Debt | |
Long-Term Debt | 3. Long-Term Debt On December 22, 2015, we entered into a new loan agreement (“Facility”) which amended and restated in its entirety our prior loan agreement dated October 16, 2013. This Facility, which matures on December 22, 2020, provides us with revolving loan commitments totaling $200 million, of which $50 million may be used for issuances of letters of credit. Availability under the Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. The Facility contains a commitment increase feature that could provide for an additional $100 million in available credit upon our request and subject to the lenders electing to increase their commitments or by means of the addition of new lenders. Our obligations under the Facility are unsecured. Certain of our material subsidiaries have guaranteed our obligations under the Facility. At March 29, 2016, we had net availability for borrowings of $180.0 million, based on a zero outstanding debt balance and $20.0 million in standby letters of credit. We did not withdraw or repay any amounts under this Facility during the first quarter of fiscal 2016. We are subject to certain financial covenants under the Facility requiring us to maintain (i) a maximum “Net Adjusted Leverage Ratio” of 4.0, comprised of debt plus eight times rent minus unrestricted cash and cash equivalents in excess of $25 million divided by “EBITDAR” (trailing 12-month earnings before interest, taxes, depreciation, amortization, noncash stock option expense, rent and permitted acquisition costs) and (ii) a trailing 12-month minimum EBITDAR to interest and rental expense ratio (“EBITDAR Ratio”) of 1.9. Our Net Adjusted Leverage and EBITDAR Ratios were 2.5 and 3.0, respectively, at March 29, 2016, and we were in compliance with the financial covenants in effect at that date. The Facility also limits cash distributions with respect to our equity interests, such as cash dividends and share repurchases, based on the Net Adjusted Leverage Ratio. Borrowings under the Facility bear interest, at our option, at a rate equal to either (i) the Adjusted LIBO Rate plus a margin ranging from 1.00% to 1.75% based on our Net Adjusted Leverage Ratio or (ii) the sum of (a) the highest of (1) the rate of interest publicly announced by JP Morgan Chase Bank as its prime rate in effect, (2) the greater of the Federal Funds Effective Rate or the Overnight Bank Funding Rate, in either case plus 0.5%, and (3) the one-month Adjusted LIBO Rate plus 1.0%, plus (b) a margin ranging from 0.00% to 0.75% based on our Net Adjusted Leverage Ratio. Under the Facility, we paid certain customary loan origination fees and will pay a fee on the unused portion of the Facility ranging from 0.125% to 0.25% also based on our Net Adjusted Leverage Ratio. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2016 | |
Commitments and Contingencies | |
Commitments and Contingencies | 4. Commitments and Contingencies On April 11, 2013, a former restaurant hourly employee filed a class action lawsuit in the California Superior Court, Placer County, alleging that the Company violated the California Labor Code and California Business and Professions Code, by requiring employees to purchase uniforms for work (Sikora v. The Cheesecake Factory Restaurants, Inc., et al; Case No SCV0032820). A similar lawsuit covering a different time period was also filed in Placer County (Reed v. The Cheesecake Factory Restaurants, Inc. et al; Case No. SCV27073). By stipulation the parties agreed to transfer the Reed and Sikora cases to Los Angeles County. Both cases (Case Nos. SCV0032820 and SCV27073) were subsequently coordinated together in Los Angeles County by order of the Judicial Council. On November 15, 2013, the Company filed a motion to enforce judgment and to preclude the prosecution of certain claims under the California Private Attorney General Act (“PAGA”) and California Business and Professions Code Section 17200. On March 11, 2015, the court granted the Company’s motion in Case No. SCV0032820. The parties participated in voluntary mediation on June 25, 2015 and have executed a memorandum of understanding with respect to the terms of settlement, which is subject to court approval and is intended to be a full and final resolution of the actions. On January 29, 2016, the court granted the parties’ Motion for Preliminary Approval of Class Action Settlement. The final approval hearing is scheduled for June 3, 2016. Based on the current status of this matter, we have reserved an immaterial amount in anticipation of settlement. On November 26, 2014, a former restaurant hourly employee filed a class action lawsuit in the San Diego County Superior Court, alleging that the Company violated the California Labor Code and California Business and Professions Code, by failing to pay