Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 02, 2018 | Feb. 23, 2018 | Jul. 03, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 2, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BJRI | ||
Entity Registrant Name | BJs RESTAURANTS INC | ||
Entity Central Index Key | 1,013,488 | ||
Current Fiscal Year End Date | --01-02 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 20,504,188 | ||
Entity Public Float | $ 801,592,757 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 24,335 | $ 22,761 | |
Accounts and other receivables, net | 13,865 | 14,698 | |
Inventories, net | 10,514 | 9,907 | |
Prepaid expenses and other current assets | 11,615 | 11,324 | |
Total current assets | 60,329 | 58,690 | |
Property and equipment, net | 589,844 | 601,324 | |
Goodwill | 4,673 | 4,673 | |
Other assets, net | 30,112 | 26,625 | |
Total assets | 684,958 | 691,312 | |
Current liabilities: | |||
Accounts payable | [1] | 25,275 | 31,145 |
Accrued expenses | 97,266 | 94,553 | |
Total current liabilities | 122,541 | 125,698 | |
Deferred income taxes | 21,694 | 37,587 | |
Deferred rent | 32,487 | 30,424 | |
Deferred lease incentives | 52,843 | 54,119 | |
Long-term debt | 163,500 | 148,000 | |
Other liabilities | 33,164 | 20,587 | |
Total liabilities | 426,229 | 416,415 | |
Commitments and contingencies (Note 5) | |||
Shareholders’ equity: | |||
Preferred stock, 5,000 shares authorized, none issued or outstanding | |||
Common stock, no par value, 125,000 shares authorized and 20,485 and 22,332 shares issued and outstanding as of January 2, 2018 and January 3, 2017, respectively | 0 | 0 | |
Capital surplus | 68,904 | 66,200 | |
Retained earnings | 189,825 | 208,697 | |
Total shareholders’ equity | 258,729 | 274,897 | |
Total liabilities and shareholders’ equity | $ 684,958 | $ 691,312 | |
[1] | Included in accounts payable for fiscal years 2017 and 2016 is $6,537 and $5,782, respectively, of related party trade payables. See Note 11 for further information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 20,485,000 | 22,332,000 |
Common stock, shares outstanding | 20,485,000 | 22,332,000 |
Accounts payable, related party trade payables | $ 6,537 | $ 5,782 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | ||
Income Statement [Abstract] | ||||
Revenues | $ 1,031,782 | $ 993,052 | $ 919,597 | |
Restaurant operating costs (excluding depreciation and amortization): | ||||
Cost of sales | [1] | 268,707 | 251,460 | 226,942 |
Labor and benefits | 371,220 | 345,370 | 317,050 | |
Occupancy and operating | [1] | 219,863 | 204,583 | 192,739 |
General and administrative | 55,447 | 55,406 | 53,827 | |
Depreciation and amortization | 68,665 | 64,275 | 59,417 | |
Restaurant opening | 3,873 | 6,977 | 6,562 | |
Loss on disposal and impairment of assets | 4,775 | 2,971 | 2,908 | |
Gain on lease termination, net | (2,910) | |||
Natural disaster and related | 905 | |||
Severance and legal settlements | 423 | 369 | ||
Total costs and expenses | 993,878 | 931,411 | 856,535 | |
Income from operations | 37,904 | 61,641 | 63,062 | |
Other expense, net: | ||||
Interest expense, net | (4,501) | (1,730) | (1,015) | |
Other income, net | 1,987 | 1,180 | 60 | |
Total other expense, net | (2,514) | (550) | (955) | |
Income before income taxes | 35,390 | 61,091 | 62,107 | |
Income tax (benefit) expense | (9,390) | 15,534 | 16,782 | |
Net income | $ 44,780 | $ 45,557 | $ 45,325 | |
Net income per share: | ||||
Basic | $ 2.10 | $ 1.91 | $ 1.76 | |
Diluted | $ 2.06 | $ 1.88 | $ 1.73 | |
Weighted average number of shares outstanding: | ||||
Basic | 21,374 | 23,824 | 25,718 | |
Diluted | 21,772 | 24,233 | 26,231 | |
[1] | Related party costs included in cost of sales are $83,554, $81,789 and $78,887 for fiscal years 2017, 2016, and 2015, respectively. Related party costs included in operating and occupancy are $9,247, $8,880 and $8,378 for fiscal years 2017, 2016, and 2015, respectively. See Note 11 for further information. |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Income Statement [Abstract] | |||
Related party costs included in cost of sales | $ 83,554 | $ 81,789 | $ 78,887 |
Related party costs included in operating and occupancy | $ 9,247 | $ 8,880 | $ 8,378 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 30, 2014 | $ 348,689 | $ 93,971 | $ 54,217 | $ 200,501 |
Beginning Balance (in shares) at Dec. 30, 2014 | 26,229 | |||
Exercise of stock options | $ 8,411 | $ 8,945 | (534) | |
Exercise of stock options (in shares) | 432 | 432 | ||
Issuance of restricted stock units | $ (293) | (293) | ||
Issuance of restricted stock units (in shares) | 80 | |||
Repurchase of common stock | (95,549) | $ (95,549) | ||
Repurchase of common stock (in shares) | (2,069) | |||
Stock-based compensation | 5,680 | 5,680 | ||
Tax benefit from stock option exercises | 4,220 | 4,220 | ||
Net income | 45,325 | 45,325 | ||
Ending Balance at Dec. 29, 2015 | 316,483 | $ 7,367 | 63,290 | 245,826 |
Ending Balance (in shares) at Dec. 29, 2015 | 24,672 | |||
Exercise of stock options | $ 2,126 | $ 2,931 | (805) | |
Exercise of stock options (in shares) | 88 | 88 | ||
Issuance of restricted stock units | $ (323) | $ 2,002 | (2,325) | |
Issuance of restricted stock units (in shares) | 53 | |||
Repurchase of common stock | (94,986) | $ (12,300) | (82,686) | |
Repurchase of common stock (in shares) | (2,481) | |||
Stock-based compensation | 5,707 | 5,707 | ||
Tax benefit from stock option exercises | 333 | 333 | ||
Net income | 45,557 | 45,557 | ||
Ending Balance at Jan. 03, 2017 | 274,897 | 66,200 | 208,697 | |
Ending Balance (in shares) at Jan. 03, 2017 | 22,332 | |||
Exercise of stock options | $ 1,382 | $ 1,886 | (504) | |
Exercise of stock options (in shares) | 57 | 57 | ||
Issuance of restricted stock units | $ (322) | $ 3,714 | (4,036) | |
Issuance of restricted stock units (in shares) | 79 | |||
Repurchase and retirement of common stock | $ (66,922) | $ (5,600) | (61,322) | |
Repurchase and retirement of common stock (in shares) | (2,000) | (1,983) | ||
Stock-based compensation | $ 7,244 | 7,244 | ||
Cash dividends paid | (2,330) | (2,330) | ||
Net income | 44,780 | 44,780 | ||
Ending Balance at Jan. 02, 2018 | $ 258,729 | $ 68,904 | $ 189,825 | |
Ending Balance (in shares) at Jan. 02, 2018 | 20,485 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | ||
Cash flows from operating activities: | ||||
Net income | $ 44,780 | $ 45,557 | $ 45,325 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 68,665 | 64,275 | 59,417 | |
Deferred income taxes | (16,486) | 7,073 | 5,319 | |
Stock-based compensation expense | 6,946 | 5,527 | 5,395 | |
Loss on disposal and impairment of assets | 4,775 | 2,971 | 2,908 | |
Gain on lease termination, net | (2,910) | |||
Natural disaster and related | 194 | |||
Changes in assets and liabilities: | ||||
Accounts and other receivables | (210) | 9,904 | (994) | |
Landlord contribution for tenant improvements | 1,565 | 762 | 426 | |
Inventories, net | (607) | (1,014) | (883) | |
Prepaid expenses and other current assets | (718) | (5,065) | 1,477 | |
Other assets, net | (4,022) | (5,257) | (3,282) | |
Accounts payable | (1,261) | 542 | (1,983) | |
Accrued expenses | 2,652 | 10,692 | 11,274 | |
Deferred rent | 2,063 | 2,797 | 2,947 | |
Deferred lease incentives | (1,276) | 282 | 2,753 | |
Other liabilities | (24) | (687) | 35 | |
Net cash provided by operating activities | 107,036 | 138,359 | 127,224 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (70,736) | (109,363) | (86,070) | |
Proceeds from sale of assets | 17,905 | 4,511 | 3,478 | |
Net cash used in investing activities | (52,831) | (104,852) | (82,592) | |
Cash flows from financing activities: | ||||
Borrowings on line of credit | 2,145,100 | 1,179,800 | 529,400 | |
Payments on line of credit | (2,129,600) | (1,132,300) | (486,900) | |
Excess tax benefit from stock-based compensation | 333 | 4,220 | ||
Taxes paid on vested stock units under employee plans | (322) | (323) | (293) | |
Proceeds from exercise of stock options | 1,382 | 2,126 | 8,411 | |
Cash dividends paid | (2,269) | |||
Repurchases of common stock | (66,922) | (94,986) | (95,549) | |
Net cash used in financing activities | (52,631) | (45,350) | (40,711) | |
Net increase (decrease) in cash and cash equivalents | 1,574 | (11,843) | 3,921 | |
Cash and cash equivalents, beginning of year | 22,761 | 34,604 | 30,683 | |
Cash and cash equivalents, end of year | 24,335 | 22,761 | 34,604 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 5,163 | 6,803 | 12,097 | |
Cash paid for interest, net of capitalized interest | 4,245 | 1,351 | 503 | |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Property and equipment acquired and included in accounts payable | 3,876 | 8,485 | 10,915 | |
Stock-based compensation capitalized | [1] | $ 298 | $ 180 | $ 285 |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2018 | |
Accounting Policies [Abstract] | |
The Company and Summary of Significant Accounting Policies | 1. The Company and Summary of Significant Accounting Policies Description of Business BJ’s Restaurants, Inc. (referred to herein as the “Company,” “BJ’s,” “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants and to develop additional BJ’s restaurants. As of January 2, 2018, w e owned and operated 197 restaurants located in 26 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewhouse®, BJ’s Restaurant & Brewery®, BJ’s Pizza & Grill® or BJ’s Grill®. During fiscal 2017, we opened 10 new restaurants Several of our BJ’s Restaurant & Brewery® locations, in addition to our two brewpub locations in Texas, brew our signature, proprietary craft BJ’s beer All of our other restaurants receive their BJ’s beer either from one of our restaurant brewing operations, our Texas brewpubs and/or independent third party brewers using our proprietary recipes. Basis of Presentation The accompanying consolidated financial statements include the accounts of BJ’s Restaurants, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. The consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company had no components of other comprehensive income (loss) during any of the years presented, as such; a consolidated statement of comprehensive income (loss) is not presented. The preparation of financial statements in conformity U.S. GAAP requires management to make estimates and assumptions for the reporting period and as of the financial statement date. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Our fiscal year consists of 52 or 53 weeks and ends on the Tuesday closest to December 31 for financial reporting purposes. Fiscal year 2017 ended on January 2, 2018 and consisted of 52 weeks of operations, fiscal year 2016 ended on January 3, 2017 and consisted of 53 weeks of operations and fiscal year 2015 ended on December 29, 2015 and consisted of 52 weeks of operations. Segment Disclosure The FASB Accounting Standards Codification (“ASC”) Topic No. 280, Segment Reporting Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This guidance requires the recognition of most leases on the balance sheet to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it owns versus leases. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, and therefore are not recorded within our balance sheet. We expect this adoption will result in a material increase in the assets and liabilities on our consolidated balance sheets, but will likely have an insignificant impact on our consolidated statements of earnings. In preparation for the adoption of the guidance, we are implementing controls and key system changes to enable the preparation of financial information. In April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services and expands related disclosure requirements. ASU 2016-10 clarifies ASU 2014-09 to address the potential for diversity in practice at the adoption. ASUs 2016-10 and 2014-09 are effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. The majority of our revenues are from food and beverage sales at our restaurants. ASU 2014-09 will not have an impact on revenue recognition related to food and beverage sales unless the sales are to a customer participating in our loyalty program. Currently, we measure our total loyalty rewards obligation based on the estimated number of customers who will ultimately claim the rewards earned under the program using the estimated cost of the rewards. Under this approach, we estimate the cost of a loyalty point based on the equivalent cost of the food and beverage earned by our customers. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Under ASU 2016-10, we will be required to allocate the transaction price between the goods delivered and the future goods that will be delivered, using the loyalty points earned, on a relative standalone selling price basis. The portion of the transaction price allocated to the future loyalty rewards will be recorded as deferred revenue and recognized as revenue when the related loyalty rewards are redeemed. Upon adoption, we will no longer record a marketing expense related to loyalty points earned. In addition to the impact on the accounting for loyalty points, ASU 2014-09 requires gift card breakage to be recognized as revenue in proportion to the pattern of gift card redemptions exercised by our customers. Currently, the Company records breakage income within other (expense) income and not within revenue. The new guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect adjustment to opening retained earnings as of the date of adoption (modified retrospective approach). We have elected the modified retrospective adoption method and plan to adopt this guidance in the first quarter of fiscal 2018. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Recently Adopted Accounting Standards In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This guidance required deferred tax liabilities and assets to be classified as non-current in a classified balance sheet. This update was effective for annual and interim periods beginning after December 15, 2016, and early adoption was permitted. As of January 3, 2017, we had reported a net deferred income tax liability of $36.8 million, consisting of a current deferred income tax asset of $18.4 million and a non-current deferred income tax liability of $55.2 million. We adopted ASU 2015-17 during the first quarter of fiscal 2017; therefore, our reported $36.8 million deferred income tax liability, as of January 3, 2017, has been reclassified as $0.8 million within ‘Other assets, net” and as “Deferred income taxes” of $37.6 million on our Consolidated Balance Sheets. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance changed how companies account for certain aspects of share-based payments to employees. Companies are now required to recognize the difference between the estimated and the actual tax impact of awards within the income statement when the awards vest or are settled, and additional paid-in capital (“APIC”) pools are eliminated. This ASU also impacted the classification of awards as either equity or liabilities and the classification of share-based transactions within the statement of cash flows. We adopted ASU 2016-09 during the first quarter of fiscal 2017. The impact of the adoption of this standard was $0.08 million of additional income tax expense within our consolidated financial statements. Reclassifications As a result of the adoption of ASU 2015-17, reclassifications of financial statement amounts have been made to the prior period to conform to the current period’s presentation. The adoption of this standard resulted in the reclassification of $18.4 million from current to long-term deferred taxes on January 3, 2017. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments and money market funds with an original maturity of three months or less when purchased. Cash and cash equivalents are stated at cost, which approximates fair market value. Concentration of Credit Risk Financial instruments which subject us to a concentration of credit risk principally consist of cash and cash equivalents. We currently maintain our day-to-day operating cash balances with a major financial institution. At times, our operating cash balances may be in excess of the FDIC insurance limit. Inventories Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) or net realizable value. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the estimated useful life of the asset or the lease term, including reasonably assured renewal periods or exercised options, of the respective lease, whichever is shorter. Renewals and betterments that materially extend the life of an asset are capitalized while maintenance and repair costs are expensed as incurred. When property and equipment are sold or otherwise disposed of, the asset accounts and related accumulated depreciation or amortization accounts are relieved, and any gain or loss is included in earnings. Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: Furniture and fixtures 10 years Equipment 5‑10 years Brewing equipment 10-20 years Building improvements the shorter of 20 years or the remaining lease term Leasehold improvements the shorter of the useful life or the lease term, including reasonably assured renewal periods Goodwill We perform impairment testing annually, during the fourth quarter, and more frequently if factors and circumstances indicate impairment may have occurred. When evaluating goodwill for impairment, we first perform a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying value. If it is concluded that this is the case, we estimate the fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying value of the reporting unit is greater than the estimated fair value, an impairment charge is recorded for the difference between the implied fair value of goodwill and its carrying amount. To calculate the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is first allocated to all of the other assets and liabilities of that unit based on their relative fair values. The excess of the reporting unit’s fair value over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. This adjusted carrying value becomes the new goodwill accounting basis value. We did not record any impairment to goodwill during fiscal 2017, 2016 or 2015. Intangible Assets Definite-lived intangible assets are comprised of trademarks and are amortized over their estimated useful lives of ten years. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. Indefinite-lived intangible assets are not subject to amortization and tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. Long-Lived Assets We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These assets are generally reviewed for impairment in total as well as on a restaurant by restaurant basis. Factors considered include, but are not limited to, significant underperformance by the restaurant relative to expected historical or projected future operating results, significant changes in the manner of use of the acquired assets or the strategy for the overall business, and significant negative industry or economic trends. The recoverability is assessed by comparing the carrying value of the asset to the undiscounted cash flows expected to be generated by the asset. If the carrying amount is greater than the anticipated undiscounted cash flows, an impairment charge is recorded as the difference between the carrying amount and the assets estimated fair value. related to the reduction in the carrying value of two of our underperforming BJ’s Pizza & Grill® restaurants, which is included in Revenue Recognition Revenues from food and beverage sales at restaurants are recognized when payment is tendered at the point-of-sale. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. Revenues from the sale of gift cards are deferred and recognized upon redemption. Deferred gift card revenue, included in “Accrued expenses” on the accompanying Consolidated Balance Sheets, was $15.0 million and $13.0 million as of January 2, 2018 and January 3, 2017, respectively. We recognize gift card breakage income when the likelihood of the redemption of the cards becomes remote, which is typically 24 months after original issuance. Gift card breakage income is recorded in “Other income, net” on our Consolidated Statements of Income. Cost of Sales Cost of sales is comprised of food and beverage costs, including the cost to produce and distribute our proprietary craft beer, soda and ciders. The components of cost of sales are variable and typically fluctuate directly with sales volumes, but may be impacted by changes in commodity prices or promotional activities. Sales Taxes Revenues are presented net of sales tax collected. The obligations to the appropriate tax authorities are included in other accrued expenses until the taxes are remitted to the appropriate taxing authorities. Advertising Costs Advertising costs are expensed as incurred. Advertising expense for fiscal 2017, 2016, and 2015 was approximately $21.0 million, $18.9 million and $20.5 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Customer Loyalty Program Our “BJ’s Premier Rewards” customer loyalty program enables participants to earn points for each qualifying purchase. The points can then be redeemed for rewards including food discounts and other items. We measure our total rewards obligation based on the estimated number of customers that will ultimately earn and claim rewards under the program, and record the estimated related expense as reward points accumulate. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Income Taxes We utilize the liability method of accounting for income taxes. Deferred income taxes are recognized based on the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. We provide for income taxes based on our expected federal and state tax liabilities. Our estimates include, but are not limited to, effective state and local income tax rates, allowable tax credits for items such as FICA taxes paid on reported tip income and estimates related to depreciation expense allowable for tax purposes. We usually file our income tax returns several months after our fiscal year-end. All tax returns are subject to audit by federal and state governments for years after the returns are filed, and could be subject to differing interpretations of the tax laws. We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained through an audit, based on the technical merits of the position. Interest and penalties related to uncertain tax positions are included in income tax expense. Restaurant Opening Expense Restaurant payroll, supplies, training, other start-up costs and rent expense incurred prior to the opening of a new restaurant are expensed as incurred. Gain on Lease Termination On August 3, 2015, the landlord of our Century City, California restaurant notified us that they were exercising their right to terminate our lease in return for a $6.0 million termination fee. Our Century City restaurant was located at The Westfield Century City Mall, which was being significantly reconfigured and renovated, requiring the restaurant to be closed by the end of January 2016. As a result of the forced lease termination, in fiscal 2015, we recorded a $6.0 million termination fee receivable in accordance with our lease provision. This fee, offset by the remaining net book value of the restaurants fixed assets, resulted in a $2.9 million net gain. In January 2016, we received the $6.0 million termination fee from the landlord. Leases We lease the majority of our restaurant locations. We account for our leases in accordance with U.S. GAAP, which require that our leases be evaluated and classified as operating or capital leases for financial reporting purposes. The lease term used for this evaluation includes renewal option periods when the exercise of the renewal option can be reasonably assured and failure to exercise the option would result in an economic penalty. All of our restaurant leases are classified as operating leases. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening our restaurants, pursuant to agreed-upon terms in our leases. Tenant improvement allowances can take the form of cash payments upon the opening of the related restaurants, full or partial credits against minimum or percentage rents otherwise payable by us or a combination thereof. All tenant improvement allowances received by us are recorded as a deferred lease incentive and amortized over the term of the lease. The related cash received from the landlord is reflected as “Landlord contribution for tenant improvements” within the “Cash flow from operating activities” section of our Consolidated Statements of Cash Flows. The lease term used for straight-line rent expense is calculated from the date we obtain possession of the leased premises through the lease termination date. We expense rent from possession date through the restaurant opening date as restaurant opening expense within our statement of operations. Once a restaurant opens for business, we record straight-line rent over the probable lease term plus contingent rent to the extent it exceeds the minimum rent obligation per the lease agreement. Cash rent payments are not typically due under the terms of our leases during the rent holiday period, which begins on the possession date and ends on the restaurant opening date. Factors that may affect the length of the rent holiday period include construction related delays. Extension of the rent holiday period due to delays in a restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the remainder of the lease term (post-opening). For leases that contain rent escalations in which the amount of future rent can be reasonably calculated, we record the total rent payable under the lease on a straight-line basis over the probable term (including the rent holiday period beginning upon our possession of the premises). Differences between rent payments and the straight-line rent expense are recorded as deferred rent. Certain leases contain provisions that require additional rent payments based upon a restaurant’s sales volume (“contingent rent”). Contingent rent is accrued each period based on the actual sales, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense over the term of the lease in restaurants where we pay contingent rent. Management makes judgments regarding the probable term for each restaurant property lease and applies these selected terms consistently to each lease. These judgments can impact the classification and accounting for a lease as capital or operating, the calculation of straight-line rent, and the term over which leasehold improvements are amortized. These judgments produce materially different amounts of depreciation, amortization and rent expense than would be reported if different lease terms were used. Net Income Per Share Basic net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if in-the-money stock options issued by us to sell common stock at set prices were exercised and if restrictions on restricted stock units issued by us were to lapse (collectively, equity awards) using the treasury stock method. Performance-based restricted stock units have been excluded from the diluted income per share computation because the performance-based criteria have not yet been met. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): Fiscal Year 2017 2016 2015 Numerator: Net income for basic and diluted net income per share $ 44,780 $ 45,557 $ 45,325 Denominator: Weighted-average shares outstanding - basic 21,374 23,824 25,718 Dilutive effect of equity awards 398 409 513 Weighted-average shares outstanding - diluted 21,772 24,233 26,231 At January 2, 2018, January 3, 2017, and December 29, 2015, there were approximately 0.6 million, 0.3 million, and 0.2 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. Stock‑Based Compensation Under our shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified stock options, and restricted stock units (“RSUs”), including performance and time-based restricted stock units, that generally vest over three to five years and expire ten years from the date of grant. Stock-based compensation is recorded in accordance with U.S. GAAP based on the underlying estimated fair value of the awards granted. In valuing stock options, we are required to make certain assumptions and judgments regarding the inputs to the Black-Scholes option-pricing model. These inputs include expected volatility, risk free interest rate, expected option life, dividend yield and expected vesting percentage. These estimations and judgments involve many different variables that, in many cases, are outside of our control. Changes in these variables may significantly impact the compensation cost recognized for these grants resulting in a significant impact to our financial results. The tax benefits resulting from tax deductions in excess of the compensation cost recognized for stock options (excess tax benefits) are classified as financing cash flows within our Consolidated Statements of Cash Flows. |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Jan. 02, 2018 | |
