Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Feb. 18, 2016 | Jun. 28, 2015 | |
Entity Information [Line Items] | |||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,309,838,255 | ||
Entity Registrant Name | FIESTA RESTAURANT GROUP, INC. | ||
Entity Central Index Key | 1,534,992 | ||
Current Fiscal Year End Date | --01-03 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 3, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 26,829,183 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Current assets: | ||
Cash | $ 5,281 | $ 5,087 |
Trade receivables | 9,217 | 6,340 |
Inventories | 2,910 | 2,719 |
Prepaid rent | 3,163 | 2,894 |
Income tax receivable | 7,448 | 4,974 |
Prepaid expenses and other current assets | 3,219 | 3,166 |
Total current assets | 31,238 | 25,180 |
Property and equipment, net | 248,992 | 191,371 |
Goodwill | 123,484 | 123,484 |
Deferred income taxes | 8,497 | 13,980 |
Deferred financing costs, net | 918 | 1,233 |
Other assets | 2,516 | 2,708 |
Total assets | 415,645 | 357,956 |
Current liabilities: | ||
Current portion of long-term debt | 69 | 61 |
Accounts payable | 12,405 | 10,151 |
Accrued payroll, related taxes and benefits | 15,614 | 15,857 |
Accrued real estate taxes | 6,121 | 5,044 |
Other liabilities | 12,096 | 8,310 |
Total current liabilities | 46,305 | 39,423 |
Long-term debt, net of current portion | 72,612 | 67,264 |
Lease financing obligations | 1,663 | 1,660 |
Deferred income--sale-leaseback of real estate | 30,086 | 34,079 |
Other liabilities | 20,997 | 15,943 |
Total liabilities | $ 171,663 | $ 158,369 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,829,220 and 26,782,945 shares, respectively, and outstanding 26,571,602 and 26,358,448 shares, respectively. | $ 266 | $ 264 |
Additional paid-in capital | 159,724 | 153,867 |
Retained earnings | 83,992 | 45,456 |
Total stockholders' equity | 243,982 | 199,587 |
Total liabilities and stockholders' equity | $ 415,645 | $ 357,956 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 03, 2016 | Dec. 28, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,829,220 | 26,782,945 |
Common stock, shares outstanding | 26,571,602 | 26,358,448 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | ||
Revenues: | ||||
Restaurant sales | $ 684,584 | $ 608,540 | $ 548,980 | |
Franchise royalty revenue and fees | 2,808 | 2,603 | 2,357 | |
Total revenues | 687,392 | 611,143 | 551,337 | |
Costs and expenses: | ||||
Cost of sales | 217,328 | 192,250 | 176,123 | |
Restaurant wages and related expenses (including stock-based compensation expense of $156, $71 and $2, respectively) | [1] | 174,222 | 155,140 | 143,392 |
Restaurant rent expense | 33,103 | 29,645 | 26,849 | |
Other restaurant operating expenses | 87,285 | 78,921 | 69,021 | |
Advertising expense | 21,617 | 19,493 | 17,138 | |
General and administrative (including stock-based compensation expense of $4,137, $3,426 and $2,296, respectively) | [2] | 54,521 | 49,414 | 48,521 |
Depreciation and amortization | 30,575 | 23,047 | 20,375 | |
Pre-opening costs | 4,567 | 4,061 | 2,767 | |
Impairment and other lease charges | 2,382 | 363 | 199 | |
Other (income) expense | (679) | (558) | (554) | |
Total operating expenses | 624,921 | 551,776 | 503,831 | |
Income from operations | 62,471 | 59,367 | 47,506 | |
Interest expense | 1,889 | 2,228 | 18,043 | |
Loss on extinguishment of debt | 0 | 0 | 16,411 | |
Income before income taxes | 60,582 | 57,139 | 13,052 | |
Provision for income taxes | 22,046 | 20,963 | 3,795 | |
Net income | $ 38,536 | $ 36,176 | $ 9,257 | |
Basic net income per share | $ 1.44 | $ 1.35 | $ 0.39 | |
Diluted net income per share | $ 1.44 | $ 1.35 | $ 0.39 | |
Basic weighted average common shares outstanding | 26,515,029 | 26,293,714 | 23,271,431 | |
Diluted weighted average common shares outstanding | 26,522,196 | 26,296,049 | 23,271,431 | |
[1] | Includes stock-based compensation expense of $156, $71 and $2 for the years ended January 3, 2016, December 28, 2014 and December 29, 2013, respectively. | |||
[2] | Includes stock-based compensation expense of $4,137, $3,426 and $2,296 for the years ended January 3, 2016, December 28, 2014 and December 29, 2013, respectively. |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Stock-based compensation | $ 4,300 | $ 3,500 | $ 2,300 |
Restaurant Wages And Related Expenses | |||
Stock-based compensation | 156 | 71 | 2 |
General and Administrative Expense | |||
Stock-based compensation | $ 4,137 | $ 3,426 | $ 2,296 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Shares [Member] |
Stockholders' equity at Dec. 30, 2012 | $ 10,504 | $ 227 | $ 10,254 | $ 23 | |
Shares beginning at Dec. 30, 2012 | 22,748,241 | ||||
Additional transfers from Carrols | 96 | 96 | |||
Stock-based compensation | 2,298 | 2,298 | |||
Issuance of shares | 3,078,336 | 3,078,336 | |||
Vesting of restricted shares | 256,223 | ||||
Vesting of restricted shares and related tax benefit | 865 | $ 3 | 862 | ||
Issuance of shares | 135,286 | 31 | 135,255 | ||
Net income | 9,257 | 9,257 | |||
Stockholders' equity at Dec. 29, 2013 | 158,306 | 261 | 148,765 | 9,280 | |
Shares ending at Dec. 29, 2013 | 26,082,800 | ||||
Additional transfers from Carrols | (127) | (127) | |||
Stock-based compensation | 3,497 | 3,497 | |||
Vesting of restricted shares | 275,648 | ||||
Vesting of restricted shares and related tax benefit | 1,765 | 3 | 1,762 | ||
Share issuance costs | (30) | (30) | |||
Net income | 36,176 | 36,176 | |||
Stockholders' equity at Dec. 28, 2014 | $ 199,587 | 264 | 153,867 | 45,456 | |
Shares ending at Dec. 28, 2014 | 26,358,448 | 26,358,448 | |||
Stock-based compensation | $ 4,293 | 4,293 | |||
Vesting of restricted shares | 213,154 | ||||
Vesting of restricted shares and related tax benefit | 1,566 | 2 | 1,564 | ||
Net income | 38,536 | 38,536 | |||
Stockholders' equity at Jan. 03, 2016 | $ 243,982 | $ 266 | $ 159,724 | $ 83,992 | |
Shares ending at Jan. 03, 2016 | 26,571,602 | 26,571,602 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Cash flows provided from operating activities: | |||
Net income | $ 38,536 | $ 36,176 | $ 9,257 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Gain on disposals of property and equipment | (170) | (369) | (208) |
Stock-based compensation | 4,293 | 3,497 | 2,298 |
Impairment and other lease charges | 2,382 | 363 | 199 |
Loss on extinguishment of debt | 0 | 0 | 16,411 |
Depreciation and amortization | 30,575 | 23,047 | 20,375 |
Amortization of deferred financing costs | 315 | 309 | 1,487 |
Amortization of deferred gains from sale-leaseback transactions | (3,618) | (3,671) | (3,489) |
Deferred income taxes | 5,483 | 957 | (178) |
Other | 4 | 4 | 5 |
Accounts receivable | (2,877) | (329) | (77) |
Accounts payable | 283 | (529) | (1,817) |
Accrued payroll, related taxes and benefits | (243) | 1,561 | (423) |
Accrued real estate taxes | 1,077 | 539 | 1,139 |
Other liabilities - current | 3,325 | (113) | (3,966) |
Other liabilities - long term | 4,752 | 3,441 | 986 |
Income tax receivable/payable | (2,474) | (477) | (4,423) |
Other | (291) | (300) | (1,400) |
Net cash provided from operating activities | 81,352 | 64,106 | 36,176 |
Capital expenditures: | |||
New restaurant development | (70,841) | (57,102) | (32,610) |
Restaurant remodeling | (4,802) | (7,588) | (3,089) |
Other restaurant capital expenditures | (7,714) | (4,975) | (5,407) |
Corporate and restaurant information systems | (4,213) | (4,414) | (5,919) |
Total capital expenditures | (87,570) | (74,079) | (47,025) |
Properties purchased for sale-leaseback | (250) | 0 | (4,438) |
Proceeds from disposals of other properties | 149 | 1,729 | 1,734 |
Proceeds from sale-leaseback transactions | 0 | 5,692 | 15,662 |
Net cash used in investing activities | (87,671) | (66,658) | (34,067) |
Cash flows from financing activities: | |||
Senior secured second lien note redemption | 0 | 0 | (200,000) |
Proceeds from issuance stock, net of issuance costs | 135,286 | ||
Proceeds from issuance stock, net of issuance costs | 0 | (30) | |
Premium and other costs associated with debt redemption | 0 | 0 | (12,545) |
Excess tax benefit from vesting of restricted shares | 1,566 | 1,765 | 865 |
Borrowings on revolving credit facility | 28,500 | 25,000 | 81,000 |
Repayments on revolving credit facility | (23,500) | (30,000) | (10,000) |
Principal payments on capital leases | (53) | (61) | (59) |
Financing costs associated with issuance of debt | 0 | 0 | (1,196) |
Other financing costs | 0 | (13) | (15) |
Net cash provided from (used in) financing activities | 6,513 | (3,339) | (6,664) |
Net increase (decrease) in cash | 194 | (5,891) | (4,555) |
Cash, beginning of year | 5,087 | 10,978 | 15,533 |
Cash, end of year | 5,281 | 5,087 | 10,978 |
Supplemental disclosures: | |||
Interest paid on long-term debt (including capitalized interest of $335 in 2015 and $268 in 2014) | 1,748 | 1,971 | 23,707 |
Interest paid on lease financing obligations | 140 | 139 | 137 |
Accruals for capital expenditures | 4,858 | 2,889 | 3,009 |
Income tax payments, net | 17,472 | 18,718 | 7,204 |
Capital lease obligations incurred | 410 | 0 | 496 |
Non-cash reduction of lease financing obligations | 0 | 0 | 1,377 |
Non-cash reduction of assets under lease financing obligations | 0 | 0 | 965 |
Non-cash transfers of income tax assets and liabilities from Carrols | $ 0 | $ (127) | $ 96 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Capitalized interest | $ 335 | $ 268 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Business Description. Fiesta Restaurant Group, Inc. ("Fiesta Restaurant Group" or "Fiesta") owns, operates and franchises two fast-casual restaurant brands through its wholly-owned subsidiaries Pollo Operations, Inc., and its subsidiaries, and Pollo Franchise, Inc., (collectively “Pollo Tropical”) and Taco Cabana, Inc. and its subsidiaries (collectively “Taco Cabana”). Unless the context otherwise requires, Fiesta and its subsidiaries, Pollo Tropical and Taco Cabana, are collectively referred to as the “Company”. At January 3, 2016 , the Company owned and operated 155 Pollo Tropical® restaurants and 162 Taco Cabana® restaurants. The Pollo Tropical restaurants include 117 located in Florida, 23 located in Texas, eleven located in Georgia and four located in Tennessee. The Taco Cabana restaurants include 161 located in Texas and one located in Oklahoma. At January 3, 2016 , Fiesta franchised a total of 35 Pollo Tropical restaurants and six Taco Cabana restaurants. The franchised Pollo Tropical restaurants include 17 in Puerto Rico, one in Honduras, one in the Bahamas, two in Trinidad & Tobago, one in Venezuela, five in Panama, three in Guatemala, and five on college campuses in Florida. The franchised Taco Cabana restaurants include four in New Mexico and two on college campuses in Texas. Basis of Consolidation. The consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Fiscal Year . The Company uses a 52 - 53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended January 3, 2016 contained 53 weeks. The fiscal years ended December 28, 2014 and December 29, 2013 each contained 52 weeks. Use of Estimates . The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates. Reclassifications. Accrued interest was reclassified to current other liabilities, and current deferred income taxes were reclassified to non-current deferred income taxes as described under Recent Accounting Pronouncements. In addition, accrued interest was reclassified to other liabilities - current in the consolidated statements of cash flows to conform with the current year presentation. Cash and Cash Equivalents. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Inventories. Inventories, primarily consisting of food and paper, are stated at the lower of cost (first-in, first-out) or market. Property and Equipment. The Company capitalizes all direct costs incurred to construct and substantially improve its restaurants. These costs are depreciated and charged to expense based upon their property classification when placed in service. Property and equipment is recorded at cost. Application development stage costs for significant internally developed software projects are capitalized and amortized. Repairs and maintenance activities are expensed as incurred. Depreciation and amortization is provided using the straight-line method over the following estimated useful lives: Buildings and improvements 5 to 30 years Equipment 3 to 7 years Computer hardware and software 3 to 7 years Assets subject to capital lease Shorter of useful life or lease term Leasehold improvements, including new buildings constructed on leased land, are depreciated over the shorter of their estimated useful lives or the underlying lease term. In circumstances where an economic penalty would be presumed by the non-exercise of one or more renewal options under the lease, the Company includes those renewal option periods when determining the lease term. For significant leasehold improvements made during the latter part of the lease term, the Company amortizes those improvements over the shorter of their useful life or an extended lease term. The extended lease term would consider the exercise of renewal options if the value of the improvements would imply that an economic penalty would be incurred without the renewal of the option. Building costs incurred for new restaurants on leased land are depreciated over the lease term, which is generally a twenty -year period. Goodwill. Goodwill represents the excess purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets acquired by Carrols from its acquisitions of Pollo Tropical in 1998 and Taco Cabana in 2000. Goodwill is not amortized but is tested