overtime, to permit required rest breaks and to provide accurate wage statements, among other claims (Masters v. The Cheesecake Factory Restaurants, Inc., et al; Case No 37-2014-00040278). By stipulation, the parties agreed to transfer Case No. 37-2014-00040278 to the Orange County Superior Court. On March 2, 2015, Case No. 37-2014-00040278 was officially transferred and assigned a new Case No. 30-2015-00775529 in the Orange County Superior Court. The lawsuit seeks unspecified amounts of fees, penalties and other monetary payments on behalf of the Plaintiff and other purported class members. We intend to vigorously defend this action. Based on the current status of this matter, we have not reserved for any potential future payments. On May 28, 2015, a group of current and former restaurant hourly employees filed a class action lawsuit in the U.S. District Court for the Eastern District of New York, alleging that the Company violated the Fair Labor Standards Act and New York Labor Code, by requiring employees to purchase uniforms for work and violated the State of New York’s minimum wage and overtime provisions (Guglielmo v. The Cheesecake Factory Restaurants, Inc., et al; Case No 2:15-CV-03117). On September 8, 2015, the Company filed its response to the Complaint, requesting the court to compel arbitration against opt-in Plaintiffs with valid arbitration agreements. The plaintiffs are seeking unspecified amounts of penalties and other monetary payments. We intend to vigorously defend this action. Based upon the current status of this matter, we have not reserved for any potential future payments. On November 10, 2015, a current restaurant hourly employee filed a class action lawsuit in the Marin County Superior Court alleging that the Company failed to provide complete and accurate wage statements as set forth in the California Labor Code. On January 26, 2016, the Plaintiff filed a First Amended Complaint. The lawsuit seeks unspecified penalties under PAGA in addition to other monetary payments (Brown v. The Cheesecake Factory Restaurants, Inc.; Case No. CIV1504091). On April 18, 2016, the court granted our motion to compel individual arbitration of Plaintiff’s wage statement claim and stayed the PAGA claim until completion of the individual arbitration. We intend to vigorously defend against this action. Based upon the current status of this matter, we have not reserved for any potential future payments. On December 10, 2015 a former restaurant management employee filed a class action lawsuit in the Los Angeles County Superior Court alleging that the Company improperly classified its managerial employees, failed to pay overtime, and failed to provide accurate wage statements, in addition to other claims. The lawsuit seeks unspecified penalties under PAGA in addition to other monetary payments (Tagalogon v. The Cheesecake Factory Restaurants, Inc., Case No. BC603620). We intend to vigorously defend against this action. Based upon the current status of this matter, we have not reserved for any potential future payments. Within the ordinary course of our business, we are subject to private lawsuits, government audits, administrative proceedings and other claims. These matters typically involve claims from customers, staff members and others related to operational and employment issues common to the foodservice industry. A number of these claims may exist at any given time, and some of the claims may be pled as class actions. From time to time, we are also involved in lawsuits with respect to infringements of, or challenges to, our registered trademarks and other intellectual property, both domestically and abroad. We could be affected by adverse publicity and litigation costs resulting from such allegations, regardless of whether they are valid or whether we are legally determined to be liable. At this time, we believe that the final disposition of any pending lawsuits, audits, proceedings and claims will not have a material adverse effect individually or in the aggregate on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, audits, proceedings or claims. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 29, 2016 | |
Stockholders' Equity | |