Receivables [Abstract] | |
Accounts and Other Receivables | 2. Accounts and Other Receivables Accounts and other receivables consisted of the following (in thousands): January 2, 2018 January 3, 2017 Credit cards $ 5,723 $ 5,272 Third party gift card sales 3,669 3,016 Tenant improvement allowances 2,952 4,517 Income taxes 145 1,255 Other 1,376 638 $ 13,865 $ 14,698 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 02, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Property and equipment consisted of the following (in thousands): January 2, 2018 January 3, 2017 Land $ 5,701 $ 10,933 Building improvements 362,986 344,450 Leasehold improvements 256,415 240,811 Furniture and fixtures 136,771 128,582 Equipment 283,265 258,356 1,045,138 983,132 Less accumulated depreciation and amortization (464,661 ) (404,702 ) 580,477 578,430 Construction in progress 9,367 22,894 Property and equipment, net $ 589,844 $ 601,324 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 02, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 4. Accrued Expenses Accrued expenses consisted of the following (in thousands): January 2, 2018 January 3, 2017 Payroll related $ 24,861 $ 26,374 Workers’ compensation 19,026 19,834 Deferred revenue from gift cards 14,955 12,968 Sales taxes 7,117 7,044 Other taxes 7,232 5,578 Deferred lease incentives - current 4,595 4,568 Other current rent related 2,469 2,908 Utilities 2,177 1,981 Customer loyalty program 3,080 2,780 Merchant cards 1,643 1,782 Other 10,111 8,736 $ 97,266 $ 94,553 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Leases We lease our restaurant and office facilities under non-cancelable operating leases with remaining terms ranging from approximately 10 to 20 years and renewal options ranging from 5 to 20 years. Rent expense for fiscal 2017, 2016, and 2015 was $44.7 million, $42.8 million, and $39.4 million, respectively. We have certain operating leases that contain fixed rent escalation clauses or rent escalation clauses in which the amount of the future rent can be calculated. Total rent due for these leases is expensed on a straight-line basis over each respective lease term, resulting in deferred rent of approximately $32.5 million and $30.4 million at January 2, 2018 and January 3, 2017, respectively. The deferred rent will be amortized to rent expense over each respective lease term. A number of our leases require us to pay contingent rent based on a percentage of sales above a specified minimum. Total contingent rent included within rent expense for fiscal 2017, 2016, and 2015 was approximately $3.1 million, $3.8 million, and $3.6 million, respectively. Future minimum annual rent payments under non-cancelable operating leases are as follows (in thousands): 2018 $ 46,766 2019 45,336 2020 44,505 2021 43,747 2022 42,578 Thereafter 380,591 $ 603,523 Additionally, we have entered into lease agreements related to the construction of future restaurants with commencement dates subsequent to January 2, 2018. Our aggregate future commitment relating to these leases is $7.7 million and is not included in the above future minimum annual rent payments. Legal Proceedings We are subject to lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from customers, employees and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability and our employee workers’ compensation requirements. We maintain coverage with a third party insurer to limit our total exposure. We believe that most of our customer claims will be covered by our general liability insurance, subject to coverage limits and the portion of such claims that are self-insured. Punitive damages awards and employee unfair practice claims, however, are not covered by our general liability insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these types of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims. Letters of Credit We have irrevocable standby letters of credit outstanding, as required under our workers’ compensation insurance arrangements, of $14.4 million as of January 2, 2018. Our standby letters of credit automatically renew each October 31 for one year unless 30 days’ notice, prior to such renewal date, is given by the financial institution that provides the letters. The standby letters of credit issued under our Credit Facility reduce the amount available for borrowing. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 02, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Line of Credit Our Credit Facility, which matures on November 18, 2021, provides us with revolving loan commitments totaling $250 million, of which $50 million may be used for the issuance of letters of credit. Availability under the Credit Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. Our obligations under the Credit Facility are unsecured. As of January 2, 2018, there were borrowings of $163.5 million and letters of credit totaling approximately $14.4 million outstanding under the Credit Facility. Available borrowings under the Credit Facility were $72.1 million as of January 2, 2018. The Credit Facility bears interest at our choice of LIBOR plus a percentage not to exceed 1.75%, or at a rate ranging from Bank of America’s prime rate to 0.75% above Bank of America’s prime rate, based on our level of lease and debt obligations as compared to EBITDA plus lease expenses. The weighted average interest rate during fiscal 2017 was approximately 2.3%. The Credit Facility contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At January 2, 2018, we were in compliance with these covenants. Interest expense and commitment fees, under the Credit Facility, were approximately $4.5 million, $1.7 million and $1.0 million, for fiscal 2017, 2016 and 2015, respectively. We also capitalized approximately $0.1 million and $0.2 million of interest expense related to new restaurant construction during fiscal 2017 and 2016, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 02, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 7. Shareholders’ Equity Preferred Stock We are authorized to issue 5.0 million shares of one or more series of preferred stock and we are authorized to determine the rights, preferences, privileges and restrictions to be granted to, or imposed upon, any such series, including the voting rights, redemption provisions (including sinking fund provisions), dividend rights, dividend rates, liquidation rates, liquidation preferences, conversion rights and the description and number of shares constituting any wholly unissued series of preferred stock. No shares of preferred stock were issued or outstanding at January 2, 2018 or January 3, 2017. We currently have no plans to issue shares of preferred stock. Common Stock Shareholders are entitled to one vote for each share of common stock held of record. Pursuant to the requirements of California law, shareholders are entitled to accumulate votes in connection with the election of directors. Shareholders of our outstanding common stock are entitled to receive dividends if and when declared by the Board of Directors. We have no plans to pay any cash dividends in the foreseeable future. Cash Dividends On October 24, 2017, our Board of Directors authorized and declared a quarterly cash dividend of $0.11 per share of common stock payable on December 4, 2017, to shareholders of record at the close of business on November 13, 2017. While we intend to pay quarterly cash dividends, any future decisions to pay, increase or decrease cash dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. Our Credit Facility contains, and debt instruments that we enter into in the future may contain, covenants that place limitations on the amount of dividends we may pay. Stock Repurchases During fiscal 2017, we repurchased and retired approximately 2.0 million shares of our common stock at an average price of $33.74 per share for a total of $66.9 million, which is recorded as a reduction in common stock, with any excess charged to retained earnings. In March 2017, our Board of Directors approved an expansion of the authorized share repurchase program by $50 million to $400 million in the aggregate. As of January 2, 2018, approximately $42.5 million remains available for additional repurchases under our share repurchase program. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Income tax (benefit) expense for the last three fiscal years consists of the following (in thousands): Fiscal Year 2017 2016 2015 Current: Federal $ 4,631 $ 6,034 $ 8,161 State 2,465 2,427 3,302 7,096 8,461 11,463 Deferred: Federal (15,727 ) 6,869 5,278 State (759 ) 204 41 (16,486 ) 7,073 5,319 Income tax expense $ (9,390 ) $ 15,534 $ 16,782 Income tax expense for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2017 2016 2015 Income tax at statutory rates 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.5 3.3 3.7 Permanent differences (0.4 ) — 0.2 Income tax credits (18.7 ) (10.6 ) (9.4 ) Prior year tax credit true-up (1.1 ) (1.3 ) (3.1 ) Change in statutory rate (44.4 ) — — Other, net (0.4 ) (1.0 ) 0.6 (26.5 )% 25.4 % 27.0 % The net deferred tax liability at January 2, 2018 and January 3, 2017 were presented as follows on the balance sheet: January 2, 2018 January 3, 2017 Other assets $ 1,408 $ 816 Deferred tax liability (21,694 ) (37,587 ) Net deferred income tax liability $ (20,286 ) $ (36,771 ) The components of the deferred income tax asset (liability) consist of the following (in thousands): January 2, 2018 January 3, 2017 Deferred income tax asset: Gift cards $ 2,047 $ 1,521 Accrued expenses 8,936 13,752 Other 1,639 2,193 Deferred Revenues 7,039 6,255 Stock-based compensation 4,767 6,152 Deferred rent 7,977 11,637 Income tax credits 3,266 6,559 Net operating losses 1,196 785 Other 1,714 2,071 State tax 472 985 Subtotal current deferred income tax asset 39,053 51,910 Valuation Allowance (161 ) (266 ) Total current deferred income tax asset 38,892 51,644 Deferred income tax liability: Property and equipment (53,964 ) (80,842 ) Intangible assets (1,400 ) (2,085 ) Smallwares (3,814 ) (5,488 ) Total non-current deferred income tax liability (59,178 ) (88,415 ) Net deferred income tax liability $ (20,286 ) $ (36,771 ) At January 2, 2018, we had federal and California income tax credit carryforwards of approximately $3.3 million and $1.2 million, respectively, consisting primarily of the credit for FICA taxes paid on reported employee tip income and California enterprise zone credits. The FICA tax credits will begin to expire in 2036 and the California enterprise zone credits will begin to expire in 2023. As of January 2, 2018, and January 3, 2017, we have recorded a valuation allowance against certain state net operating loss and tax credit carryforwards of $0.2 million and $0.3 million, respectively, net of federal benefit which are not more likely than not to be realized prior to expiration. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of January 2, 2018 and January 3, 2017, we had accrued $0.1 million for interest and penalties with respect to uncertain tax positions. As of January 2, 2018, unrecognized tax benefits recorded was approximately $1.5 million, of which approximately $1.0 million, if reversed would impact our effective tax rate. We anticipate no change in our liability for unrecognized tax benefits within the next twelve-month period. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Fiscal Year 2017 2016 2015 Gross unrecognized tax benefits at beginning of year $ 1,245 $ 2,998 $ 2,173 Increases for tax positions taken in prior years 110 126 474 Decreases for tax positions taken in prior years (4 ) (2,037 ) — Increases for tax positions taken in the current year 200 188 386 Lapse in statute of limitations (35 ) (30 ) (35 ) Gross unrecognized tax benefits at end of year $ 1,516 $ 1,245 $ 2,998 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of January 2, 2018, the earliest tax year still subject to examination by the Internal Revenue Service is 2014. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2013. Tax Reform Act On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law substantially amending the Internal Revenue Code of 1986. The TCJA made significant changes to the taxation of corporations such as a reduction in the highest corporate marginal tax rate from 35% to 21%, The SEC staff issued Staff Accounting Bulletin 118 providing guidance on accounting for the tax effects of the TCJA. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete, but it is able to determine a reasonable estimate, then the company must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately prior to the enactment of the TCJA. We have reviewed and will continue to monitor the impact the legislation has on our business. As of January 2, 2018, we recorded a tax benefit of $15.7 million related to the re-measurement of deferred tax assets and liabilities at the new federal income tax rate provided by the TCJA. In addition, we will benefit from the ability to immediately expense the majority of capital expenditures placed in service after September 27, 2017. In accordance with Staff Accounting Bulletin 118, as of December 31, 2017, we have not completed our accounting for the tax effect of the enactment of the TCJA; however we have made a reasonable estimate of the impact on our deferred tax balances . |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Jan. 02, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Plans | 9. Stock-Based Compensation Plans Our current shareholder approved stock-based compensation plan is the 2005 Equity Incentive Plan (as amended from time to time, “the Plan”). Under the Plan, we may issue shares of our common stock to employees, officers, directors and consultants. We have granted incentive stock options, non-qualified stock options, and performance and time-based restricted stock units. Stock options and stock appreciation rights, if any, are charged against the Plan share reserve on the basis of one share for each share granted. Other types of grants, including restricted stock units (“RSUs”), are currently charged against the Plan share reserve on the basis of 1.5 shares for each share granted. The Plan also contains other limits on the terms of incentive grants such as limits on the number that can be granted to an employee during any fiscal year. All options granted under the Plan expire within 10 years of their date of grant. Under the Plan, we issue non-qualified stock options as well as time-based and performance-based RSUs to vice presidents and above. We issue time-based RSUs, and/or non-qualified stock options to other support employees. We also issue RSUs and non-qualified stock options in connection with the BJ’s Gold Standard Stock Ownership Program (the “GSSOP”). The GSSOP is a long-term equity incentive program for our restaurant general managers, executive kitchen mangers, directors of operations and directors of kitchen operations. GSSOP grants are dependent on the length of each participant’s service with us and position. All GSSOP participants are required to remain in good standing during their service period. The Plan permits us to set the vesting terms and exercise period for awards at our discretion. Stock options and time-based RSUs vest ratably over three or five years for non-GSSOP participants and either cliff vest at five years or cliff vest at 33% on the third anniversary and 67% on the fifth anniversary for GSSOP participants. Performance-based RSUs generally cliff vest on the third anniversary of the grant date in an amount from 0% to 150% of the grant quantity, dependent on the level of performance target achievement. The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): Fiscal Year 2017 2016 2015 Labor and benefits $ 1,877 $ 1,786 $ 1,427 General and administrative $ 5,069 $ 3,741 $ 3,968 Capitalized (1) $ 298 $ 180 $ 285 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. Stock Options The fair value of each stock option grant was estimated on the date of grant using the Black‑Scholes option-pricing model with the following weighted average assumptions: Fiscal Year 2017 2016 2015 Expected volatility 34.7 % 35.8 % 37.0 % Risk free interest rate 1.87 % 1.51 % 1.39 % Expected option life 5 years 5 years 5 years Dividend yield 1.60 % 0.00 % 0.00 % Fair value of options granted $ 12.02 $ 14.08 $ 16.33 The exercise price of our stock options under our stock-based compensation plan is required to equal or exceed the market close fair value of our shares on the option grant date or the most recent trading day when grants take place on market holidays. The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life Outstanding at December 30, 2014 1,522 $ 25.62 1,008 $ 21.46 4.2 Granted 175 $ 47.38 Exercised (432 ) $ 19.46 Forfeited (41 ) $ 35.02 Outstanding at December 29, 2015 1,224 $ 30.59 729 $ 25.41 4.9 Granted 146 $ 41.78 Exercised (88 ) $ 24.03 Forfeited (55 ) $ 40.56 Outstanding at January 3, 2017 1,227 $ 31.95 802 $ 27.73 4.5 Granted 173 $ 36.08 Exercised (57 ) $ 24.07 Forfeited (32 ) $ 38.83 Outstanding at January 2, 2018 1,311 $ 32.68 926 $ 30.02 4.0 Information relating to significant option groups outstanding as of January 2, 2018, is as follows (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable Weighted Average Exercise Price $9.37 – $12.78 34 0.81 $ 10.51 34 $ 10.51 $18.86 – $18.86 274 1.99 $ 18.86 274 $ 18.86 $22.14 – $30.05 134 5.35 $ 28.35 93 $ 27.70 $30.39 – $34.24 99 5.28 $ 33.40 87 $ 33.50 $34.29 – $34.29 245 4.92 $ 34.29 245 $ 34.29 $34.89 – $35.78 31 4.60 $ 35.60 24 $ 35.68 $35.95 – $35.95 151 9.04 $ 35.95 — $ — $37.03 – $42.41 149 7.36 $ 41.28 59 $ 40.27 $42.94 – $47.04 167 6.28 $ 46.29 95 $ 46.03 $48.64 – $52.98 27 5.86 $ 51.39 16 $ 50.83 $9.37 – $52.98 1,311 5.21 $ 32.68 926 $ 30.02 As of January 2, 2018, total unrecognized stock-based compensation expense related to non-vested stock options was $3.0 million, which is generally expected to be recognized over the next five years. Time-Based Restricted Stock Units The following table presents time-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at December 30, 2014 427 $ 34.66 Granted 148 $ 47.99 Vested or released (89 ) $ 29.75 Forfeited (57 ) $ 39.43 Outstanding at December 29, 2015 429 $ 39.63 Granted 155 $ 40.82 Vested or released (63 ) $ 39.47 Forfeited (61 ) $ 42.12 Outstanding at January 3, 2017 460 $ 39.75 Granted 200 $ 35.72 Vested or released (89 ) $ 42.34 Forfeited (71 ) $ 39.51 Outstanding at January 2, 2018 500 $ 37.72 The fair value of our time-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the most recent trading day when grants take place on market holidays. The fair value of each time-based RSU is expensed over the vesting period (e.g., three or five years). As of January 2, 2018, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $9.0 million, which is generally expected to be recognized over the next five years. Performance-Based Restricted Stock Units The following table presents performance-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at December 30, 2014 30 $ 32.49 Granted — $ — Vested or released — $ — Forfeited (1 ) $ 32.49 Outstanding at December 29, 2015 29 $ 32.49 Granted 32 $ 42.41 Vested or released — $ — Forfeited (7 ) $ 36.37 Outstanding at January 3, 2017 54 $ 37.87 Granted 40 $ 35.95 Vested or released — $ — Forfeited (26 ) $ 39.12 Outstanding at January 2, 2018 68 $ 38.68 The fair value of our performance-based RSUs is equal to the fair value of our common stock at market close on the date of grant or the most recent trading day when grants take place on market holidays. The fair value of each performance-based RSU is expensed based on management’s current estimate of the level that the performance goal will be achieved. As of January 2, 2018, based on the target level of performance, the total unrecognized stock-based compensation expense related to non-vested performance-based RSUs was approximately $1.1 million, which is generally expected to be recognized over the next three years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 02, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans We maintain a voluntary, contributory 401(k) plan for eligible employees. Employees may elect to contribute up to the IRS maximum for the plan year. Additionally, eligible participants may also elect catch-up contributions as provided for by the IRS. Our executive officers and other highly compensated employees are not eligible to participate in the 401(k) plan. Employee contributions are matched by us at a rate of 33% for the first 6% of deferred earnings. We contributed approximately $0.6 million, $0.5 million, and $0.6 million in fiscal 2017, 2016, and 2015, respectively. We also maintain a non-qualified deferred compensation plan (the “DCP”) for our executive officers and other highly compensated employees, as defined in the DCP, who are otherwise ineligible for participation in our 401(k) plan. The DCP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses. Additionally, the DCP allows for a voluntary company match as determined by our compensation committee. During fiscal 2017, there were no Company contributions made or accrued. We pay for related administrative costs, which were not significant during fiscal 2017. Employee deferrals are deposited into a rabbi trust and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature. Our investment in variable life insurance contracts, reflected in “Other assets, net” on our Consolidated Balance Sheets, was $7.8 million and $6.2 million as of January 2, 2018 and January 3, 2017, respectively. Our obligation to participating employees, included in “Other liabilities” on the accompanying Consolidated Balance Sheets, was $7.5 million and $6.0 million as of January 2, 2018 and January 3, 2017, respectively. All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Income. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 02, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions James Dal Pozzo, the Chief Executive Officer of the Jacmar Companies (“Jacmar”), is a member of our Board of Directors. Jacmar, through its affiliation with DMA, a consortium of large, regional food distributors located throughout the United States, is currently our largest distributor of food, beverage, paper products and supplies. In 2006, we began using DMA to deliver the majority of our food products to our restaurants. In July 2017, after conducting a market evaluation, we entered into a new five-year agreement with DMA. The new agreement expires in June 2022. Jacmar services our restaurants in California and Nevada, while other DMA distributors service our restaurants in all other states. Under the terms of our agreement with DMA, Jacmar is required to sell products to us at the same prices as the other DMA distributors. Jacmar does not provide us with any produce, liquor, wine or beer products, all of which are provided by other third party vendors and are included in “Cost of sales” on our Consolidated Statements of Income. The cost of food, beverage, paper products and supplies provided by Jacmar included within “Cost of sales” and “Occupancy and operating” expenses consisted of the following (in thousands): Fiscal Year 2017 2016 2015 Cost of sales: Third party suppliers $ 185,153 68.9 % $ 169,671 67.5 % $ 148,055 65.2 % Jacmar 83,554 31.1 81,789 32.5 78,887 34.8 Cost of sales $ 268,707 100.0 % $ 251,460 100.0 % $ 226,942 100.0 % Occupancy and operating: Third party suppliers $ 210,616 95.8 % $ 195,703 95.7 % $ 184,361 95.7 % Jacmar 9,247 4.2 8,880 4.3 8,378 4.3 Occupancy and operating $ 219,863 100.0 % $ 204,583 100.0 % $ 192,739 100.0 % The amounts included in trade payables related to Jacmar consisted of the following (in thousands): January 2, 2018 January 3, 2017 Third party suppliers $ 18,738 $ 25,363 Jacmar 6,537 5,782 Total Accounts Payable $ 25,275 $ 31,145 |
Selected Consolidated Quarterly
Selected Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 02, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Quarterly Financial Data (Unaudited) | 12. Selected Consolidated Quarterly Financial Data (Unaudited) Our summarized unaudited consolidated quarterly financial data is the following (in thousands, except per share data): April 4, 2017 July 4, 2017 October 3, 2017 January 2, 2018 Total revenues $ 257,816 $ 265,817 $ 247,009 $ 261,140 Income from operations $ 12,949 $ 12,389 $ 1,593 $ 10,973 Net income $ 9,266 $ 9,639 $ 2,389 $ 23,486 Basic net income per share (1) $ 0.42 $ 0.45 $ 0.11 $ 1.14 Diluted net income per share (1) $ 0.42 $ 0.44 $ 0.11 $ 1.12 Cash dividends declared per common share $ — $ — $ — $ 0.11 March 2016 June 28, 2016 September 27, 2016 January 3, 2017 Total revenues $ 243,401 $ 250,328 $ 233,702 $ 265,621 Income from operations $ 16,393 $ 19,561 $ 9,071 $ 16,616 Net income $ 11,644 $ 13,789 $ 7,237 $ 12,887 Basic net income per share (1) $ 0.48 $ 0.57 $ 0.30 $ 0.56 Diluted net income per share (1) $ 0.47 $ 0.56 $ 0.30 $ 0.55 Cash dividends declared per common share $ — $ — $ — $ — (1) Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on our Consolidated Statements of Income. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 02, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | 13. Subsequent Event On February 20, 2018, our Board of Directors authorized and declared a cash dividend of $0.11 per share of common stock payable on March 27, 2018, to shareholders of record at the close of business on March 13, 2018. While we intend to pay regular quarterly cash dividends in future periods, any decisions to pay or to increase or decrease cash dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. |
The Company and Summary of Si21
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business BJ’s Restaurants, Inc. (referred to herein as the “Company,” “BJ’s,” “we,” “us” and “our”) was incorporated in California on October 1, 1991, to assume the management of five “BJ’s Chicago Pizzeria” restaurants and to develop additional BJ’s restaurants. As of January 2, 2018, w e owned and operated 197 restaurants located in 26 states. Each of our restaurants is currently operated as a BJ’s Restaurant & Brewhouse®, BJ’s Restaurant & Brewery®, BJ’s Pizza & Grill® or BJ’s Grill®. During fiscal 2017, we opened 10 new restaurants Several of our BJ’s Restaurant & Brewery® locations, in addition to our two brewpub locations in Texas, brew our signature, proprietary craft BJ’s beer All of our other restaurants receive their BJ’s beer either from one of our restaurant brewing operations, our Texas brewpubs and/or independent third party brewers using our proprietary recipes. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of BJ’s Restaurants, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the period. The consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company had no components of other comprehensive income (loss) during any of the years presented, as such; a consolidated statement of comprehensive income (loss) is not presented. The preparation of financial statements in conformity U.S. GAAP requires management to make estimates and assumptions for the reporting period and as of the financial statement date. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Our fiscal year consists of 52 or 53 weeks and ends on the Tuesday closest to December 31 for financial reporting purposes. Fiscal year 2017 ended on January 2, 2018 and consisted of 52 weeks of operations, fiscal year 2016 ended on January 3, 2017 and consisted of 53 weeks of operations and fiscal year 2015 ended on December 29, 2015 and consisted of 52 weeks of operations. |
