Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 29, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 29, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BJRI | |
Entity Registrant Name | BJ’S RESTAURANTS, INC. | |
Entity Central Index Key | 0001013488 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 23,438,991 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-21423 | |
Entity Tax Identification Number | 33-0485615 | |
Entity Address, Address Line One | 7755 Center Avenue | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Huntington Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92647 | |
City Area Code | 714 | |
Local Phone Number | 500-2400 | |
Title of 12(b) Security | Common Stock, No Par Value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | CA | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 29, 2022 | Dec. 28, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 27,201 | $ 38,527 |
Accounts and other receivables, net | 24,108 | 29,055 |
Inventories, net | 11,391 | 11,579 |
Prepaid expenses and other current assets | 10,890 | 11,654 |
Total current assets | 73,590 | 90,815 |
Property and equipment, net | 498,789 | 506,111 |
Operating lease assets | 362,872 | 365,244 |
Goodwill | 4,673 | 4,673 |
Deferred income taxes | 35,217 | 24,902 |
Other assets, net | 44,919 | 43,421 |
Total assets | 1,020,060 | 1,035,166 |
Current liabilities: | ||
Accounts payable | 49,076 | 48,840 |
Accrued expenses | 97,038 | 112,354 |
Current operating lease obligations | 39,575 | 39,240 |
Total current liabilities | 185,689 | 200,434 |
Long-term operating lease obligations | 431,332 | 436,016 |
Long-term debt | 50,000 | 50,000 |
Other liabilities | 15,377 | 14,945 |
Total liabilities | 682,398 | 701,395 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | ||
Capital surplus | 69,326 | 72,513 |
Retained earnings | 268,336 | 261,258 |
Total shareholders’ equity | 337,662 | 333,771 |
Total liabilities and shareholders’ equity | $ 1,020,060 | $ 1,035,166 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 29, 2022 | Dec. 28, 2021 |
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 | 23,416,000 | 23,304,000 |
Common stock, shares outstanding | 23,416,000 | 23,304,000 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 298,729 | $ 223,307 |
Restaurant operating costs (excluding depreciation and amortization): | ||
Cost of sales | 81,466 | 56,149 |
Labor and benefits | 116,286 | 81,680 |
Occupancy and operating | 71,701 | 59,828 |
General and administrative | 18,253 | 15,261 |
Depreciation and amortization | 17,976 | 18,203 |
Restaurant opening | 583 | 128 |
Loss on disposal and impairment of assets | 157 | 273 |
Total costs and expenses | 306,422 | 231,522 |
Loss from operations | (7,693) | (8,215) |
Other (expense) income: | ||
Interest expense, net | (634) | (1,402) |
Other (expense) income, net | (388) | 310 |
Total other expense | (1,022) | (1,092) |
Loss before income taxes | (8,715) | (9,307) |
Income tax benefit | (10,175) | (6,166) |
Net income (loss) | $ 1,460 | $ (3,141) |
Net income (loss) per share: | ||
Basic | $ 0.06 | $ (0.14) |
Diluted | $ 0.06 | $ (0.14) |
Weighted average number of shares outstanding: | ||
Basic | 23,377 | 22,926 |
Diluted | 23,716 | 22,926 |
Unaudited Consolidated Statem_2
Unaudited 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. 29, 2020 | $ 293,788 | $ 71,722 | $ 222,066 | |
Beginning Balance (in shares) at Dec. 29, 2020 | 22,318 | |||
Exercise of stock options | 3,610 | $ 5,192 | (1,582) | |
Exercise of stock options (in shares) | 94 | |||
Issuance of common stock, net | 28,957 | $ 28,957 | ||
Issuance of common stock, net (in shares) | 704 | |||
Issuance of restricted stock units | (451) | $ 4,915 | (5,366) | |
Issuance of restricted stock units (in shares) | 103 | |||
Repurchase, retirement and reclassification of common stock | $ (39,064) | 39,064 | ||
Stock-based compensation | 2,515 | 2,515 | ||
Adjustment to dividends previously accrued | 5 | 5 | ||
Net income (loss) | (3,141) | (3,141) | ||
Ending Balance at Mar. 30, 2021 | 325,283 | 67,289 | 257,994 | |
Ending Balance (in shares) at Mar. 30, 2021 | 23,219 | |||
Beginning Balance at Dec. 28, 2021 | 333,771 | 72,513 | 261,258 | |
Beginning Balance (in shares) at Dec. 28, 2021 | 23,304 | |||
Issuance of restricted stock units | (360) | $ 5,615 | (5,975) | |
Issuance of restricted stock units (in shares) | 112 | |||
Repurchase, retirement and reclassification of common stock | $ (5,615) | 5,615 | ||
Stock-based compensation | 2,788 | 2,788 | ||
Adjustment to dividends previously accrued | 3 | 3 | ||
Net income (loss) | 1,460 | 1,460 | ||
Ending Balance at Mar. 29, 2022 | $ 337,662 | $ 69,326 | $ 268,336 | |
Ending Balance (in shares) at Mar. 29, 2022 | 23,416 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2022 | Mar. 30, 2021 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ 1,460 | $ (3,141) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 17,976 | 18,203 | |
Non-cash lease expense | 8,230 | 7,606 | |
Amortization of financing costs | 54 | 137 | |