for impairment at least annually as of the last day of the fiscal year or more frequently if impairment indicators exist. Long-Lived Assets. The Company assesses the recoverability of property and equipment and definite-lived intangible assets by determining whether the carrying value of these assets can be recovered over their respective remaining lives through undiscounted future operating cash flows. Impairment is reviewed whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Deferred Financing Costs. Financing costs incurred in obtaining long-term debt, credit facilities and lease financing obligations are capitalized and amortized over the life of the related obligation as interest expense using the effective interest method. Leases. All leases are reviewed for capital or operating classification at their inception. The majority of the Company's leases are operating leases. Many of the lease agreements contain rent holidays, rent escalation clauses and/or contingent rent provisions. Rent expense for leases that contain scheduled rent increases or rent holidays is recognized on a straight-line basis over the lease term, including any option periods included in the determination of the lease term. Contingent rentals are generally based upon a percentage of sales or a percentage of sales in excess of stipulated amounts and are not considered minimum rent payments but are recognized as rent expense when incurred. Revenue Recognition . Revenues from the Company's owned and operated restaurants are recognized when payment is tendered at the time of sale. Franchise royalty revenues are based on a percent of gross sales and are recorded as income when earned. Franchise fees, which are associated with opening new franchised restaurants, are recognized as income when all required activities have been performed by the Company. Area development fees, which are associated with opening new franchised restaurants in a given market, are recognized as income over the term of the related agreement. Income Taxes. Deferred income tax assets and liabilities are based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when those differences reverse. The deferred tax provision generally represents the net change in deferred tax assets and liabilities during the period. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Advertising Costs. All advertising costs are expensed as incurred. Cost of Sales. The Company includes the cost of food, beverage and paper, net of any discounts, in cost of sales. Pre-opening Costs. The Company's pre-opening costs are generally incurred beginning four to six months prior to a restaurant opening and generally include restaurant employee wages and related expenses, travel expenditures, recruiting, training, promotional costs associated with the restaurant opening and rent, including any non-cash rent expense recognized during the construction period. Insurance. The Company is insured for workers' compensation, general liability and medical insurance claims under policies where it pays all claims, subject to stop-loss limitations both for individual claims and claims in the aggregate. Losses are accrued based upon estimates of the aggregate liability for claims based on the Company's experience and certain actuarial methods used to measure such estimates. The Company does not discount any of its self-insurance obligations. Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value: • Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. • Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at January 3, 2016 , was approximately $71.0 million . See Note 4 for discussion of the fair value measurement of non-financial assets. Gift cards. The Company sells gift cards to its customers in its restaurants and through select third parties. The Company recognizes revenue from gift cards upon redemption by the customer. The gift cards have no stated expiration dates and are subject to escheatment rights in certain states. Revenues from unredeemed gift cards are not material to the Company's financial statements. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board issued ASU 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition, and provides for either a full retrospective adoption in which the standard is applied to all of the periods presented or a modified retrospective adoption in which the cumulative effect of initially applying the standard is recognized at the date of initial application. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other US GAAP requirements. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of ASC 606; however, the Company expects the provisions to primarily impact certain franchise revenues and does not expect the standard to have a material effect on its financial statements. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2017. In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, and in August 2015, the Financial Accounting Standards Board issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-03 changes the presentation of debt issuance costs and generally requires debt issuance costs related to a recognized liability to be reported as a direct reduction from the carrying amount of the debt. ASU 2015-15 clarifies that debt issuance costs incurred in connection with line of-credit arrangements may continue to be presented as an asset. The new standards do not change the recognition and measurement of debt issuance costs. Because the Company's debt issuance costs are related to its senior credit facility, the Company may continue to classify its debt issuance costs as an asset. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2015. In November 2015, the Financial Accounting Standards Board issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires entities to present deferred tax assets and liabilities as non current in a classified balance sheet. Entities are permitted to apply the ASU prospectively or retrospectively. For the Company, the new standard is effective for annual periods beginning after December 15, 2016 and interim periods within those years. However, early adoption is permitted. The Company has adopted this standard and applied the new presentation retrospectively. This change decreased total current assets and increased non current deferred income taxes by $2.9 million as of December 28, 2014. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 03, 2016 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment Property and equipment consisted of the following: January 3, 2016 December 28, 2014 Land $ 23,363 $ 19,455 Owned buildings 20,101 14,863 Leasehold improvements (1) 206,293 168,719 Equipment 194,181 159,596 Assets subject to capital leases 2,057 1,647 445,995 364,280 Less accumulated depreciation and amortization (197,003 ) (172,909 ) $ 248,992 $ 191,371 (1) Leasehold improvements include the cost of new buildings constructed on leased land. Assets subject to capital leases primarily pertain to buildings leased for certain restaurant locations and certain office equipment and had accumulated amortization at January 3, 2016 and December 28, 2014 of $ 0.8 million and $ 0.7 million , respectively. At January 3, 2016 and December 28, 2014 , land of $0.7 million and owned buildings of $0.8 million were subject to lease financing obligations accounted for under the lease financing method. See Note 8—Lease Financing Obligations. Accumulated depreciation pertaining to owned buildings subject to lease financing obligations at January 3, 2016 and December 28, 2014 was $ 0.3 million . Depreciation and amortization expense for all property and equipment for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 was $ 30.6 million , $ 23.0 million and $ 20.3 million , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill The Company is required to review goodwill for impairment annually or more frequently when events and circumstances indicate that the carrying amount may be impaired. If the determined fair value of goodwill is less than the related carrying amount, an impairment loss is recognized. The Company performs its annual impairment assessment as of the last day of the fiscal year and has determined its reporting units to be its operating segments, Pollo Tropical and Taco Cabana. In performing its goodwill impairment test, the Company compared the net book values of its reporting units to their estimated fair values, the latter determined by employing a discounted cash flow analysis, which was corroborated with other value indicators where available, such as comparable company earnings multiples. There have been no changes in goodwill or goodwill impairment losses recorded during the year ended January 3, 2016 or the years ended December 28, 2014 and December 29, 2013. Goodwill balances are summarized below: Pollo Tropical Taco Cabana Total Balance, January 3, 2016 and December 28, 2014 $ 56,307 $ 67,177 $ 123,484 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets and Other Lease Charges | 12 Months Ended |
Jan. 03, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment of Long Lived Assets and Other Lease Charges [Text Block] | Impairment of Long-Lived Assets and Other Lease Charges The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. The Company determined the fair value of restaurant equipment, for those restaurants reviewed for impairment, based on current economic conditions and the Company’s history of using these assets in the operation of its business. For those restaurants reviewed for impairment where the Company owns the land and building, the Company also utilizes third-party information such as a broker market price opinion to determine the fair value of the property. These fair value asset measurements rely on significant unobservable inputs and are considered Level 3 in the fair value hierarchy. The Level 3 assets measured at fair value associated with impairment charges recorded during the year ending January 3, 2016 totaled $0.3 million . Impairment on long-lived assets for the Company’s segments and other lease charges recorded were as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Pollo Tropical $ 510 $ 254 $ (116 ) Taco Cabana 1,872 109 315 $ 2,382 $ 363 $ 199 Impairment and other lease charges in 2015 consisted primarily of impairment charges totaling $1.7 million and a $0.2 million lease charge related to the suspension of the Company's Cabana Grill concept at the end of fiscal 2015, a $0.3 million lease charge related to the closure of a Pollo Tropical restaurant that was relocated prior to the end of its lease term to a superior site in the same trade area and lease charges, net of recoveries, totaling $0.2 million related to previously closed Pollo Tropical restaurants. The Cabana Grill concept was an elevated, non-24 hour format for Taco Cabana that the Company was testing outside of Texas. One Cabana Grill restaurant was converted to a Pollo Tropical restaurant and the second Cabana Grill restaurant was closed. Impairment and other lease charges in 2014 included a $0.3 million impairment charge representing the write-down of the carrying value to fair value of certain assets related to the Pollo Tropical restaurant that closed in 2015 and $0.1 million in impairment charges for additional assets acquired at previously impaired Taco Cabana locations. During the year ended December 29, 2013, the Company recorded lease charge recoveries, net of other lease charges, of $0.2 million , related to previously closed locations. The Company also recorded an impairment charge of $0.4 million related to a Taco Cabana restaurant during the year ended December 29, 2013. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Jan. 03, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Liabilities Other liabilities, current, consisted of the following: January 3, 2016 December 28, 2014 Accrued workers' compensation and general liability claims $ 5,540 $ 3,996 Sales and property taxes 3,031 1,933 Accrued occupancy costs 980 508 Other 2,545 1,873 $ 12,096 $ 8,310 Other liabilities, long-term, consisted of the following: January 3, 2016 December 28, 2014 Accrued occupancy costs $ 15,349 $ 12,254 Deferred compensation 1,665 1,102 Accrued workers’ compensation and general liability claims 697 977 Other 3,286 1,610 $ 20,997 $ 15,943 Accrued occupancy costs include obligations pertaining to closed restaurant locations and accruals to expense operating lease rental payments on a straight-line basis over the lease term. The following table presents the activity in the closed-store reserve, of which $1.2 million and $1.0 million are included in long-term accrued occupancy costs above at January 3, 2016 and December 28, 2014 , respectively, with the remainder in other current liabilities: Year Ended January 3, 2016 December 28, 2014 Balance, beginning of period $ 1,251 $ 1,439 Provisions for restaurant closures 554 — Additional lease charges, net of (recoveries) 258 5 Payments, net (358 ) (321 ) Other adjustments 127 128 Balance, end of period $ 1,832 $ 1,251 |
Leases
Leases | 12 Months Ended |