Stockholders' Equity | 5. Stockholders’ Equity On February 11, 2016, our Board of Directors (“Board”) declared a quarterly cash dividend of $0.20 per share which was paid on March 14, 2016 to the stockholders of record at the close of business on March 1, 2016. Future decisions to pay, increase or decrease dividends are at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements and such other factors that the Board considers relevant. In July 2013, our Board increased the authorization to repurchase our common stock by 7.5 million shares to 48.5 million shares. Under this and all previous authorizations, we have cumulatively repurchased 45.1 million shares at a total cost of $1,313.5 million through March 29, 2016, including 1.0 million shares at a cost of $50.0 million during the first quarter of fiscal 2016. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our share repurchases have included repurchases under Rule 10b5-1 plans adopted from time to time by our Board in furtherance of its repurchase authorization. Repurchases made during the first quarter of fiscal 2016 were made under a Rule 10b5-1 plan that was adopted by our Board on November 3, 2015 and is effective from January 4, 2016 through June 30, 2016. Our share repurchase authorization does not have an expiration date, does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time. Shares may be repurchased in the open market or through privately negotiated transactions at times and prices considered appropriate by us. Purchases in the open market are made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Act”). We make the determination to repurchase shares based on several factors, including an evaluation of current and future capital needs associated with new restaurant development, current and forecasted cash flows, including dividend payments, a review of our capital structure and cost of capital, our share price and current market conditions. The timing and number of shares repurchased are also subject to legal constraints and financial covenants under our Facility that limit share repurchases based on a defined ratio. (See Note 3 for further discussion of our long-term debt.) Our objectives with regard to share repurchases are to offset the dilution to our shares outstanding that results from equity compensation grants and to supplement our earnings per share growth. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 29, 2016 | |
Stock-Based Compensation | |
Stock-Based Compensation | 6. Stock-Based Compensation The following table presents information related to stock-based compensation (in thousands): Thirteen Weeks Ended March 29, 2016 Thirteen Weeks Ended March 31, 2015 Labor expenses $ $ Other operating costs and expenses General and administrative expenses Total stock-based compensation Income tax benefit Total stock-based compensation, net of taxes $ $ Capitalized stock-based compensation(1) $ $ (1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development and construction, legal, and facilities departments that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations, lease, intellectual property and liquor license acquisition activities and equipment installation. Capitalized stock-based compensation is included in property and equipment, net and other assets on the consolidated balance sheets. Stock Options The weighted average fair value at the grant date for options issued during the first quarter of fiscal 2016 and 2015 was $12.10 and $14.17 per option, respectively. The fair value of options was estimated utilizing the Black-Scholes valuation model with the following weighted average assumptions for the first quarter of fiscal 2016 and 2015, respectively: (a) an expected option term of 6.8 and 6.6 years, (b) expected stock price volatility of 26.3% and 31.3%, (c) a risk-free interest rate of 1.6% and 1.9%, and (d) a dividend yield on our stock of 1.6% and 1.4%. Stock option activity during the thirteen weeks ended March 29, 2016 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value(1) (In thousands) (Per share) (In years) (In thousands) Outstanding at December 29, 2015 $ $ Granted Exercised ) Forfeited or cancelled ) Outstanding at March 29, 2016 $ $ Exercisable at March 29, 2016 $ $ (1) Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal period end and the exercise price, multiplied by the number of in-the-money options and represents the pretax amount that would have been received by the option holders, had they all exercised their options on the fiscal period end date. The total intrinsic value of options exercised during the thirteen weeks ended March 29, 2016 and March 31, 2015 was $16.2 million and $8.5 million, respectively. As of March 29, 2016, total unrecognized stock-based compensation expense related to unvested stock options was $11.0 million, which we expect to recognize over a weighted average period of approximately 2.9 years. Restricted Shares and Restricted Share Units Restricted share and restricted share unit activity during the thirteen weeks ended March 29, 2016 was as follows: Shares Weighted Average Fair Value (In thousands) (Per share) Outstanding at December 29, 2015 $ Granted Vested ) Forfeited ) Outstanding at March 29, 2016 $ Fair value of our restricted shares and restricted share units is based on our closing stock price on the date of grant. The weighted average fair value at the grant date for restricted shares and restricted share units issued during the first quarters of fiscal 2016 and fiscal 2015 was $49.93 and $48.48, respectively. The fair value of shares that vested during the thirteen weeks ended March 29, 2016 and March 31, 2015 was $8.4 million and $5.7 million, respectively. As of March 29, 2016, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $50.0 million, which we expect to recognize over a weighted average period of approximately 3.0 years. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 29, 2016 | |