Segment Disclosure | Segment Disclosure The FASB Accounting Standards Codification (“ASC”) Topic No. 280, Segment Reporting |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This guidance requires the recognition of most leases on the balance sheet to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it owns versus leases. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Currently, all of our restaurant and our restaurant support center leases are accounted for as operating leases, and therefore are not recorded within our balance sheet. We expect this adoption will result in a material increase in the assets and liabilities on our consolidated balance sheets, but will likely have an insignificant impact on our consolidated statements of earnings. In preparation for the adoption of the guidance, we are implementing controls and key system changes to enable the preparation of financial information. In April 2016, the FASB issued ASU 2016-10, an amendment to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services and expands related disclosure requirements. ASU 2016-10 clarifies ASU 2014-09 to address the potential for diversity in practice at the adoption. ASUs 2016-10 and 2014-09 are effective for annual and interim reporting periods beginning after December 15, 2017, and early application is permitted. The majority of our revenues are from food and beverage sales at our restaurants. ASU 2014-09 will not have an impact on revenue recognition related to food and beverage sales unless the sales are to a customer participating in our loyalty program. Currently, we measure our total loyalty rewards obligation based on the estimated number of customers who will ultimately claim the rewards earned under the program using the estimated cost of the rewards. Under this approach, we estimate the cost of a loyalty point based on the equivalent cost of the food and beverage earned by our customers. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. Under ASU 2016-10, we will be required to allocate the transaction price between the goods delivered and the future goods that will be delivered, using the loyalty points earned, on a relative standalone selling price basis. The portion of the transaction price allocated to the future loyalty rewards will be recorded as deferred revenue and recognized as revenue when the related loyalty rewards are redeemed. Upon adoption, we will no longer record a marketing expense related to loyalty points earned. In addition to the impact on the accounting for loyalty points, ASU 2014-09 requires gift card breakage to be recognized as revenue in proportion to the pattern of gift card redemptions exercised by our customers. Currently, the Company records breakage income within other (expense) income and not within revenue. The new guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect adjustment to opening retained earnings as of the date of adoption (modified retrospective approach). We have elected the modified retrospective adoption method and plan to adopt this guidance in the first quarter of fiscal 2018. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This guidance required deferred tax liabilities and assets to be classified as non-current in a classified balance sheet. This update was effective for annual and interim periods beginning after December 15, 2016, and early adoption was permitted. As of January 3, 2017, we had reported a net deferred income tax liability of $36.8 million, consisting of a current deferred income tax asset of $18.4 million and a non-current deferred income tax liability of $55.2 million. We adopted ASU 2015-17 during the first quarter of fiscal 2017; therefore, our reported $36.8 million deferred income tax liability, as of January 3, 2017, has been reclassified as $0.8 million within ‘Other assets, net” and as “Deferred income taxes” of $37.6 million on our Consolidated Balance Sheets. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance changed how companies account for certain aspects of share-based payments to employees. Companies are now required to recognize the difference between the estimated and the actual tax impact of awards within the income statement when the awards vest or are settled, and additional paid-in capital (“APIC”) pools are eliminated. This ASU also impacted the classification of awards as either equity or liabilities and the classification of share-based transactions within the statement of cash flows. We adopted ASU 2016-09 during the first quarter of fiscal 2017. The impact of the adoption of this standard was $0.08 million of additional income tax expense within our consolidated financial statements. |
Reclassifications | Reclassifications As a result of the adoption of ASU 2015-17, reclassifications of financial statement amounts have been made to the prior period to conform to the current period’s presentation. The adoption of this standard resulted in the reclassification of $18.4 million from current to long-term deferred taxes on January 3, 2017. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments and money market funds with an original maturity of three months or less when purchased. Cash and cash equivalents are stated at cost, which approximates fair market value. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which subject us to a concentration of credit risk principally consist of cash and cash equivalents. We currently maintain our day-to-day operating cash balances with a major financial institution. At times, our operating cash balances may be in excess of the FDIC insurance limit. |
Inventories | Inventories Inventories are comprised primarily of food and beverage products and are stated at the lower of cost (first-in, first-out) or net realizable value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the estimated useful life of the asset or the lease term, including reasonably assured renewal periods or exercised options, of the respective lease, whichever is shorter. Renewals and betterments that materially extend the life of an asset are capitalized while maintenance and repair costs are expensed as incurred. When property and equipment are sold or otherwise disposed of, the asset accounts and related accumulated depreciation or amortization accounts are relieved, and any gain or loss is included in earnings. Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: Furniture and fixtures 10 years Equipment 5‑10 years Brewing equipment 10-20 years Building improvements the shorter of 20 years or the remaining lease term Leasehold improvements the shorter of the useful life or the lease term, including reasonably assured renewal periods |
Goodwill | Goodwill We perform impairment testing annually, during the fourth quarter, and more frequently if factors and circumstances indicate impairment may have occurred. When evaluating goodwill for impairment, we first perform a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying value. If it is concluded that this is the case, we estimate the fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying value of the reporting unit is greater than the estimated fair value, an impairment charge is recorded for the difference between the implied fair value of goodwill and its carrying amount. To calculate the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is first allocated to all of the other assets and liabilities of that unit based on their relative fair values. The excess of the reporting unit’s fair value over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. This adjusted carrying value becomes the new goodwill accounting basis value. We did not record any impairment to goodwill during fiscal 2017, 2016 or 2015. |
Intangible Assets | Intangible Assets Definite-lived intangible assets are comprised of trademarks and are amortized over their estimated useful lives of ten years. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. Indefinite-lived intangible assets are not subject to amortization and tested for impairment when facts and circumstances indicate that the carrying values may not be recoverable. |
Long-Lived Assets | Long-Lived Assets We assess the potential impairment of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. These assets are generally reviewed for impairment in total as well as on a restaurant by restaurant basis. Factors considered include, but are not limited to, significant underperformance by the restaurant relative to expected historical or projected future operating results, significant changes in the manner of use of the acquired assets or the strategy for the overall business, and significant negative industry or economic trends. The recoverability is assessed by comparing the carrying value of the asset to the undiscounted cash flows expected to be generated by the asset. If the carrying amount is greater than the anticipated undiscounted cash flows, an impairment charge is recorded as the difference between the carrying amount and the assets estimated fair value. related to the reduction in the carrying value of two of our underperforming BJ’s Pizza & Grill® restaurants, which is included in |
Revenue Recognition | Revenue Recognition Revenues from food and beverage sales at restaurants are recognized when payment is tendered at the point-of-sale. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. Revenues from the sale of gift cards are deferred and recognized upon redemption. Deferred gift card revenue, included in “Accrued expenses” on the accompanying Consolidated Balance Sheets, was $15.0 million and $13.0 million as of January 2, 2018 and January 3, 2017, respectively. We recognize gift card breakage income when the likelihood of the redemption of the cards becomes remote, which is typically 24 months after original issuance. Gift card breakage income is recorded in “Other income, net” on our Consolidated Statements of Income. |
Cost of Sales | Cost of Sales Cost of sales is comprised of food and beverage costs, including the cost to produce and distribute our proprietary craft beer, soda and ciders. The components of cost of sales are variable and typically fluctuate directly with sales volumes, but may be impacted by changes in commodity prices or promotional activities. |
Sales Taxes | Sales Taxes Revenues are presented net of sales tax collected. The obligations to the appropriate tax authorities are included in other accrued expenses until the taxes are remitted to the appropriate taxing authorities. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expense for fiscal 2017, 2016, and 2015 was approximately $21.0 million, $18.9 million and $20.5 million, respectively. Advertising costs are primarily included in “Occupancy and operating” expenses on our Consolidated Statements of Income. |
Customer Loyalty Program | Customer Loyalty Program Our “BJ’s Premier Rewards” customer loyalty program enables participants to earn points for each qualifying purchase. The points can then be redeemed for rewards including food discounts and other items. We measure our total rewards obligation based on the estimated number of customers that will ultimately earn and claim rewards under the program, and record the estimated related expense as reward points accumulate. These expenses are accrued for and recorded as marketing expenses and are included in “Occupancy and operating” expenses on our Consolidated Statements of Income. |
Income Taxes | Income Taxes We utilize the liability method of accounting for income taxes. Deferred income taxes are recognized based on the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. We provide for income taxes based on our expected federal and state tax liabilities. Our estimates include, but are not limited to, effective state and local income tax rates, allowable tax credits for items such as FICA taxes paid on reported tip income and estimates related to depreciation expense allowable for tax purposes. We usually file our income tax returns several months after our fiscal year-end. All tax returns are subject to audit by federal and state governments for years after the returns are filed, and could be subject to differing interpretations of the tax laws. We recognize the impact of a tax position in our financial statements if that position is more likely than not of being sustained through an audit, based on the technical merits of the position. Interest and penalties related to uncertain tax positions are included in income tax expense. |
Restaurant Opening Expense | Restaurant Opening Expense Restaurant payroll, supplies, training, other start-up costs and rent expense incurred prior to the opening of a new restaurant are expensed as incurred. |
Gain on Lease Termination | Gain on Lease Termination On August 3, 2015, the landlord of our Century City, California restaurant notified us that they were exercising their right to terminate our lease in return for a $6.0 million termination fee. Our Century City restaurant was located at The Westfield Century City Mall, which was being significantly reconfigured and renovated, requiring the restaurant to be closed by the end of January 2016. As a result of the forced lease termination, in fiscal 2015, we recorded a $6.0 million termination fee receivable in accordance with our lease provision. This fee, offset by the remaining net book value of the restaurants fixed assets, resulted in a $2.9 million net gain. In January 2016, we received the $6.0 million termination fee from the landlord. |
