Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 24, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 24-Sep-14 |
Trading Symbol | 'LOCO |
Entity Registrant Name | 'El Pollo Loco Holdings, Inc. |
Entity Central Index Key | '0001606366 |
Entity Filer Category | 'Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $41,825 | $17,015 | $21,487 |
Restricted cash | 125 | 131 | 131 |
Accounts and other receivables, net | 5,720 | 5,906 | 3,539 |
Inventories | 1,626 | 1,655 | 1,688 |
Prepaid expenses and other current assets | 3,258 | 2,123 | 2,009 |
Deferred tax assets | 577 | 442 | ' |
Total current assets | 53,131 | 27,272 | 28,854 |
Property and equipment owned, net | 79,806 | 68,641 | 64,808 |
Property held under capital lease, net | 142 | 180 | 244 |
Goodwill | 248,674 | 249,324 | 249,924 |
Domestic trademarks | 61,888 | 61,888 | 61,888 |
Other intangible assets, net | 815 | 934 | 1,106 |
Deferred tax assets | 28,014 | ' | ' |
Other assets | 4,555 | 8,703 | 11,074 |
Total assets | 477,025 | 416,942 | 417,898 |
Current liabilities: | ' | ' | ' |
Current portion of first lien term loan | 1,900 | 1,900 | 1,700 |
Current portion of obligations under capital leases | 222 | 267 | 229 |
Accounts payable | 14,716 | 12,316 | 9,883 |
Accrued salaries and vacation | 7,419 | 8,594 | 8,000 |
Accrued insurance | 3,946 | 3,597 | 3,153 |
Accrued income taxes payable | ' | 27 | 22 |
Accrued interest | 2,236 | 4,182 | 8,041 |
Accrued advertising | 868 | 265 | 257 |
Deferred taxes | ' | 322 | 334 |
Other accrued expenses and current liabilities | 13,811 | 7,825 | 7,240 |
Total current liabilities | 45,118 | 38,973 | 38,859 |
Noncurrent liabilities: | ' | ' | ' |
First lien term loan, net of current portion | 185,907 | 187,190 | ' |
Second lien term loan | ' | 99,038 | ' |
Obligations under capital leases, net of current portion | 691 | 847 | 1,114 |
Deferred taxes, net of current portion | ' | 31,623 | 30,240 |
Deferred tax liabilities | ' | 32,387 | ' |
Other intangible liabilities, net | 1,640 | 1,927 | 2,312 |
Other noncurrent liabilities | 44,337 | 8,044 | 9,208 |
Total liabilities | 277,693 | 368,406 | 353,311 |
Commitments and contingencies | ' | ' | ' |
Stockholder's Equity | ' | ' | ' |
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none outstanding | 0 | 0 | ' |
Common stock value | 369 | 287 | 287 |
Additional paid-in capital | 352,977 | 240,151 | 239,329 |
Accumulated deficit | -154,014 | -191,902 | -175,029 |
Total stockholder's equity | 199,332 | 48,536 | 64,587 |
Total liabilities and stockholder's equity | 477,025 | 416,942 | 417,898 |
Scenario, Previously Reported [Member] | ' | ' | ' |
Current assets: | ' | ' | ' |
Total current assets | ' | 26,830 | ' |
Total assets | ' | 416,500 | ' |
Current liabilities: | ' | ' | ' |
Total current liabilities | ' | 39,295 | ' |
Noncurrent liabilities: | ' | ' | ' |
Total liabilities | ' | 367,964 | ' |
Stockholder's Equity | ' | ' | ' |
Total liabilities and stockholder's equity | ' | 416,500 | ' |
Senior Secured Term Loan [Member] | ' | ' | ' |
Noncurrent liabilities: | ' | ' | ' |
Senior secured debt | ' | ' | 161,885 |
Second Priority Senior Secured Notes Due January 2018 [Member] | ' | ' | ' |
Noncurrent liabilities: | ' | ' | ' |
Senior secured debt | ' | ' | $109,693 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 36,929,835 | 28,712,622 |
Common stock, shares outstanding | 36,929,835 | 28,712,622 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Revenue | ' | ' | ' | ' | ' | ' |
Company-operated restaurant revenue | $80,861 | $74,470 | $238,432 | $223,059 | $294,327 | $274,928 |
Franchise revenue | 5,696 | 5,297 | 16,456 | 15,430 | 20,400 | 18,682 |
Total revenue | 86,557 | 79,767 | 254,888 | 238,489 | 314,727 | 293,610 |
Cost of operations | ' | ' | ' | ' | ' | ' |
Food and paper cost | 25,881 | 23,705 | 75,834 | 70,608 | 93,589 | 85,428 |
Labor and related expenses | 20,137 | 18,972 | 59,552 | 57,260 | 75,669 | 73,406 |
Occupancy and other operating expenses | 18,102 | 16,393 | 51,091 | 47,791 | 63,150 | 61,636 |
Company restaurant expenses | 64,120 | 59,070 | 186,477 | 175,659 | 232,408 | 220,470 |
General and administrative expenses | 7,509 | 6,263 | 20,974 | 18,754 | 25,506 | 24,451 |
Franchise expenses | 901 | 980 | 2,827 | 2,930 | 3,841 | 3,647 |
Depreciation and amortization | 2,924 | 2,625 | 8,271 | 7,570 | 10,213 | 9,530 |
Loss on disposal of assets | 118 | 153 | 609 | 734 | 868 | 966 |
Asset impairment and close-store reserves | 22 | 25 | 415 | 126 | -101 | 1,494 |
Total expenses | 75,594 | 69,116 | 219,573 | 205,773 | 272,735 | 260,558 |
Gain on disposition of restaurant | 2,658 | ' | 2,658 | ' | 400 | ' |
Income from operations | 13,621 | 10,651 | 37,973 | 32,716 | 42,392 | 33,052 |
Interest expense, net | 3,960 | 9,863 | 15,286 | 29,443 | 36,334 | 38,890 |
Early extinguishment of debt | 5,082 | ' | 5,082 | ' | 21,530 | ' |
Income tax receivable agreement expense | 40,119 | ' | 40,119 | ' | ' | ' |
(Loss) income before provision for income taxes | -35,540 | 788 | -22,514 | 3,273 | -15,472 | -5,838 |
(Benefit) provision for income taxes | -61,389 | -130 | -60,402 | 2,005 | 1,401 | 2,027 |
Net Income (loss) | $25,849 | $918 | $37,888 | $1,268 | ($16,873) | ($7,865) |
Net income per share | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ' | ' | ' | ($0.59) | ($0.27) |
Basic | $0.76 | $0.03 | $1.24 | $0.04 | ' | ' |
Diluted | $0.70 | $0.03 | $1.13 | $0.04 | ' | ' |
Weighted average shares used in computing net loss per share | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ' | ' | ' | 28,712,622 | 28,712,194 |
Basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 | ' | ' |
Diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 | ' | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 |
Income Statement [Abstract] | ' | ' |
Interest income | $94 | $100 |
Statement_of_Shareholders_Equi
Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | ||||
Beginning balance, value at Dec. 28, 2011 | $71,596 | $287 | $238,473 | ($167,164) |
Beginning balance, shares at Dec. 28, 2011 | ' | 28,710,070 | ' | ' |
Stock based compensation | 860 | ' | 860 | ' |
Cash used for net stock option exercises, value | -4 | ' | -4 | ' |
Cash used for net stock option exercises, shares | 8,093 | 2,552 | ' | ' |
Net loss | -7,865 | ' | ' | -7,865 |
Ending balance, value at Dec. 26, 2012 | 64,587 | 287 | 239,329 | -175,029 |
Ending value, shares at Dec. 26, 2012 | ' | 28,712,622 | ' | ' |
Stock based compensation | 822 | ' | 822 | ' |
Net loss | -16,873 | ' | ' | -16,873 |
Ending balance, value at Dec. 25, 2013 | $48,536 | $287 | $240,151 | ($191,902) |
Ending value, shares at Dec. 25, 2013 | ' | 28,712,622 | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Cash flows from operating activities | ' | ' | ' | ' |
Net income (loss) | $37,888 | $1,268 | ($16,873) | ($7,865) |
Adjustments to reconcile changes in net loss to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 8,271 | 7,570 | 10,213 | 9,530 |
Stock-based compensation expense | 635 | 191 | 822 | 860 |
Interest accretion | 250 | 4,854 | 3,753 | 6,264 |
Income tax receivable agreement expense | 40,119 | ' | ' | ' |
Gain on disposition of restaurant | -2,658 | ' | -400 | ' |
Loss on disposal of assets | 568 | 686 | 868 | 966 |
Early extinguishment of debt | 5,082 | ' | 21,530 | ' |
Impairment of property and equipment | 62 | 45 | 27 | 42 |
Close-store reserve | 353 | 81 | -128 | 1,452 |
Amortization of deferred financing costs | 1,173 | 1,538 | 2,007 | 2,118 |
Amortization of favorable and unfavorable leases, net | -168 | -159 | -213 | -275 |
Deferred income taxes, net | -60,536 | 1,979 | 1,371 | 1,999 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Accounts and other receivables, net | 186 | -1,979 | -1,319 | 1,032 |
Inventories | 29 | 50 | 33 | -185 |
Prepaid expenses and other current assets | -1,215 | -1,219 | -123 | -856 |
Income taxes payable | -27 | -3 | 5 | 1 |
Other assets | 491 | 91 | 95 | 473 |
Accounts payable | -457 | 2,150 | 1,294 | 765 |
Accrued salaries and vacation | -1,202 | -1,459 | 595 | 1,131 |
Accrued insurance | 349 | 343 | 444 | 1,170 |
Other accrued expenses and liabilities | 649 | -3,499 | -4,301 | 787 |
Net cash flows provided by operating activities | 29,842 | 12,528 | 19,700 | 19,409 |
Cash flows from investing activities | ' | ' | ' | ' |
Proceeds from sale of restaurants | 5,435 | 15 | 1,348 | ' |
Proceeds from disposition of assets | ' | ' | 35 | ' |
Purchase of property and equipment | -19,414 | -10,169 | -13,822 | -14,993 |
Net cash flows used in investing activities | -13,979 | -10,154 | -13,787 | -14,993 |
Cash flows from financing activities | ' | ' | ' | ' |
Payments on senior secured loan | -101,425 | -1,275 | ' | ' |
Proceeds from borrowings on term loans | ' | ' | 288,050 | ' |
Proceeds from issuance of common stock, net of expenses | 112,300 | ' | ' | ' |
Cash used for net stock option exercises | ' | ' | ' | -4 |
Payment of call premium on notes | -1,512 | ' | -7,913 | ' |
Payment of obligations under capital leases | -201 | -168 | -229 | -216 |
Amendment fee | -215 | ' | ' | ' |
Repayments on senior secured notes | ' | ' | -282,196 | -1,700 |
Deferred financing costs | ' | ' | -8,097 | ' |
Net cash flows provided by (used in) financing activities | 8,947 | -1,443 | -10,385 | -1,920 |
(Decrease) increase in cash and cash equivalents | 24,810 | 931 | -4,472 | 2,496 |
Cash and cash equivalents, beginning of period | 17,015 | 21,487 | 21,487 | 18,991 |
Cash and cash equivalents, end of period | 41,825 | 22,418 | 17,015 | 21,487 |
Supplemental cash flow information | ' | ' | ' | ' |
Cash paid during the period for interest | 15,705 | 26,380 | 34,427 | 28,710 |
Cash paid during the period for income taxes, net | 161 | 29 | 26 | 26 |
Unpaid purchase of property and equipment | 2,857 | 562 | 1,139 | 326 |
Cashless stock option exercise | ($27) | ' | ' | ' |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 25, 2013 | |
Accounting Policies [Abstract] | ' |
DESCRIPTION OF BUSINESS | ' |
1. DESCRIPTION OF BUSINESS | |
El Pollo Loco Holdings, Inc. (“Holdings”) is a Delaware corporation headquartered in Costa Mesa, California. Holdings and its direct and indirect subsidiaries are collectively known as the “Company.” The Company’s activities are conducted principally through its indirect subsidiary, El Pollo Loco, Inc. (“EPL”), which develops, franchises, licenses and operates quick-service restaurants under the name El Pollo Loco® and operates under one business segment. The restaurants, which are located principally in California but also in Arizona, Nevada, Texas, and Utah, specialize in flame-grilled chicken in a wide variety of contemporary Mexican-influenced entrees, including specialty chicken burritos, chicken quesadillas, chicken tortilla soup, Pollo Bowls and Pollo Salads. At December 25, 2013, the Company operated 168 (133 in the greater Los Angeles area) and franchised 233 (136 in the greater Los Angeles area) El Pollo Loco restaurants. In addition, the Company currently licenses two restaurants in the Philippines that are set to expire in 2016. The Company is a subsidiary of Trimaran Pollo Partners, LLC (the “LLC,” which is controlled by affiliates of Trimaran Capital, LLC). LLC acquired Chicken Acquisition Corp. (“CAC”), a predecessor of Holdings, on November 17, 2005 (the “Acquisition”) and has a 99.5% ownership interest. The LLC’s only material asset is its investment in Holdings. | |
On April 22, 2014, CAC, its wholly owned subsidiary, Chicken Subsidiary Corp (“CSC”) and CSC’s wholly owned subsidiary, the former El Pollo Loco Holdings, Inc. (“Old Holdings”) entered into the following reorganization transactions: (i) Old Holdings merged with and into CSC with CSC continuing as the surviving corporation; (ii) CSC merged with and into CAC with CAC continuing as the surviving corporation and (iii) CAC renamed itself El Pollo Loco Holdings, Inc. | |