Deferred income taxes | (10,315) | (6,299) | |
Stock-based compensation expense | 2,712 | 2,419 | |
Loss on disposal and impairment of assets | 157 | 273 | |
Changes in assets and liabilities: | |||
Accounts and other receivables | 6,277 | (172) | |
Inventories, net | 334 | 392 | |
Prepaid expenses and other current assets | 526 | 543 | |
Other assets, net | (2,181) | 484 | |
Accounts payable | 130 | 6,078 | |
Accrued expenses | (15,271) | (1,453) | |
Operating lease obligations | (9,912) | (10,844) | |
Other liabilities | 432 | (14) | |
Net cash provided by operating activities | 609 | 14,212 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (12,096) | (6,877) | |
Proceeds from sale of assets | 566 | ||
Net cash used in investing activities | (11,530) | (6,877) | |
Cash flows from financing activities: | |||
Borrowings on line of credit | 170,000 | 442,200 | |
Payments on line of credit | (170,000) | (442,200) | |
Payments of debt issuance costs | (3) | (315) | |
Proceeds from issuance of common stock, net | 28,957 | ||
Taxes paid on vested stock units under employee plans | (360) | (924) | |
Proceeds from exercise of stock options | 3,610 | ||
Cash dividends accrued under stock compensation plans | (42) | (80) | |
Net cash (used in) provided by financing activities | (405) | 31,248 | |
Net (decrease) increase in cash and cash equivalents | (11,326) | 38,583 | |
Cash and cash equivalents, beginning of period | 38,527 | 51,664 | |
Cash and cash equivalents, end of period | 27,201 | 90,247 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 266 | 4 | |
Cash paid for interest, net of capitalized interest | 360 | 1,459 | |
Cash paid for operating lease obligations | 16,635 | 17,285 | |
Supplemental disclosure of non-cash operating, investing and financing activities: | |||
Operating lease assets obtained in exchange for operating lease obligations | 7,278 | 3,946 | |
Tenant improvement allowance receivable | 1,601 | 4,163 | |
Property and equipment acquired and included in accounts payable | 8,327 | 2,295 | |
Stock-based compensation capitalized | [1] | $ 76 | $ 96 |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial condition, results of operations, shareholders’ equity and cash flows for the periods presented. Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Our operating results for the thirteen weeks ended March 29, 2022 may not be indicative of operating results for the entire year. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the fiscal year ended December 28, 2021. The disclosures included in our accompanying interim consolidated financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission. COVID-19 Pandemic Update The COVID-19 pandemic has adversely affected, and is expected to continue to adversely affect, our operations and financial results for the foreseeable future. Currently, national, state and local jurisdictions have removed their capacity restrictions on businesses and therefore our restaurants are serving customers (referred to as “guests”) in our dining rooms without social distancing requirements. However, it is possible additional outbreaks could require us to reduce our capacity, implement social distancing, or further suspend our in-restaurant dining operations. In addition, our restaurant performance could be adversely affected if we are required by law to have guests present evidence of vaccination or negative tests in a significant number of jurisdictions. There is also no guarantee that state and local jurisdictions that ease restrictions will not later reverse or roll-back the restrictions, as many have done in the past. Additionally, our restaurant operations have been and could continue to be disrupted by employee (referred to as “team member”) staffing issues because of illness, exclusion, fear of contracting COVID-19 or caring for family members due to COVID-19, legal requirements for team member vaccinations or COVID testing, lack of labor supply, competitive labor pressures, or for other reasons. Furthermore, we remain in regular contact with our major suppliers and while to date we have not experienced material disruptions in our supply chain due to COVID-19, we could see material future disruptions should the impacts of COVID-19 continue. For more information regarding the risks to our business relating to the COVID-19 pandemic, see “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 28, 2021. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 29, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. REVENUE RECOGNITION Our revenues are comprised of food and beverage sales from our restaurants. Revenues from restaurant sales are recognized when payment is tendered. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected from the credit card processor. We sell gift cards which do not have an expiration date and we do not deduct non-usage fees from outstanding gift card balances. Gift card sales are recorded as a liability and recognized as revenues upon redemption in our restaurants. Based on historical redemption rates, a portion of our gift card sales are not expected to be redeemed and are recognized as gift card “breakage” over time. Estimated gift card breakage is recorded as revenue and recognized in proportion to our historical redemption pattern, unless there is a legal obligation to remit the unredeemed gift cards to government authorities. The estimated gift card breakage is based on when the likelihood of redemption becomes remote, which has typically been 24 months after the original gift card issuance date. Our “BJ’s Premier Rewards Plus” customer loyalty program enables participants to earn points for qualifying purchases that can be redeemed for food and beverages in the future. We allocate the transaction price between the goods delivered and the future goods that will be delivered, on a relative standalone selling price basis, and defer the revenues allocated to the points, less expected expirations, until such points are redeemed. The liability related to our gift card and loyalty program, included in “Accrued expenses” on our Consolidated Balance Sheets is as follows (in thousands): March 29, 2022 December 28, 2021 Gift card liability $ 15,078 $ 19,499 Deferred loyalty revenue $ 3,848 $ 3,949 Revenue recognized for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year is as follows (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Revenue recognized from gift card liability $ 6,680 $ 4,900 Revenue recognized from customer loyalty program $ 4,105 $ 5,548 |
Leases
Leases | 3 Months Ended |
Mar. 29, 2022 | |
Leases [Abstract] | |
Leases | 3. LEASES We determine if a contract contains a lease at inception. Our material operating leases consist of restaurant locations and office space. U.S. GAAP requires that our leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date, and the lease term used in the evaluation includes the non-cancellable period for which we have the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option would result in an economic penalty. All of our restaurant leases and office space are classified as operating leases. We do not have any finance leases. Lease costs included in “Occupancy & operating” on the Consolidated Statements of Operations consisted of the following (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Lease cost $ 14,835 $ 14,209 Variable lease cost 708 133 Total lease costs $ 15,543 $ 14,342 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 29, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4. LONG-TERM DEBT Line of Credit On November 3, 2021, we entered into a Fourth Amended and Restated Credit Agreement (“Credit Facility”) with Bank of America, N.A. (“BofA”), JPMorgan Chase Bank, N.A., and certain other parties to amend and restate our revolving line of credit (the “Line of Credit”) to improve the pricing, extend the maturity date, change the interest reference rate, eliminate certain financial covenants and conditions, and reset other financial covenants starting with the fourth quarter of 2021. Our Credit Facility matures on November 3, 2026, and provides us with revolving loan commitments totaling $215 million, which may be increased up to $315 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. On March 29, 2022, there were borrowings of $50.0 million and letters of credit totaling approximately $17.2 million outstanding, leaving $147.8 million available to borrow. Borrowings under the Line of Credit bear interest at an annual rate equal to either (a) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a percentage not to exceed 2.00% (with a floor on BSBY of 0.00%), or (b) a percentage not to exceed 1.00% above a Base Rate equal to the highest of (i) the Federal Funds Rate plus 1/2 of 1.00%, (ii) BofA’s Prime Rate, (iii) the BSBY rate plus 1.00%, and (iv) 1.00%, in either case depending on the level of lease and debt obligations of the Company as compared to EBITDA plus lease expenses. The weighted average interest rate during the thirteen weeks ended March 29, 2022 was approximately 2.1%. The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At March 29, 2022, we were in compliance with these covenants. Pursuant to the Line of Credit, we are required to pay certain customary fees and expenses associated with maintenance and use of the Line of Credit, including letter of credit issuance fees, unused commitment fees and interest on the Line of Credit, which are payable monthly. Interest expense and commitment fees under the Credit Facility were approximately $ million and $ 1.4 million, for the thirteen weeks ended March 29, 2022 and March 30, 2021, respectively. We also capitalized approximately $0.04 million and $ million of interest expense related to new restaurant construction during each of the thirteen weeks ended March 29, 2022 and March 30, 2021 . |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 29, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 5. NET INCOME (LOSS) PER SHARE Basic and diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Potentially dilutive shares are excluded from the computation of diluted net (loss) per share since they have an anti-dilutive effect, yet potentially dilutive shares are included in the computation of diluted net income per share. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants exercised their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are antidilutive. Once these performance-based RSUs vest, they are included in our basic net income (loss) per share calculation. The following table presents a reconciliation of basic and diluted net income (loss) per share, including the number of dilutive equity awards that were included in the dilutive net income (loss) per share computation (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Numerator: Net income (loss) $ 1,460 $ (3,141 ) Denominator: Weighted-average shares outstanding – basic 23,377 22,926 Dilutive effect of equity awards 339 — Weighted-average shares outstanding – diluted 23,716 22,926 Net income (loss) per share: Basic $ 0.06 $ (0.14 ) Diluted $ 0.06 $ (0.14 ) For the thirteen weeks ended March 29, 2022 and March 30, 2021, there were approximately 1.1 million and 0.5 million shares of equity awards, respectively, that were excluded from the calculation of diluted net income (loss) per share because they are anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 29, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. STOCK-BASED COMPENSATION Our current shareholder approved stock-based compensation plan is the BJ’s Restaurants, Inc. Equity Incentive Plan, (as amended from time to time, “the Plan”). Under the Plan, we may issue shares of our common stock to team members, officers, directors and consultants. We have granted incentive stock options, non-qualified stock options, restricted stock and performance and time-based restricted stock units. Stock options are charged against the Plan share reserve on the basis of one share for each share granted. Grants of restricted stock, RSUs, performance shares and performance units, if any, 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 a team member during any fiscal year. All options granted under the Plan expire within 10 years of their date of grant. Under the Plan, we issue time-based and performance-based RSUs and non-qualified stock options to vice presidents and above on an annual basis, as well as new hires who are given the option between receiving their full grant as a time-based RSU or split evenly between non-qualified stock options and time-based RSUs. We issue time-based RSUs to other select support team members, and we issue time-based RSUs to non-employee members of our Board of Directors. We also issue RSUs, and previously issued 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 managers, 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 vesting period. The Plan permits our Board of Directors to set the vesting terms and exercise period for awards at their discretion; however, the grant of awards with no minimum vesting period or a vesting period less than one year may not exceed 5% of the total number of shares authorized under the Plan. Stock options and time-based RSUs vest ratably over one, three or five years for non-GSSOP participants and either cliff vest at three or 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 225% of the grant quantity, dependent on the level of performance target achievement. On January 15, 2021, our Board of Directors approved special fully-vested restricted stock grants , in lieu of cash bonuses to Restaurant Support Center team members at the Vice President and Director levels . These grants were in amounts designed to approximate a portion of their potential incentive compensation, which was approximately $ 0.5 million . The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Labor and benefits $ 751 $ 808 General and administrative $ 1,961 $ 1,611 Capitalized (1) $ 76 $ 96 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. Stock Options The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions: For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Expected volatility 63.2 % 60.4 % Risk-free interest rate 1.6 % 0.5 % Expected option life 5 years 5 years Dividend yield 0.0 % 0.0 % Fair value of options granted $ 17.38 $ 23.78 U.S. GAAP requires us to make certain assumptions and estimates regarding the grant date fair value. These include expected volatility, risk-free interest rate, expected option life, and dividend yield. These assumptions and estimates are determined using inputs that, in many cases, are outside of our control. Changes in these assumptions and estimates, including stock price volatility, dividend yield and risk-free interest rate, may significantly impact the fair value of future grants resulting in a significant impact to our financial results. Under our stock-based compensation plan the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close 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 Outstanding at December 28, 2021 775 $ 41.77 519 $ 41.02 Granted 98 32.27 Exercised — — Forfeited (8 ) 45.30 Outstanding at March 29, 2022 865 $ 40.66 621 $ 41.69 As of March 29, 2022, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $3.4 million, which is generally expected to be recognized over the next three years. Restricted Stock Units Time-Based Restricted Stock Units The following table presents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 28, 2021 619 $ 39.35 Granted 161 32.33 Released (96 ) 43.76 Forfeited (10 ) 44.92 Outstanding at March 29, 2022 674 $ 36.97 The fair value of 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., one, three or five years). As of March 29, 2022, total unrecognized stock-based compensation expense related to non-vested RSUs was approximately $13.7 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 thousands) Weighted Average Fair Value Outstanding at December 28, 2021 112 $ 45.60 Granted 52 32.27 Released (27 ) 53.22 Forfeited (1 ) 53.22 Outstanding at March 29, 2022 136 $ 38.93 The fair value of 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 March 29, 2022, based on |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7 . INCOME TAXES We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting” and ASC Topic 740, “Accounting for Income Taxes.” The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including the expected operating income for the year, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. Our effective income tax rate for the thirteen weeks ended March 29, 2022 was a benefit of 116.8% compared to a benefit of 66.3% for the comparable thirteen week period of 2021. The effective tax rate benefit for the thirteen weeks ended March 29, 2022 and March 30, 2021, was different from the statutory tax rate primarily due to FICA tax tip credits. As of March 29, 2022, we had unrecognized tax benefits of approximately $1.2 million, of which approximately $1.1 million, if reversed, would impact our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Beginning gross unrecognized tax benefits $ 1,198 $ 1,333 Increases for tax positions taken in prior years 3 — Decreases for tax positions taken in prior years (1 ) — Increases for tax positions taken in the current year 19 22 Ending gross unrecognized tax benefits $ 1,219 $ 1,355 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of March 29, 2022, the earliest tax year still subject to examination by the Internal Revenue Service is 2015. The earliest year still subject to examination by a significant state or local taxing jurisdiction is 2017. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 29, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 8. 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 guests, team members 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, team member workers’ compensation and employment practice liability insurance requirements. We maintain coverage with a third-party insurer to limit our total exposure. We believe that most of our team member 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 team member 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 type 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. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 29, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | 9. SHAREHOLDERS’ EQUITY At-the-Market Offering On January 21, 2021, we Stock Repurchases As of March 29, 2022, we have approximately $24.4 million remaining under the current $500 million share repurchase plan approved by our Board of Directors. We have suspended our repurchase program until the Board determines that resumption of repurchases is in the best interest of the Company and its shareholders and is permitted by our Credit Facility. Cash Dividends Due to the COVID-19 pandemic, our Board of Directors suspended quarterly cash dividends until it is determined that resumption of dividend payments is in the best interest of the Company and its shareholders. As such, the only cash dividends paid during the thirteen weeks ended March 29, 2022 were related to dividends (declared prior to fiscal 2020) which vested under our stock compensation plans. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial condition, results of operations, shareholders’ equity and cash flows for the periods presented. Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Our operating results for the thirteen weeks ended March 29, 2022 may not be indicative of operating results for the entire year. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the fiscal year ended December 28, 2021. The disclosures included in our accompanying interim consolidated financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission. |