Leases | Leases We lease the majority of our restaurant locations. We account for our leases in accordance with U.S. GAAP, which require that our leases be evaluated and classified as operating or capital leases for financial reporting purposes. The lease term used for this evaluation includes renewal option periods when the exercise of the renewal option can be reasonably assured and failure to exercise the option would result in an economic penalty. All of our restaurant leases are classified as operating leases. Tenant improvement allowance incentives may be available to partially offset the cost of developing and opening our restaurants, pursuant to agreed-upon terms in our leases. Tenant improvement allowances can take the form of cash payments upon the opening of the related restaurants, full or partial credits against minimum or percentage rents otherwise payable by us or a combination thereof. All tenant improvement allowances received by us are recorded as a deferred lease incentive and amortized over the term of the lease. The related cash received from the landlord is reflected as “Landlord contribution for tenant improvements” within the “Cash flow from operating activities” section of our Consolidated Statements of Cash Flows. The lease term used for straight-line rent expense is calculated from the date we obtain possession of the leased premises through the lease termination date. We expense rent from possession date through the restaurant opening date as restaurant opening expense within our statement of operations. Once a restaurant opens for business, we record straight-line rent over the probable lease term plus contingent rent to the extent it exceeds the minimum rent obligation per the lease agreement. Cash rent payments are not typically due under the terms of our leases during the rent holiday period, which begins on the possession date and ends on the restaurant opening date. Factors that may affect the length of the rent holiday period include construction related delays. Extension of the rent holiday period due to delays in a restaurant opening will result in greater preopening rent expense recognized during the rent holiday period and lesser occupancy expense during the remainder of the lease term (post-opening). For leases that contain rent escalations in which the amount of future rent can be reasonably calculated, we record the total rent payable under the lease on a straight-line basis over the probable term (including the rent holiday period beginning upon our possession of the premises). Differences between rent payments and the straight-line rent expense are recorded as deferred rent. Certain leases contain provisions that require additional rent payments based upon a restaurant’s sales volume (“contingent rent”). Contingent rent is accrued each period based on the actual sales, in addition to the straight-line rent expense noted above. This results in some variability in occupancy expense over the term of the lease in restaurants where we pay contingent rent. Management makes judgments regarding the probable term for each restaurant property lease and applies these selected terms consistently to each lease. These judgments can impact the classification and accounting for a lease as capital or operating, the calculation of straight-line rent, and the term over which leasehold improvements are amortized. These judgments produce materially different amounts of depreciation, amortization and rent expense than would be reported if different lease terms were used. |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if in-the-money stock options issued by us to sell common stock at set prices were exercised and if restrictions on restricted stock units issued by us were to lapse (collectively, equity awards) using the treasury stock method. Performance-based restricted stock units have been excluded from the diluted income per share computation because the performance-based criteria have not yet been met. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): Fiscal Year 2017 2016 2015 Numerator: Net income for basic and diluted net income per share $ 44,780 $ 45,557 $ 45,325 Denominator: Weighted-average shares outstanding - basic 21,374 23,824 25,718 Dilutive effect of equity awards 398 409 513 Weighted-average shares outstanding - diluted 21,772 24,233 26,231 At January 2, 2018, January 3, 2017, and December 29, 2015, there were approximately 0.6 million, 0.3 million, and 0.2 million shares of common stock equivalents, respectively, that have been excluded from the calculation of diluted net income per share because they are anti-dilutive. |
Stock-Based Compensation | Stock‑Based Compensation Under our shareholder approved stock-based compensation plans, we have granted incentive stock options, non-qualified stock options, and restricted stock units (“RSUs”), including performance and time-based restricted stock units, that generally vest over three to five years and expire ten years from the date of grant. Stock-based compensation is recorded in accordance with U.S. GAAP based on the underlying estimated fair value of the awards granted. In valuing stock options, we are required to make certain assumptions and judgments regarding the inputs to the Black-Scholes option-pricing model. These inputs include expected volatility, risk free interest rate, expected option life, dividend yield and expected vesting percentage. These estimations and judgments involve many different variables that, in many cases, are outside of our control. Changes in these variables may significantly impact the compensation cost recognized for these grants resulting in a significant impact to our financial results. The tax benefits resulting from tax deductions in excess of the compensation cost recognized for stock options (excess tax benefits) are classified as financing cash flows within our Consolidated Statements of Cash Flows. |
The Company and Summary of Si22
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives | Depreciation and amortization are recorded using the straight-line method over the following estimated useful lives: Furniture and fixtures 10 years Equipment 5‑10 years Brewing equipment 10-20 years Building improvements the shorter of 20 years or the remaining lease term Leasehold improvements the shorter of the useful life or the lease term, including reasonably assured renewal periods |
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation | The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards that were included in the dilutive net income per share computation (in thousands): Fiscal Year 2017 2016 2015 Numerator: Net income for basic and diluted net income per share $ 44,780 $ 45,557 $ 45,325 Denominator: Weighted-average shares outstanding - basic 21,374 23,824 25,718 Dilutive effect of equity awards 398 409 513 Weighted-average shares outstanding - diluted 21,772 24,233 26,231 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | Accounts and other receivables consisted of the following (in thousands): January 2, 2018 January 3, 2017 Credit cards $ 5,723 $ 5,272 Third party gift card sales 3,669 3,016 Tenant improvement allowances 2,952 4,517 Income taxes 145 1,255 Other 1,376 638 $ 13,865 $ 14,698 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): January 2, 2018 January 3, 2017 Land $ 5,701 $ 10,933 Building improvements 362,986 344,450 Leasehold improvements 256,415 240,811 Furniture and fixtures 136,771 128,582 Equipment 283,265 258,356 1,045,138 983,132 Less accumulated depreciation and amortization (464,661 ) (404,702 ) 580,477 578,430 Construction in progress 9,367 22,894 Property and equipment, net $ 589,844 $ 601,324 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): January 2, 2018 January 3, 2017 Payroll related $ 24,861 $ 26,374 Workers’ compensation 19,026 19,834 Deferred revenue from gift cards 14,955 12,968 Sales taxes 7,117 7,044 Other taxes 7,232 5,578 Deferred lease incentives - current 4,595 4,568 Other current rent related 2,469 2,908 Utilities 2,177 1,981 Customer loyalty program 3,080 2,780 Merchant cards 1,643 1,782 Other 10,111 8,736 $ 97,266 $ 94,553 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Annual Rent Payments under Non-cancelable Operating Leases | Future minimum annual rent payments under non-cancelable operating leases are as follows (in thousands): 2018 $ 46,766 2019 45,336 2020 44,505 2021 43,747 2022 42,578 Thereafter 380,591 $ 603,523 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax (Benefit) Expense | Income tax (benefit) expense for the last three fiscal years consists of the following (in thousands): Fiscal Year 2017 2016 2015 Current: Federal $ 4,631 $ 6,034 $ 8,161 State 2,465 2,427 3,302 7,096 8,461 11,463 Deferred: Federal (15,727 ) 6,869 5,278 State (759 ) 204 41 (16,486 ) 7,073 5,319 Income tax expense $ (9,390 ) $ 15,534 $ 16,782 |
Income Tax Expense Differs from Amount that would Result from Applying Federal Statutory Rate | Income tax expense for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows: Fiscal Year 2017 2016 2015 Income tax at statutory rates 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.5 3.3 3.7 Permanent differences (0.4 ) — 0.2 Income tax credits (18.7 ) (10.6 ) (9.4 ) Prior year tax credit true-up (1.1 ) (1.3 ) (3.1 ) Change in statutory rate (44.4 ) — — Other, net (0.4 ) (1.0 ) 0.6 (26.5 )% 25.4 % 27.0 % |
Components of Deferred Income Tax Asset (Liability) | The net deferred tax liability at January 2, 2018 and January 3, 2017 were presented as follows on the balance sheet: January 2, 2018 January 3, 2017 Other assets $ 1,408 $ 816 Deferred tax liability (21,694 ) (37,587 ) Net deferred income tax liability $ (20,286 ) $ (36,771 ) The components of the deferred income tax asset (liability) consist of the following (in thousands): January 2, 2018 January 3, 2017 Deferred income tax asset: Gift cards $ 2,047 $ 1,521 Accrued expenses 8,936 13,752 Other 1,639 2,193 Deferred Revenues 7,039 6,255 Stock-based compensation 4,767 6,152 Deferred rent 7,977 11,637 Income tax credits 3,266 6,559 Net operating losses 1,196 785 Other 1,714 2,071 State tax 472 985 Subtotal current deferred income tax asset 39,053 51,910 Valuation Allowance (161 ) (266 ) Total current deferred income tax asset 38,892 51,644 Deferred income tax liability: Property and equipment (53,964 ) (80,842 ) Intangible assets (1,400 ) (2,085 ) Smallwares (3,814 ) (5,488 ) Total non-current deferred income tax liability (59,178 ) (88,415 ) Net deferred income tax liability $ (20,286 ) $ (36,771 ) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Fiscal Year 2017 2016 2015 Gross unrecognized tax benefits at beginning of year $ 1,245 $ 2,998 $ 2,173 Increases for tax positions taken in prior years 110 126 474 Decreases for tax positions taken in prior years (4 ) (2,037 ) — Increases for tax positions taken in the current year 200 188 386 Lapse in statute of limitations (35 ) (30 ) (35 ) Gross unrecognized tax benefits at end of year $ 1,516 $ 1,245 $ 2,998 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Stock-Based Compensation Recognized within Our Consolidated Financial Statements | The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): Fiscal Year 2017 2016 2015 Labor and benefits $ 1,877 $ 1,786 $ 1,427 General and administrative $ 5,069 $ 3,741 $ 3,968 Capitalized (1) $ 298 $ 180 $ 285 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option Granted | The fair value of each stock option grant was estimated on the date of grant using the Black‑Scholes option-pricing model with the following weighted average assumptions: Fiscal Year 2017 2016 2015 Expected volatility 34.7 % 35.8 % 37.0 % Risk free interest rate 1.87 % 1.51 % 1.39 % Expected option life 5 years 5 years 5 years Dividend yield 1.60 % 0.00 % 0.00 % Fair value of options granted $ 12.02 $ 14.08 $ 16.33 |
Stock Option Activity | The following table presents stock option activity: Options Outstanding Options Exercisable Shares (in thousands) Weighted Average Exercise Price Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life Outstanding at December 30, 2014 1,522 $ 25.62 1,008 $ 21.46 4.2 Granted 175 $ 47.38 Exercised (432 ) $ 19.46 Forfeited (41 ) $ 35.02 Outstanding at December 29, 2015 1,224 $ 30.59 729 $ 25.41 4.9 Granted 146 $ 41.78 Exercised (88 ) $ 24.03 Forfeited (55 ) $ 40.56 Outstanding at January 3, 2017 1,227 $ 31.95 802 $ 27.73 4.5 Granted 173 $ 36.08 Exercised (57 ) $ 24.07 Forfeited (32 ) $ 38.83 Outstanding at January 2, 2018 1,311 $ 32.68 926 $ 30.02 4.0 |
Information Relating to Significant Option Groups Outstanding | Information relating to significant option groups outstanding as of January 2, 2018, is as follows (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Exercisable Weighted Average Exercise Price $9.37 – $12.78 34 0.81 $ 10.51 34 $ 10.51 $18.86 – $18.86 274 1.99 $ 18.86 274 $ 18.86 $22.14 – $30.05 134 5.35 $ 28.35 93 $ 27.70 $30.39 – $34.24 99 5.28 $ 33.40 87 $ 33.50 $34.29 – $34.29 245 4.92 $ 34.29 245 $ 34.29 $34.89 – $35.78 31 4.60 $ 35.60 24 $ 35.68 $35.95 – $35.95 151 9.04 $ 35.95 — $ — $37.03 – $42.41 149 7.36 $ 41.28 59 $ 40.27 $42.94 – $47.04 167 6.28 $ 46.29 95 $ 46.03 $48.64 – $52.98 27 5.86 $ 51.39 16 $ 50.83 $9.37 – $52.98 1,311 5.21 $ 32.68 926 $ 30.02 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents time-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at December 30, 2014 427 $ 34.66 Granted 148 $ 47.99 Vested or released (89 ) $ 29.75 Forfeited (57 ) $ 39.43 Outstanding at December 29, 2015 429 $ 39.63 Granted 155 $ 40.82 Vested or released (63 ) $ 39.47 Forfeited (61 ) $ 42.12 Outstanding at January 3, 2017 460 $ 39.75 Granted 200 $ 35.72 Vested or released (89 ) $ 42.34 Forfeited (71 ) $ 39.51 Outstanding at January 2, 2018 500 $ 37.72 |
Performance Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents performance-based restricted stock unit activity: Shares (in Weighted Average Fair Value Outstanding at December 30, 2014 30 $ 32.49 Granted — $ — Vested or released — $ — Forfeited (1 ) $ 32.49 Outstanding at December 29, 2015 29 $ 32.49 Granted 32 $ 42.41 Vested or released — $ — Forfeited (7 ) $ 36.37 Outstanding at January 3, 2017 54 $ 37.87 Granted 40 $ 35.95 Vested or released — $ — Forfeited (26 ) $ 39.12 Outstanding at January 2, 2018 68 $ 38.68 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Cost of Sales, Occupancy and Operating Expenses | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Trade Payables Related to Jacmar | The cost of food, beverage, paper products and supplies provided by Jacmar included within “Cost of sales” and “Occupancy and operating” expenses consisted of the following (in thousands): Fiscal Year 2017 2016 2015 Cost of sales: Third party suppliers $ 185,153 68.9 % $ 169,671 67.5 % $ 148,055 65.2 % Jacmar 83,554 31.1 81,789 32.5 78,887 34.8 Cost of sales $ 268,707 100.0 % $ 251,460 100.0 % $ 226,942 100.0 % Occupancy and operating: Third party suppliers $ 210,616 95.8 % $ 195,703 95.7 % $ 184,361 95.7 % Jacmar 9,247 4.2 8,880 4.3 8,378 4.3 Occupancy and operating $ 219,863 100.0 % $ 204,583 100.0 % $ 192,739 100.0 % |
Related Party (Tables)
Related Party (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Trade Payables | |
Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses and in Trade Payables Related to Jacmar | The amounts included in trade payables related to Jacmar consisted of the following (in thousands): January 2, 2018 January 3, 2017 Third party suppliers $ 18,738 $ 25,363 Jacmar 6,537 5,782 Total Accounts Payable $ 25,275 $ 31,145 |
Selected Consolidated Quarter31