Holdings has no material assets or operations. Holdings’ direct subsidiary, EPL Intermediate, Inc. (“Intermediate”) guarantees EPL’s credit agreements (see Note 6) on a full and unconditional basis and Intermediate has no subsidiaries other than EPL. EPL is a separate and distinct legal entity, has no obligation to make funds available to Intermediate, and currently has restrictions that limit distributions or dividends to be paid by EPL to Intermediate, which ultimately limit distributions or dividends to Holdings. | |
EPL may make distributions to Intermediate only under certain restricted circumstances, including, but not limited to, payments of: (i) franchise taxes or other costs of maintaining the corporate existence of Intermediate, (ii) accounting, legal, administrative and operating expenses of Intermediate, up to $250,000 in any 12 month period, and (iii) EPL’s allocable portion of tax liabilities on consolidated tax returns with Intermediate, subject to certain overall amounts. | |
EPL is also restricted in its dividend payments to Intermediate. These restricted dividend payments include, but are not limited to: (i) dividends payable solely in EPL’s own common stock or other common equity interests, (ii) payments that permit Intermediate to repurchase or redeem qualified capital stock of Intermediate held by present or former officers, directors or employees, not to exceed $1,000,000 in any fiscal year (with unused amounts carried over to the next fiscal year), and (iii) provided that no default or event of default under the credit facilities has occurred, is continuing, or would result therefrom, dividends limited to various absolute ceiling amounts, including an aggregate amount up to $5,000,000 (shared with Intermediate) for dividends not including those paid pursuant to stock options and other benefit plans. | |
Likewise, Intermediate is restricted in its own dividend payments, with such restrictions including, but not limited to, dividends payable solely in Intermediate’s own common stock or other common equity interests. Intermediate may purchase, redeem or otherwise acquire equity interests issued by it with the proceeds received by it from the substantially concurrent issue of new shares of its common stock or other common equity interests. | |
The Company operates in only one segment. All significant revenues relate to retail sales of food and beverages to the general public through either company or franchised restaurants. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||
Dec. 25, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Liquidity | |||||
The Company’s principal liquidity requirements are to service its debt and meet capital expenditure needs. At December 25, 2013, the Company’s total debt (including capital lease liabilities) was $289.2 million. The Company’s ability to make payments on its indebtedness and to fund planned capital expenditures will depend on available cash and its ability to generate adequate cash flows in the future, which, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond the Company’s control. Based on current operations, the Company believes that its cash flows from operations, available cash of $17.0 million at December 25, 2013 and available borrowings under the credit facility (which availability was $7.7 million at December 25, 2013) will be adequate to meet the Company’s liquidity needs for the next 12 months. | |||||
Basis of Presentation | |||||
The Company uses a 52- or 53-week fiscal year ending on the last Wednesday of the calendar year. In a 52-week fiscal year, each quarter includes 13 weeks of operations; in a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations and the fourth quarter includes 14 weeks of operations. Every six or seven years a 53-week fiscal year occurs. Fiscal 2013 and 2012, which were 52-week years, ended on December 25, 2013 and December 26, 2012, respectively. | |||||
Principles of Consolidation | |||||
The accompanying consolidated financial statements include the accounts of Holdings and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and revenue and expenses during the period reported. Actual results could materially differ from those estimates. The Company’s significant estimates include estimates for impairment of goodwill, intangible assets and plant and equipment, insurance reserves, lease termination liabilities, stock-based compensation, and income tax valuation allowances. | |||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid instruments with a maturity of three months or less at the date of purchase to be cash equivalents. | |||||
Restricted Cash | |||||
The Company’s restricted cash represents cash collateral to one commercial bank for Company credit cards. | |||||
Concentration of Risk | |||||
Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. | |||||
The Company had two suppliers for which amounts due at December 25, 2013 and December 26, 2012 totaled 45% and 51% and 11% and 13%, respectively, of the Company’s accounts payable. Purchases from the same suppliers for the years ended December 25, 2013 and December 26, 2012 totaled 31% and 13% and 24% and 15%, respectively, of the Company’s purchases. Company-operated and franchised restaurants in the greater Los Angeles area generated, in the aggregate, approximately 80% and 81% of revenue for the years ended December 25, 2013 and December 26, 2012, respectively. | |||||
Accounts and Other Receivables, Net | |||||
Accounts and other receivables consist primarily of royalties, advertising and sublease rent and related amounts receivable from franchisees which are due on a monthly basis that may differ from the Company’s month-end dates as well as credit/debit card receivables. The need for an allowance for doubtful accounts is reviewed on a specific identification basis based upon past due balances and the financial strength of the obligor. Bad debt expense was immaterial for the years ended December 25, 2013 and December 26, 2012. | |||||
Inventories | |||||
Inventories consist principally of food, beverages and paper supplies and are valued at the lower of average cost or market. | |||||
Property and Equipment Owned, Net | |||||
Property and equipment is stated at cost and is depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and property held under capital leases are amortized over the shorter of their estimated useful lives or the remaining lease terms. For leases with renewal periods at the Company’s option, the Company generally uses the original lease term, excluding the option periods, to determine estimated useful lives; if failure to exercise a renewal option imposes an economic penalty on the Company, such that management determines at the inception of the lease that renewal is reasonably assured, the Company may include the renewal option period in the determination of appropriate estimated useful lives. | |||||
The estimated useful service lives are as follows: | |||||
Buildings | 20 years | ||||
Land improvements | 3 – 30 years | ||||
Building improvements | 3 – 10 years | ||||
Restaurant equipment | 3 – 10 years | ||||
Other equipment | 2 – 10 years | ||||
Leasehold improvements | Shorter of useful life or lease term | ||||
The Company capitalizes certain costs in conjunction with site selection that relate to specific sites for planned future restaurants. The Company also capitalizes certain costs, including interest, in conjunction with constructing new restaurants. These costs are included in property and amortized over the shorter of the life of the related buildings and leasehold improvements or the lease term. Costs related to abandoned sites and other site selection costs that cannot be identified with specific restaurants are charged to general and administrative expenses in the accompanying consolidated statements of operations. The Company did not capitalize any internal costs or interest costs related to site selection and construction activities during the years ended December 25, 2013 or December 26, 2012. | |||||
Goodwill and Indefinite Lived Intangible Assets | |||||
The Company’s indefinite lived intangible assets consist of trademarks. Goodwill represents the excess of cost over fair value of net identified assets acquired in business combinations accounted for under the purchase method. Goodwill resulted from the Acquisition and from the acquisition of certain franchise locations. | |||||
Upon the sale of a restaurant, goodwill is decremented. The amount of goodwill written-off is determined based on the relative fair value of the reporting unit disposed of as a percentage of the fair value of the reporting unit retained. | |||||
The Company does not amortize its goodwill and indefinite lived intangible assets. The Company performs its impairment test annually at its fiscal year end, or more frequently if impairment indicators arise. The Company reviews goodwill for impairment utilizing either a qualitative assessment or a two-step process. If the Company decides that it is appropriate to perform a qualitative assessment and concludes that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If the Company performs the two-step process, the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. | |||||
The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. | |||||
The assumptions used in the estimate of fair value are generally consistent with the past performance of the Company’s reporting unit and are also consistent with the projections and assumptions that are used in current operating plans. These assumptions are subject to change as a result of changing economic and competitive conditions. | |||||
The impairment test for indefinite lived intangible assets consists of either a qualitative assessment or a comparison of the fair value of the intangible asset with its carrying amount. The excess of the carrying amount of the intangible asset over its fair value is its impairment loss. | |||||
No impairment was recorded during the years ended December 25, 2013 or December 26, 2012. | |||||
Other Intangibles, Net—definite lived | |||||
Definite lived intangible assets consist of the value allocated to the Company’s favorable and unfavorable leasehold interests that resulted from the Acquisition. | |||||
Favorable leasehold interest represents the asset in excess of the approximate fair market value of the leases assumed as of November 17, 2005, the date of the Acquisition. The amount is being reduced over the approximate average life of the leases. This amount is shown as other intangible assets-net on the accompanying consolidated balance sheets. | |||||
Unfavorable leasehold interest liability represents the liability in excess of the approximate fair market value of the leases assumed as of November 17, 2005, the date of the Acquisition. The amount is being reduced over the approximate average life of the leases. This amount is shown as other intangible liabilities-net on the accompanying consolidated balance sheets. | |||||
Intangible assets and liabilities with a definite life are amortized using the straight-line method over their estimated useful lives as follows: | |||||
Favorable leasehold interests | 1 to 18 years (remaining lease term) | ||||
Unfavorable leasehold interests | 1 to 20 years (remaining lease term) | ||||
Deferred Financing Fees | |||||
Deferred financing fees are capitalized and amortized over the period of the loan on an effective interest rate basis, which approximates the effective interest method. Included in other assets are fees (net of accumulated amortization) of $7.8 million and $10.0 million as of December 25, 2013 and December 26, 2012, respectively. Amortization expense for deferred financing costs was $2.0 million and $2.1 million for the years ended December 25, 2013 and December 26, 2012, respectively, and is reflected as a component of interest expense in the accompanying consolidated statements of operations. In conjunction with the October 11, 2013 refinancing of the Company’s debt, $8.4 million of unamortized deferred finance costs related to the prior debt were written off (see Notes 6 and 7). | |||||