Net Income Per Share | |
Net Income Per Share | 7. Net Income Per Share At March 29, 2016 and March 31, 2015, 1.9 million and 1.9 million shares, respectively, of restricted stock issued to employees were unvested and, therefore, excluded from the calculation of basic earnings per share for the fiscal quarters ended on those dates. Diluted net income per share includes the dilutive effect of outstanding equity awards, calculated using the treasury stock method. Assumed proceeds from the in-the-money options include the windfall tax benefits, net of shortfalls, calculated under the “as-if” method as prescribed by FASB Accounting Standards Codification (“ASC”) 718, “Compensation — Stock Option Compensation.” Thirteen Weeks Ended March 29, 2016 Thirteen Weeks Ended March 31, 2015 (In thousands, except per share data) Net income $ $ Basic weighted average shares outstanding Dilutive effect of equity awards Diluted weighted average shares outstanding Basic net income per share $ $ Diluted net income per share $ $ Shares of common stock equivalents of 1.2 million and 1.1 million for the thirteen weeks ended March 29, 2016 and March 31, 2015, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 29, 2016 | |
Segment Information | |
Segment Information | 8. Segment Information For decision-making purposes, our management reviews discrete financial information for The Cheesecake Factory, Grand Lux Cafe and RockSugar Pan Asian Kitchen restaurants, our bakery division and our international licensing operations. Based on quantitative thresholds set forth in ASC 280, “Segment Reporting,” The Cheesecake Factory is our only business that meets the criteria of a reportable operating segment. Grand Lux Cafe, RockSugar Pan Asian Kitchen, bakery and international licensing are combined in Other. Unallocated corporate expenses, assets and capital expenditures are presented below as reconciling items to the amounts presented in the consolidated financial statements. Segment information is presented below (in thousands): Thirteen Weeks Ended March 29, 2016 Thirteen Weeks Ended March 31, 2015 Revenues: The Cheesecake Factory restaurants $ $ Other Total $ $ Income/(loss) from operations: The Cheesecake Factory restaurants $ $ Other Corporate ) ) Total $ $ Capital expenditures: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ Depreciation and amortization: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ March 29, 2016 December 29, 2015 Total assets: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 29, 2016 | |
Subsequent Events | |
Subsequent Events | 9. Subsequent Events On April 21, 2016, our Board declared a quarterly cash dividend of $0.20 per share to be paid on May 24, 2016 to the stockholders of record on May 11, 2016. On April 21, 2016, our Board approved the adoption of a 10b5-1 Plan, which will be effective from July 1, 2016 through December 30, 2016. |
Basis of Presentation and Sig16
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 29, 2016 | |
Basis of Presentation and Significant Accounting Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance affecting all entities that issue share-based payment awards to their employees. This update covers such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, which will require us to adopt these provisions in the first quarter of fiscal 2017. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Early adoption is permitted. We have not yet selected a transition date nor have we determined the effect of the standard on our consolidated financial statements. In February 2016, the FASB issued guidance that requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The standard also requires certain qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of fiscal 2019 using a modified retrospective approach. Early adoption is permitted. We have not yet selected a transition date nor have we determined the effect of the standard on our consolidated financial statements. In July 2015, the FASB issued guidance that requires inventory within the scope of the standard to be measured at the lower of cost and net realizable value. Previous guidance required inventory to be measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. We expect the adoption of this guidance to have no material impact on