Jan. 03, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases The Company utilizes land and buildings in its operations under various lease agreements. The Company does not consider any one of these individual leases material to the Company's operations. Initial lease terms are generally for twenty years and, in many cases, provide for renewal options and in most cases rent escalations. Certain leases require contingent rent, determined as a percentage of sales as defined by the terms of the applicable lease agreement. For most locations, the Company is obligated for occupancy related costs including payment of property taxes, insurance and utilities. During the years ended December 28, 2014 and December 29, 2013 the Company sold two and six restaurant properties in each year, respectively, in sale-leaseback transactions for net proceeds of $5.7 million and $15.7 million , respectively. These leases have been classified as operating leases and generally contain a twenty -year initial term plus renewal options. Deferred gains on sale-leaseback transactions of $1.9 million and $4.0 million were recognized during the years ended December 28, 2014 and December 29, 2013 , respectively and are being amortized over the term of the related leases. The amortization of deferred gains on sale-leaseback transactions was $3.6 million , $3.7 million and $3.5 million for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. Minimum rent commitments due under capital and non-cancelable operating leases at January 3, 2016 were as follows: Capital Operating 2016 $ 256 $ 39,038 2017 282 38,474 2018 282 37,531 2019 282 36,808 2020 286 35,148 Thereafter 1,841 294,126 Total minimum lease payments (1) 3,229 $ 481,125 Less amount representing interest (1,548 ) Total obligations under capital leases 1,681 Less current portion (69 ) Long-term debt under capital leases $ 1,612 (1) Minimum operating lease payments have not been reduced by minimum sublease rentals of $2.8 million due in the future under noncancelable subleases. Total rent expense on operating leases, including contingent rentals, was as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Minimum rent on real property, excluding rent included in pre-opening costs $ 32,716 $ 29,309 $ 26,571 Additional rent based on percentage of sales 387 336 278 Restaurant rent expense 33,103 29,645 26,849 Rent included in pre-opening costs 1,736 1,421 842 Administrative and equipment rent 1,026 1,042 1,004 $ 35,865 $ 32,108 $ 28,695 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Jan. 03, 2016 | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term Debt Long term debt at January 3, 2016 and December 28, 2014 consisted of the following: January 3, December 28, Revolving credit facility $ 71,000 $ 66,000 Capital leases 1,681 1,325 72,681 67,325 Less: current portion of long-term debt (69 ) (61 ) $ 72,612 $ 67,264 Senior Credit Facility. In December 2013, the Company terminated its former senior secured revolving credit facility, referred to as the “former senior credit facility”, and entered into a new senior secured revolving credit facility with a syndicate of lenders, which is referred to as the "senior credit facility". The senior credit facility provides for aggregate revolving credit borrowings of up to $150 million (including $15 million available for letters of credit) and matures on December 11, 2018 . The senior credit facility also provides for potential incremental increases of up to $50 million to the revolving credit borrowings available under the senior credit facility. On January 3, 2016 , there were $71.0 million in outstanding revolving credit borrowings under the senior credit facility. Borrowings under the senior credit facility bear interest at a per annum rate, at the Company's option, equal to either (all terms as defined in the senior credit facility): 1) the Alternate Base Rate plus the applicable margin of 0.50% to 1.50% based on the Company's Adjusted Leverage Ratio (with a margin of 0.50% as of January 3, 2016 ), or 2) the LIBOR Rate plus the applicable margin of 1.50% to 2.50% based on the Company's Adjusted Leverage Ratio (with a margin of 1.50% at January 3, 2016 ). In addition, the senior credit facility requires the Company to pay (i) a commitment fee based on the applicable Commitment Fee margin of 0.25% to 0.45% , based on the Company's Adjusted Leverage Ratio (with a margin of 0.25% at January 3, 2016 ) and the unused portion of the facility and (ii) a letter of credit fee based on the applicable LIBOR margin and the dollar amount of outstanding letters of credit. All obligations under the Company's senior credit facility are guaranteed by all of the Company's material domestic subsidiaries. In general, the Company's obligations under the senior credit facility and its subsidiaries’ obligations under the guarantees are secured by a first priority lien and security interest on substantially all of its assets and the assets of its material subsidiaries (including a pledge of all of the capital stock and equity interests of its material subsidiaries), other than certain specified assets, including real property owned by the Company or its subsidiaries. The outstanding borrowings under the Company's senior credit facility are prepayable without penalty (other than customary breakage costs). The senior credit facility requires the Company to comply with customary affirmative, negative and financial covenants, including, without limitation, those limiting Fiesta's and its subsidiaries’ ability to (i) incur indebtedness, (ii) incur liens, (iii) loan, advance, or make acquisitions and other investments or other commitments to construct, acquire or develop new restaurants (subject to certain exceptions), (iv) pay dividends, (v) redeem and repurchase equity interests, (vi) conduct asset and restaurant sales and other dispositions (subject to certain exceptions), (vii) conduct transactions with affiliates and (viii) change its business. In addition, the senior credit facility requires the Company to maintain certain financial ratios, including a Fixed Charge Coverage Ratio and an Adjusted Leverage Ratio (all as defined under the senior credit facility). The Company's senior credit facility contains customary default provisions, including without limitation, a cross default provision pursuant to which it is an event of default under this facility if there is a default under any of the Company's indebtedness having an outstanding principal amount of $5.0 million or more which results in the acceleration of such indebtedness prior to its stated maturity or is caused by a failure to pay principal when due. As of January 3, 2016 , the Company was in compliance with the covenants under its senior credit facility. After reserving $5.5 million for letters of credit issued under the senior credit facility, $73.5 million was available for borrowing under the senior credit facility at January 3, 2016 . Repurchase of Notes. On November 12, 2013, the Company commenced a tender offer and consent solicitation for all of its outstanding $200.0 million in aggregate principal amount of 8.875% Senior Secured Second Lien Notes due 2016 (the "Notes"). The principal amount of Notes repurchased in the tender offer totaled $122.7 million . On December 11, 2013, the Company irrevocably called for redemption the remaining $77.3 million principal amount of Notes that were not validly tendered and accepted for payment in the tender offer. The Company recognized a loss on extinguishment of debt of $16.4 million in the fourth quarter of 2013 related to the repurchase and redemption of the Notes. The loss on extinguishment of debt includes the write-off of $3.9 million in deferred financing costs related to the Notes and $12.5 million of debt redemption premiums, consent payments, additional interest and other fees related to the redemption of the Notes. At January 3, 2016 , principal payments required on borrowings under the senior credit facility were $71.0 million in 2018. The weighted average interest rate on the borrowings under the senior credit facility was 2.08% and 1.79% at January 3, 2016 and December 28, 2014 , respectively. Interest expense on the Company's long-term debt, excluding lease financing obligations, was $1.6 million , $2.1 million and $17.9 million for the years ended January 3, 2016 , December 28, 2014 , and December 29, 2013 , respectively. |
Lease Financing Obligations
Lease Financing Obligations | 12 Months Ended |
Jan. 03, 2016 | |
Lease Financing Obligations [Abstract] | |
Lease Financing Obligations [Text Block] | Lease Financing Obligations The Company entered into a sale-leaseback transaction that did not qualify for sale-leaseback accounting due to a form of continuing involvement and, as a result, the lease was classified as a financing transaction in the Company’s consolidated financial statements. Under the financing method, the assets remain on the consolidated balance sheet and the net proceeds received by the Company from the transaction are recorded as a lease financing liability. Payments under the lease are applied as payments of imputed interest and deemed principal on the underlying financing obligations. The lease provides for an initial term of 20 years plus renewal options and requires payment of property taxes, insurance and utilities. At January 3, 2016 , payments required on lease financing obligations were as follows: 2016 $ 141 2017 143 2018 144 2019 146 2020 147 Thereafter, through 2023 2,076 Total minimum lease payments 2,797 Less: Interest implicit in obligations (1,134 ) Total lease financing obligations $ 1,663 The interest rate on lease financing obligations was 8.6% at January 3, 2016 . Interest expense associated with lease financing obligations was $0.1 million , $ 0.1 million and $ 0.1 million for the years ended January 3, 2016 , December 28, 2014 , and December 29, 2013 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company’s income tax provision was comprised of the following: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Current: Federal $ 14,086 $ 17,335 $ 2,550 Foreign 396 380 375 State 2,081 2,291 1,048 16,563 20,006 3,973 Deferred: Federal 5,318 417 136 State 139 46 (11 ) 5,457 463 125 Valuation allowance 26 494 (303 ) $ 22,046 $ 20,963 $ 3,795 Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. The components of deferred income tax assets and liabilities at January 3, 2016 and December 28, 2014 were as follows: January 3, 2016 December 28, 2014 Deferred income tax assets (liabilities): Inventory and other reserves $ 161 $ (186 ) Accrued vacation benefits 1,494 1,428 Other accruals 2,540 2,164 Deferred income on sale-leaseback of certain real estate 10,929 12,512 Lease financing obligations 133 138 Property and equipment depreciation (12,176 ) (5,144 ) Amortization of other intangibles, net (3,211 ) (3,164 ) Occupancy costs 5,840 4,567 Tax credit carryforwards 1,036 1,010 Other 2,787 1,665 Net deferred income tax assets 9,533 14,990 Less: Valuation allowance (1,036 ) (1,010 ) Carrying value of net deferred income tax assets $ 8,497 $ 13,980 The Company establishes a valuation allowance to reduce the carrying amount of deferred income tax assets when it is more likely than not that it will not realize some portion or all of the tax benefit of its deferred tax assets. The Company evaluates whether its deferred income tax assets are probable of realization on a quarterly basis. In performing this analysis, the Company considers all available evidence including historical operating results, the estimated timing of future reversals of existing taxable temporary differences and estimated future taxable income exclusive of reversing temporary differences and carryforwards. At January 3, 2016 and December 28, 2014 , the Company had a valuation allowance of $1,036 and $1,010 respectively, against net deferred income tax assets due to foreign income tax credit carryforwards where it was determined to be more likely than not that the deferred income tax asset amounts would not be realized. The valuation allowance increased $26 and $494 in 2015 and 2014, respectively, primarily due to foreign tax credit carryforwards, net of expired foreign income tax credits. The estimation of future taxable income for federal and state purposes and the Company's ability to realize deferred income tax assets can significantly change based on future events and operating results. The Company's effective tax rate was 36.4% , 36.7% , and 29.1% for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. A reconciliation of the statutory federal income tax provision to the effective tax provision was as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Statutory federal income tax provision $ 21,204 $ 19,999 $ 4,568 State income taxes, net of federal benefit 1,435 1,453 666 Change in valuation allowance 26 494 (303 ) Non-deductible expenses 260 293 334 Foreign taxes 396 380 654 Employment tax credits (889 ) (1,174 ) (1,490 ) Foreign tax credits (396 ) (380 ) (375 ) Other 10 (102 ) (259 ) $ 22,046 $ 20,963 $ 3,795 The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. As of January 3, 2016 and December 28, 2014 , the Company had no unrecognized tax benefits and no accrued interest related to uncertain tax positions. The tax years 2012-2014 remain open to examination by the taxing jurisdictions to which the Company is subject. Although it is not reasonably possible to estimate the amount by which unrecognized tax benefits may increase within the next twelve months due to uncertainties regarding the timing of any examinations, the Company does not expect unrecognized tax benefits to significantly change in the next twelve months. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 03, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity Issuance of stock On November 20, 2013, the Company sold 3,078,336 shares of Fiesta's common stock in an underwritten public offering at a price of $46.00 per share (excluding underwriting discounts and commissions) pursuant to a Registration Statement on Form S-3 (Registration No. 333-192254). The aggregate net proceeds to the Company from the offering were approximately $135.3 million , reflecting gross proceeds of $141.6 million , net of underwriting fees of approximately $5.7 million and other offering costs of approximately $0.7 million . The Company used the proceeds from the offering to repurchase its outstanding Notes tendered pursuant to a tender offer, as discussed in Note 7. The Company used the remaining proceeds from the offering and $81.0 million in borrowings under its senior credit facility discussed in Note 7 to redeem the Notes not tendered in the tender offer. Equity compensation The Company established the Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan (the "Fiesta Plan") in order to be able to compensate its employees and directors by issuing stock options, stock appreciation rights, or stock awards to them under this plan. The aggregate number of shares of stock authorized for distribution under the Fiesta Plan is 3,300,000 . As of January 3, 2016 , there were 2,233,698 shares available for future grants under the Fiesta Plan. During the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , the Company granted in the aggregate 50,600 , 80,290 and 161,546 non-vested restricted shares, respectively, under the Fiesta Plan to certain employees and directors. Shares granted to employees during the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 vest and become non-forfeitable over a four year vesting period, or for certain grants, at the end of a four year vesting period. Shares granted to directors during the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 vest and become non-forfeitable over a one year vesting period. The weighted average fair value at the grant date for restricted non-vested shares issued during the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 was $61.47 , $44.22 and $21.35 , respectively. The grant date fair value of each non-vested share award was determined based on the closing price of the Company's stock on the date of grant. During the years ended January 3, 2016 and December 28, 2014 , the Company granted 27,508 and 24,252 restricted stock units, respectively, under the Fiesta Plan to certain employees. Certain of the restricted stock units vest and become non-forfeitable over a four year vesting period, certain of the restricted units vest and become non-forfeitable at the end of a four year vesting period, and certain of the restricted stock units vest at the end of a three year vesting period. The weighted average fair value at grant date for the restricted stock units issued to employees during the years ended January 3, 2016 and December 28, 2014 was $63.93 and $45.04 . The grant date fair value of each restricted stock unit award was determined based on the closing price of the Company's stock on the date of grant. During the year ended January 3, 2016 , 17,501 non-vested restricted shares and 17,501 restricted stock units granted under the Fiesta Plan to certain employees were subject to performance conditions. The nonvested restricted shares vest and become non-forfeitable over a four year vesting period subject to the attainment of performance conditions, and the restricted stock units vest and become non-forfeitable at the end of a three year vesting period. The number of shares into which the restricted stock units convert is determined based on the attainment of certain performance conditions, and ranges from no shares if the minimum performance condition is not met to 35,002 shares if the maximum performance condition is met. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the applicable requisite service period of the award (the vesting period) using the straight-line method. Stock-based compensation expense for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 was $4.3 million , $3.5 million and $2.3 million , respectively. As of January 3, 2016 , the total unrecognized stock-based compensation expense relating to non-vested shares and restricted stock units was approximately $6.6 million and the remaining weighted average vesting period for non-vested shares and restricted stock units was 1.6 years . A summary of all non-vested shares and restricted stock units activity for the year ended January 3, 2016 was as follows: Non-Vested Shares Restricted Stock Units Weighted Weighted Average Average Grant Date Grant Date Shares Price Units Price Outstanding at December 28, 2014 424,497 $ 20.50 20,783 $ 45.04 Granted 50,600 61.47 27,508 63.93 Vested/Released (212,963 ) 17.51 (191 ) 45.04 Forfeited (4,516 ) 39.51 (5,260 ) 50.87 Outstanding at January 3, 2016 257,618 $ 30.69 42,840 $ 56.46 The fair value of the shares vested and released during the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 was $11.9 million , $12.8 million and $6.3 million , respectively. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting Information | |
Business Segment Information | Business Segment Information The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food. The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, loss on extinguishment of debt, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements. The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, a current income tax receivable, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and the loss on extinguishment of debt discussed in Note 7. Year Ended Pollo Tropical Taco Cabana Other Consolidated January 3, 2016: Restaurant sales $ 364,544 $ 320,040 $ 684,584 Franchise revenue 2,197 611 2,808 Cost of sales 121,689 95,639 217,328 Restaurant wages and related expenses (1) 81,647 92,575 174,222 Restaurant rent expense 16,003 17,100 33,103 Other restaurant operating expenses 45,376 41,909 87,285 Advertising expense 9,527 12,090 21,617 General and administrative expense (2) 31,142 23,379 54,521 Depreciation and amortization 18,000 12,575 30,575 Pre-opening costs 4,310 257 4,567 Impairment and other lease charges 510 1,872 2,382 Interest expense 806 1,083 1,889 Income before taxes 38,021 22,561 60,582 Capital expenditures 73,129 12,294 2,147 87,570 Year Ended Pollo Tropical Taco Cabana Other Consolidated December 28, 2014: Restaurant sales $ 305,404 $ 303,136 $ 608,540 Franchise revenue 2,072 531 2,603 Cost of sales 100,468 91,782 192,250 Restaurant wages and related expenses (1) 67,487 87,653 155,140 Restaurant rent expense 12,473 17,172 29,645 Other restaurant operating expenses 38,331 40,590 78,921 Advertising expense 7,714 11,779 19,493 General and administrative expense (2) 26,672 22,742 49,414 Depreciation and amortization 11,596 11,451 23,047 Pre-opening costs 3,385 676 4,061 Impairment and other lease charges 254 109 363 Interest expense 1,035 1,193 2,228 Income (loss) before taxes 38,061 19,078 57,139 Capital expenditures 52,355 17,969 3,755 74,079 December 29, 2013: Restaurant sales $ 257,837 $ 291,143 $ 548,980 Franchise revenue 1,865 492 2,357 Cost of sales 85,532 90,591 176,123 Restaurant wages and related expenses (1) 57,893 85,499 143,392 Restaurant rent expense 10,110 16,739 26,849 Other restaurant operating expenses 30,790 38,231 69,021 Advertising expense 5,726 11,412 17,138 General and administrative expense (2) 24,966 23,555 48,521 Depreciation and amortization 9,248 11,127 20,375 Pre-opening costs 2,047 720 2,767 Impairment and other lease charges (116 ) 315 199 Interest expense 7,954 10,089 18,043 Income (loss) before taxes (3) 26,049 3,414 (16,411 ) 13,052 Capital expenditures 24,996 16,609 5,420 47,025 Identifiable Assets: January 3, 2016 $ 237,065 $ 165,549 $ 13,031 $ 415,645 December 28, 2014 177,923 167,729 12,304 357,956 December 29, 2013 140,797 169,367 8,621 318,785 (1) Includes stock-based compensation expense of $156 , $71 and $2 for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. (2) Includes stock-based compensation expense of $4,137 , $3,426 and $2,296 for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. (3) "Other" income (loss) before taxes for the year ended December 29, 2013 includes the loss on extinguishment of debt discussed in Note 7. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Jan. 03, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Net Income per Share We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if our restricted stock units were converted into common shares. Restricted stock units with performance conditions are only included in the diluted earnings per share calculation to the extent that performance conditions have been met at the measurement date. We compute diluted earnings per share by adjusting the basic weighted average number of common shares by the dilutive effect of the restricted stock units, determined using the treasury stock method. Weighted average outstanding restricted stock units totaling 4,491 and 5,899 shares were not included in the computation of diluted earnings per share for the twelve months ended January 3, 2016 and December 28, 2014, respectively, because to do so would have been antidilutive. The computation of basic and diluted net income per share is as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Basic and diluted net income per share: Net income $ 38,536 $ 36,176 $ 9,257 Less: income allocated to participating securities 441 647 264 Net income available to common stockholders $ 38,095 $ 35,529 $ 8,993 Weighted average common shares, basic 26,515,029 26,293,714 23,271,431 Restricted stock units 7,167 2,335 — Weighted average common shares, diluted 26,522,196 26,296,049 23,271,431 Basic net income per common share $ 1.44 $ 1.35 $ 0.39 Diluted net income per common share $ 1.44 $ 1.35 $ 0.39 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 03, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies L ease Assignments . The Company has assigned four leases on properties where it no longer operates restaurants with lease terms expiring on various dates through 2029 to various parties. Although the Company is a not a guarantor under these leases, it remains secondarily liable as a surety for these leases. The maximum potential liability for future rental payments the Company could be required to make under these leases at January 3, 2016 was $2.3 million . The obligations under these leases will generally continue to decrease over time as the operating leases expire. The assignee for two of these leases filed for Chapter 11 bankruptcy in the third quarter of 2015. Future rental payments as of January 3, 2016 for these two leases, which expire in 2020, totaled $0.8 million . The Company does not believe it is probable that it would be ultimately responsible for the obligations under these leases. Legal Matters . The Company is a party to legal proceedings incidental to the conduct of business, including the matter described below. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. On September 29, 2014, Daisy, Inc., an automotive repair shop in Cape Coral, Florida, filed a putative class action suit against Fiesta Restaurant Group's subsidiary, Pollo Operations, Inc. ("Pollo") in the United States District Court for the Middle District of Florida. The suit claims that Pollo allegedly engaged in unlawful activity in violation of the Telephone Consumer Protection Act, § 227 et seq. occurring in December 2010 and January 2011. As of January 3, 2016, Pollo has reached a settlement with the plaintiff and has recorded a charge of $1.1 million to cover the estimated costs related to the settlement, which include estimated payments to class members, plaintiffs attorneys' fees and related settlement administration costs, but does not include legal fees incurred by Pollo in defending the action. The settlement, which is subject only to final approval by the Court, will result in dismissal of the case. The Company is also a party to various other litigation matters incidental to the conduct of business. The Company does not believe that the outcome of any of these matters will have a material effect on its consolidated financial statements. |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans | 12 Months Ended |
Jan. 03, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Retirement Plans Fiesta offers the Company's salaried employees the option to participate in the Fiesta Corporation Retirement Savings Plan (the “Retirement Plan”). The Retirement Plan includes a savings option pursuant to section 401(k) of the Internal Revenue Code in addition to a post-tax savings option. Fiesta may elect to contribute to the Retirement Plan on an annual basis. Contributions made by Fiesta to the Retirement Plan for the Company's employees are made after the end of each plan year. For 2015, Fiesta's annual contribution will be equal to 50% of the employee's contribution to a maximum Fiesta contribution of 3% of eligible compensation per participating employee. For 2014 and 2013, Fiesta's annual contribution was equal to 50% of the employee's contribution up to a maximum Fiesta contribution $0.5 per participating employee. Under the Retirement Plan, Fiesta contributions begin to vest after 1 year and fully vest after 5 years of service. A year of service is defined as a plan year during which an employee completes at least 1,000 hours of service. Participating employees may contribute up to 50% of their salary annually to either of the savings options, subject to other limitations. The employees have various investment options available under a trust established by the Retirement Plan. Retirement Plan employer matching expense for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 was $0.3 million , $0.2 million and $0.2 million respectively. Fiesta also has a Deferred Compensation Plan which permits employees not eligible to participate in the Retirement Plan because they have been excluded as “highly compensated” employees (as so defined in the Retirement Plan) to voluntarily defer portions of their base salary and annual bonus. All amounts deferred by the participants earn interest at 8% per annum. There is no Company matching on any portion of the funds. At January 3, 2016 and December 28, 2014 , a total of $1.7 million and $1.1 million , respectively, was deferred by the Company's employees under the Retirement Plan, including accrued interest. |
