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Income Taxes (Tables)
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12 Months Ended |
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Dec. 28, 2014
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| Income Tax Disclosure [Abstract] |
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| Schedule of income (loss) before income tax |
Income (loss) before income taxes includes the following components for the fiscal years ended December 28, 2014, December 29, 2013, and December 30, 2012:
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2014 |
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2013 |
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2012 |
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U.S. |
|
$ |
42,898 |
|
|
$ |
41,249 |
|
|
$ |
36,857 |
|
Foreign |
|
(1,039 |
) |
|
— |
|
|
— |
|
|
|
$ |
41,859 |
|
|
$ |
41,249 |
|
|
$ |
36,857 |
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|
| Schedule of provision (benefit) for income taxes |
The provision (benefit) for income taxes for fiscal year ended December 28, 2014, December 29, 2013, and December 30, 2012 consist of the following (in thousands):
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2014 |
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2013 |
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2012 |
Current: |
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Federal |
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$ |
5,169 |
|
|
$ |
4,667 |
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$ |
3,977 |
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State |
|
3,895 |
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|
2,525 |
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|
2,703 |
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Foreign |
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— |
|
|
— |
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|
— |
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Deferred: |
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Federal |
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1,146 |
|
|
2,755 |
|
|
2,115 |
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State |
|
(649 |
) |
|
(937 |
) |
|
(269 |
) |
Foreign |
|
(263 |
) |
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— |
|
|
— |
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|
|
$ |
9,298 |
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|
$ |
9,010 |
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|
$ |
8,526 |
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| Schedule of reconciliation of income tax provision that would result from applying the federal statutory rate to income tax provision |
The reconciliation between the income tax provision and the amount of income tax computed by applying the U.S. federal statutory rate to income before the provision for income taxes as shown in the accompanying consolidated statements of income for fiscal years ended December 28, 2014, December 29, 2013, and December 30, 2012 is as follows:
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2014 |
|
2013 |
|
2012 |
Tax provision at U.S. federal statutory rate |
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes |
|
5.1 |
|
|
2.5 |
|
|
4.1 |
|
FICA tip tax credits |
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(16.0 |
) |
|
(14.8 |
) |
|
(15.9 |
) |
Foreign taxes versus U.S statutory rate |
|
(0.1 |
) |
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— |
|
|
— |
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Other tax credits |
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(2.3 |
) |
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(2.5 |
) |
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— |
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Other |
|
0.5 |
|
|
1.6 |
|
|
(0.1 |
) |
Effective tax rate |
|
22.2 |
% |
|
21.8 |
% |
|
23.1 |
% |
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| Schedule of the Company's total deferred tax assets and liabilities |
The Company’s federal and state deferred taxes at December 28, 2014 and December 29, 2013 are as follows (in thousands):
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2014 |
|
2013 |
Current deferred tax assets and (liabilities), net: |
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Accrued compensation and related costs |
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$ |
10,941 |
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|
$ |
8,966 |
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Advanced payments |
|
2,764 |
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|
1,754 |
|
General business and other tax credits |
|
(275 |
) |
|
— |
|
Interest rate swap |
|
13 |
|
|
24 |
|
Other current deferred tax assets |
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3,583 |
|
|
2,525 |
|
Other current deferred tax liabilities |
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— |
|
|
(180 |
) |
Prepaid expenses |
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(5,426 |
) |
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(3,877 |
) |
Supplies inventory |
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(6,923 |
) |
|
(6,260 |
) |
Current deferred tax asset, net |
|
4,677 |
|
|
2,952 |
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Non-current deferred tax assets and (liabilities), net: |
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Deferred Rent |
|
16,900 |
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|
15,505 |
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Stock-based compensation |
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6,461 |
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|
6,034 |
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General business and other tax credits |
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5,551 |
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|
7,742 |
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Alternative minimum tax credits |
|
1,262 |
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|
1,262 |
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Accrued compensation and related costs |
|
2,067 |
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|
1,241 |
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Advanced payments |
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— |
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Other non-current deferred tax assets |
|
413 |
|
|
631 |
|
Other non-current deferred tax liabilities |
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(789 |
) |
|
(1,056 |
) |
Goodwill |
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(7,260 |
) |
|
(8,876 |
) |
Property and equipment |
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(25,369 |
) |
|
(26,640 |
) |
Franchise rights |
|
63 |
|
|
1,440 |
|
Interest rate swap |
|
— |
|
|
(10 |
) |
Subtotal |
|
(701 |
) |
|
(2,727 |
) |
Valuation Allowance |
|
(990 |
) |
|
(290 |
) |
Non-current deferred tax liability, net, included in other non-current liabilities |
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(1,691 |
) |
|
(3,017 |
) |
Net deferred tax asset (liability) |
|
$ |
2,986 |
|
|
$ |
(65 |
) |
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| Schedule of the Company's unrecognized tax benefits |
The following table summarizes the Company’s unrecognized tax benefits at December 28, 2014 and December 29, 2013 (in thousands):
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2014 |
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2013 |
Beginning of year |
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$ |
401 |
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$ |
335 |
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Increase due to current year tax positions |
|
96 |
|
|
140 |
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Decrease due to current year tax positions |
|
(5 |
) |
|
— |
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Settlements |
|
(122 |
) |
|
(19 |
) |
Reductions related to lapses |
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(51 |
) |
|
(55 |
) |
End of year |
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$ |
319 |
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$ |
401 |
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