Selected Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 02, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Unaudited Consolidated Quarterly Financial Data | Our summarized unaudited consolidated quarterly financial data is the following (in thousands, except per share data): April 4, 2017 July 4, 2017 October 3, 2017 January 2, 2018 Total revenues $ 257,816 $ 265,817 $ 247,009 $ 261,140 Income from operations $ 12,949 $ 12,389 $ 1,593 $ 10,973 Net income $ 9,266 $ 9,639 $ 2,389 $ 23,486 Basic net income per share (1) $ 0.42 $ 0.45 $ 0.11 $ 1.14 Diluted net income per share (1) $ 0.42 $ 0.44 $ 0.11 $ 1.12 Cash dividends declared per common share $ — $ — $ — $ 0.11 March 2016 June 28, 2016 September 27, 2016 January 3, 2017 Total revenues $ 243,401 $ 250,328 $ 233,702 $ 265,621 Income from operations $ 16,393 $ 19,561 $ 9,071 $ 16,616 Net income $ 11,644 $ 13,789 $ 7,237 $ 12,887 Basic net income per share (1) $ 0.48 $ 0.57 $ 0.30 $ 0.56 Diluted net income per share (1) $ 0.47 $ 0.56 $ 0.30 $ 0.55 Cash dividends declared per common share $ — $ — $ — $ — (1) Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on our Consolidated Statements of Income. |
Company and Summary of Signific
Company and Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($) | Apr. 04, 2017USD ($) | Jan. 02, 2018USD ($)RestaurantStateSegmentshares | Jan. 03, 2017USD ($)shares | Dec. 29, 2015USD ($)shares | Aug. 03, 2015USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of restaurants owned | Restaurant | 197 | |||||
Number of states in which entity operates | State | 26 | |||||
Number of new restaurants opened | Restaurant | 10 | |||||
Number of operating segments | Segment | 1 | |||||
Deferred income tax liability net | $ 20,286,000 | $ 36,771,000 | ||||
Deferred income tax asset current | 38,892,000 | 51,644,000 | ||||
Deferred income tax liability noncurrent | 59,178,000 | 88,415,000 | ||||
Other assets, net | 30,112,000 | 26,625,000 | ||||
Deferred income taxes | 21,694,000 | 37,587,000 | ||||
Additional income tax expense | (9,390,000) | 15,534,000 | $ 16,782,000 | |||
Impairment of goodwill | 0 | 0 | 0 | |||
Impairment expenses of long-lived assets | 0 | 0 | 400,000 | |||
Deferred revenue from gift cards | 14,955,000 | 12,968,000 | ||||
Advertising expense | $ 21,000,000 | $ 18,900,000 | 20,500,000 | |||
Gain on lease termination, net | $ 2,910,000 | |||||
Common stock equivalents excluded from calculation of diluted net income per share | shares | 0.6 | 0.3 | 0.2 | |||
Expiration term | 10 years | |||||
Incentive Stock Options, Non-qualified Stock Options And Restricted Stock Units | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Expiration term | 10 years | |||||
Incentive Stock Options, Non-qualified Stock Options And Restricted Stock Units | Minimum | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Incentive Stock Options, Non-qualified Stock Options And Restricted Stock Units | Maximum | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Vesting period (in years) | 5 years | |||||
Landlord | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease termination fee receivable | $ 6,000,000 | |||||
Gain on lease termination, net | $ 6,000,000 | |||||
Trademarks | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization period (in years) | 10 years | |||||
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | |||
ASU 2015-17 | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Other assets, net | 800,000 | |||||
Deferred income taxes | 37,600,000 | |||||
Reclassification of deferred taxes from current to long-term, due to adoption of ASU 2015-17 | 18,400,000 | |||||
ASU 2016-09 | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Additional income tax expense | $ 80,000 | |||||
Scenario, Previously Reported | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred income tax liability net | 36,800,000 | |||||
Deferred income tax asset current | 18,400,000 | |||||
Deferred income tax liability noncurrent | $ 55,200,000 | |||||
United States | ||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | State | 1 |
Estimated Useful Lives (Detail)
Estimated Useful Lives (Detail) | 12 Months Ended |
Jan. 02, 2018 | |
Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 5 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Brewpub Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Brewpub Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 20 years |
Building Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life, description | The shorter of 20 years or the remaining lease term |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life, description | The shorter of the useful life or the lease term, including reasonably assured renewal periods |
Reconciliation of Basic and Dil
Reconciliation of Basic and Diluted Net Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income Per Share Computation (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2018 | Oct. 03, 2017 | Jul. 04, 2017 | Apr. 04, 2017 | Jan. 03, 2017 | Sep. 27, 2016 | Jun. 28, 2016 | Mar. 29, 2016 | Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income for basic and diluted net income per share | $ 23,486 | $ 2,389 | $ 9,639 | $ 9,266 | $ 12,887 | $ 7,237 | $ 13,789 | $ 11,644 | $ 44,780 | $ 45,557 | $ 45,325 |
Weighted-average shares outstanding - basic | 21,374 | 23,824 | 25,718 | ||||||||
Dilutive effect of equity awards | 398 | 409 | 513 | ||||||||
Weighted-average shares outstanding - diluted | 21,772 | 24,233 | 26,231 |
Schedule of Accounts and Other
Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 |
Receivables [Abstract] | ||
Credit cards | $ 5,723 | $ 5,272 |
Third party gift card sales | 3,669 | 3,016 |
Tenant improvement allowances | 2,952 | 4,517 |
Income taxes | 145 | 1,255 |
Other | 1,376 | 638 |
Total accounts and other receivables | $ 13,865 | $ 14,698 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,045,138 | $ 983,132 |
Less accumulated depreciation and amortization | (464,661) | (404,702) |
Property and equipment, excluding construction in progress | 580,477 | 578,430 |
Construction in progress | 9,367 | 22,894 |
Property and equipment, net | 589,844 | 601,324 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,701 | 10,933 |
Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 362,986 | 344,450 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 256,415 | 240,811 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 136,771 | 128,582 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 283,265 | $ 258,356 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 |
Payables And Accruals [Abstract] | ||
Payroll related | $ 24,861 | $ 26,374 |
Workers’ compensation | 19,026 | 19,834 |
Deferred revenue from gift cards | 14,955 | 12,968 |
Sales taxes | 7,117 | 7,044 |
Other taxes | 7,232 | 5,578 |
Deferred lease incentives - current | 4,595 | 4,568 |
Other current rent related | 2,469 | 2,908 |
Utilities | 2,177 | 1,981 |
Customer loyalty program | 3,080 | 2,780 |
Merchant cards | 1,643 | 1,782 |
Other | 10,111 | 8,736 |
Accrued Liabilities | $ 97,266 | $ 94,553 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Operating Leased Assets [Line Items] | |||
Rent expenses | $ 44,700 | $ 42,800 | $ 39,400 |
Deferred rent | 32,487 | 30,424 | |
Total contingent rentals | 3,100 | $ 3,800 | $ 3,600 |
Aggregate future commitment relating to lease agreements | 603,523 | ||
Letters of credit outstanding amount | $ 14,400 | ||
Letters of credit renewal period, years | 1 year | ||
Property Subject to Operating Lease | |||
Operating Leased Assets [Line Items] | |||
Aggregate future commitment relating to lease agreements | $ 7,700 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining term (in years) | 10 years | ||
Operating lease, renewal option (in years) | 5 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating lease, remaining term (in years) | 20 years | ||
Operating lease, renewal option (in years) | 20 years |
Future Minimum Annual Rent Paym
Future Minimum Annual Rent Payments under Non-cancelable Operating Leases (Detail) $ in Thousands | Jan. 02, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,018 | $ 46,766 |
2,019 | 45,336 |
2,020 | 44,505 |
2,021 | 43,747 |
2,022 | 42,578 |
Thereafter | 380,591 |
Operating Leases, Future Minimum Payments Due, Total | $ 603,523 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding amount | $ 14,400,000 | ||
Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Revolving loan commitments under loan agreement | $ 250,000,000 | ||
Loan agreement, expiration date | Nov. 18, 2021 | ||
Letters of credit outstanding amount | $ 14,400,000 | ||
Line of credit outstanding amount | 163,500,000 | ||
Available borrowings under credit facility | $ 72,100,000 | ||
Weighted average interest rate | 2.30% | ||
Interest expense and commitment fees | $ 4,500,000 | $ 1,700,000 | $ 1,000,000 |
Interest expense on line of credit | 100,000 | $ 200,000 | |
Credit Facility | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving loan commitments under loan agreement | $ 50,000,000 | ||
Maximum | Credit Facility | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 1.75% | ||
Minimum | Credit Facility | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 0.75% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Oct. 24, 2017$ / shares | Mar. 31, 2017USD ($) | Jan. 02, 2018USD ($)Serie$ / sharesshares | Jan. 03, 2017shares |
Equity [Abstract] | ||||
Preferred stock, shares authorized | shares | 5,000,000 | 5,000,000 | ||
Series of preferred stock, minimum | Serie | 1 | |||
Preferred stock, issued | shares | 0 | 0 | ||
Preferred stock, outstanding | shares | 0 | 0 | ||
Voting rights, per share | One | |||
Common stock quarterly cash dividend per share | $ / shares | $ 0.11 | |||
Common stock payable date | Dec. 4, 2017 | |||
Common stock payable record date | Nov. 13, 2017 | |||
Number of shares repurchased during the period | shares | 2,000,000 | |||
Repurchased average price per share | $ / shares | $ 33.74 | |||
Shares repurchased, value | $ | $ 66,922,000 | |||
Expansion of authorized share repurchase program | $ | $ 50,000,000 | |||
Aggregate amount authorized under the share repurchase program | $ | $ 400,000,000 | |||
Common stock additional repurchases under authorized repurchase program | $ | $ 42,500,000 |
Income Tax (Benefit) Expense (D
Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Current: | |||
Federal | $ 4,631 | $ 6,034 | $ 8,161 |
State | 2,465 | 2,427 | 3,302 |
Current Income Tax Expense (Benefit), Total | 7,096 | 8,461 | 11,463 |
Deferred: | |||
Federal | (15,727) | 6,869 | 5,278 |
State | (759) | 204 | 41 |
Deferred income taxes | (16,486) | 7,073 | 5,319 |
Income tax expense | $ (9,390) | $ 15,534 | $ 16,782 |
Income Tax Expense Differs from
Income Tax Expense Differs from Amount that would Result from Applying Federal Statutory Rate (Detail) | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax at statutory rates | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.50% | 3.30% | 3.70% |
Permanent differences | (0.40%) | 0.20% | |
Income tax credits | (18.70%) | (10.60%) | (9.40%) |
Prior year tax credit true-up | (1.10%) | (1.30%) | (3.10%) |
Change in statutory rate | (44.40%) | ||
Other, net | (0.40%) | (1.00%) | 0.60% |
Effective Income Tax Rate, Continuing Operations, Total | (26.50%) | 25.40% | 27.00% |
Components of Deferred Tax Liab
Components of Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 |
Income Tax Disclosure [Abstract] | ||
Other assets | $ 1,408 | $ 816 |
Deferred income taxes | 21,694 | 37,587 |
Net deferred income tax liability | $ (20,286) | $ (36,771) |
Components of Deferred Income T
Components of Deferred Income Tax Asset (Liability) (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 |
Deferred income tax asset: | ||
Gift cards | $ 2,047 | $ 1,521 |
Accrued expenses | 8,936 | 13,752 |
Other | 1,639 | 2,193 |
Deferred Revenues | 7,039 | 6,255 |
Stock-based compensation | 4,767 | 6,152 |
Deferred rent | 7,977 | 11,637 |
Income tax credits | 3,266 | 6,559 |
Net operating losses | 1,196 | 785 |
Other | 1,714 | 2,071 |
State tax | 472 | 985 |
Subtotal current deferred income tax asset | 39,053 | 51,910 |
Valuation Allowance | (161) | (266) |
Total current deferred income tax asset | 38,892 | 51,644 |
Deferred income tax liability: | ||
Property and equipment | (53,964) | (80,842) |
Intangible assets | (1,400) | (2,085) |
Smallwares | (3,814) | (5,488) |
Total non-current deferred income tax liability | (59,178) | (88,415) |
Net deferred income tax liability | $ (20,286) | $ (36,771) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Income tax credit carryforwards | $ 3,266,000 | $ 6,559,000 | |||
Valuation allowances against net operating loss and tax credit carryforwards | 200,000 | 300,000 | |||
Accrued penalties and interest to uncertain tax positions | 100,000 | 100,000 | |||
Unrecognized tax benefits | 1,516,000 | $ 1,245,000 | $ 2,998,000 | $ 2,173,000 | |
Unrecognized tax benefits that would impact effective tax rate, if reversed | 1,000,000 | ||||
Anticipated decrease in liability for unrecognized tax benefits within next twelve-month period | $ 0 | ||||
Corporate marginal tax rate | 35.00% | 35.00% | 35.00% | ||
Tax benefit related to new federal income tax rate provided by TCJA | $ 15,700,000 | ||||
Scenario Forecast | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Corporate marginal tax rate | 21.00% | ||||
Federal | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Income tax credit carryforwards | $ 3,300,000 | ||||
Tax credits expiration year | 2,036 | ||||
Federal | Earliest Tax Year | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Income tax examination, years open | 2,014 | ||||
State or Local Taxing Jurisdiction | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Income tax credit carryforwards | $ 1,200,000 | ||||
Tax credits expiration year | 2,023 | ||||
State or Local Taxing Jurisdiction | Earliest Tax Year | |||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | |||||
Income tax examination, years open | 2,013 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 1,245 | $ 2,998 | $ 2,173 |
Increases for tax positions taken in prior years | 110 | 126 | 474 |
Decreases for tax positions taken in prior years | (4) | (2,037) | |
Increases for tax positions taken in the current year | 200 | 188 | 386 |
Lapse in statute of limitations | (35) | (30) | (35) |
Ending Balance | $ 1,516 | $ 1,245 | $ 2,998 |
Stock-Based Compensation Plan48
Stock-Based Compensation Plans - Additional Information (Detail) $ in Millions | 12 Months Ended |
Jan. 02, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | shares | 1 |
Share basis for number shares charged to reserve | shares | 1 |