Selected Quarterly Financial an
Selected Quarterly Financial and Earningd Data (Unaudited) Selected Quarterly Financial and Earnings Data (Unaudited) | 12 Months Ended |
Jan. 03, 2016 | |
Effect of Fourth Quarter Events [Line Items] | |
Quarterly Financial Information [Text Block] | Selected Quarterly Financial and Earnings Data (Unaudited) Year Ended January 3, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 163,875 $ 171,900 $ 172,105 $ 179,512 Income from operations 17,458 18,646 13,009 13,358 Net income 10,501 11,249 7,945 8,841 Basic net income per share $ 0.39 $ 0.42 $ 0.30 $ 0.33 Diluted net income per share $ 0.39 $ 0.42 $ 0.30 $ 0.33 Year Ended December 28, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 145,436 $ 154,185 $ 155,298 $ 156,224 Income from operations 14,735 15,663 15,373 13,596 Net income 8,719 9,314 9,155 8,988 Basic net income per share $ 0.33 $ 0.35 $ 0.34 $ 0.34 Diluted net income per share $ 0.33 $ 0.35 $ 0.34 $ 0.34 . |
Schedule II--Valuation and Qual
Schedule II--Valuation and Qualifying Accounts Schedule II | 12 Months Ended |
Jan. 03, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Column B Column C Column D Column E Balance at Charged to Charged to Balance beginning costs and other at end of Description of period expenses accounts Deduction period Year Ended January 3, 2016: Deferred income tax valuation allowance $ 1,010 $ 26 $ — $ — $ 1,036 Year Ended December 28, 2014: Deferred income tax valuation allowance 516 494 — — 1,010 Year Ended December 29, 2013: Deferred income tax valuation allowance 819 (303 ) — — 516 |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation. The consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year . The Company uses a 52 - 53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended January 3, 2016 contained 53 weeks. The fiscal years ended December 28, 2014 and December 29, 2013 each contained 52 weeks. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates . The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates. |
Reclassifications [Text Block] | Reclassifications. Accrued interest was reclassified to current other liabilities, and current deferred income taxes were reclassified to non-current deferred income taxes as described under Recent Accounting Pronouncements. In addition, accrued interest was reclassified to other liabilities - current in the consolidated statements of cash flows to conform with the current year presentation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Inventory, Policy [Policy Text Block] | Inventories. Inventories, primarily consisting of food and paper, are stated at the lower of cost (first-in, first-out) or market. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. The Company capitalizes all direct costs incurred to construct and substantially improve its restaurants. These costs are depreciated and charged to expense based upon their property classification when placed in service. Property and equipment is recorded at cost. Application development stage costs for significant internally developed software projects are capitalized and amortized. Repairs and maintenance activities are expensed as incurred. Depreciation and amortization is provided using the straight-line method over the following estimated useful lives: Buildings and improvements 5 to 30 years Equipment 3 to 7 years Computer hardware and software 3 to 7 years Assets subject to capital lease Shorter of useful life or lease term Leasehold improvements, including new buildings constructed on leased land, are depreciated over the shorter of their estimated useful lives or the underlying lease term. In circumstances where an economic penalty would be presumed by the non-exercise of one or more renewal options under the lease, the Company includes those renewal option periods when determining the lease term. For significant leasehold improvements made during the latter part of the lease term, the Company amortizes those improvements over the shorter of their useful life or an extended lease term. The extended lease term would consider the exercise of renewal options if the value of the improvements would imply that an economic penalty would be incurred without the renewal of the option. Building costs incurred for new restaurants on leased land are depreciated over the lease term, which is generally a twenty -year period. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | The Company is required to review goodwill for impairment annually or more frequently when events and circumstances indicate that the carrying amount may be impaired. If the determined fair value of goodwill is less than the related carrying amount, an impairment loss is recognized. The Company performs its annual impairment assessment as of the last day of the fiscal year and has determined its reporting units to be its operating segments, Pollo Tropical and Taco Cabana. In performing its goodwill impairment test, the Company compared the net book values of its reporting units to their estimated fair values, the latter determined by employing a discounted cash flow analysis, which was corroborated with other value indicators where available, such as comparable company earnings multiples. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. The Company determined the fair value of restaurant equipment, for those restaurants reviewed for impairment, based on current economic conditions and the Company’s history of using these assets in the operation of its business. For those restaurants reviewed for impairment where the Company owns the land and building, the Company also utilizes third-party information such as a broker market price opinion to determine the fair value of the property. These fair value asset measurements rely on significant unobservable inputs and are considered Level 3 in the fair value hierarchy. The Level 3 assets measured at fair value associated with impairment charges recorded during the year ending January 3, 2016 totaled $0.3 million . |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs. Financing costs incurred in obtaining long-term debt, credit facilities and lease financing obligations are capitalized and amortized over the life of the related obligation as interest expense using the effective interest method. |
Lease, Policy [Policy Text Block] | Leases. All leases are reviewed for capital or operating classification at their inception. The majority of the Company's leases are operating leases. Many of the lease agreements contain rent holidays, rent escalation clauses and/or contingent rent provisions. Rent expense for leases that contain scheduled rent increases or rent holidays is recognized on a straight-line basis over the lease term, including any option periods included in the determination of the lease term. Contingent rentals are generally based upon a percentage of sales or a percentage of sales in excess of stipulated amounts and are not considered minimum rent payments but are recognized as rent expense when incurred. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition . Revenues from the Company's owned and operated restaurants are recognized when payment is tendered at the time of sale. Franchise royalty revenues are based on a percent of gross sales and are recorded as income when earned. Franchise fees, which are associated with opening new franchised restaurants, are recognized as income when all required activities have been performed by the Company. Area development fees, which are associated with opening new franchised restaurants in a given market, are recognized as income over the term of the related agreement. |
Income Tax, Policy [Policy Text Block] | Income Taxes. Deferred income tax assets and liabilities are based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when those differences reverse. The deferred tax provision generally represents the net change in deferred tax assets and liabilities during the period. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs. All advertising costs are expensed as incurred. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales. The Company includes the cost of food, beverage and paper, net of any discounts, in cost of sales. |
Start-up Activities, Cost Policy [Policy Text Block] | Pre-opening Costs. The Company's pre-opening costs are generally incurred beginning four to six months prior to a restaurant opening and generally include restaurant employee wages and related expenses, travel expenditures, recruiting, training, promotional costs associated with the restaurant opening and rent, including any non-cash rent expense recognized during the construction period. |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance. The Company is insured for workers' compensation, general liability and medical insurance claims under policies where it pays all claims, subject to stop-loss limitations both for individual claims and claims in the aggregate. Losses are accrued based upon estimates of the aggregate liability for claims based on the Company's experience and certain actuarial methods used to measure such estimates. The Company does not discount any of its self-insurance obligations. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value: • Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. • Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at January 3, 2016 , was approximately $71.0 million . See Note 4 for discussion of the fair value measurement of non-financial assets. |
Revenue Recognition, Gift Cards [Policy Text Block] | Gift cards. The Company sells gift cards to its customers in its restaurants and through select third parties. The Company recognizes revenue from gift cards upon redemption by the customer. The gift cards have no stated expiration dates and are subject to escheatment rights in certain states. Revenues from unredeemed gift cards are not material to the Company's financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board issued ASU 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition, and provides for either a full retrospective adoption in which the standard is applied to all of the periods presented or a modified retrospective adoption in which the cumulative effect of initially applying the standard is recognized at the date of initial application. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other US GAAP requirements. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of ASC 606; however, the Company expects the provisions to primarily impact certain franchise revenues and does not expect the standard to have a material effect on its financial statements. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2017. In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, and in August 2015, the Financial Accounting Standards Board issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-03 changes the presentation of debt issuance costs and generally requires debt issuance costs related to a recognized liability to be reported as a direct reduction from the carrying amount of the debt. ASU 2015-15 clarifies that debt issuance costs incurred in connection with line of-credit arrangements may continue to be presented as an asset. The new standards do not change the recognition and measurement of debt issuance costs. Because the Company's debt issuance costs are related to its senior credit facility, the Company may continue to classify its debt issuance costs as an asset. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2015. In November 2015, the Financial Accounting Standards Board issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires entities to present deferred tax assets and liabilities as non current in a classified balance sheet. Entities are permitted to apply the ASU prospectively or retrospectively. For the Company, the new standard is effective for annual periods beginning after December 15, 2016 and interim periods within those years. However, early adoption is permitted. The Company has adopted this standard and applied the new presentation retrospectively. This change decreased total current assets and increased non current deferred income taxes by $2.9 million as of December 28, 2014. |
Goodwill Goodwill Policy (Polic
Goodwill Goodwill Policy (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | The Company is required to review goodwill for impairment annually or more frequently when events and circumstances indicate that the carrying amount may be impaired. If the determined fair value of goodwill is less than the related carrying amount, an impairment loss is recognized. The Company performs its annual impairment assessment as of the last day of the fiscal year and has determined its reporting units to be its operating segments, Pollo Tropical and Taco Cabana. In performing its goodwill impairment test, the Company compared the net book values of its reporting units to their estimated fair values, the latter determined by employing a discounted cash flow analysis, which was corroborated with other value indicators where available, such as comparable company earnings multiples. |
Impairment of Long-Lived Asse27