Impairment of Long-Lived Assets | |||||
The Company reviews its long-lived assets for impairment on a restaurant-by-restaurant basis whenever events or changes in circumstances indicate that the carrying value of certain assets may not be recoverable. If the Company concludes that the carrying value of certain assets will not be recovered based on expected undiscounted future cash flows, an impairment write-down is recorded to reduce the assets to their estimated fair value. The Company recorded non-cash impairment charges of $27,000 and $42,000 for the years ended December 25, 2013 and December 26, 2012, respectively. | |||||
Insurance Reserves | |||||
The Company is responsible for workers’ compensation, general and health insurance claims up to a specified aggregate stop loss amount. The Company maintains a reserve for estimated claims both reported and incurred but not reported, based on historical claims experience and other assumptions. At December 25, 2013 and December 26, 2012, the Company had accrued $3,597,000 and $3,153,000, respectively, and such amounts are reflected as accrued insurance in the accompanying consolidated balance sheets. The expense for such reserves for the years ended December 25, 2013 and December 26, 2012 totaled $6,912,000 and $8,361,000, respectively. These amounts are included in payroll and benefits and general and administrative expenses on the accompanying consolidated statements of operations. | |||||
Restaurant and Franchise Revenue | |||||
Revenues from the operation of company-operated restaurants are recognized as food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales net of sales-related taxes and promotional allowances. Promotional allowances amounted to approximately $5.7 million and $4.0 million during the years ended December 25, 2013 and December 26, 2012, respectively. Franchise revenue consists of franchise royalties, initial franchise fees, license fees due from franchisees, IT support services and rental income for leases and subleases to franchisees. Franchise royalties are based upon a percentage of net sales of the franchisee and are recorded as income as such sales are earned by the franchisees. Initial franchise and license fees are recognized when all material obligations have been performed and conditions have been satisfied, typically when operations of the franchised restaurant have commenced. Initial franchise fees recognized during the years ended December 25, 2013 and December 26, 2012, totaled $521,000 and $186,000, respectively. The Company recognizes renewal fees when a renewal agreement with a franchisee becomes effective. | |||||
Advertising Costs | |||||
Advertising expense is recorded as the obligation to contribute to the advertising fund is created, generally when the associated revenue is recognized. Advertising expense, which is a component of occupancy and other operating expenses, was $11.9 million and $11.2 million for the years ended December 25, 2013 and December 26, 2012, respectively, and is net of $15.8 million and $14.1 million, respectively, funded by the franchisees’ advertising fees. | |||||
Franchisees pay a monthly fee to the Company that ranges from 4% to 5% of their restaurants’ net sales as reimbursement for advertising, public relations and promotional services the Company provides. Fees received in advance of provided services are included in other accrued expenses and current liabilities and were $265,000 and $257,000 at December 25, 2013 and December 26, 2012, respectively. Pursuant to Intermediate’s Franchise Disclosure Document, company-operated restaurants contribute to the advertising fund on the same basis as franchised restaurants. At December 25, 2013, the Company was obligated to spend an additional $119,000 in future periods to comply with this requirement. | |||||
Production costs of commercials, programming and other marketing activities are charged to the advertising funds when the advertising is first used for its intended purpose, and the costs of advertising are charged to operations as incurred. Total contributions and other marketing expenses, are included in selling, general, and administrative expenses in the accompanying consolidated statements of operations. | |||||
Preopening Costs | |||||
Preopening costs incurred in connection with the opening of new restaurants are expensed as incurred. Preopening costs, which are included in general and administrative expenses on the accompanying consolidated statements of operations, were $201,000 and $320,000 for the years ended December 25, 2013 and December 26, 2012, respectively. | |||||
Franchise Area Development Fees | |||||
The Company receives area development fees from franchisees when they execute multi-unit area development agreements. The Company does not recognize revenue from the agreements until the related restaurants open or at the time the development agreements expire, if the required units are not opened. Unrecognized area development fees totaled $90,000 and $210,000 at December 25, 2013 and December 26, 2012, respectively, and are included in other accrued expenses and current liabilities and other noncurrent liabilities in the accompanying consolidated balance sheets. As of December 25, 2013, the Company had executed development agreements that represent commitments to open twelve franchised restaurants at various dates through 2015. | |||||
Gift cards | |||||
The Company sells gift cards to its customers in the restaurants and through selected third parties. The gift cards sold to customers have no stated expiration dates and are subject to actual and/or potential escheatment rights in several of the jurisdictions in which the Company operates. The Company recognizes income from gift cards when redeemed by the customer. | |||||
Operating Leases | |||||
Rent expense for the Company’s operating leases, which generally have escalating rentals over the term of the lease, is recorded on a straight-line basis over the expected lease term. The lease term begins when the Company has the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. Rent expense is included in occupancy and other operating expenses on the consolidated statements of operations. The difference between rent expense and rent paid is recorded as deferred rent, which is included in other noncurrent liabilities in the accompanying consolidated balance sheets. Percentage rent expenses are recorded based on estimated sales or gross margin for respective restaurants over the contingency period. | |||||
Any leasehold improvements that are funded by lessor incentives under operating leases are recorded as leasehold improvements and amortized over the expected lease term. Such incentives are also recorded as deferred rent and amortized as reductions to rent expense over the expected lease term. | |||||
Income Taxes | |||||
The provision for income taxes, income taxes payable and deferred income taxes are determined using the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the financial carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. On a periodic basis, the Company assesses the probability that its net deferred tax assets, if any, will be recovered. If after evaluating all of the positive and negative evidence, a conclusion is made that it is more likely than not that some portion or all of the net deferred tax assets will not be recovered, a valuation allowance is provided by a charge to tax expense to reserve the portion of the deferred tax assets which are not expected to be realized. | |||||
The Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. | |||||
When there are uncertainties related to potential income tax benefits, in order to qualify for recognition, the position the Company takes has to have at least a “more likely than not” chance of being sustained (based on the position’s technical merits) upon challenge by the respective authorities. The term “more likely than not” means a likelihood of more than 50 percent. Otherwise, the Company may not recognize any of the potential tax benefit associated with the position. The Company recognizes a benefit for a tax position that meets the “more likely than not” criterion at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon its effective resolution. Unrecognized tax benefits involve management’s judgment regarding the likelihood of the benefit being sustained. The final resolution of uncertain tax positions could result in adjustments to recorded amounts and may affect our results of operations, financial position and cash flows. | |||||
The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties at December 25, 2013 and December 26, 2012, respectively, and has not recognized interest and/or penalties during the years ended December 25, 2013 and December 26, 2012, respectively, since there are no material unrecognized tax benefits. Management believes no material change to the amount of unrecognized tax benefits will occur within in the next 12 months. | |||||
The tax years subject to examination by major tax jurisdictions include the years 2010 and forward by the U.S. Internal Revenue Service, and the years 2009 and forward for various states. | |||||
Fair Value Measurements | |||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | |||||
• | Level 1: Quoted prices for identical instruments in active markets. | ||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. | ||||
• | Level 3: Unobservable inputs used when little or no market data is available. | ||||
As of December 25, 2013 and December 26, 2012, the Company had no assets and liabilities measured at fair value on a recurring basis, except for two interest rate caps (which are Level 3 assets), which are not material. | |||||
Fair Value of Financial Instruments | |||||
The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain accrued expenses approximate fair value due to their short term maturities. The recorded values of notes payable approximate fair value, as interest approximates market rates (Level 3 measurement). The recorded value of other notes payable and senior secured notes payable approximates fair value, based on borrowing rates currently available to the Company for loans with similar terms and remaining maturities (Level 3 measurement). | |||||
Stock Based Compensation | |||||
Accounting literature requires the recognition of compensation expense using a fair-value based method for costs related to all share-based payments including stock options and stock issued under the Company’s employee stock plans. The guidance also requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The cost is recognized on a straight-line basis over the period during which an employee is required to provide service, usually the vesting period. For options that are based on a performance requirement, the cost is recognized on an accelerated basis over the period in which the performance criteria relate. | |||||
Earnings per share | |||||
Earnings per share (“EPS”) is calculated using the weighted average number of common shares outstanding during each period. Diluted EPS assumes the conversion, exercise or issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the income per share. For purposes of this calculation, options are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive. The shares used to compute basic and diluted net income per share represent the weighted-average common shares outstanding. | |||||
Recent Accounting Pronouncements | |||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), to require that in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not believe the adoption of this standard will have a significant impact on the Company’s consolidated financial statements. | |||||
Reclassifications | |||||
