Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Dec. 29, 2013
Income Tax Disclosure [Abstract]  
Schedule of provision (benefit) for income taxes
The provision (benefit) for income taxes for fiscal year ended December 29, 2013, December 30, 2012 and December 25, 2011 consist of the following (in thousands):
 
 
2013
 
2012
 
2011
Current:
 
 
 
 
 
 
Federal
 
$
4,667

 
$
3,977

 
$
2,135

State
 
2,525

 
2,703

 
1,832

Deferred:
 
 
 
 
 
 
Federal
 
2,755

 
2,115

 
(1,961
)
State
 
(937
)
 
(269
)
 
(495
)
 
 
$
9,010

 
$
8,526

 
$
1,511

Schedule of reconciliation of income tax provision that would result from applying the federal statutory rate to income tax provision
The reconciliation of income tax provision that would result from applying the federal statutory rate to income tax provision as shown in the accompanying consolidated statements of income for fiscal year ended December 29, 2013, December 30, 2012 and December 25, 2011 are as follows:
 
 
2013
 
2012
 
2011
Tax provision at U.S. federal statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes
 
2.5

 
4.1

 
4.0

FICA tip tax credits
 
(14.8
)
 
(15.9
)
 
(24.9
)
HIRE act tax credit
 
—

 
—

 
(7.6
)
Other tax credits
 
(2.5
)
 
—

 
—

Other
 
1.6

 
(0.1
)
 
0.3

Effective tax rate
 
21.8
 %
 
23.1
 %
 
6.8
 %
Schedule of the Company's total deferred tax assets and liabilities
The Company's federal and state deferred taxes at December 29, 2013 and December 30, 2012 are as follows (in thousands):
 
 
2013
 
2012
Current deferred tax assets and (liabilities), net:
 
 
 
 
Accrued compensation and related costs
 
$
8,966

 
$
8,865

Advanced payments
 
1,754

 
1,083

General business and other tax credits
 
—

 
361

Interest rate swap
 
24

 
(2
)
Other current deferred tax assets
 
2,525

 
1,724

Other current deferred tax liabilities
 
(180
)
 
(1,188
)
Prepaid expenses
 
(3,877
)
 
(2,823
)
Supplies inventory
 
(6,260
)
 
(5,010
)
Current deferred tax asset, net
 
2,952

 
3,010

Non-current deferred tax assets and (liabilities), net:
 
 
 
 
Deferred Rent
 
15,505

 
13,896

Stock-based compensation
 
6,034

 
6,864

General business and other tax credits
 
7,742

 
9,735

Alternative minimum tax credits
 
1,262

 
1,262

Accrued compensation and related costs
 
1,241

 
1,016

Other non-current deferred tax assets
 
631

 
666

Other non-current deferred tax liabilities
 
(1,056
)
 
(455
)
Goodwill
 
(8,876
)
 
(7,335
)
Property and equipment
 
(26,640
)
 
(31,547
)
Franchise rights
 
1,440

 
1,163

Interest rate swap
 
(10
)
 
(3
)
Subtotal
 
(2,727
)
 
(4,738
)
Valuation Allowance
 
(290
)
 
—

Non-current deferred tax liability, net, included in other non-current liabilities
 
(3,017
)
 
(4,738
)
Net deferred tax liability
 
$
(65
)
 
$
(1,728
)
Schedule of the Company's unrecognized tax benefits
The following table summarizes the Company's unrecognized tax benefits at December 29, 2013 and December 30, 2012 (in thousands):
 
 
2013
 
2012
Beginning of year
 
$
335

 
$
212

Increase due to current year tax positions
 
140

 
168

Decrease due to current year tax positions
 
—

 
(1
)
Settlements
 
(19
)
 
(1
)
Reductions related to lapses
 
(55
)
 
(43
)
End of year
 
$
401

 
$
335