COVID-19 Pandemic Update | COVID-19 Pandemic Update The COVID-19 pandemic has adversely affected, and is expected to continue to adversely affect, our operations and financial results for the foreseeable future. Currently, national, state and local jurisdictions have removed their capacity restrictions on businesses and therefore our restaurants are serving customers (referred to as “guests”) in our dining rooms without social distancing requirements. However, it is possible additional outbreaks could require us to reduce our capacity, implement social distancing, or further suspend our in-restaurant dining operations. In addition, our restaurant performance could be adversely affected if we are required by law to have guests present evidence of vaccination or negative tests in a significant number of jurisdictions. There is also no guarantee that state and local jurisdictions that ease restrictions will not later reverse or roll-back the restrictions, as many have done in the past. Additionally, our restaurant operations have been and could continue to be disrupted by employee (referred to as “team member”) staffing issues because of illness, exclusion, fear of contracting COVID-19 or caring for family members due to COVID-19, legal requirements for team member vaccinations or COVID testing, lack of labor supply, competitive labor pressures, or for other reasons. Furthermore, we remain in regular contact with our major suppliers and while to date we have not experienced material disruptions in our supply chain due to COVID-19, we could see material future disruptions should the impacts of COVID-19 continue. For more information regarding the risks to our business relating to the COVID-19 pandemic, see “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 28, 2021. |
Net Income (Loss) Per Share | Basic and diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Potentially dilutive shares are excluded from the computation of diluted net (loss) per share since they have an anti-dilutive effect, yet potentially dilutive shares are included in the computation of diluted net income per share. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants exercised their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are antidilutive. Once these performance-based RSUs vest, they are included in our basic net income (loss) per share calculation. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 29, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Gift Card Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets | The liability related to our gift card and loyalty program, included in “Accrued expenses” on our Consolidated Balance Sheets is as follows (in thousands): March 29, 2022 December 28, 2021 Gift card liability $ 15,078 $ 19,499 Deferred loyalty revenue $ 3,848 $ 3,949 |
Revenue Recognized for Redemption of Gift Cards and Loyalty Rewards Deferred | Revenue recognized for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year is as follows (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Revenue recognized from gift card liability $ 6,680 $ 4,900 Revenue recognized from customer loyalty program $ 4,105 $ 5,548 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 29, 2022 | |
Leases [Abstract] | |
Summary of Lease Costs | Lease costs included in “Occupancy & operating” on the Consolidated Statements of Operations consisted of the following (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Lease cost $ 14,835 $ 14,209 Variable lease cost 708 133 Total lease costs $ 15,543 $ 14,342 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 29, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Net Income (Loss) Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income (Loss) Per Share Computation | The following table presents a reconciliation of basic and diluted net income (loss) per share, including the number of dilutive equity awards that were included in the dilutive net income (loss) per share computation (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Numerator: Net income (loss) $ 1,460 $ (3,141 ) Denominator: Weighted-average shares outstanding – basic 23,377 22,926 Dilutive effect of equity awards 339 — Weighted-average shares outstanding – diluted 23,716 22,926 Net income (loss) per share: Basic $ 0.06 $ (0.14 ) Diluted $ 0.06 $ (0.14 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 29, 2022 | |
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): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Labor and benefits $ 751 $ 808 General and administrative $ 1,961 $ 1,611 Capitalized (1) $ 76 $ 96 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option | The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted average assumptions: For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Expected volatility 63.2 % 60.4 % Risk-free interest rate 1.6 % 0.5 % Expected option life 5 years 5 years Dividend yield 0.0 % 0.0 % Fair value of options granted $ 17.38 $ 23.78 |
Stock Option Activity | Under our stock-based compensation plan the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close 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 Outstanding at December 28, 2021 775 $ 41.77 519 $ 41.02 Granted 98 32.27 Exercised — — Forfeited (8 ) 45.30 Outstanding at March 29, 2022 865 $ 40.66 621 $ 41.69 |