our consolidated financial statements. In April 2015, the FASB issued guidance regarding a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In April 2015, the FASB issued updated guidance intended to simplify, and provide consistency to, the presentation of debt issuance costs. The new standard requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. In August 2015, the FASB provided additional guidance for presentation of debt issuance costs related to line-of-credit arrangements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In February 2015, the FASB issued updated guidance that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In June 2014, the FASB issued updated guidance intended to eliminate the diversity in practice regarding share-based payment awards that include terms which provide for a performance target that affects vesting being achieved after the requisite service period. The new standard requires that a performance target which affects vesting and could be achieved after the requisite service period be treated as a performance condition that affects vesting and should not be reflected in estimating the grant-date fair value. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Our adoption of this guidance in the first quarter of fiscal 2016 had no impact on our consolidated financial statements. In May 2014, the FASB issued accounting guidance that provides a comprehensive new revenue recognition model that will supersede most of the existing revenue recognition requirements and require entities to recognize revenue at an amount that reflects the consideration to which a company expects to be entitled in exchange for transferring goods or services to a customer. In August 2015, the FASB deferred the effective date of this standard by one year with early adoption permitted no earlier than the original effective date. The guidance is now effective for us beginning in the first quarter of fiscal 2018. In March and April 2016, the FASB provided additional guidance related to implementation. This standard is not expected to have a material impact on our consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Inventories | |
Schedule of inventories | Inventories consisted of (in thousands): March 29, 2016 December 29, 2015 Restaurant food and supplies $ $ Bakery finished goods and work in progress Bakery raw materials and supplies Total $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Stock-Based Compensation | |
Schedule of information related to stock-based compensation | The following table presents information related to stock-based compensation (in thousands): Thirteen Weeks Ended March 29, 2016 Thirteen Weeks Ended March 31, 2015 Labor expenses $ $ Other operating costs and expenses General and administrative expenses Total stock-based compensation Income tax benefit Total stock-based compensation, net of taxes $ $ Capitalized stock-based compensation(1) $ $ (1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development and construction, legal, and facilities departments that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations, lease, intellectual property and liquor license acquisition activities and equipment installation. Capitalized stock-based compensation is included in property and equipment, net and other assets on the consolidated balance sheets. |
Schedule of stock option activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value(1) (In thousands) (Per share) (In years) (In thousands) Outstanding at December 29, 2015 $ $ Granted Exercised ) Forfeited or cancelled ) Outstanding at March 29, 2016 $ $ Exercisable at March 29, 2016 $ $ (1) Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal period end and the exercise price, multiplied by the number of in-the-money options and represents the pretax amount that would have been received by the option holders, had they all exercised their options on the fiscal period end date. |
Schedule of restricted share and restricted share unit activity | Shares Weighted Average Fair Value (In thousands) (Per share) Outstanding at December 29, 2015 $ Granted Vested ) Forfeited ) Outstanding at March 29, 2016 $ |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Net Income Per Share | |
Schedule of basic and diluted income (loss) per share | Thirteen Weeks Ended March 29, 2016 Thirteen Weeks Ended March 31, 2015 (In thousands, except per share data) Net income $ $ Basic weighted average shares outstanding Dilutive effect of equity awards Diluted weighted average shares outstanding Basic net income per share $ $ Diluted net income per share $ $ |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Segment Information | |
