Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 30, 2012
Income Taxes  
Schedule of provision (benefit) for income taxes

 The provision (benefit) for income taxes consists of the following (in thousands):

 
  2012   2011   2010  

Current:

                   

Federal

  $ 3,977   $ 2,135   $ 596  

State

    2,703     1,832     369  

Deferred:

                   

Federal

    2,115     (1,961 )   (3,771 )

State

    (269 )   (495 )   237  
               

 

  $ 8,526   $ 1,511   $ (2,569 )
               
Schedule of reconciliation of income tax provision that would result from applying the federal statutory rate to income tax provision

 

 

 
  2012   2011   2010  

Tax provision at U.S. federal statutory rate

    35.0 %   35.0 %   35.0 %

State income taxes

    4.1     4.0     7.4  

FICA tip tax credits

    (15.9 )   (24.9 )   (99.2 )

HIRE act tax credit

        (7.6 )    

Other

    (0.1 )   0.3     2.5  
               

Effective tax rate

    23.1 %   6.8 %   (54.3 )%
               
Schedule of the Company's total deferred tax assets and liabilities

The Company's total deferred tax assets and liabilities at December 30, 2012, and December 25, 2011, are as follows (in thousands):

 
  2012   2011  

Deferred tax assets

  $ 46,634   $ 48,691  

Deferred tax liabilities

    (48,362 )   (49,038 )
           

Deferred tax liabilities, net

  $ (1,728 ) $ (347 )
           
Schedule of the Company's federal and state deferred taxes

The Company's federal and state deferred taxes at December 30, 2012, and December 25, 2011, are as follows (in thousands):

 
  2012   2011  

Current deferred tax assets and liabilities, net:

             

Accrued compensation and related costs

  $ 8,865   $ 9,279  

Advanced payments

    1,083     676  

General business and other tax credits

    361     361  

Interest rate swap

    (2 )   201  

Other current deferred tax assets

    1,724     598  

Other current deferred tax liabilities

    (1,188 )   (1,587 )

Prepaid expenses

    (2,823 )   (2,844 )

Supplies inventory

    (5,010 )   (5,255 )
           

Current deferred tax asset, net

    3,010     1,429  
           

Non-current deferred tax assets and liabilities, net:

             

Deferred rent

    13,896     14,350  

Stock-based compensation

    6,864     7,064  

General business and other tax credits

    9,735     12,529  

Alternative minimum tax credits

    1,262     1,262  

Accrued compensation and related costs

    1,016     916  

Other non-current deferred tax assets

    666     550  

Other non-current deferred tax liabilities

    (455 )   (416 )

Goodwill

    (7,335 )   (6,458 )

Property and equipment

    (31,547 )   (32,478 )

Franchise rights

    1,163     870  

Interest rate swap

    (3 )   35  
           

Non-current deferred tax liability, net, included in other non-current liabilities

    (4,738 )   (1,776 )
           

Net deferred tax liability

  $ (1,728 ) $ (347 )
           
Schedule of the Company's unrecognized tax benefits

  The following table summarizes the Company's unrecognized tax benefits (in thousands):

 
  December 30,
2012
  December 25,
2011
 

Beginning of year

  $ 212   $ 273  

Increase due to current year tax positions

    168     50  

Decrease due to current year tax positions

    (1 )   (8 )

Settlements

    (1 )   (23 )

Reductions related to lapses

    (43 )   (80 )
           

End of year

  $ 335   $ 212