Certain reclassifications were made to the prior year consolidated financial statements to conform to current year presentation. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ' | ||||||||||||||||
Property and Equipment | ' | ' | ||||||||||||||||
2. PROPERTY AND EQUIPMENT | 3. PROPERTY AND EQUIPMENT | |||||||||||||||||
Below are costs and related accumulated depreciation and amortization of major classes of property, in thousands. | The costs and related accumulated depreciation and amortization of major classes of property are as follows (in thousands): | |||||||||||||||||
September 24, | December 25, | December 25, | December 26, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Land | $ | 12,323 | $ | 13,186 | Land | $ | 13,186 | $ | 13,186 | |||||||||
Buildings and improvements | 86,985 | 78,181 | Buildings and improvements | 78,181 | 71,468 | |||||||||||||
Other property and equipment | 48,813 | 46,079 | Other property and equipment | 46,079 | 42,868 | |||||||||||||
Construction in progress | 5,449 | 815 | Construction in progress | 815 | 690 | |||||||||||||
153,570 | 138,261 | 138,261 | 128,212 | |||||||||||||||
Less: accumulated depreciation and amortization | (73,764 | ) | (69,620 | ) | Less: accumulated depreciation and amortization | (69,620 | ) | (63,404) | ||||||||||
$ | 79,806 | $ | 68,641 | $ | 68,641 | $ | 64,808 | |||||||||||
Depreciation expense was $2.9 million and $2.6 million and $8.3 million and $7.6 million for the thirteen and thirty-nine weeks ended September 24, 2014, and September 25, 2013, respectively. The gross value of assets under capital leases was $1.8 million at September 24, 2014, and $1.9 million at December 25, 2013, and corresponding accumulated depreciation was $1.7 million for both periods. For the thirteen weeks ended September 24, 2014, capital expenditures totaled $8.6 million, including $2.2 million for restaurant remodeling, $5.0 million for new restaurant expenditures, and $1.4 million for other corporate capital requirements. For the thirty-nine weeks ended September 24, 2014, capital expenditures totaled $19.0 million, including $7.6 million for restaurant remodeling, $8.1 million for new restaurant expenditures, and $3.3 million for other corporate capital requirements. | Depreciation expense was $10.2 million and $9.5 million for the years ended December 25, 2013 and December 26, 2012, respectively. Gross value of assets under capital leases was $1,884,000 and $1,937,000 at December 25, 2013 and December 26, 2012, respectively. Accumulated depreciation expense for assets under capital leases was $1,703,000 and $1,693,000 for the years ended December 25, 2013 and December 26, 2012, respectively. For the year ended December 25, 2013, capital expenditures related to restaurant remodeling and new restaurant expenditures totaled $11.3 million, which consisted of $9.0 million and $2.3 million, respectively. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended | ||||||||
Dec. 25, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | ' | ||||||||
4. GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | |||||||||
Changes in goodwill consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 249,924 | $ | 249,924 | |||||
Restaurant disposition | (600 | ) | — | ||||||
Balance at end of year | $ | 249,324 | $ | 249,924 | |||||
The Company’s restaurant in Norwalk, California was closed during fiscal 2013 due to an eminent domain purchase by the State of California. The Company received proceeds of approximately $1,348,000 from the State. Goodwill was decremented by $600,000, based on a calculation of the fair value of the restaurant closed as a percentage of the relative fair value of the remainder of the reporting unit retained. The Company recognized a net gain of $400,000, which is recorded as gain on disposition of restaurant in the accompanying consolidated statements of operations. | |||||||||
Domestic trademarks consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 120,700 | $ | 120,700 | |||||
Accumulated impairment charges | (58,812 | ) | (58,812 | ) | |||||
Ending balance | $ | 61,888 | $ | 61,888 | |||||
Other intangible assets subject to amortization consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Favorable leasehold interest | $ | 6,038 | $ | 6,038 | |||||
Less: accumulated amortization | (5,104 | ) | (4,932 | ) | |||||
Total favorable leasehold interest, net | $ | 934 | $ | 1,106 | |||||
Unfavorable leasehold interest | $ | (9,156 | ) | $ | (9,156 | ) | |||
Less: accumulated amortization | 7,229 | 6,844 | |||||||
Unfavorable leasehold interest liability, net | $ | (1,927 | ) | $ | (2,312 | ) | |||
The estimated net amortization credits (net liability) for the Company’s favorable and unfavorable leasehold interests for each of the five succeeding fiscal years and thereafter is as follows (in thousands): | |||||||||
For the Years Ending | Favorable | Unfavorable | |||||||
Leasehold | Leasehold | ||||||||
Interest | Interest | ||||||||
December 31, 2014 | $ | 156 | $ | (383 | ) | ||||
December 30, 2015 | 140 | (296 | ) | ||||||
December 28, 2016 | 130 | (228 | ) | ||||||
December 27, 2017 | 106 | (225 | ) | ||||||
December 26, 2018 | 97 | (144 | ) | ||||||
Thereafter | 305 | (651 | ) | ||||||
Total | $ | 934 | $ | (1,927 | ) | ||||
The remaining weighted average amortization periods of the favorable leasehold interest and the unfavorable leasehold liability are 4 years and 9 years, respectfully. |
LEASES
LEASES | 12 Months Ended | ||||||||||||||||
Dec. 25, 2013 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
LEASES | ' | ||||||||||||||||
5. LEASES | |||||||||||||||||
The Company’s operations utilize property, facilities, equipment and vehicles owned by the Company or leased from others. Buildings and facilities leased from others are primarily for restaurants and support facilities. Restaurants are operated under lease arrangements that generally provide for a fixed base rent and, in some instances, contingent rent based on a percentage of gross operating profit or gross revenues in excess of a defined amount. Initial terms of land and restaurant building leases generally are not less than 20 years, exclusive of options to renew. Leases of equipment primarily consist of restaurant equipment, computer systems and vehicles. The Company subleases facilities to certain franchisees and other non-related parties which are recorded on a straight-line basis. | |||||||||||||||||
Information regarding the Company’s future lease obligations at December 25, 2013 is as follows (in thousands): | |||||||||||||||||
Capital Leases | Operating Leases | ||||||||||||||||
For the Years Ending | Minimum | Minimum | Minimum | Minimum | |||||||||||||
Lease | Sublease | Lease | Sublease | ||||||||||||||
Payments | Income | Payments | Income | ||||||||||||||
December 31, 2014 | $ | 416 | $ | 115 | $ | 18,645 | $ | 1,004 | |||||||||
December 30, 2015 | 320 | 72 | 17,203 | 704 | |||||||||||||
December 28, 2016 | 258 | 72 | 15,982 | 595 | |||||||||||||
December 27, 2017 | 199 | 28 | 15,431 | 511 | |||||||||||||
December 26, 2018 | 172 | — | 13,851 | 354 | |||||||||||||
Thereafter | 249 | — | 78,248 | 116 | |||||||||||||
Total | 1,614 | $ | 287 | $ | 159,360 | $ | 3,284 | ||||||||||
Less: imputed interest (11.0% to 14.8%) | (500 | ) | |||||||||||||||
Present value of capital lease obligations | 1,114 | ||||||||||||||||
Less: current maturities | (267 | ) | |||||||||||||||
Noncurrent portion | $ | 847 | |||||||||||||||
Net rent expense is as follows (in thousands): | |||||||||||||||||
For the Years Ended | December 25, | December 26, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Base rent | $ | 18,732 | $ | 18,331 | |||||||||||||
Contingent rent | 491 | 418 | |||||||||||||||
Less: sublease income | (3,602 | ) | (3,489 | ) | |||||||||||||
Net rent expense | $ | 15,621 | $ | 15,260 | |||||||||||||
Base rent and contingent rent are included in occupancy and other operating expenses, while sublease income is included in franchise revenue in the accompanying consolidated statements of operations. Sublease income includes contingent rental income of $1.7 million and $1.6 million for the years ended December 25, 2013 and December 26, 2012, respectively. | |||||||||||||||||
The Company is a lessor for certain property, facilities and equipment owned by the Company and leased to others, principally franchisees, under noncancelable leases with initial terms ranging from three to nine years. The lease agreements generally provide for a fixed base rent and, in some instances, contingent rent based on a percentage of gross operating profit or gross revenues. Total rental income, included in franchise revenue in the accompanying consolidated statements of operations, for leased property was $377,000 and $366,000 for the years ended December 25, 2013 and December 26, 2012, respectively. | |||||||||||||||||
Minimum future rental income for company-operated properties under noncancelable operating leases, which is recorded on a straight-line basis, in effect as of December 25, 2013 is as follows (in thousands): | |||||||||||||||||
For the Years Ending | |||||||||||||||||
December 31, 2014 | $ | 244 | |||||||||||||||
December 30, 2015 | 215 | ||||||||||||||||
December 28, 2016 | 101 | ||||||||||||||||
December 27, 2017 | 84 | ||||||||||||||||
December 26, 2018 | 84 | ||||||||||||||||
Total future minimum rental income | $ | 728 |
CREDIT_AGREEMENTS
CREDIT AGREEMENTS | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||
CREDIT AGREEMENTS | ' | ' | ||||||||
4. CREDIT AGREEMENTS | 6. NEW CREDIT AGREEMENTS | |||||||||
On October 11, 2013, we refinanced our debt (the “2013 Refinancing”), entering into (i) the First Lien Credit Agreement, including a $190 million senior secured term loan (the “First Lien Term Loan”) and the Revolver, each maturing in October 2018, and (ii) a new second lien credit agreement (the “Second Lien Credit Agreement”), including the Second Lien Term Loan. The proceeds received from the term loans were used to pay off our prior credit agreements, including our senior secured first lien credit facility due July 2017 and our 17% second priority senior secured notes due January 2018. | On October 11, 2013 (the “Closing Date”) the Company refinanced its debt, with EPL entering into (i) a new first lien credit agreement (“First Lien Credit Agreement”) that includes a $190 million Senior Secured Term Loan (“First Lien Term Loan”) and a senior secured revolving credit facility of $15 million (“Revolver”) that, in each case, matures in October, 2018, and (ii) a new second lien credit agreement (“Second Lien Credit Agreement” and together with the First Lien Credit Agreement, the “Credit Agreements”) that includes a $100 million Second Lien Term Loan (“Second Lien Term Loan”) and together with the First Lien Term Loan, (the “Term Loans”) that matures in April 2019. The proceeds received from the Term Loans on the Closing Date plus $14.4 million funded by the Company were used to pay off the senior secured first lien credit facility due July 2017 and 17% second priority senior secured notes due January 2018 (collectively, the “Prior Credit Agreements”) and to pay fees and expenses in connection therewith. | |||||||||
Loans under the First Lien Credit Agreement bear interest, at EPL’s option, at LIBOR or an Alternate Base Rate, plus an applicable margin of 4.25% with respect to LIBOR and 3.25% with respect to the Alternate Base Rate, with a 1.00% floor with respect to LIBOR. The First Lien Term Loan was issued at a discount of $950,000, and this discount is being accreted over the term of the loan, using the effective interest method. The unamortized discount at September 24, 2014, is $768,000. The First Lien Term Loan requires quarterly principal payments of 0.25%, commencing on March 26, 2014. The First Lien Term Loan and the Revolver are secured by a first priority lien on substantially all of the assets of EPL and of EPL Intermediate, Inc. (“Intermediate”), EPL’s direct parent. | The Credit Agreements were executed with Intermediate as guarantor, Jefferies Finance LLC, as administrative and collateral agents and solely with respect to the First Lien Credit Agreement, General Electric Capital Corporation as documentation agent, swingline lender and issuing bank. | |||||||||