Schedule of segment information | Segment information is presented below (in thousands): Thirteen Weeks Ended March 29, 2016 Thirteen Weeks Ended March 31, 2015 Revenues: The Cheesecake Factory restaurants $ $ Other Total $ $ Income/(loss) from operations: The Cheesecake Factory restaurants $ $ Other Corporate ) ) Total $ $ Capital expenditures: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ Depreciation and amortization: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ March 29, 2016 December 29, 2015 Total assets: The Cheesecake Factory restaurants $ $ Other Corporate Total $ $ |
Basis of Presentation and Sig21
Basis of Presentation and Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended |
Mar. 29, 2016 | Dec. 29, 2015 | |
Summary of Significant Accounting Policies | ||
Length of fiscal year | 371 days | 364 days |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 29, 2016 | Dec. 29, 2015 |
Inventories | ||
Restaurant food and supplies | $ 15,836 | $ 16,127 |
Bakery finished goods and work in progress | 13,408 | 12,104 |
Bakery raw materials and supplies | 6,299 | 5,779 |
Total | $ 35,543 | $ 34,010 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Millions | 3 Months Ended | |
Mar. 29, 2016USD ($)item | Dec. 22, 2015USD ($) | |
Long-term debt | ||
Maximum commitments | $ 200 | |
Maximum commitments, letter of credit subfacility | 50 | |
Additional available credit | $ 100 | |
Available borrowings | $ 180 | |
Outstanding borrowings | 0 | |
Outstanding letters of credit | $ 20 | |
Multiplier of rent used to compute Adjusted Debt | item | 8 | |
Threshold amount of unrestricted cash and cash equivalents above which amounts are netted against debt for calculation of net adjusted leverage ratio | $ 25 | |
Trailing period for which EBITDAR is computed | 12 months | |
Net Adjusted Leverage Ratio | 2.5 | |
EBITDAR Ratio | 3 | |
Minimum | ||
Long-term debt | ||
Financial covenant, EBITDAR Ratio | 1.9 | |
Commitment fee (as a percent) | 0.125% | |
Maximum | ||
Long-term debt | ||
Financial covenant, EBITDAR Ratio | 4 | |
Commitment fee (as a percent) | 0.25% | |
Adjusted LIBO Rate | ||
Long-term debt | ||
Credit facility, floating interest rate basis | Adjusted LIBO Rate | |
Adjusted LIBO Rate | Minimum | ||
Long-term debt | ||
Credit facility, basis spread on variable rate, (as a percent) | 1.00% | |
Adjusted LIBO Rate | Maximum | ||
Long-term debt | ||
Credit facility, basis spread on variable rate, (as a percent) | 1.75% | |
Federal Funds Effective Rate | ||
Long-term debt | ||
Credit facility, floating interest rate basis | Federal Funds Effective Rate | |
Credit facility, basis spread on variable rate, (as a percent) | 0.50% | |
One-month Adjusted LIBO Rate | ||
Long-term debt | ||
Credit facility, floating interest rate basis | one-month Adjusted LIBO Rate | |
Fixed percentage added to variable rate | 1.00% | |
One-month Adjusted LIBO Rate | Minimum | ||
Long-term debt | ||
Credit facility, basis spread on variable rate, (as a percent) | 0.00% | |
One-month Adjusted LIBO Rate | Maximum | ||
Long-term debt | ||
Credit facility, basis spread on variable rate, (as a percent) | 0.75% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 11, 2016 | Mar. 29, 2016 | Mar. 31, 2015 | Dec. 29, 2015 | Sep. 29, 2015 | Jul. 31, 2013 |
Stockholders Equity: | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.165 | |||
Repurchased shares since program inception | 45,101,139 | 44,064,322 | ||||
Value of shares repurchased since program inception | $ 1,313,468 | $ 1,263,422 | ||||
Treasury stock repurchased during period | $ 50,046 | |||||
Treasury Stock | ||||||
Stockholders Equity: | ||||||
Additional number of shares authorized to repurchase | 7,500,000 | |||||
Number of shares authorized to be repurchased | 48,500,000 | |||||
Repurchased shares since program inception | 45,100,000 | |||||
Value of shares repurchased since program inception | $ 1,313,500 | |||||
Shares repurchased during period | 1,000,000 | |||||
Treasury stock repurchased during period | $ 50,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Stock-based compensation | ||
Total stock-based compensation | $ 5,185 | $ 4,731 |
Income tax benefit | 1,983 | 1,810 |
Total stock-based compensation, net of taxes | 3,202 | 2,921 |
Capitalized stock-based compensation | 73 | 67 |
Labor expenses | ||
Stock-based compensation | ||
Total stock-based compensation | 1,256 | 1,546 |
Other operating costs and expenses | ||
Stock-based compensation | ||
Total stock-based compensation | 50 | 73 |
General and administrative expenses | ||
Stock-based compensation | ||
Total stock-based compensation | $ 3,879 | $ 3,112 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | Dec. 29, 2015 | |
Stock options | |||
Stock-Based Compensation | |||
Weighted average fair value at the grant date for options issued (in dollars per share) | $ 12.10 | $ 14.17 | |
Weighted average assumptions under Black-Scholes valuation model | |||