Expiration term of stock options | 10 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | shares | 1.5 |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 33.00% |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Fifth Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 67.00% |
Stock Options and Time-based RSUs [Member] | Cliff Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Stock Options and Time-based RSUs [Member] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Stock Options and Time-based RSUs [Member] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Performance Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 1.1 |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Performance Based Restricted Stock Units | Minimum | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 0.00% |
Performance Based Restricted Stock Units | Maximum | Cliff Vesting Third Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 150.00% |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 3 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Time-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 9 |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized within Our Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Capitalized | [1] | $ 298 | $ 180 | $ 285 |
Labor and benefits | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,877 | 1,786 | 1,427 | |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 5,069 | $ 3,741 | $ 3,968 | |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on our Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Mo
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option Granted (Detail) - $ / shares | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 34.70% | 35.80% | 37.00% |
Risk free interest rate | 1.87% | 1.51% | 1.39% |
Expected option life | 5 years | 5 years | 5 years |
Dividend yield | 1.60% | 0.00% | 0.00% |
Fair value of options granted | $ 12.02 | $ 14.08 | $ 16.33 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Options Outstanding, Shares | ||||
Outstanding, Beginning Balance | 1,227 | 1,224 | 1,522 | |
Granted | 173 | 146 | 175 | |
Exercised | (57) | (88) | (432) | |
Forfeited | (32) | (55) | (41) | |
Outstanding, Ending Balance | 1,311 | 1,227 | 1,224 | 1,522 |
Options Outstanding, Weighted Average Exercise Price | ||||
Outstanding, Beginning Balance | $ 31.95 | $ 30.59 | $ 25.62 | |
Granted | 36.08 | 41.78 | 47.38 | |
Exercised | 24.07 | 24.03 | 19.46 | |
Forfeited | 38.83 | 40.56 | 35.02 | |
Outstanding, Ending Balance | $ 32.68 | $ 31.95 | $ 30.59 | $ 25.62 |
Options Exercisable, Shares | ||||
Options Exercisable Outstanding, Beginning Balance | 802 | 729 | 1,008 | |
Options Exercisable Outstanding, Ending Balance | 926 | 802 | 729 | 1,008 |
Options Exercisable, Weighted Average Exercise Price | ||||
Options Exercisable, Beginning Balance | $ 27.73 | $ 25.41 | $ 21.46 | |
Options Exercisable, Ending Balance | $ 30.02 | $ 27.73 | $ 25.41 | $ 21.46 |
Options Exercisable, Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 4 years | 4 years 6 months | 4 years 10 months 23 days | 4 years 2 months 12 days |
Information Relating to Signifi
Information Relating to Significant Option Groups Outstanding (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | Dec. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Options Outstanding | 1,311 | 1,227 | 1,224 | 1,522 |
Weighted Average Exercise Price, Options Outstanding | $ 32.68 | $ 31.95 | $ 30.59 | $ 25.62 |
Options Exercisable | 926 | 802 | 729 | 1,008 |
Weighted Average Exercise Price, Options Exercisable | $ 30.02 | $ 27.73 | $ 25.41 | $ 21.46 |
$9.37 - $12.78 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 9.37 | |||
Range of Exercise Prices, high | $ 12.78 | |||
Options Outstanding | 34 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 9 months 21 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 10.51 | |||
Options Exercisable | 34 | |||
Weighted Average Exercise Price, Options Exercisable | $ 10.51 | |||
$18.86 - $18.86 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 18.86 | |||
Range of Exercise Prices, high | $ 18.86 | |||
Options Outstanding | 274 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 1 year 11 months 25 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 18.86 | |||
Options Exercisable | 274 | |||
Weighted Average Exercise Price, Options Exercisable | $ 18.86 | |||
$22.14 - $30.05 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 22.14 | |||
Range of Exercise Prices, high | $ 30.05 | |||
Options Outstanding | 134 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 4 months 6 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 28.35 | |||
Options Exercisable | 93 | |||
Weighted Average Exercise Price, Options Exercisable | $ 27.70 | |||
$30.39 - $34.24 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 30.39 | |||
Range of Exercise Prices, high | $ 34.24 | |||
Options Outstanding | 99 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 3 months 10 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 33.40 | |||
Options Exercisable | 87 | |||
Weighted Average Exercise Price, Options Exercisable | $ 33.50 | |||
$34.29 - $34.29 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 34.29 | |||
Range of Exercise Prices, high | $ 34.29 | |||
Options Outstanding | 245 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 4 years 11 months 1 day | |||
Weighted Average Exercise Price, Options Outstanding | $ 34.29 | |||
Options Exercisable | 245 | |||
Weighted Average Exercise Price, Options Exercisable | $ 34.29 | |||
$34.89 - $35.78 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 34.89 | |||
Range of Exercise Prices, high | $ 35.78 | |||
Options Outstanding | 31 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 4 years 7 months 5 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 35.60 | |||
Options Exercisable | 24 | |||
Weighted Average Exercise Price, Options Exercisable | $ 35.68 | |||
$35.95 - $35.95 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 35.95 | |||
Range of Exercise Prices, high | $ 35.95 | |||
Options Outstanding | 151 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 9 years 13 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 35.95 | |||
$37.03 - $42.41 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 37.03 | |||
Range of Exercise Prices, high | $ 42.41 | |||
Options Outstanding | 149 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 7 years 4 months 9 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 41.28 | |||
Options Exercisable | 59 | |||
Weighted Average Exercise Price, Options Exercisable | $ 40.27 | |||
$42.94 - $47.04 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 42.94 | |||
Range of Exercise Prices, high | $ 47.04 | |||
Options Outstanding | 167 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 6 years 3 months 10 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 46.29 | |||
Options Exercisable | 95 | |||
Weighted Average Exercise Price, Options Exercisable | $ 46.03 | |||
$48.64 - $52.98 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 48.64 | |||
Range of Exercise Prices, high | $ 52.98 | |||
Options Outstanding | 27 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 10 months 9 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 51.39 | |||
Options Exercisable | 16 | |||
Weighted Average Exercise Price, Options Exercisable | $ 50.83 | |||
$9.37 - $52.98 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Range of Exercise Prices, low | 9.37 | |||
Range of Exercise Prices, high | $ 52.98 | |||
Options Outstanding | 1,311 | |||
Weighted Average Remaining Contractual Life, Options Outstanding | 5 years 2 months 14 days | |||
Weighted Average Exercise Price, Options Outstanding | $ 32.68 | |||
Options Exercisable | 926 | |||
Weighted Average Exercise Price, Options Exercisable | $ 30.02 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 460 | 429 | 427 |
Granted, Shares | 200 | 155 | 148 |
Vested or released, Shares | (89) | (63) | (89) |
Forfeited, Shares | (71) | (61) | (57) |
Outstanding Ending Balance, Shares | 500 | 460 | 429 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Weighted Average Fair Value | $ 39.75 | $ 39.63 | $ 34.66 |
Granted, Weighted Average Fair Value | 35.72 | 40.82 | 47.99 |
Vested or released, Weighted Average Fair Value | 42.34 | 39.47 | 29.75 |
Forfeited, Weighted Average Fair Value | 39.51 | 42.12 | 39.43 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 37.72 | $ 39.75 | $ 39.63 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Shares Outstanding | |||
Outstanding Beginning Balance, Shares | 54 | 29 | 30 |
Granted, Shares | 40 | 32 | |
Vested or released, Shares | 0 | 0 | 0 |
Forfeited, Shares | (26) | (7) | (1) |
Outstanding Ending Balance, Shares | 68 | 54 | 29 |
Weighted Average Fair Value | |||
Outstanding Beginning Balance, Weighted Average Fair Value | $ 37.87 | $ 32.49 | $ 32.49 |
Granted, Weighted Average Fair Value | 35.95 | 42.41 | |
Vested or released, Weighted Average Fair Value | 0 | 0 | 0 |
Forfeited, Weighted Average Fair Value | 39.12 | 36.37 | 32.49 |
Outstanding Ending Balance, Weighted Average Fair Value | $ 38.68 | $ 37.87 | $ 32.49 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution rate towards employee contribution | 33.00% | ||
Percentage of deferred earnings in employer matching contribution rate | 6.00% | ||
Employer contribution | $ 600,000 | $ 500,000 | $ 600,000 |
Base compensation percentage for participating employees based on eligible bonus maximum | 100.00% | ||
Other assets, net | $ 30,112,000 | 26,625,000 | |
Other liabilities | 33,164,000 | 20,587,000 | |
Deferred compensation plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other assets, net | 7,800,000 | 6,200,000 | |
Other liabilities | 7,500,000 | $ 6,000,000 | |
Contributions made or accrued | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Jacmar | 12 Months Ended |
Jan. 02, 2018 | |
Related Party Transaction [Line Items] | |
New agreement terms | 5 years |
New agreement maturing date | 2022-06 |
Related Party Transactions - Su
Related Party Transactions - Summary of Amounts Included in Cost of Sales and Occupancy and Operating Expenses Related to Jacmar (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | ||
Related Party Transaction [Line Items] | ||||
Total cost of sales | [1] | $ 268,707 | $ 251,460 | $ 226,942 |
Total occupancy and operating | [1] | $ 219,863 | $ 204,583 | $ 192,739 |
Cost of sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |
Occupancy and operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | |
Jacmar | ||||
Related Party Transaction [Line Items] | ||||
Total cost of sales | $ 83,554 | $ 81,789 | $ 78,887 | |
Total occupancy and operating | $ 9,247 | $ 8,880 | $ 8,378 | |
Jacmar | Cost of sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 31.10% | 32.50% | 34.80% | |
Jacmar | Occupancy and operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 4.20% | 4.30% | 4.30% | |
Third Party Suppliers | ||||
Related Party Transaction [Line Items] | ||||
Total cost of sales | $ 185,153 | $ 169,671 | $ 148,055 | |
Total occupancy and operating | $ 210,616 | $ 195,703 | $ 184,361 | |
Third Party Suppliers | Cost of sales | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 68.90% | 67.50% | 65.20% | |
Third Party Suppliers | Occupancy and operating | Supplier Concentration Risk | ||||
Related Party Transaction [Line Items] | ||||
Concentration percentage | 95.80% | 95.70% | 95.70% | |
[1] | Related party costs included in cost of sales are $83,554, $81,789 and $78,887 for fiscal years 2017, 2016, and 2015, respectively. Related party costs included in operating and occupancy are $9,247, $8,880 and $8,378 for fiscal years 2017, 2016, and 2015, respectively. See Note 11 for further information. |
Related Party Transactions - 58
Related Party Transactions - Summary of Amounts Included in Trade Payables Related to Jacmar (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 03, 2017 | |
Related Party Transaction [Line Items] | |||
Total accounts payable | [1] | $ 25,275 | $ 31,145 |
Third Party Suppliers | |||
Related Party Transaction [Line Items] | |||
Total accounts payable | 18,738 | 25,363 | |
Jacmar | |||
Related Party Transaction [Line Items] | |||
Total accounts payable | $ 6,537 | $ 5,782 | |
[1] | Included in accounts payable for fiscal years 2017 and 2016 is $6,537 and $5,782, respectively, of related party trade payables. See Note 11 for further information. |
Summarized Unaudited Consolidat
Summarized Unaudited Consolidated Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jan. 02, 2018 | Oct. 03, 2017 | Jul. 04, 2017 | Apr. 04, 2017 | Jan. 03, 2017 | Sep. 27, 2016 | Jun. 28, 2016 | Mar. 29, 2016 | Jan. 02, 2018 | Jan. 03, 2017 | Dec. 29, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenues | $ 261,140 | $ 247,009 | $ 265,817 | $ 257,816 | $ 265,621 | $ 233,702 | $ 250,328 | $ 243,401 | $ 1,031,782 | $ 993,052 | $ 919,597 | ||||||||
Income from operations | 10,973 | 1,593 | 12,389 | 12,949 | 16,616 | 9,071 | 19,561 | 16,393 | 37,904 | 61,641 | 63,062 | ||||||||
Net income | $ 23,486 | $ 2,389 | $ 9,639 | $ 9,266 | $ 12,887 | $ 7,237 | $ 13,789 | $ 11,644 | $ 44,780 | $ 45,557 | $ 45,325 | ||||||||
Basic net income per share | $ 1.14 | [1] | $ 0.11 | [1] | $ 0.45 | [1] | $ 0.42 | [1] | $ 0.56 | [1] | $ 0.30 | [1] | $ 0.57 | [1] | $ 0.48 | [1] | $ 2.10 | $ 1.91 | $ 1.76 |
Diluted net income per share | 1.12 | [1] | $ 0.11 | [1] | $ 0.44 | [1] | $ 0.42 | [1] | $ 0.55 | [1] | $ 0.30 | [1] | $ 0.56 | [1] | $ 0.47 | [1] | $ 2.06 | $ 1.88 | $ 1.73 |
Cash dividends declared per common share | $ 0.11 | ||||||||||||||||||
[1] | Basic and diluted net income per share calculations for each quarter is based on the weighted average diluted shares outstanding for that quarter and may not sum to the full year total amount as presented on our Consolidated Statements of Income. |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Feb. 20, 2018 | Oct. 24, 2017 |
Subsequent Event [Line Items] | ||
Common stock cash dividend per share | $ 0.11 | |
Common stock payable date | Dec. 4, 2017 | |
Common stock payable record date | Nov. 13, 2017 | |
Board of Directors [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Common stock cash dividend per share | $ 0.11 | |
Common stock payable date | Mar. 27, 2018 | |
Common stock payable record date | Mar. 13, 2018 |