The Revolver provides a $15 million revolving line of credit. At September 24, 2014, $7.3 million in letters of credit were outstanding, and $7.7 million was available to borrow. | The Credit Agreements contain a number of negative and financial covenants, including, among others, the following (all subject to certain exceptions): a maximum total leverage ratio covenant, a minimum interest coverage ratio covenant, a maximum capital expenditure covenant, and limitations on indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations and dissolutions, restricted payments and negative pledges. The Credit Agreement also contains certain customary affirmative covenants and events of default. The Company was in compliance with all such covenants at December 25, 2013. | |||||||||
Loans under the Second Lien Credit Agreement bore interest, at EPL’s option, at LIBOR or an Alternate Base Rate, plus an applicable margin of 8.50% with respect to LIBOR and 7.50% with respect to the Alternate Base Rate, with a 1.00% floor with respect to LIBOR. The Second Lien Term Loan was issued at a discount of $1.0 million, and this discount was accreted over the term of the loan, using the effective interest method. Following our IPO, we fully repaid the Second Lien Term Loan. In conjunction with the repayment of the Second Lien Term Loan, we incurred an extinguishment of debt charge of $5.1 million, consisting of $1.5 million in call premium, $2.7 million related to the write-off of remaining unamortized deferred finance costs, and $0.9 million relating to the write-off of the unamortized discount. | First Lien Credit Agreement | |||||||||
The First Lien Credit Agreement contains a number of negative and financial covenants, including, among others, the following (all subject to certain exceptions): a maximum total leverage ratio covenant, a minimum interest coverage ratio covenant, and limitations on indebtedness, liens, investments, asset sales, mergers, consolidations, liquidations and dissolutions, restricted payments, and negative pledges. The First Lien Credit Agreement also contains certain customary affirmative covenants and events of default. At September 24, 2014, we were in compliance with all covenants. | Loans under the First Lien Credit Agreement bear interest, at an Alternate Base Rate or LIBOR, at EPL’s option, plus an applicable margin. The applicable margin rate under the First Lien Credit Agreement is 4.25% with respect to LIBOR loans and 3.25% with respect to Alternate Base Rate loans with a 1.00% floor with respect to the LIBOR rate. Interest is due on loan amounts under Alternate Base Rate elections on a monthly basis and on loan amounts bearing interest based on LIBOR at the end of each interest period in effect, provided, that with respect to LIBOR interest periods that are longer than three months, interest is payable at three month intervals. The First Lien Term Loan was issued at a discount of $950,000, and this discount is being accreted over the term of the loan, using the effective interest method. The unamortized discount at December 25, 2013 is $910,000. | |||||||||
The First Lien Term Loan requires quarterly principal payments of 0.25% be made commencing March 26, 2014. Obligations under the First Lien Credit Agreement are secured by a first priority lien on substantially all of EPL’s and Intermediate’s assets. | ||||||||||
The Revolver provides for a $15 million revolving line of credit. At December 25, 2013, $7.3 million of letters of credit are outstanding and $7.7 million is available to borrow under the revolving line of credit. | ||||||||||
Second Lien Credit Agreement | ||||||||||
Loans under the Second Lien Credit Agreements bear interest, at an Alternate Base Rate or LIBOR, at EPL’s option, plus an applicable margin. The applicable margin rate under the Second Lien Credit Agreement is 8.50% with respect to LIBOR loans and 7.50% with respect to Alternate Base Rate loans with a 1.00% floor with respect to the LIBOR rate. Interest is due on loan amounts under Alternate Base Rate elections on a monthly basis and on loan amounts bearing interest based on LIBOR at the end of each interest period in effect, provided, that with respect to LIBOR interest periods that are longer than three months, interest is payable at three month intervals. The Second Lien Term Loan was issued at a discount of $1.0 million, and this discount is being accreted over the term of the loan, using the effective interest method. The unamortized discount at December 25, 2013 is $962,000. The Second Lien Term Loan and the related guarantees are secured by a second-priority lien on substantially all of the assets and equity interests of EPL and Intermediate, subject to certain exceptions, which will also secure the First Lien Term Loan on a first-priority basis. | ||||||||||
Transaction costs | ||||||||||
Transaction costs of $8.1 million were incurred in connection with the October 11, 2013 refinancing and were capitalized and are included in other assets in the accompanying consolidated balance sheets and the related amortization is reflected as a component of interest expense, net in the accompanying consolidated financial statements. | ||||||||||
Maturities | ||||||||||
Annual principal maturities of the First Lien Term Loan and the Second Lien Term Loan fall due as follows (in thousands): | ||||||||||
For the Years Ending | First Lien | Second Lien | ||||||||
December 31, 2014 | $ | 1,900 | $ | — | ||||||
December 30, 2015 | 1,900 | — | ||||||||
December 28, 2016 | 1,900 | — | ||||||||
December 27, 2017 | 1,900 | — | ||||||||
December 26, 2018 | 182,400 | — | ||||||||
December 25, 2019 | — | 100,000 | ||||||||
190,000 | 100,000 | |||||||||
Less: unamortized discount | (910 | ) | (962 | ) | ||||||
Total | $ | 189,090 | $ | 99,038 | ||||||
Prior Credit Agreement [Member] | ' | ' | ||||||||
CREDIT AGREEMENTS | ' | ' | ||||||||
7. PRIOR CREDIT AGREEMENTS | ||||||||||
On July 14, 2011 the Company entered into a credit agreement (“Prior Credit Agreement”) that included a $170 million Senior Secured Term Loan (the “Prior Term Loan”) that was due to mature in July 2017 and a senior secured revolving credit facility of $12.5 million (the “Prior Revolver,” and together with the Term Loan, the “Prior Senior Credit Facility”) that was due to mature in July 2016. EPL also issued $105 million of 17% second priority senior secured notes due January 2018 (“2018 Notes”). | ||||||||||
The Prior Credit Agreement was executed with Intermediate as guarantor. The Senior Credit Facility was secured by a first priority lien on substantially all of EPL’s and Intermediate’s assets. | ||||||||||
Prior Senior Credit Facility | ||||||||||
The Prior Term Loan required quarterly principal payments of $425,000 that commenced on September 28, 2011. The Prior Term Loan bore interest, at an Alternate Base Rate, as defined, or LIBOR, at EPL’s option, plus an applicable margin. The applicable margin rate was 7.75% with respect to electing a LIBOR rate and 6.75% with respect to electing the Alternate Base Rate. There was a 1.50% floor on the LIBOR rate. Interest was due on loan amounts under both LIBOR and Alternate Base Rate elected rates on a monthly basis. The Term Loan was issued at a discount of $5.1 million, and this discount was being accreted over the term of the loan, using the effective interest method. | ||||||||||
The Revolver provided for a $12.5 million revolving line of credit. The Revolver bore interest, payable monthly, at an Alternate Base Rate or LIBOR, at EPL’s option, plus an applicable margin. The applicable margin rate was 6.50% with respect to LIBOR and 5.50% with respect to Alternate Base Rate advances. There was a 1.50% floor on the LIBOR rate. Interest was due on loan amounts under both LIBOR and Alternate Base Rate elected rates on a monthly basis. | ||||||||||
In conjunction with the October 11, 2013 refinancing of EPL’s debt, call premiums of $3.3 million were incurred in connection with the repurchase of the Prior Senior Credit Facility. In addition, the Company expensed $5.1 million of the remaining unamortized deferred finance costs and wrote off $3.2 million of unamortized discount, associated with the Prior Senior Credit Facility. These costs were expensed and are reflected in loss on early extinguishment of debt in the accompanying consolidated statements of operations. | ||||||||||
Second Priority Senior Secured Notes (“2018 Notes”) | ||||||||||
The 2018 Notes bore cash interest of 12.5% per annum, which was due semi-annually in January and July of each year, which commenced on January 1, 2012. An additional 4.5% non-cash interest amount accrued on the 2018 Notes, which was added to the principal amount of the 2018 Notes on each interest payment date. The 2018 Notes were issued at a discount of $3.2 million, and this discount was accreted over the term of the notes, using the effective interest rate method. The 2018 Notes were unconditionally guaranteed by Intermediate and each existing and subsequently acquired wholly-owned domestic subsidiary of EPL. The 2018 Notes were due to mature on January 10, 2018. | ||||||||||
In conjunction with the October 11, 2013 refinancing of EPL’s debt, call premiums of $4.6 million were incurred in connection with the repurchase of the 2018 Notes. In addition, the Company expensed $3.2 million of the remaining unamortized deferred finance costs and wrote off $2.0 million of the remaining unamortized discount, associated with the Prior Senior Credit Facility. These costs were expensed and are reflected in loss on early extinguishment of debt in the accompanying consolidated statements of operations. |
Other_Accrued_Expenses_and_Cur
Other Accrued Expenses and Current Liabilities | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||
Payables and Accruals [Abstract] | ' | ' | ||||||||||||||||
Other Accrued Expenses and Current Liabilities | ' | ' | ||||||||||||||||
5. OTHER ACCRUED EXPENSES AND CURRENT LIABILITIES | 8. OTHER ACCRUED EXPENSES AND CURRENT LIABILITIES | |||||||||||||||||
Other accrued expenses and current liabilities consist of the following, in thousands. | Other accrued expenses and current liabilities consist of the following (in thousands): | |||||||||||||||||
September 24, | December 25, | December 25, | December 26, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Accrued sales and property taxes | $ | 4,178 | $ | 3,190 | Accrued sales and property taxes | $ | 3,190 | $ | 3,010 | |||||||||
TRA payable | 4,170 | — | Other | 4,635 | 4,230 | |||||||||||||
Other | 5,463 | 4,635 | Total other accrued expenses and current liabilities | $ | 7,825 | $ | 7,240 | |||||||||||
Total other accrued expenses and current liabilities | $ | 13,811 | $ | 7,825 |
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||
Payables and Accruals [Abstract] | ' | ' | ||||||||||||||||
Other Noncurrent Liabilities | ' | ' | ||||||||||||||||
6. OTHER NONCURRENT LIABILITIES | 9. OTHER NONCURRENT LIABILITIES | |||||||||||||||||
Other noncurrent liabilities consist of the following, in thousands. | Other noncurrent liabilities consist of the following (in thousands): | |||||||||||||||||
September 24, | December 25, | December 25, | December 26, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Deferred rent | $ | 6,750 | $ | 6,648 | Deferred rent | $ | 6,648 | $ | 7,546 | |||||||||
TRA payable | 35,949 | — | Other | 1,396 | 1,662 | |||||||||||||
Other | 1,638 | 1,396 | Total noncurrent liabilities | $ | 8,044 | $ | 9,208 | |||||||||||
Total noncurrent liabilities | $ | 44,337 | $ | 8,044 |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Dec. 25, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
10. INCOME TAXES | |||||||||