Expected option term | 6 years 9 months 18 days | 6 years 7 months 6 days | |
Expected stock price volatility (as a percent) | 26.30% | 31.30% | |
Risk free interest rate (as a percent) | 1.60% | 1.90% | |
Dividend yield (as a percent) | 1.60% | 1.40% | |
Stock option activity, shares | |||
Outstanding, at the beginning of the period (in shares) | 3,066 | ||
Granted (in shares) | 225 | ||
Exercised (in shares) | (556) | ||
Forfeited or cancelled (in shares) | (31) | ||
Outstanding at the end of the period (in shares) | 2,704 | 3,066 | |
Exercisable at the end of the period (in shares) | 1,672 | ||
Weighted Average Exercise price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 30 | ||
Granted (in dollars per share) | 50.26 | ||
Exercised (in dollars per share) | 20.95 | ||
Forfeited or cancelled (in dollars per share) | 40.97 | ||
Outstanding at the end of the period (in dollars per share) | 33.42 | $ 30 | |
Exercisable at the end of the period (in dollars per share) | $ 27.65 | ||
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | 3 years 7 months 6 days | |
Exercisable at the end of the period | 3 years | ||
Aggregate Intrinsic Value | |||
Outstanding at the beginning of the period | $ 52,416 | ||
Outstanding at the end of the period | 52,871 | $ 52,416 | |
Exercisable at the end of the period | 42,326 | ||
Total intrinsic value of options exercised | 16,200 | $ 8,500 | |
Unrecognized Stock-based Compensation Expense | |||
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units | $ 11,000 | ||
Expected weighted average period for recognition of compensation expense related to unvested stock option | 2 years 10 months 24 days | ||
Restricted stock | |||
Unrecognized Stock-based Compensation Expense | |||
Total unrecognized stock-based compensation expenses related to unvested stock options, restricted shares and restricted share units | $ 50,000 | ||
Expected weighted average period for recognition of compensation expense related to unvested stock option | 3 years | ||
Restricted Shares and Restricted Share Units | |||
Outstanding at the beginning of the period (in shares) | 1,891 | ||
Granted (in shares) | 312 | ||
Vested (in shares) | (250) | ||
Forfeited (in shares) | (37) | ||
Outstanding at the end of the period (in shares) | 1,916 | 1,891 | |
Fair value of shares vested | $ 8,400 | $ 5,700 | |
Weighted Average Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 41.31 | ||
Granted (in dollars per share) | 49.93 | $ 48.48 | |
Vested (in dollars per share) | 33.79 | ||
Forfeited (in dollars per share) | 40.96 | ||
Outstanding at the end of the period (in dollars per share) | $ 43.66 | $ 41.31 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Net income per share | ||
Antidilutive securities excluded from calculation of basic earnings per share (in shares) | 1,200 | 1,100 |
Net income per share, basic and diluted | ||
Net income | $ 33,954 | $ 28,423 |
Basic weighted average shares outstanding (in shares) | 48,518 | 49,225 |
Dilutive effect of equity awards (in shares) | 1,519 | 1,877 |
Diluted weighted average shares outstanding (in shares) | 50,037 | 51,102 |
Basic net income per share (in dollars per share) | $ 0.70 | $ 0.58 |
Diluted net income per share (in dollars per share) | $ 0.68 | $ 0.56 |
Restricted stock | ||
Net income per share | ||
Antidilutive securities excluded from calculation of basic earnings per share (in shares) | 1,900 | 1,900 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2016 | Mar. 31, 2015 | Dec. 29, 2015 | |
Segment information | |||
Revenues | $ 553,693 | $ 517,973 | |
Income/(loss) from operations | 48,594 | 41,054 | |
Capital expenditures | 22,441 | 24,151 | |
Depreciation and amortization | 21,464 | 21,177 | |
Total assets | 1,192,651 | $ 1,233,346 | |
The Cheesecake Factory restaurants | |||
Segment information | |||
Revenues | 506,316 | 472,817 | |
Income/(loss) from operations | 74,292 | 66,701 | |
Capital expenditures | 21,432 | 16,822 | |
Depreciation and amortization | 18,252 | 17,668 | |
Total assets | 888,488 | 934,606 | |
Other | |||
Segment information | |||
Revenues | 47,377 | 45,156 | |
Income/(loss) from operations | 6,912 | 6,063 | |
Capital expenditures | 693 | 3,566 | |
Depreciation and amortization | 2,075 | 2,494 | |
Total assets | 149,984 | 152,243 | |
Corporate | |||
Segment information | |||
Income/(loss) from operations | (32,610) | (31,710) | |
Capital expenditures | 316 | 3,763 | |
Depreciation and amortization | 1,137 | $ 1,015 | |
Total assets | $ 154,179 | $ 146,497 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Apr. 21, 2016 | Feb. 11, 2016 | Mar. 29, 2016 | Mar. 31, 2015 |
Subsequent events | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.165 | |
Subsequent event | ||||
Subsequent events | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.20 |