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18. Quarterly Results of Operations (unaudited)
The following tables summarize the unaudited consolidated quarterly financial information for 2011 and 2010 (in thousands, except per share data):
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|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
Q1
(16 weeks) |
|
Q2
(12 weeks) |
|
Q3(3)
(12 weeks) |
|
Q4(4)
(12 weeks) |
|
2011
(52 weeks) |
|
|
Total revenues
|
|
$ |
286,830 |
|
$ |
215,795 |
|
$ |
206,244 |
|
$ |
205,981 |
|
$ |
914,850 |
|
|
Income from operations
|
|
$ |
11,195 |
|
$ |
9,070 |
|
$ |
3,256 |
|
$ |
4,479 |
|
$ |
28,001 |
|
|
Net income
|
|
$ |
8,708 |
|
$ |
6,894 |
|
$ |
2,069 |
|
$ |
2,905 |
|
$ |
20,577 |
|
|
Basic earnings per share
|
|
$ |
0.56 |
|
$ |
0.45 |
|
$ |
0.14 |
|
$ |
0.20 |
|
$ |
1.36 |
|
|
Diluted earnings per share
|
|
$ |
0.56 |
|
$ |
0.44 |
|
$ |
0.14 |
|
$ |
0.20 |
|
$ |
1.34 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1(1)
(16 weeks) |
|
Q2
(12 weeks) |
|
Q3(2)
(12 weeks) |
|
Q4
(12 weeks) |
|
2010
(52 weeks) |
|
|
Total revenues
|
|
$ |
275,510 |
|
$ |
201,343 |
|
$ |
194,843 |
|
$ |
192,573 |
|
$ |
864,269 |
|
|
Income (loss) from operations
|
|
$ |
7,826 |
|
$ |
6,035 |
|
$ |
(6,074 |
) |
$ |
1,946 |
|
$ |
9,733 |
|
|
Net income (loss)
|
|
$ |
4,951 |
|
$ |
4,333 |
|
$ |
(4,213 |
) |
$ |
2,228 |
|
$ |
7,299 |
|
|
Basic earnings (loss) per share
|
|
$ |
0.32 |
|
$ |
0.28 |
|
$ |
(0.27 |
) |
$ |
0.14 |
|
$ |
0.47 |
|
|
Diluted earnings (loss) per share
|
|
$ |
0.32 |
|
$ |
0.28 |
|
$ |
(0.27 |
) |
$ |
0.14 |
|
$ |
0.46 |
|
-
(1)
- We recognize gift card breakage by applying our estimate of the rate of gift card breakage over the period of estimated performance. We recognized $3.5 million as an initial adjustment during the first quarter 2010.
-
(2)
- During the third quarter of fiscal 2010, we determined that four Company-owned restaurants were impaired. The Company recognized a pre-tax non-cash impairment charge of $6.1 million related to the impairment of these four restaurants. The third quarter charges for executive transition were recorded to selling, general and administrative expense for $2.6 million.
-
(3)
- During the third quarter of fiscal 2011, we determined that one Company-owned restaurant was impaired. The Company recognized a pre-tax non-cash impairment charge of $1.9 million for this restaurant.
-
(4)
- During the fourth quarter of fiscal 2011, we determined that two Company-owned restaurant were impaired. The Company recognized a pre-tax non-cash impairment charge of $2.4 million for these restaurants.
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