Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 27, 2015
Income Tax Disclosure [Abstract]  
Schedule of income (loss) before income tax
Income before income taxes includes the following components for the fiscal years ended December 27, 2015, December 28, 2014, and December 29, 2013 (in thousands):
 
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
U.S.
 
$
64,668

 
$
42,898

 
$
41,249

Foreign
 
(1,432
)
 
(1,039
)
 

 
 
$
63,236

 
$
41,859

 
$
41,249

Schedule of provision (benefit) for income taxes
The provision (benefit) for income taxes for the fiscal years ended December 27, 2015, December 28, 2014, and December 29, 2013 consist of the following (in thousands):
 
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
 
Federal
 
$
6,427

 
$
5,169

 
$
4,667

State
 
4,455

 
3,895

 
2,525

Foreign
 

 

 

Deferred:
 
 
 
 
 
 
Federal
 
4,013

 
1,146

 
2,755

State
 
(1
)
 
(649
)
 
(937
)
Foreign
 
638

 
(263
)
 

 
 
$
15,532

 
$
9,298

 
$
9,010

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 27, 2015, December 28, 2014, and December 29, 2013 is as follows:
 
 
2015
 
2014
 
2013
Tax provision at U.S. federal statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes
 
4.3

 
5.1

 
2.5

FICA tip tax credits
 
(12.8
)
 
(16.0
)
 
(14.8
)
Foreign taxes versus U.S statutory rate
 
0.3

 
(0.1
)
 

Valuation allowance on deferred income tax assets
 
1.5

 

 

Other tax credits
 
(3.6
)
 
(2.3
)
 
(2.5
)
Other
 
(0.1
)
 
0.5

 
1.6

Effective tax rate
 
24.6
 %
 
22.2
 %
 
21.8
 %
Schedule of the Company's total deferred tax assets and liabilities
The Company’s federal and state deferred taxes at December 27, 2015 and December 28, 2014 are as follows (in thousands):
 
 
2015
 
2014
Current deferred tax assets and (liabilities), net:
 
 
 
 
Accrued compensation and related costs
 
$

 
$
10,941

Advanced payments
 

 
2,764

General business and other tax credits
 

 
(275
)
Interest rate swap
 

 
13

Other current deferred tax assets
 

 
3,583

Other current deferred tax liabilities
 

 

Prepaid expenses
 

 
(5,426
)
Supplies inventory
 

 
(6,923
)
Current deferred tax asset, net
 

 
4,677

Non-current deferred tax assets and (liabilities), net:
 
 
 
 
Deferred rent
 
17,978

 
16,900

Stock-based compensation
 
6,980

 
6,461

General business and other tax credits
 
3,275

 
5,551

Alternative minimum tax credits
 
1,262

 
1,262

Accrued compensation and related costs
 
11,862

 
2,067

Advanced payments
 
3,024

 

Other non-current deferred tax assets
 
4,277

 
413

Other non-current deferred tax liabilities
 
(1,181
)
 
(789
)
Goodwill
 
(9,572
)
 
(7,260
)
Property and equipment
 
(24,792
)
 
(25,369
)
Franchise rights
 
744

 
63

Prepaid expenses
 
(4,736
)
 

Supplies inventory
 
(7,089
)
 

Subtotal
 
2,032

 
(701
)
Valuation Allowance
 
(1,910
)
 
(990
)
Non-current deferred tax asset (liability), net, included in other non-current liabilities
 
122

 
(1,691
)
Net deferred tax asset (liability)
 
$
122

 
$
2,986

Schedule of the Company's unrecognized tax benefits
The following table summarizes the Company’s unrecognized tax benefits at December 27, 2015 and December 28, 2014 (in thousands):
 
 
2015
 
2014
Beginning of year
 
$
319

 
$
401

Increase due to current year tax positions
 
57

 
96

Due to decrease to a position taken in a prior year
 
(100
)
 
(5
)
Settlements
 

 
(122
)
Reductions related to lapses
 
(48
)
 
(51
)
End of year
 
$
228

 
$
319