Time-Vested Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents time-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 28, 2021 619 $ 39.35 Granted 161 32.33 Released (96 ) 43.76 Forfeited (10 ) 44.92 Outstanding at March 29, 2022 674 $ 36.97 |
Performance Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents performance-based restricted stock unit activity: Shares (in thousands) Weighted Average Fair Value Outstanding at December 28, 2021 112 $ 45.60 Granted 52 32.27 Released (27 ) 53.22 Forfeited (1 ) 53.22 Outstanding at March 29, 2022 136 $ 38.93 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands): For the Thirteen Weeks Ended March 29, 2022 March 30, 2021 Beginning gross unrecognized tax benefits $ 1,198 $ 1,333 Increases for tax positions taken in prior years 3 — Decreases for tax positions taken in prior years (1 ) — Increases for tax positions taken in the current year 19 22 Ending gross unrecognized tax benefits $ 1,219 $ 1,355 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | 3 Months Ended |
Mar. 29, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Gift cards breakage, redemption period | 24 months |
Gift Card Liability and Loyalty
Gift Card Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 29, 2022 | Dec. 28, 2021 |
Contract With Customer Asset And Liability [Abstract] | ||
Gift card liability | $ 15,078 | $ 19,499 |
Deferred loyalty revenue | $ 3,848 | $ 3,949 |
Revenue Recognized for Redempti
Revenue Recognized for Redemption of Gift Cards and Loyalty Rewards Deferred (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Disaggregation Of Revenue [Abstract] | ||
Revenue recognized from gift card liability | $ 6,680 | $ 4,900 |
Revenue recognized from customer loyalty program | $ 4,105 | $ 5,548 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Leases [Abstract] | ||
Lease cost | $ 14,835 | $ 14,209 |
Variable lease cost | 708 | 133 |
Total lease costs | $ 15,543 | $ 14,342 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | Dec. 28, 2021 | |
Line of Credit Facility [Line Items] | |||
Loan agreement, initiation Date | Nov. 3, 2021 | ||
Weighted average interest rate | 2.10% | ||
Loan agreement, description | The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. | ||
Credit Facility Debt Instrument | |||
Line of Credit Facility [Line Items] | |||
Loan agreement, expiration date | Nov. 3, 2026 | ||
Revolving loan commitments under loan agreement | $ 215,000 | ||
Letters of credit outstanding amount | $ 17,200 | ||
Line of credit outstanding amount | 50,000 | ||
Available borrowings under credit facility | 147,800 | ||
Interest expense and commitment fees | 600 | $ 1,400 | |
Interest expense on line of credit | $ 40 | $ 30 | |
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving loan commitments under loan agreement | 50,000 | ||
BSBY | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, description of variable rate basis | BSBY rate plus 1.00% | ||
Maximum | Credit Facility Debt Instrument | |||
Line of Credit Facility [Line Items] | |||
Increase in line of credit | $ 315,000 | ||
Maximum | BSBY | Credit Facility Debt Instrument | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 2.00% | ||
Minimum | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 1.00% |
Reconciliation of Basic and Dil
Reconciliation of Basic and Diluted Net (Loss) Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net Income (Loss) Per Share Computation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 1,460 | $ (3,141) |
Weighted-average shares outstanding – basic | 23,377 | 22,926 |
Dilutive effect of equity awards | 339 | |
Weighted-average shares outstanding – diluted | 23,716 | 22,926 |
Net income (loss) per share: | ||
Basic | $ 0.06 | $ (0.14) |
Diluted | $ 0.06 | $ (0.14) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Equity Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of net (loss) income per share | 1.1 | 0.5 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Jan. 15, 2021 | Mar. 29, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares charged to reserve per granted share | 1 | |
Share basis for number shares charged to reserve | 1 | |
Expiration term of stock options | 10 years | |
Vesting terms | The Plan permits our Board of Directors to set the vesting terms and exercise period for awards at their discretion; however, the grant of awards with no minimum vesting period or a vesting period less than one year may not exceed 5% of the total number of shares authorized under the Plan. | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares charged to reserve per granted share | 1.5 | |
Stock granted for foregone cash compensation for salary reductions | $ 0.5 | |
Stock Options and Time-based RSUs [Member] | Vesting Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 1 year | |
Stock Options and Time-based RSUs [Member] | Vesting Period Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Stock Options and Time-based RSUs [Member] | Vesting Period Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years | |