The provision for income taxes is based on the following components (in thousands): | |||||||||
For the Years Ended | December 25, | December 26, | |||||||
2013 | 2012 | ||||||||
Current income taxes: | |||||||||
Federal | $ | — | $ | 2 | |||||
State | 30 | 26 | |||||||
Total current | 30 | 28 | |||||||
Deferred income taxes: | |||||||||
Federal | 1,037 | 1,013 | |||||||
State | 334 | 986 | |||||||
Total deferred | 1,371 | 1,999 | |||||||
$ | 1,401 | $ | 2,027 | ||||||
The provision for income taxes differs from the amount computed by applying the federal income tax rate as follows: | |||||||||
For the Years Ended | December 25, | December 26, | |||||||
2013 | 2012 | ||||||||
Statutory regular federal income tax rate | 35 | % | 35 | % | |||||
State tax benefit (net of federal benefit) | 5.4 | 12.7 | |||||||
Change in tax rate | — | (15.5 | ) | ||||||
Change in valuation allowance | (43.4 | ) | (75.9 | ) | |||||
Other | (6.5 | ) | 5.2 | ||||||
Total | (9.5 | )% | (38.5 | )% | |||||
Deferred tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||||||||
The Company’s deferred tax assets and liabilities consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Deferred assets: | |||||||||
Capital leases | $ | 413 | $ | 560 | |||||
Accrued vacation | 621 | 658 | |||||||
Accrued legal | 234 | — | |||||||
Deferred rent | 1,898 | 4,476 | |||||||
Accrued workers’ compensation | 1,045 | 934 | |||||||
Enterprise zone and other credits | 530 | 530 | |||||||
Net operating losses | 54,960 | 47,160 | |||||||
Fixed assets | 4,605 | 3,847 | |||||||
Deferred financing costs | 19 | 431 | |||||||
Other | 5,859 | 4,701 | |||||||
70,184 | 63,297 | ||||||||
Valuation allowance | (65,110 | ) | (58,779 | ) | |||||
Net deferred tax assets | 5,074 | 4,518 | |||||||
Deferred liabilities: | |||||||||
Goodwill | (7,357 | ) | (5,723 | ) | |||||
Trademark | (26,315 | ) | (25,646 | ) | |||||
Prepaid expense | (570 | ) | (1,410 | ) | |||||
Other | (2,777 | ) | (2,313 | ) | |||||
Deferred tax liabilities | (37,019 | ) | (35,092 | ) | |||||
Net deferred tax liabilities | $ | (31,945 | ) | $ | (30,574 | ) | |||
The deferred tax amounts mentioned above have been classified on the accompanying consolidated balance sheets as follows (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Liabilities | $ | (322 | ) | $ | (334 | ) | |||
Noncurrent: | |||||||||
Liabilities | (31,623 | ) | (30,240 | ) | |||||
$ | (31,945 | ) | $ | (30,574 | ) | ||||
The Company has evaluated the available evidence supporting the realization of its gross deferred tax assets, including the amount and timing of future taxable income, and has determined it is more likely than not that the assets will not be realized. Due to uncertainties surrounding the realizability of the deferred tax assets, the Company continues to maintain a full valuation allowance against its deferred tax assets and the valuation allowance increased by $6.3 million to $65.1 million at December 25, 2013 from $58.8 million at December 26, 2012. | |||||||||
As of December 25, 2013, the Company has federal and state net operating loss carryforwards of $123 million and $136 million, respectively, which expire beginning in 2024 and 2014, respectively. The Company also has state enterprise zone credits and alternative minimum tax credits of $351,000 and $157,000, respectively, which carryforward indefinitely. | |||||||||
The utilization of net operating loss carryforwards may be subject to limitations under provision of the Internal Revenue Code Section 382 and similar state provisions. The net operating loss carryforward includes losses of $0.3 million which are attributable to excess stock option deductions. The benefits related to these net operating losses will be recorded in additional paid-in capital when realized. | |||||||||
Recently enacted tax laws may also affect the tax provision on the Company’s consolidated financial statements. The state of California passed a new law which mandates the use of a single sales factor apportionment formula for tax years beginning on or after January 1, 2013. As a result, the state deferred tax assets were revalued during the year ended December 25, 2013 in order to account for the change in the tax law. As of December 25, 2013, there was a 100% valuation allowance against the state deferred tax asset. | |||||||||
The Company did not have any unrecognized tax benefits during the years ended December 25, 2013 or December 26, 2012. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 25, 2013 | |
Postemployment Benefits [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
11. EMPLOYEE BENEFIT PLANS | |
The Company sponsors a defined contribution employee benefit plan that permits its employees, subject to certain eligibility requirements, to contribute up to 25% of their qualified compensation to the plan. The Company matches 100% of the employees’ contributions of the first 3% of the employees’ annual qualified compensation, and 50% of the employees’ contributions of the next 2% of the employees’ annual qualified compensation. The Company’s matching contribution immediately fully vests. The Company’s contributions to the plan for the years ended December 25, 2013, and December 26, 2012, were $447,000 and $396,000, respectively. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ||||||||||||||||||||||
Stock-Based Compensation | ' | ' | ||||||||||||||||||||||
3. STOCK-BASED COMPENSATION | 12. STOCK-BASED COMPENSATION | |||||||||||||||||||||||
At September 24, 2014, options to purchase 3,554,926 shares of common stock were outstanding, including 2,161,184 vested and 1,393,742 unvested. Unvested options vest over time, or upon our achieving annual financial goals. However, upon a change in control, the board may accelerate vesting. At September 24, 2014, 2,062,442 premium options remained outstanding. For the thirty-nine weeks ended September 24, 2014, there was one exercise of stock options for 739 shares. In connection with the completion of our IPO, we granted options to purchase 223,183 shares of our common stock with an exercise price of $15.00, the IPO price and fair market value as of the date of grant, to selected employees who are not our executive officers. We expect to incur approximately $1.3 million of stock-based compensation expense in connection with these grants, which we will expense over four years. | As of December 25, 2013 and December 26, 2012, options to purchase 3,338,096 and 3,472,539 shares, respectively, of common stock of the Company were outstanding. Included in the December 25, 2013 amount are 1,709,748 options that are fully vested. The remaining options vest over time or upon the Company’s attaining annual financial goals. However, upon the occurrence of an initial public offering or a change in control of the Company, the vesting may be accelerated as deemed appropriate at the sole discretion of the board. In fiscal 2013 and 2012, the Company granted 535,238 and 2,126,677 options with an exercise price of $5.84 which is greater than the fair value of the common stock on the date of grant. The options generally expire 10 years from the date of grant. As of December 25, 2013, 2,062,448 premium options remain outstanding. In fiscal 2013 and 2012, the Company granted 267,619 and 1,063,343 options with an exercise price equal to the fair value of the common stock on the date of grant. Of the total options granted in fiscal 2013 and 2012, 50% are performance based and vest according to whether certain financial targets are met, and the remaining 50% vest over four and three years, respectively. | |||||||||||||||||||||||
Changes in stock options for the years ended December 25, 2013 and December 26, 2012 are as follows: | ||||||||||||||||||||||||
In addition, in connection with the completion of our IPO, we granted two of our directors restricted grants for 3,333 shares each, equivalent to $50,000 divided by our public offering price. These grants vest based on continued service over three years. Based on our share price when the grants were consummated, we expect to incur approximately $330,000 of stock-based compensation expense as the grants vest. | ||||||||||||||||||||||||
At September 24, 2014, we had total unrecognized compensation expense of $2.3 million, related to unvested stock options and restricted shares, which we expect to recognize over a weighted-average period of 1.2 years. | ||||||||||||||||||||||||
Shares | Weighted- | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Exercise Price | ||||||||||||||||||||||||
Outstanding—December 28, 2011 | 576,370 | $ | 9.74 | |||||||||||||||||||||
Grants | 3,190,019 | 4.77 | ||||||||||||||||||||||
Exercised | (8,093 | ) | 1.18 | |||||||||||||||||||||
Forfeited, cancelled or expired | (285,757 | ) | 9.23 | |||||||||||||||||||||
Outstanding—December 26, 2012 | 3,472,539 | 5.23 | ||||||||||||||||||||||
Grants | 802,857 | 5.25 | ||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||
Forfeited, cancelled or expired | (937,300 | ) | 4.98 | |||||||||||||||||||||
Outstanding—December 25, 2013 | 3,338,096 | $ | 5.31 | |||||||||||||||||||||
Vested and expected to vest at December 25, 2013 | 3,338,096 | $ | 5.31 | |||||||||||||||||||||
Exercisable at December 25, 2013 | 1,709,748 | $ | 5.36 | |||||||||||||||||||||
Stock options at December 25, 2013 are summarized as follows: | ||||||||||||||||||||||||
Range of | Number | Weighted- | Weighted- | Number | Weighted- | |||||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||
Prices | Remaining | Exercise | Exercise | |||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||||
Life (in Years) | ||||||||||||||||||||||||
$ | 1.81 – $ 4.09 | 1,057,279 | 8.43 | $ | 2.98 | 533,551 | $ | 2.69 | ||||||||||||||||
5.84 – 10.09 | 2,157,703 | 8.32 | 6.02 | 1,110,247 | 6.2 | |||||||||||||||||||
12.71 – 12.72 | 123,113 | 3.02 | 12.71 | 65,950 | 12.71 | |||||||||||||||||||
$ | 1.81 – $12.72 | 3,338,096 | 8.16 | $ | 5.31 | 1,709,748 | $ | 5.36 | ||||||||||||||||
The intrinsic value of options outstanding and options exercisable, calculated as the difference between the market value as of December 25, 2013 and the exercise price, are $13.9 million and $7.1 million, respectively. | ||||||||||||||||||||||||
Options are accounted for as follows: | ||||||||||||||||||||||||
Employee Options | ||||||||||||||||||||||||
The Company expenses the estimated fair value of employee stock options and similar awards based on the grant-date fair value of the award. For options that are based on a service requirement, the cost is recognized on a straight-line basis over the period during which an employee is required to provide service, usually the vesting period. The options granted in fiscal 2012 had a three year vesting period while the options granted in fiscal 2013 had a four year vesting period. For options that are based on a performance requirement, the cost is recognized over the period which the performance criteria relate to. The Company has authorized 5,521,037 shares of common stock for issuance in connection with stock options. As of December 25, 2013, 503,124 were available for grant. | ||||||||||||||||||||||||
In order to meet the fair value measurement objective, the Company utilizes the Black-Scholes option-pricing model to value compensation expense for share-based awards and has developed estimates of various inputs including forfeiture rate, expected term life, expected volatility, and risk-free interest rate. The forfeiture rate is based on historical rates and reduces the compensation expense recognized. The expected term of options granted is derived from the simplified method. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the expected term of the Company’s employee stock options. Expected volatility is based on the comparative industry entity data. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero for option valuation. The volatility factor was determined based on four publicly-traded companies which are in the same market category as the Company. The peer companies were selected based on similarity of market capitalization, size and certain operating characteristics. The calculated volatility was established by taking the historical daily closing values prior to grant date, over a period equal to the expected term, for each of the peer companies. | ||||||||||||||||||||||||
