Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 28, 2014
Income Tax Disclosure [Abstract]  
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:
 
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
U.S.
 
$
42,898

 
$
41,249

 
$
36,857

Foreign
 
(1,039
)
 

 

 
 
$
41,859

 
$
41,249

 
$
36,857

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):
 
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
 
Federal
 
$
5,169

 
$
4,667

 
$
3,977

State
 
3,895

 
2,525

 
2,703

Foreign
 

 

 

Deferred:
 
 
 
 
 
 
Federal
 
1,146

 
2,755

 
2,115

State
 
(649
)
 
(937
)
 
(269
)
Foreign
 
(263
)
 

 

 
 
$
9,298

 
$
9,010

 
$
8,526

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:
 
 
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
 
(16.0
)
 
(14.8
)
 
(15.9
)
Foreign taxes versus U.S statutory rate
 
(0.1
)
 

 

Other tax credits
 
(2.3
)
 
(2.5
)
 

Other
 
0.5

 
1.6

 
(0.1
)
Effective tax rate
 
22.2
 %
 
21.8
 %
 
23.1
 %
Schedule of the Company's total deferred tax assets and liabilities
The Companys federal and state deferred taxes at December 28, 2014 and December 29, 2013 are as follows (in thousands):
 
 
2014
 
2013
Current deferred tax assets and (liabilities), net:
 
 
 
 
Accrued compensation and related costs
 
$
10,941

 
$
8,966

Advanced payments
 
2,764

 
1,754

General business and other tax credits
 
(275
)
 

Interest rate swap
 
13

 
24

Other current deferred tax assets
 
3,583

 
2,525

Other current deferred tax liabilities
 

 
(180
)
Prepaid expenses
 
(5,426
)
 
(3,877
)
Supplies inventory
 
(6,923
)
 
(6,260
)
Current deferred tax asset, net
 
4,677

 
2,952

Non-current deferred tax assets and (liabilities), net:
 
 
 
 
Deferred Rent
 
16,900

 
15,505

Stock-based compensation
 
6,461

 
6,034

General business and other tax credits
 
5,551

 
7,742

Alternative minimum tax credits
 
1,262

 
1,262

Accrued compensation and related costs
 
2,067

 
1,241

Advanced payments
 


 

Other non-current deferred tax assets
 
413

 
631

Other non-current deferred tax liabilities
 
(789
)
 
(1,056
)
Goodwill
 
(7,260
)
 
(8,876
)
Property and equipment
 
(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
 
(1,691
)
 
(3,017
)
Net deferred tax asset (liability)
 
$
2,986

 
$
(65
)
Schedule of the Company's unrecognized tax benefits
The following table summarizes the Companys unrecognized tax benefits at December 28, 2014 and December 29, 2013 (in thousands):
 
 
2014
 
2013
Beginning of year
 
$
401

 
$
335

Increase due to current year tax positions
 
96

 
140

Decrease due to current year tax positions
 
(5
)
 

Settlements
 
(122
)
 
(19
)
Reductions related to lapses
 
(51
)
 
(55
)
End of year
 
$
319

 
$
401