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 Period One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Stock Options and Time-based RSUs [Member] | Cliff Vesting Period Two | ||
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 | $ 3.9 | |
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 | 225.00% | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 3.4 | |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years | |
Time-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 13.7 | |
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 | 3 Months Ended | ||
Mar. 29, 2022 | Mar. 30, 2021 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Capitalized | [1] | $ 76 | $ 96 |
Labor and benefits | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 751 | 808 | |
General and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 1,961 | $ 1,611 | |
[1] | Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the 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 (Detail) - $ / shares | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 63.20% | 60.40% |
Risk-free interest rate | 1.60% | 0.50% |
Expected option life | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% |
Fair value of options granted | $ 17.38 | $ 23.78 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) shares in Thousands | 3 Months Ended |
Mar. 29, 2022$ / sharesshares | |
Options Outstanding, Shares | |
Outstanding, Beginning Balance | shares | 775 |
Granted | shares | 98 |
Forfeited | shares | (8) |
Outstanding, Ending Balance | shares | 865 |
Options Outstanding, Weighted Average Exercise Price | |
Outstanding, Beginning Balance | $ / shares | $ 41.77 |
Granted | $ / shares | 32.27 |
Forfeited | $ / shares | 45.30 |
Outstanding, Ending Balance | $ / shares | $ 40.66 |
Options Exercisable, Shares | |
Options Exercisable Outstanding, Beginning Balance | shares | 519 |
Options Exercisable Outstanding, Ending Balance | shares | 621 |
Options Exercisable, Weighted Average Exercise Price | |
Options Exercisable, Beginning Balance | $ / shares | $ 41.02 |
Options Exercisable, Ending Balance | $ / shares | $ 41.69 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) - Time-Based Restricted Stock Units shares in Thousands | 3 Months Ended |
Mar. 29, 2022$ / sharesshares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 619 |
Granted, Shares | shares | 161 |
Released. Shares | shares | (96) |
Forfeited, Shares | shares | (10) |
Outstanding Ending Balance, Shares | shares | 674 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 39.35 |
Granted, Weighted Average Fair Value | $ / shares | 32.33 |
Released, Weighted Average Fair Value | $ / shares | 43.76 |
Forfeited, Weighted Average Fair Value | $ / shares | 44.92 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 36.97 |
Performance-Based Restricted St
Performance-Based Restricted Stock Unit Activity (Detail) - Performance Based Restricted Stock Units shares in Thousands | 3 Months Ended |
Mar. 29, 2022$ / sharesshares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 112 |
Granted, Shares | shares | 52 |
Released. Shares | shares | (27) |
Forfeited, Shares | shares | (1) |
Outstanding Ending Balance, Shares | shares | 136 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 45.60 |
Granted, Weighted Average Fair Value | $ / shares | 32.27 |
Released, Weighted Average Fair Value | $ / shares | 53.22 |
Forfeited, Weighted Average Fair Value | $ / shares | 53.22 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 38.93 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 29, 2022 | Mar. 30, 2021 | Dec. 28, 2021 | Dec. 29, 2020 | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax (benefit) rate | 116.80% | 66.30% | ||
Unrecognized tax benefits | $ 1,219 | $ 1,355 | $ 1,198 | $ 1,333 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | $ 1,100 | |||
Federal [Member] | Earliest Tax Year [Member] | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2015 | |||
State or Local Taxing Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2017 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2022 | Mar. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Beginning gross unrecognized tax benefits | $ 1,198 | $ 1,333 |
Increases for tax positions taken in prior years | 3 | |
Decreases for tax positions taken in prior years | (1) | |
Increases for tax positions taken in the current year | 19 | 22 |
Ending gross unrecognized tax benefits | $ 1,219 | $ 1,355 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Jan. 21, 2021 | Mar. 29, 2022 |
Class Of Stock [Line Items] | ||
Common stock remaining under the share repurchase plan | $ 24,400,000 | |
Current amount authorized under the share repurchase plan | $ 500,000,000 | |
ATM Offering Program [Member] | ||
Class Of Stock [Line Items] | ||
Issuance of common stock (in shares) | 703,399 | |
Common stock, per share | $ 42.65 | |
Proceeds from issuance of common stock, gross | $ 30,000,000 | |
Number of shares issuable on exercise of warrants | 876,949 | |
Warrants exercise price, per share | $ 26.94 |