The weighted-average estimated fair value of employee stock options granted during the year ended December 25, 2013 was $1.40 per share using the Black-Scholes model with the following weighted-average assumptions used to value the option grants: Expected volatility of 40.6%; Expected life of 6.25; Risk-free interest rates of 1.15% to 1.99%; and expected dividends—0%. | ||||||||||||||||||||||||
The weighted-average estimated fair value of employee stock options granted during the year ended December 26, 2012 was $0.60 per share using the Black-Scholes model with the following weighted-average assumptions used to value the option grants: Expected volatility of 39.0%; Expected life—5.75 years; Risk-free interest rates—1.02%; and expected dividends—0%. | ||||||||||||||||||||||||
During the years ended December 25, 2013 and December 26, 2012, the Company recognized share-based compensation expense of $822,000 and $860,000, respectively. These expenses were included in general and administrative expenses consistent with the salary expense for the related optionees in the accompanying consolidated statements of operations. | ||||||||||||||||||||||||
As of December 25, 2013, there was total unrecognized compensation expense of $860,000 related to unvested stock options which the Company expects to recognize over a weighted average period of 1.8 years. | ||||||||||||||||||||||||
The Company has a Stockholders Agreement that provides that, under certain circumstances, certain management holders of shares, including shares acquired from exercise of option awards, can put such shares to the Company at fair market value. Because the events that could trigger the right to put are not within the control of the management holders, such option awards are classified as liabilities only when the condition that could trigger the put right is probable of occurring. As of December 25, 2013, the Company concluded that the contingent events are not probable and therefore the option awards are classified as equity. The Company’s Stockholders Agreement also provides the Company with call rights if a management holder leaves the Company for various reasons. The Company has sufficient authorized capital, has the ability to deliver shares, and does not have a practice of repurchasing shares for cash. Upon the completion of a qualified initial public offering, the related shares will no longer be puttable or callable. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||||||
Net Income (Loss) Per Share | ' | ' | ||||||||||||||||||||||||
8. NET INCOME PER SHARE | 13. NET LOSS PER SHARE | |||||||||||||||||||||||||
Basic net income per share is calculated using the weighted-average number of shares of common stock outstanding during the thirteen and thirty-nine weeks ended September 24, 2014, and September 25, 2013. Diluted net income per share is calculated using the weighted-average number of shares of common stock outstanding and potentially dilutive during the period, using the treasury stock method. | Basic net loss per share is calculated using the weighted average shares of common stock outstanding during the years ended December 25, 2013 and December 26, 2012. Diluted net loss per share is calculated using the weighted average number of common and potentially dilutive common shares outstanding during the period, using the treasury stock method. | |||||||||||||||||||||||||
Below are our basic and diluted net income per share data for the periods indicated, which are in thousands except for per share data. | For the year ended December 25, 2013, potentially dilutive securities, which consist of options to purchase 1,709,748 shares of common stock at prices ranging from $1.81 to $12.72 were not included in the computation of diluted net loss per share because such inclusion would be antidilutive. | |||||||||||||||||||||||||
For the year ended December 26, 2012, potentially dilutive securities, which consist of options to purchase 836,402 shares of common stock at prices ranging from $1.81 to $12.72 were not included in the computation of diluted net loss per share because such inclusion would be antidilutive. | ||||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except for per share data): | ||||||||||||||||||||||||
September 24, | September 25, | September 24, | September 25, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Numerator: | For the Years Ended | December 25, | December 26, | |||||||||||||||||||||||
Net income | $ | 25,849 | $ | 918 | $ | 37,888 | $ | 1,268 | 2013 | 2012 | ||||||||||||||||
Denominator: | Numerator: | |||||||||||||||||||||||||
Weighted-average shares outstanding - basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 | Net Loss | $ | (16,873 | ) | $ | (7,865 | ) | |||||||||||||||
Weighted-average shares outstanding - diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 | Denominator: | |||||||||||||||||||||
Net income per share - basic | $ | 0.76 | $ | 0.03 | $ | 1.24 | $ | 0.04 | Weighted average shares outstanding | 28,712,622 | 28,712,194 | |||||||||||||||
Net income per share - diluted | $ | 0.7 | $ | 0.03 | $ | 1.13 | $ | 0.04 | Net Loss Per Share | $ | (0.59 | ) | $ | (0.27 | ) | |||||||||||
Anti-dilutive securities not considered in diluted EPS calculation | — | 218,356 | — | 218,356 | ||||||||||||||||||||||
Below is a reconciliation of basic and diluted share counts. | ||||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 24, | September 25, | September 24, | September 25, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Weighted-average shares outstanding - basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 | ||||||||||||||||||||||
Dilutive effect of stock options | 2,949,841 | 852,173 | 2,949,841 | 852,173 | ||||||||||||||||||||||
Weighted-average shares outstanding - diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 24, 2014 | Dec. 25, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Commitments and Contingencies | ' | ' |
7. COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES | |
Legal Matters | Legal Matters | |
Around February 24, 2014, a former employee filed a class action in the Superior Court of the State of California, County of Orange, against EPL on behalf of all putative class members (all hourly employees from 2010 to the present) alleging certain violations of California labor laws, including failure to pay overtime compensation, failure to provide meal periods and rest breaks, and failure to provide itemized wage statements. The putative lead plaintiff’s requested remedies included compensatory and punitive damages, injunctive relief, disgorgement of profits, and reasonable attorneys’ fees and costs. No specific amount of damages sought was specified in the complaint. We were served with the complaint on March 3, 2014. While we intend to vigorously defend against this action, including its class certification, its ultimate outcome is presently not determinable, as it is in a preliminary phase. Thus, we cannot determine the likelihood of an adverse judgment nor a likely range of damages, if any. A settlement or adverse judgment could have a material adverse impact. | On or about February 24, 2014, a former employee filed a class action in the Superior Court of the State of California, County of Orange, against EPL on behalf of all putative class members (all hourly employees from 2010 to the present) alleging certain violations of California labor laws, including failure to pay overtime compensation, failure to provide meal periods and rest breaks and failure to provide itemized wage statements. The putative lead plaintiff’s requested remedies include compensatory and punitive damages, injunctive relief, disgorgement of profits and reasonable attorneys’ fees and costs. The Company was served with the complaint on March 3, 2014. While the Company intends to vigorously defend against this action, including its class certification, the ultimate outcome of the case is presently not determinable as it is in a preliminary phase. Thus, the Company cannot at this time determine the likelihood of an adverse judgment or a likely range of damages in the event of an adverse judgment. Any settlement of or judgment with a negative outcome arising from such lawsuit could have an adverse material impact. | |
We are involved in various claims and legal actions that arise in the ordinary course of business. We do not believe that the ultimate resolution of these actions will have a material adverse effect on our financial position, results of operations, liquidity, or capital resources. A significant increase in the number of claims or an increase in amounts payable under successful claims could materially adversely affect our business, financial condition, results of operations or cash flows. | The Company is involved in various claims and legal actions that arise in the ordinary course of business. The Company does not believe that the ultimate resolution of these actions will have a material adverse effect on the Company’s financial position, results of operations, liquidity and capital resources. A significant increase in the number of claims or an increase in amounts owing under successful claims could materially adversely affect the Company’s business, financial condition, results of operations and cash flows. | |
Purchasing Commitments | Purchasing Commitments | |
We have long-term beverage supply agreements with certain major beverage vendors. Pursuant to the terms of these arrangements, marketing rebates are provided to us and our franchisees from beverage vendors based upon dollar volumes of purchases system-wide, which vary with demand for and the price of syrup. Our contracts extend so far as 2017, and our estimated obligations under them total $19.9 million. | The Company has long-term beverage supply agreements with certain major beverage vendors. Pursuant to the terms of these arrangements, marketing rebates are provided to the Company and its franchisees from the beverage vendors based upon the dollar volume of purchases for system-wide restaurants which will vary according to their demand for beverage syrup and fluctuations in the market rates for beverage syrup. These contracts have terms extending into 2017 with an estimated Company obligation totaling $24.3 million. | |
We have two supplier contracts for chicken that terminate in December 2014 and January 2015. We entered into these agreements in December 2013 at costs comparable to those of the contracts that preceded them. At September 24, 2014, our estimated obligations under them totaled $7.6 million. | At December 25, 2013, the Company’s total estimated commitment to purchase chicken was $2.4 million. | |
Contingent Lease Obligations | Contingent Lease Obligations | |
We are contingently liable for two leases that we assigned to franchisees. The latest lease expires in 2015. At September 24, 2014, our maximum exposure was $52,000, or $45,000, if discounted at our estimated pre-tax cost of debt. In the event of a franchisee default, we could cross-default the franchisee under its franchise agreement. We believe that cross-default provisions reduce our risk of payments, and we have not recorded any liability in our condensed consolidated financial statements related to these liabilities. | As a result of assigning the Company’s interest in obligations under real estate leases in connection with the sale of Company-operated restaurants to some of the Company’s franchisees, the Company is contingently liable on two lease agreements. These leases have various terms, the latest of which expires in 2015. As of December 25, 2013, the potential amount of undiscounted payments the Company could be required to make in the event of non-payment by the primary lessee was $158,000. The present value of these potential payments discounted at the Company’s estimated pre-tax cost of debt at December 25, 2013 was $139,000. The Company’s franchisees are primarily liable on the leases. The Company has cross-default provisions with these franchisees that would put them in default of their franchise agreement in the event of non-payment under the leases. The Company believes these cross-default provisions reduce the risk that payments will be required to be made under these leases. Accordingly, no liability has been recorded in the Company’s consolidated financial statements related to these guarantees. | |