Impairment of Long-Lived Assets and Other Lease Charges Impairment Accounting Policy (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. The Company determined the fair value of restaurant equipment, for those restaurants reviewed for impairment, based on current economic conditions and the Company’s history of using these assets in the operation of its business. For those restaurants reviewed for impairment where the Company owns the land and building, the Company also utilizes third-party information such as a broker market price opinion to determine the fair value of the property. These fair value asset measurements rely on significant unobservable inputs and are considered Level 3 in the fair value hierarchy. The Level 3 assets measured at fair value associated with impairment charges recorded during the year ending January 3, 2016 totaled $0.3 million . |
Lease Financing Obligations (Po
Lease Financing Obligations (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Lease Financing Obligations [Abstract] | |
Lease Financing Obligations [Policy Text Block] | The Company entered into a sale-leaseback transaction that did not qualify for sale-leaseback accounting due to a form of continuing involvement and, as a result, the lease was classified as a financing transaction in the Company’s consolidated financial statements. Under the financing method, the assets remain on the consolidated balance sheet and the net proceeds received by the Company from the transaction are recorded as a lease financing liability. Payments under the lease are applied as payments of imputed interest and deemed principal on the underlying financing obligations. The lease provides for an initial term of 20 years plus renewal options and requires payment of property taxes, insurance and utilities. |
Income Taxes Income Taxes (Poli
Income Taxes Income Taxes (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | Income Taxes. Deferred income tax assets and liabilities are based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when those differences reverse. The deferred tax provision generally represents the net change in deferred tax assets and liabilities during the period. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Business Segment Information Bu
Business Segment Information Business Segment Policy (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food. The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, loss on extinguishment of debt, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements. |
Net Income (Loss) per Share (Po
Net Income (Loss) per Share (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Basis of Presentation [Abstract] | |
Property, Plant and Equipment Useful Lives [Table Text Block] | Depreciation and amortization is provided using the straight-line method over the following estimated useful lives: Buildings and improvements 5 to 30 years Equipment 3 to 7 years Computer hardware and software 3 to 7 years Assets subject to capital lease Shorter of useful life or lease term |
Property and Equipment Property
Property and Equipment Property and Equipment (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following: January 3, 2016 December 28, 2014 Land $ 23,363 $ 19,455 Owned buildings 20,101 14,863 Leasehold improvements (1) 206,293 168,719 Equipment 194,181 159,596 Assets subject to capital leases 2,057 1,647 445,995 364,280 Less accumulated depreciation and amortization (197,003 ) (172,909 ) $ 248,992 $ 191,371 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill [Line Items] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill balances are summarized below: Pollo Tropical Taco Cabana Total Balance, January 3, 2016 and December 28, 2014 $ 56,307 $ 67,177 $ 123,484 |
Impairment of Long-Lived Asse35
Impairment of Long-Lived Assets and Other Lease Charges Impairment by segment (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment of long lived assets and other lease charge [Table Text Block] | Impairment on long-lived assets for the Company’s segments and other lease charges recorded were as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Pollo Tropical $ 510 $ 254 $ (116 ) Taco Cabana 1,872 109 315 $ 2,382 $ 363 $ 199 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities [Table Text Block] | Other liabilities, current, consisted of the following: January 3, 2016 December 28, 2014 Accrued workers' compensation and general liability claims $ 5,540 $ 3,996 Sales and property taxes 3,031 1,933 Accrued occupancy costs 980 508 Other 2,545 1,873 $ 12,096 $ 8,310 |
Other Noncurrent Liabilities [Table Text Block] | Other liabilities, long-term, consisted of the following: January 3, 2016 December 28, 2014 Accrued occupancy costs $ 15,349 $ 12,254 Deferred compensation 1,665 1,102 Accrued workers’ compensation and general liability claims 697 977 Other 3,286 1,610 $ 20,997 $ 15,943 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents the activity in the closed-store reserve, of which $1.2 million and $1.0 million are included in long-term accrued occupancy costs above at January 3, 2016 and December 28, 2014 , respectively, with the remainder in other current liabilities: Year Ended January 3, 2016 December 28, 2014 Balance, beginning of period $ 1,251 $ 1,439 Provisions for restaurant closures 554 — Additional lease charges, net of (recoveries) 258 5 Payments, net (358 ) (321 ) Other adjustments 127 128 Balance, end of period $ 1,832 $ 1,251 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rent commitments due under capital and non-cancelable operating leases at January 3, 2016 were as follows: Capital Operating 2016 $ 256 $ 39,038 2017 282 38,474 2018 282 37,531 2019 282 36,808 2020 286 35,148 Thereafter 1,841 294,126 Total minimum lease payments (1) 3,229 $ 481,125 Less amount representing interest (1,548 ) Total obligations under capital leases 1,681 Less current portion (69 ) Long-term debt under capital leases $ 1,612 (1) Minimum operating lease payments have not been reduced by minimum sublease rentals of $2.8 million due in the future under noncancelable subleases. |
Schedule of Rent Expense [Table Text Block] | Total rent expense on operating leases, including contingent rentals, was as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Minimum rent on real property, excluding rent included in pre-opening costs $ 32,716 $ 29,309 $ 26,571 Additional rent based on percentage of sales 387 336 278 Restaurant rent expense 33,103 29,645 26,849 Rent included in pre-opening costs 1,736 1,421 842 Administrative and equipment rent 1,026 1,042 1,004 $ 35,865 $ 32,108 $ 28,695 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long term debt at January 3, 2016 and December 28, 2014 consisted of the following: January 3, December 28, Revolving credit facility $ 71,000 $ 66,000 Capital leases 1,681 1,325 72,681 67,325 Less: current portion of long-term debt (69 ) (61 ) $ 72,612 $ 67,264 |
Lease Financing Obligations (Ta
Lease Financing Obligations (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Lease Financing Obligations [Abstract] | |
Future Payments on Lease Financing Obligations [Table Text Block] | At January 3, 2016 , payments required on lease financing obligations were as follows: 2016 $ 141 2017 143 2018 144 2019 146 2020 147 Thereafter, through 2023 2,076 Total minimum lease payments 2,797 Less: Interest implicit in obligations (1,134 ) Total lease financing obligations $ 1,663 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company’s income tax provision was comprised of the following: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Current: Federal $ 14,086 $ 17,335 $ 2,550 Foreign 396 380 375 State 2,081 2,291 1,048 16,563 20,006 3,973 Deferred: Federal 5,318 417 136 State 139 46 (11 ) 5,457 463 125 Valuation allowance 26 494 (303 ) $ 22,046 $ 20,963 $ 3,795 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. The components of deferred income tax assets and liabilities at January 3, 2016 and December 28, 2014 were as follows: January 3, 2016 December 28, 2014 Deferred income tax assets (liabilities): Inventory and other reserves $ 161 $ (186 ) Accrued vacation benefits 1,494 1,428 Other accruals 2,540 2,164 Deferred income on sale-leaseback of certain real estate 10,929 12,512 Lease financing obligations 133 138 Property and equipment depreciation (12,176 ) (5,144 ) Amortization of other intangibles, net (3,211 ) (3,164 ) Occupancy costs 5,840 4,567 Tax credit carryforwards 1,036 1,010 Other 2,787 1,665 Net deferred income tax assets 9,533 14,990 Less: Valuation allowance (1,036 ) (1,010 ) Carrying value of net deferred income tax assets $ 8,497 $ 13,980 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company's effective tax rate was 36.4% , 36.7% , and 29.1% for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. A reconciliation of the statutory federal income tax provision to the effective tax provision was as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Statutory federal income tax provision $ 21,204 $ 19,999 $ 4,568 State income taxes, net of federal benefit 1,435 1,453 666 Change in valuation allowance 26 494 (303 ) Non-deductible expenses 260 293 334 Foreign taxes 396 380 654 Employment tax credits (889 ) (1,174 ) (1,490 ) Foreign tax credits (396 ) (380 ) (375 ) Other 10 (102 ) (259 ) $ 22,046 $ 20,963 $ 3,795 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of all non-vested shares and restricted stock units activity for the year ended January 3, 2016 was as follows: Non-Vested Shares Restricted Stock Units Weighted Weighted Average Average Grant Date Grant Date Shares Price Units Price Outstanding at December 28, 2014 424,497 $ 20.50 20,783 $ 45.04 Granted 50,600 61.47 27,508 63.93 Vested/Released (212,963 ) 17.51 (191 ) 45.04 Forfeited (4,516 ) 39.51 (5,260 ) 50.87 Outstanding at January 3, 2016 257,618 $ 30.69 42,840 $ 56.46 |
Business Segment Information(Ta
Business Segment Information(Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended Pollo Tropical Taco Cabana Other Consolidated January 3, 2016: Restaurant sales $ 364,544 $ 320,040 $ 684,584 Franchise revenue 2,197 611 2,808 Cost of sales 121,689 95,639 217,328 Restaurant wages and related expenses (1) 81,647 92,575 174,222 Restaurant rent expense 16,003 17,100 33,103 Other restaurant operating expenses 45,376 41,909 87,285 Advertising expense 9,527 12,090 21,617 General and administrative expense (2) 31,142 23,379 54,521 Depreciation and amortization 18,000 12,575 30,575 Pre-opening costs 4,310 257 4,567 Impairment and other lease charges 510 1,872 2,382 Interest expense 806 1,083 1,889 Income before taxes 38,021 22,561 60,582 Capital expenditures 73,129 12,294 2,147 87,570 Year Ended Pollo Tropical Taco Cabana Other Consolidated December 28, 2014: Restaurant sales $ 305,404 $ 303,136 $ 608,540 Franchise revenue 2,072 531 2,603 Cost of sales 100,468 91,782 192,250 Restaurant wages and related expenses (1) 67,487 87,653 155,140 Restaurant rent expense 12,473 17,172 29,645 Other restaurant operating expenses 38,331 40,590 78,921 Advertising expense 7,714 11,779 19,493 General and administrative expense (2) 26,672 22,742 49,414 Depreciation and amortization 11,596 11,451 23,047 Pre-opening costs 3,385 676 4,061 Impairment and other lease charges 254 109 363 Interest expense 1,035 1,193 2,228 Income (loss) before taxes 38,061 19,078 57,139 Capital expenditures 52,355 17,969 3,755 74,079 December 29, 2013: Restaurant sales $ 257,837 $ 291,143 $ 548,980 Franchise revenue 1,865 492 2,357 Cost of sales 85,532 90,591 176,123 Restaurant wages and related expenses (1) 57,893 85,499 143,392 Restaurant rent expense 10,110 16,739 26,849 Other restaurant operating expenses 30,790 38,231 69,021 Advertising expense 5,726 11,412 17,138 General and administrative expense (2) 24,966 23,555 48,521 Depreciation and amortization 9,248 11,127 20,375 Pre-opening costs 2,047 720 2,767 Impairment and other lease charges (116 ) 315 199 Interest expense 7,954 10,089 18,043 Income (loss) before taxes (3) 26,049 3,414 (16,411 ) 13,052 Capital expenditures 24,996 16,609 5,420 47,025 Identifiable Assets: January 3, 2016 $ 237,065 $ 165,549 $ 13,031 $ 415,645 December 28, 2014 177,923 167,729 12,304 357,956 December 29, 2013 140,797 169,367 8,621 318,785 (1) Includes stock-based compensation expense of $156 , $71 and $2 for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. (2) Includes stock-based compensation expense of $4,137 , $3,426 and $2,296 for the years ended January 3, 2016 , December 28, 2014 and December 29, 2013 , respectively. (3) "Other" income (loss) before taxes for the year ended December 29, 2013 includes the loss on extinguishment of debt discussed in Note 7. |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of basic and diluted net income per share is as follows: Year Ended January 3, 2016 December 28, 2014 December 29, 2013 Basic and diluted net income per share: Net income $ 38,536 $ 36,176 $ 9,257 Less: income allocated to participating securities 441 647 264 Net income available to common stockholders $ 38,095 $ 35,529 $ 8,993 Weighted average common shares, basic 26,515,029 26,293,714 23,271,431 Restricted stock units 7,167 2,335 — Weighted average common shares, diluted 26,522,196 26,296,049 23,271,431 Basic net income per common share $ 1.44 $ 1.35 $ 0.39 Diluted net income per common share $ 1.44 $ 1.35 $ 0.39 |
Selected Quarterly Financial 44
Selected Quarterly Financial and Earningd Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Year Ended January 3, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 163,875 $ 171,900 $ 172,105 $ 179,512 Income from operations 17,458 18,646 13,009 13,358 Net income 10,501 11,249 7,945 8,841 Basic net income per share $ 0.39 $ 0.42 $ 0.30 $ 0.33 Diluted net income per share $ 0.39 $ 0.42 $ 0.30 $ 0.33 Year Ended December 28, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 145,436 $ 154,185 $ 155,298 $ 156,224 Income from operations 14,735 15,663 15,373 13,596 Net income 8,719 9,314 9,155 8,988 Basic net income per share $ 0.33 $ 0.35 $ 0.34 $ 0.34 Diluted net income per share $ 0.33 $ 0.35 $ 0.34 $ 0.34 . |
Basis of Presentation Basis o45
Basis of Presentation Basis of Presentation Narrative (Details) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Entity Information [Line Items] | |||
Weeks In Fiscal Period | 53 | 52 | 52 |
Entity Operated Units [Member] | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 155 | ||
Entity Operated Units [Member] | Taco Cabana [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 162 | ||
Entity Operated Units [Member] | FLORIDA | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 117 | ||
Entity Operated Units [Member] | GEORGIA | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 11 | ||
Entity Operated Units [Member] | TENNESSEE | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 4 | ||
Entity Operated Units [Member] | TEXAS | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 23 | ||
Entity Operated Units [Member] | TEXAS | Taco Cabana [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 161 | ||
Entity Operated Units [Member] | OKLAHOMA | Taco Cabana [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 1 | ||
Franchised Units [Member] | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 35 | ||
Franchised Units [Member] | Taco Cabana [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 6 | ||
Franchised Units [Member] | FLORIDA | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 5 | ||
Franchised Units [Member] | TEXAS | Taco Cabana [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 2 | ||
Franchised Units [Member] | PUERTO RICO | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 17 | ||
Franchised Units [Member] | HONDURAS | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 1 | ||
Franchised Units [Member] | BAHAMAS | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 1 | ||
Franchised Units [Member] | TRINIDAD AND TOBAGO | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 2 | ||
Franchised Units [Member] | VENEZUELA | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 1 | ||
Franchised Units [Member] | PANAMA | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 5 | ||
Franchised Units [Member] | GUATEMALA | Pollo Tropical [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 3 | ||
Franchised Units [Member] | NEW MEXICO | Taco Cabana [Member] | |||
Entity Information [Line Items] | |||
Number of Restaurants | 4 | ||
Maximum [Member] | |||
Entity Information [Line Items] | |||
Weeks In Fiscal Period | 53 | ||
Minimum [Member] | |||
Entity Information [Line Items] | |||
Weeks In Fiscal Period | 52 |
Basis of Presentation Basis o46
Basis of Presentation Basis of Presentation Property Disclosures (Details) | 12 Months Ended |
Jan. 03, 2016 | |
Property, Plant and Equipment [Line Items] | |
Lease Term, new restaurants | 20 years |
Building and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer Hardware and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Assets Subject to Capital Leases [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of useful life or lease term |
Basis of Presentation Fair Valu
Basis of Presentation Fair Value Disclosures (Details) $ in Millions | Jan. 03, 2016USD ($) |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 71 |
Basis of Presentation New Accou
Basis of Presentation New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Noncurrent deferred income taxes | $ 8,497 | $ 13,980 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Noncurrent deferred income taxes | $ 2,900 |
Property and Equipment Proper49
Property and Equipment Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 23,363 | $ 19,455 | |
Owned buildings | 20,101 | 14,863 | |
Leasehold improvements | 206,293 | 168,719 | |
Equipment | 194,181 | 159,596 | |
Assets subject to capital leases | 2,057 | 1,647 | |
Property, Plant and Equipment, Gross | 445,995 | 364,280 | |
Less accumulated depreciation and amortization | (197,003) | (172,909) | |
Property and equipment, net | 248,992 | 191,371 | |
Assets subject to capital leases accumulated depreciation | 800 | 700 | |
Depreciation | 30,600 | 23,000 | $ 20,300 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets Subject to Lease Financing Obligations, Gross | 700 | 700 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets Subject to Lease Financing Obligations, Gross | 800 | 800 | |
Assets Subject to Lease Financing Obligations, Accumulated Depreciation | $ 300 | $ 300 |
Goodwill by Segment (Details)
Goodwill by Segment (Details) - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Goodwill | 123,484,000 | 123,484,000 | |
Pollo Tropical [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 56,307,000 | 56,307,000 | |
Taco Cabana [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 67,177,000 | $ 67,177,000 |
Impairment of Long-Lived Asse51
Impairment of Long-Lived Assets and Other Lease Charges Impairment Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Other Liabilities Disclosure [Abstract] | |||
Impairment and other lease charges | $ 2,382 | $ 363 | $ 199 |
Pollo Tropical [Member] | |||
Other Liabilities Disclosure [Abstract] | |||
Impairment and other lease charges | 510 | 254 | (116) |
Taco Cabana [Member] | |||
Other Liabilities Disclosure [Abstract] | |||
Impairment and other lease charges | $ 1,872 | $ 109 | $ 315 |
Impairment of Long-Lived Asse52
Impairment of Long-Lived Assets and Other Lease Charges Impairment Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Impairment and Other Lease Charges [Line Items] | |||
Level 3 assets measured at fair value | $ 300 | ||
Lease charges | 554 | $ 0 | |
Additional lease charges, net of (recoveries) | 258 | 5 | $ (200) |
Impairment and other lease charges | 2,382 | 363 | 199 |
Pollo Tropical [Member] | |||
Impairment and Other Lease Charges [Line Items] | |||
Asset impairment charges | 300 | ||
Lease charges | 300 | ||
Additional lease charges, net of (recoveries) | 200 | ||
Impairment and other lease charges | 510 | 254 | (116) |
Taco Cabana [Member] | |||
Impairment and Other Lease Charges [Line Items] | |||
Asset impairment charges | 1,700 | 100 | 400 |
Lease charges | 200 | ||
Impairment and other lease charges | $ 1,872 | $ 109 | $ 315 |
Other Liabilities Other Liabili
Other Liabilities Other Liabilities Current (Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Other current liabilities [Line Items] | ||
Accrued workers' compensation and general liability claims | $ 5,540 | $ 3,996 |
Sales and property taxes | 3,031 | 1,933 |
Accrued occupancy costs | 980 | 508 |
Other | 2,545 | 1,873 |
Other Liabilities, Current | $ 12,096 | $ 8,310 |
Other Liabilities Noncurrent (D
Other Liabilities Noncurrent (Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Accrued occupancy costs | $ 15,349 | $ 12,254 |
Deferred compensation | 1,665 | 1,102 |
Accrued workers' compensation and general liability costs | 697 | 977 |
Other | 3,286 | 1,610 |
Other Liabilities, Noncurrent | $ 20,997 | $ 15,943 |
Other Liabilities Restructuring
Other Liabilities Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | $ 1,251 | $ 1,439 | |
Provisions for restaurant closures | 554 | 0 | |
Additional lease charges, net of (recoveries) | 258 | 5 | $ (200) |
Payments, net | 358 | 321 | |
Other adjustments | 127 | 128 | |
Balance, end of period | 1,832 | 1,251 | $ 1,439 |
Long-Term Liability [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 1,000 | ||
Balance, end of period | $ 1,200 | $ 1,000 |
Leases Sale-leaseback transacti
Leases Sale-leaseback transactions (Details) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016USD ($) | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | |
Sale Leaseback Transaction [Line Items] | |||
Lease Term, new restaurants | 20 years | ||
Proceeds from sale-leaseback transactions | $ 0 | $ 5,692 | $ 15,662 |
Deferred sale-leaseback gain | 1,900 | 4,000 | |
Amortization of deferred gains from sale-leaseback transactions | $ 3,618 | $ 3,671 | $ 3,489 |
Sale-Leaseback Transactions [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Number of Restaurants | 2 | 6 | |
Proceeds from sale-leaseback transactions | $ 5,700 | $ 15,700 |
Leases Future Minimum Lease Pay
Leases Future Minimum Lease Payments(Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 | |
Schedule of Future Minimum Rental Commitments [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 39,038 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 38,474 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 37,531 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 36,808 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 35,148 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 294,126 | ||
Operating Leases, Future Minimum Payments Due | [1] | 481,125 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 256 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 282 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 282 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 282 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 286 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 1,841 | ||
Capital Leases, Future Minimum Payments Due | 3,229 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (1,548) | ||
Capital Lease Obligations | 1,681 | $ 1,325 | |
Capital Lease Obligations, Current | (69) | ||
Capital Lease Obligations, Noncurrent | 1,612 | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 2,800 | ||
[1] | (1) Minimum operating lease payments have not been reduced by minimum sublease rentals of $2.8 million due in the future under noncancelable subleases. |
Leases Rent Expense (Details)
Leases Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Rent Expense [Line Items] | |||
Restaurant rent expense | $ 33,103 | $ 29,645 | $ 26,849 |
Operating Leases, Rent Expense | 35,865 | 32,108 | 28,695 |
Operating Expense [Member] | |||
Rent Expense [Line Items] | |||
Minimum rent on real property | 32,716 | 29,309 | 26,571 |
Additional rent based on percentage of sales | 387 | 336 | 278 |
Restaurant rent expense | 33,103 | 29,645 | 26,849 |
Pre-opening costs [Member] | |||
Rent Expense [Line Items] | |||
Minimum rent on real property | 1,736 | 1,421 | 842 |
General and Administrative Expense [Member] | |||
Rent Expense [Line Items] | |||
Minimum rent on real property | $ 1,026 | $ 1,042 | $ 1,004 |
Long-term Debt Schedule of Long
Long-term Debt Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Debt Instrument [Line Items] | ||
Revolving Credit Facility | $ 71,000 | $ 66,000 |
Capital leases | 1,681 | 1,325 |
Long-term Debt | 72,681 | 67,325 |
Current portion of long-term debt | (69) | (61) |
Long-term debt, net of current portion | $ 72,612 | $ 67,264 |
Long-term Debt Senior Credit Fa
Long-term Debt Senior Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 11, 2018 | |
Line of Credit Facility, Amount Outstanding | $ 71,000 | $ 66,000 |
Letters of Credit Outstanding, Amount | 5,500 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 73,500 | |
Line of Credit Facility, Alternative Base Rate, Interest Rate Margin | 0.50% | |
Line of Credit Facility, Libor Rate, Interest Rate Margin | 1.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Credit Facility, Cross Default Provision, Minimum Debt Principal Amount | $ 5,000 | |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Alternative Base Rate, Interest Rate Margin | 0.50% | |
Line of Credit Facility, Libor Rate, Interest Rate Margin | 1.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Incremental Increases | $ 50,000 | |
Line of Credit Facility, Alternative Base Rate, Interest Rate Margin | 1.50% | |
Line of Credit Facility, Libor Rate, Interest Rate Margin | 2.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% |
Long-term Debt Long Term Debt S
Long-term Debt Long Term Debt Senior Secured Second Lien Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Extinguishment of Debt [Line Items] | |||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 16,411 |
Premium and other costs associated with debt redemption | $ 0 | $ 0 | $ 12,545 |
Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.875% | ||
Extinguishment of debt | $ 200,000 | ||
Loss on extinguishment of debt | 16,400 | ||
Write off of deferred debt issuance cost | 3,900 | ||
Premium and other costs associated with debt redemption | 12,500 | ||
Senior Notes [Member] | Tendered and repurchased [Member] | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of debt | 122,700 | ||
Senior Notes [Member] | Called and redeemed [Member] | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of debt | $ 77,300 |
Long-term Debt Long Term Debt O
Long-term Debt Long Term Debt Other Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 71,000 | ||
Debt, Weighted Average Interest Rate | 2.08% | 1.79% | |
Interest expense | $ 1,889 | $ 2,228 | $ 18,043 |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense | $ 1,600 | $ 2,100 | $ 17,900 |
Lease Financing Obligations (De
Lease Financing Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Lease Financing Obligations [Line Items] | |||
Lease Expiration Date | 20 years | ||
Interest Expense | $ 1,889 | $ 2,228 | $ 18,043 |
Interest Rate, Lease Financing Obligations | 8.60% | ||
Lease Financing Obligations [Member] | |||
Lease Financing Obligations [Line Items] | |||
Interest Expense | $ 100 | $ 100 | $ 100 |
Lease Financing Obligations Fut
Lease Financing Obligations Future Payments of Lease Financing Obligations (Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Future Payments of Lease Financing Obligations [Abstract] | ||
Lease Financing Obligations, Future Minimum Payments Due, Next Twelve Months | $ 141 | |
Lease Financing Obligations, Future Minimum Payments Due in Two Years | 143 | |
Lease Financing Obligations, Future Minimum Payments Due in Three Years | 144 | |
Lease Financing Obligations, Future Minimum Payments Due in Four Years | 146 | |
Lease Financing Obligations, Future Minimum Payments Due in Five Years | 147 | |
Lease Financing Obligations, Future Minimum Payments Due Thereafter | 2,076 | |
Lease Financing Obligations, Future Minimum Payments Due | 2,797 | |
Lease Financing Obligations, Interest Included in Payments | (1,134) | |
Lease Financing Obligations | $ 1,663 | $ 1,660 |
Income Tax Provision (Details)
Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax Disclosures [Line Items] | |||
Federal | $ 14,086 | $ 17,335 | $ 2,550 |
Foreign | 396 | 380 | 375 |
State | 2,081 | 2,291 | 1,048 |
Current | 16,563 | 20,006 | 3,973 |
Federal | 5,318 | 417 | 136 |
State | 139 | 46 | (11) |
Deferred | 5,457 | 463 | 125 |
Valuation allowance | 26 | 494 | (303) |
Provision for income taxes | $ 22,046 | $ 20,963 | $ 3,795 |
Income Taxes Components of Defe
Income Taxes Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Deferred Taxes [Line Items] | ||
Inventory and other reserves | $ 161 | $ (186) |
Accrued vacation benefits | 1,494 | 1,428 |
Other accruals | 2,540 | 2,164 |
Deferred income on sale-leaseback of certain real estate | 10,929 | 12,512 |
Lease financing obligations | 133 | 138 |
Property and equipment depreciation | (12,176) | (5,144) |
Amortization of other intangibles, net | (3,211) | (3,164) |
Occupancy costs | 5,840 | 4,567 |
Tax credit carryforwards | 1,036 | 1,010 |
Other | 2,787 | 1,665 |
Net deferred income tax assets | 9,533 | 14,990 |
Less: Valuation allowance | 1,036 | 1,010 |
Carrying value of net deferred income tax assets | $ 8,497 | $ 13,980 |
Income Taxes Income Tax Rate Re
Income Taxes Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax Disclosures [Abstract] | |||
Statutory federal income tax provision | $ 21,204 | $ 19,999 | $ 4,568 |
State income taxes, net of federal benefit | 1,435 | 1,453 | 666 |
Change in valuation allowance | 26 | 494 | (303) |
Non-deductible expenses | 260 | 293 | 334 |
Foreign taxes | 396 | 380 | 654 |
Employment tax credits | (889) | (1,174) | (1,490) |
Foreign tax credits | (396) | (380) | (375) |
Other | 10 | (102) | (259) |
Provision for income taxes | $ 22,046 | $ 20,963 | $ 3,795 |
Income Taxes Other Income Tax D
Income Taxes Other Income Tax Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax Disclosures [Abstract] | |||
Change in valuation allowance | $ 26 | $ 494 | $ (303) |
Valuation allowance | $ (1,036) | $ (1,010) | |
Effective income tax rate | 36.40% | 36.70% | 29.10% |
Unrecognized Tax Benefits | $ 0 | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | Nov. 20, 2013 | |
Stockholders' Equity Disclosures [Line Items] | ||||
Share Price | $ 46 | |||
Proceeds from Issuance of Common Stock | $ 135,286 | |||
Payments of Stock Issuance Costs | $ 0 | $ 30 | ||
Borrowings on revolving credit facility | $ 28,500 | 25,000 | 81,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,233,698 | |||
Stock-based Compensation | $ 4,300 | 3,500 | 2,300 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6,600 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 22 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 11,900 | $ 12,800 | $ 6,300 | |
Restricted Stock [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Granted | 50,600 | 80,290 | 161,546 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 61.47 | $ 44.22 | $ 21.35 | |
Restricted Stock [Member] | Executive Officer [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Granted | 17,501 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Restricted Stock [Member] | Director [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Granted | 27,508 | 24,252 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 63.93 | $ 45.04 | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Granted | 17,501 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Shares to be issued at end of performance period | 0 | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Shares to be issued at end of performance period | 35,002 | |||
Common Stock [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 3,078,336 | |||
Proceeds from Issuance of Common Stock | $ 135,300 | |||
Gross Proceeds Common Stock [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Proceeds from Issuance of Common Stock | 141,600 | |||
Underwriting fees [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Payments of Stock Issuance Costs | 5,700 | |||
Other Expense [Member] | Common Stock [Member] | ||||
Stockholders' Equity Disclosures [Line Items] | ||||
Payments of Stock Issuance Costs | $ 700 |
Stockholders' Equity Nonvested
Stockholders' Equity Nonvested Shares Activity Table (Details) - $ / shares | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares beginning | 424,497 | ||
Shares weighted average grant date price beginning | $ 20.50 | ||
Granted | 50,600 | 80,290 | 161,546 |
Granted weighted average grant date prices | $ 61.47 | $ 44.22 | $ 21.35 |
Vested/Released | 212,963 | ||
Vested weighted average grant date prices | $ 17.51 | ||
Forfeited | 4,516 | ||
Forfeited weighted average grant date prices | $ 39.51 | ||
Shares ending | 257,618 | 424,497 | |
Shares weighted average grant date price ending | $ 30.69 | $ 20.50 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares beginning | 20,783 | ||
Shares weighted average grant date price beginning | $ 45.04 | ||
Granted | 27,508 | 24,252 | |
Granted weighted average grant date prices | $ 63.93 | $ 45.04 | |
Vested/Released | 191 | ||
Vested weighted average grant date prices | $ 45.04 | ||
Forfeited | 5,260 | ||
Forfeited weighted average grant date prices | $ 50.87 | ||
Shares ending | 42,840 | 20,783 | |
Shares weighted average grant date price ending | $ 56.46 | $ 45.04 |
Business Segment Information 71
Business Segment Information Business Segment Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |||
Segment Reporting Information [Line Items] | |||||
Restaurant sales | $ 684,584 | $ 608,540 | $ 548,980 | ||
Franchise royalty revenue and fees | 2,808 | 2,603 | 2,357 | ||
Cost of sales | 217,328 | 192,250 | 176,123 | ||
Restaurant wages and related expenses | [1] | 174,222 | 155,140 | 143,392 | |
Restaurant rent expense | 33,103 | 29,645 | 26,849 | ||
Other restaurant operating expenses | 87,285 | 78,921 | 69,021 | ||
Advertising expense | 21,617 | 19,493 | 17,138 | ||
General and administrative | [2] | 54,521 | 49,414 | 48,521 | |
Depreciation and amortization | 30,575 | 23,047 | 20,375 | ||
Pre-opening costs | 4,567 | 4,061 | 2,767 | ||
Impairment and other lease charges | 2,382 | 363 | 199 | ||
Other (income) expense | (679) | (558) | (554) | ||
Interest Expense | 1,889 | 2,228 | 18,043 | ||
Income before income taxes | 60,582 | 57,139 | 13,052 | ||
Total capital expenditures | 87,570 | 74,079 | 47,025 | ||
Assets | 415,645 | 357,956 | 318,785 | ||
Stock-based compensation | 4,300 | 3,500 | 2,300 | ||
Pollo Tropical [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restaurant sales | 364,544 | 305,404 | 257,837 | ||
Franchise royalty revenue and fees | 2,197 | 2,072 | 1,865 | ||
Cost of sales | 121,689 | 100,468 | 85,532 | ||
Restaurant wages and related expenses | 81,647 | 67,487 | 57,893 | ||
Restaurant rent expense | 16,003 | 12,473 | 10,110 | ||
Other restaurant operating expenses | 45,376 | 38,331 | 30,790 | ||
Advertising expense | 9,527 | 7,714 | 5,726 | ||
General and administrative | 31,142 | 26,672 | 24,966 | ||
Depreciation and amortization | 18,000 | 11,596 | 9,248 | ||
Pre-opening costs | 4,310 | 3,385 | 2,047 | ||
Impairment and other lease charges | 510 | 254 | (116) | ||
Interest Expense | 806 | 1,035 | 7,954 | ||
Income before income taxes | 38,021 | 38,061 | 26,049 | ||
Total capital expenditures | 73,129 | 52,355 | 24,996 | ||
Assets | 237,065 | 177,923 | 140,797 | ||
Taco Cabana [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restaurant sales | 320,040 | 303,136 | 291,143 | ||
Franchise royalty revenue and fees | 611 | 531 | 492 | ||
Cost of sales | 95,639 | 91,782 | 90,591 | ||
Restaurant wages and related expenses | 92,575 | 87,653 | 85,499 | ||
Restaurant rent expense | 17,100 | 17,172 | 16,739 | ||
Other restaurant operating expenses | 41,909 | 40,590 | 38,231 | ||
Advertising expense | 12,090 | 11,779 | 11,412 | ||
General and administrative | 23,379 | 22,742 | 23,555 | ||
Depreciation and amortization | 12,575 | 11,451 | 11,127 | ||
Pre-opening costs | 257 | 676 | 720 | ||
Impairment and other lease charges | 1,872 | 109 | 315 | ||
Interest Expense | 1,083 | 1,193 | 10,089 | ||
Income before income taxes | 22,561 | 19,078 | 3,414 | ||
Total capital expenditures | 12,294 | 17,969 | 16,609 | ||
Assets | $ 165,549 | $ 167,729 | $ 169,367 | ||
Unallocated Amount to Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restaurant sales | |||||
Franchise royalty revenue and fees | |||||
Cost of sales | |||||
Restaurant wages and related expenses | |||||
Restaurant rent expense | |||||
Other restaurant operating expenses | |||||
Advertising expense | |||||
General and administrative | |||||
Depreciation and amortization | |||||
Pre-opening costs | |||||
Impairment and other lease charges | |||||
Interest Expense | |||||
Income before income taxes | [3] | $ (16,411) | |||
Total capital expenditures | $ 2,147 | $ 3,755 | 5,420 | ||
Assets | 13,031 | 12,304 | 8,621 | ||
Restaurant Wages And Related Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation | 156 | 71 | 2 | ||
General and Administrative Expense [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation | $ 4,137 | $ 3,426 | $ 2,296 | ||
[1] | Includes stock-based compensation expense of $156, $71 and $2 for the years ended January 3, 2016, December 28, 2014 and December 29, 2013, respectively. | ||||
[2] | Includes stock-based compensation expense of $4,137, $3,426 and $2,296 for the years ended January 3, 2016, December 28, 2014 and December 29, 2013, respectively. | ||||
[3] | "Other" income (loss) before taxes for the year ended December 29, 2013 includes the loss on extinguishment of debt discussed in Note 7. |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 8,841 | $ 7,945 | $ 11,249 | $ 10,501 | $ 8,988 | $ 9,155 | $ 9,314 | $ 8,719 | $ 38,536 | $ 36,176 | $ 9,257 |
Less: income allocated to participating securities | 441 | 647 | 264 | ||||||||
Net income available to common shareholders | $ 38,095 | $ 35,529 | $ 8,993 | ||||||||
Weighted average common shares, basic | 26,515,029 | 26,293,714 | 23,271,431 | ||||||||
Restricted stock units | 7,167 | 2,335 | 0 | ||||||||
Weighted average common shares, diluted | 26,522,196 | 26,296,049 | 23,271,431 | ||||||||
Basic net income per share | $ 0.33 | $ 0.30 | $ 0.42 | $ 0.39 | $ 0.34 | $ 0.34 | $ 0.35 | $ 0.33 | $ 1.44 | $ 1.35 | $ 0.39 |
Diluted net income per share | $ 0.33 | $ 0.30 | $ 0.42 | $ 0.39 | $ 0.34 | $ 0.34 | $ 0.35 | $ 0.33 | $ 1.44 | $ 1.35 | $ 0.39 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,491 | 5,899 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Narrative (Details) $ in Millions | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Lease assignment maximum exposure | $ 2.3 |
Gain (Loss) Related to Litigation Settlement | (1.1) |
Assignee filed Chapter 11 [Member] | |
Loss Contingencies [Line Items] | |
Lease assignment maximum exposure | $ 0.8 |
Retirement Plans (Details)
Retirement Plans (Details) | 12 Months Ended | ||
Jan. 03, 2016USD ($)Rate | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | Rate | 3.00% | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount | $ | $ 500 | ||
Defined Contribution Plan, Hours of Service Required | 1,000 | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | Rate | 50.00% | ||
Defined Contribution Plan, Cost Recognized | $ | $ 300,000 | 200,000 | $ 200,000 |
Deferred Compensation Plan, Interest Rate | Rate | 8.00% | ||
Deferred Compensation Liability, Current and Noncurrent | $ | $ 1,700,000 | $ 1,100,000 | |
Minimum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Vesting Period for Employer Match | 1 year | ||
Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 50.00% | |
Defined Contribution Plan, Vesting Period for Employer Match | 5 years |
Selected Quarterly Financial 75
Selected Quarterly Financial and Earningd Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Revenue | $ 179,512 | $ 172,105 | $ 171,900 | $ 163,875 | $ 156,224 | $ 155,298 | $ 154,185 | $ 145,436 | $ 687,392 | $ 611,143 | $ 551,337 |
Income from operations | 13,358 | 13,009 | 18,646 | 17,458 | 13,596 | 15,373 | 15,663 | 14,735 | 62,471 | 59,367 | 47,506 |
Net income (loss) | $ 8,841 | $ 7,945 | $ 11,249 | $ 10,501 | $ 8,988 | $ 9,155 | $ 9,314 | $ 8,719 | $ 38,536 | $ 36,176 | $ 9,257 |
Basic net income per share | $ 0.33 | $ 0.30 | $ 0.42 | $ 0.39 | $ 0.34 | $ 0.34 | $ 0.35 | $ 0.33 | $ 1.44 | $ 1.35 | $ 0.39 |
Diluted net income per share | $ 0.33 | $ 0.30 | $ 0.42 | $ 0.39 | $ 0.34 | $ 0.34 | $ 0.35 | $ 0.33 | $ 1.44 | $ 1.35 | $ 0.39 |
Schedule II--Valuation and Qu76
Schedule II--Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 1,036 | $ 1,010 | $ 516 | $ 819 |
Valuation Allowances and Reserves, Charged to Cost and Expense | (26) | (494) | 303 | |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | $ 0 | $ 0 | $ 0 |