Employment Agreements | ||
Employment Agreements | The Company has employment agreements with four of the officers of the Company on an at will basis. These agreements provide for minimum salary levels, possible annual adjustments for cost-of-living changes, and incentive bonuses that are payable under certain business conditions. | |
We have at-will employment agreements with four of our officers. These agreements provide for minimum salary levels, possible annual adjustments for cost-of-living changes, and incentive bonuses payable under certain conditions. | Indemnification Agreements | |
Indemnification Agreements | The Company has entered into indemnification agreements with each of the current directors and executive officers. These agreements require the Company to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to the Company and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. The Company also intends to enter into indemnification agreements with our future directors and executive officers. | |
We have entered into indemnification agreements with each of our current directors and executive officers. These agreements require us to indemnify them to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them where they could be indemnified. We also intend to enter into indemnification agreements with our future directors and executive officers. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 24, 2014 | Dec. 25, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Related Party Transactions | ' | ' |
9. RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS | |
Trimaran Capital, L.L.C., and Freeman Spogli & Co. indirectly beneficially own shares sufficient for majority control over all matters requiring stockholder votes, including elections of directors, mergers, consolidations, acquisitions, sales of all or substantially all of our assets, other decisions affecting our capital structure, amendments to our certificate of incorporation or by-laws, and our winding up and dissolution. Furthermore, so long as our their investment vehicle, owns a majority of our common stock, they can appoint the members of our board of directors. | Trimaran Capital LLC (“Trimaran”) and Freeman Spogli & Co. (“Freeman Spogli”) indirectly beneficially own shares sufficient for majority control over all matters requiring stockholder votes, including: the election of directors; mergers, consolidations and acquisitions; the sale of all or substantially all of the Company’s assets and other decisions affecting the Company’s capital structure; amendments to the Company’s certificate of incorporation or bylaws; and the Company’s winding up and dissolution. Furthermore, pursuant to the limited liability company operating agreement of LLC, investment funds managed by Trimaran and Freeman Spogli will have the right to instruct LLC to appoint certain members of the board of directors and board committees of the Company, subject to certain conditions. Specifically, provided LLC owns a majority of the Company’s common stock, Freeman Spogli will be able to appoint one member of the board of directors for so long as they hold 5% of the outstanding membership interests of LLC and Trimaran will be able to appoint the remaining members of the board of directors. | |
On November 18, 2005, we entered into a Monitoring and Management Services Agreement with Trimaran Fund Management, LLC, providing for annual fees of $500,000 and reasonable expenses. During the thirteen and thirty-nine weeks ended September 24, 2014, and September 25, 2013, $51,000 and $142,000 and $343,000 and $465,000, respectively, were paid under the agreement, and accounted for as general and administrative expenses. In connection with the IPO, we have terminated the agreement. | On November 18, 2005, the Company entered into a Monitoring and Management Services Agreement (the “Agreement”) with Trimaran Fund Management, LLC (“Fund Management”), an affiliate of the majority owner of the Company and of certain directors, which provides for annual fees of $500,000 and reasonable expenses. This Agreement was amended on December 26, 2007 to add an affiliate of FS Equity Partners V, L.P., FS Affiliates V, L.P. (minority shareholders of the Company) as a party to the Agreement. Such party shares in the fees payable under the Agreement. During the years ended December 25, 2013 and December 26, 2012, $624,000 and $612,000, respectively, were paid pursuant to this Agreement. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations. |
STOCK_SPLIT_AND_AUTHORIZATION_
STOCK SPLIT AND AUTHORIZATION OF ADDITIONAL SHARES | 12 Months Ended |
Dec. 25, 2013 | |
Equity [Abstract] | ' |
STOCK SPLIT AND AUTHORIZATION OF ADDITIONAL SHARES | ' |
16. STOCK SPLIT AND AUTHORIZATION OF ADDITIONAL SHARES | |
On July 14, 2014, the Company amended its certificate of incorporation to increase the number of shares the Company is authorized to issue to 200,000,000 shares of common stock, par value $0.01 per share. The amendment of the certificate of incorporation effected an internal recapitalization pursuant to which the Company effected an 8.56381-for-1 stock split on its outstanding common stock. | |
Accordingly, all common share and per share amounts in these consolidated financial statements and the notes thereto have been adjusted to reflect the 8.56381-for-1 stock split as though it had occurred at the beginning of the initial period presented. |
SCHEDULE_1_CONDENSED_FINANCIAL
SCHEDULE 1 CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company [Member]) | 12 Months Ended | ||||||||||||||||||||
Dec. 25, 2013 | |||||||||||||||||||||
Parent Company [Member] | ' | ||||||||||||||||||||
SCHEDULE 1 CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ' | ||||||||||||||||||||
SCHEDULE 1 | |||||||||||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||||||||||
EL POLLO LOCO HOLDINGS, INC. | |||||||||||||||||||||
PARENT COMPANY BALANCE SHEETS | |||||||||||||||||||||
(Amounts in thousands, except share data) | |||||||||||||||||||||
December 25, | December 26, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 4,394 | $ | 4,480 | |||||||||||||||||
Total current assets | 4,394 | 4,480 | |||||||||||||||||||
Investment in subsidiaries, net | 44,142 | 60,107 | |||||||||||||||||||
Total assets | $ | 48,536 | $ | 64,587 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Total liabilities | — | — | |||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock, $0.01 par value—200,000,000 shares authorized; 28,712,622 shares issued and outstanding | 287 | 287 | |||||||||||||||||||
Additional paid-in capital | 240,151 | 239,329 | |||||||||||||||||||
Accumulated deficit | (191,902 | ) | (175,029 | ) | |||||||||||||||||
Total stockholders’ equity | 48,536 | 64,587 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 48,536 | $ | 64,587 | |||||||||||||||||
See notes to consolidated financial statements. | |||||||||||||||||||||
SCHEDULE 1 | |||||||||||||||||||||
EL POLLO LOCO HOLDINGS, INC. | |||||||||||||||||||||
PARENT COMPANY STATEMENTS OF OPERATIONS | |||||||||||||||||||||
(Amounts in thousands, except share data) | |||||||||||||||||||||
For the Years Ended | December 25, | December 26, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Company-operated restaurant revenue | $ | — | $ | — | |||||||||||||||||
Franchise revenue | — | — | |||||||||||||||||||
Total revenue | — | — | |||||||||||||||||||
General and administrative expenses | 912 | 950 | |||||||||||||||||||
Total expenses | 912 | 950 | |||||||||||||||||||
Loss from operations | (912 | ) | (950 | ) | |||||||||||||||||
Interest income | 4 | 15 | |||||||||||||||||||
Loss before provision for income taxes | (908 | ) | (935 | ) | |||||||||||||||||
Provision for income taxes | — | — | |||||||||||||||||||
Equity in earnings of subsidiaries, net of tax | (15,965 | ) | (6,930 | ) | |||||||||||||||||
Net loss | $ | (16,873 | ) | $ | (7,865 | ) | |||||||||||||||
Net loss per share | |||||||||||||||||||||
Basic and diluted | $ | (0.59 | ) | $ | (0.27 | ) | |||||||||||||||
Weighted average shares used in computing net loss per share | |||||||||||||||||||||
Basic and diluted | 28,712,622 | 28,712,194 | |||||||||||||||||||
See notes to consolidated financial statements. | |||||||||||||||||||||
SCHEDULE 1 | |||||||||||||||||||||
EL POLLO LOCO HOLDINGS, INC. | |||||||||||||||||||||
PARENT COMPANY STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
(Amounts in thousands, except share data) | |||||||||||||||||||||
Common Stock | Additional | Accumulated | Total | ||||||||||||||||||
Paid-in | Deficit | Stockholders’ | |||||||||||||||||||
Shares | Amount | Capital | Equity | ||||||||||||||||||
Balance, December 28, 2011 | 28,710,070 | $ | 287 | $ | 238,473 | $ | (167,164 | ) | $ | 71,596 | |||||||||||
Stock based compensation | — | — | 860 | — | 860 | ||||||||||||||||
Cash used for net stock option exercises | 2,552 | — | (4 | ) | — | (4 | ) | ||||||||||||||
Net loss attributable to El Pollo Loco Holdings, Inc., and subsidiaries’ common stockholders | — | — | — | (7,865 | ) | (7,865 | ) | ||||||||||||||
Balance, December 26, 2012 | 28,712,622 | 287 | 239,329 | (175,029 | ) | 64,587 | |||||||||||||||
Stock based compensation | — | — | 822 | — | 822 | ||||||||||||||||
Net loss attributable to El Pollo Loco Holdings, Inc., and subsidiaries’ common stockholders | — | — | — | (16,873 | ) | (16,873 | ) | ||||||||||||||
Balance, December 25, 2013 | 28,712,622 | $ | 287 | $ | 240,151 | $ | (191,902 | ) | $ | 48,536 | |||||||||||
See notes to consolidated financial statements. | |||||||||||||||||||||
SCHEDULE 1 | |||||||||||||||||||||
EL POLLO LOCO HOLDINGS, INC. | |||||||||||||||||||||
PARENT COMPANY STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
For the Years Ended | December 25, | December 26, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net loss | $ | (16,873 | ) | $ | (7,865 | ) | |||||||||||||||
Adjustments to reconcile changes in net loss to net cash used in operating activities | 16,787 | 7,790 | |||||||||||||||||||
Net cash used in operating activities | (86 | ) | (75 | ) | |||||||||||||||||
Decrease in cash and cash equivalents | (86 | ) | (75 | ) | |||||||||||||||||
Cash and cash equivalents, beginning of year | 4,480 | 4,555 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 4,394 | $ | 4,480 | |||||||||||||||||
See notes to consolidated financial statements. | |||||||||||||||||||||
SCHEDULE 1 | |||||||||||||||||||||
EL POLLO LOCO HOLDINGS, INC. | |||||||||||||||||||||
NOTES TO PARENT COMPANY FINANCIAL STATEMENTS | |||||||||||||||||||||
1. BACKGROUND AND BASIS OF PRESENTATION | |||||||||||||||||||||
The accompanying condensed financial statements include only the accounts of El Pollo Loco Holdings, Inc. (“Holdings”). Holdings is a Delaware corporation headquartered in Costa Mesa, California. Holdings and its direct and indirect subsidiaries are collectively known as the “Company”. Investments in the Company’s subsidiaries are accounted for under the equity method. These parent company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as restricted net assets of the Company’s subsidiaries exceed 25% of the Company’s consolidated net assets as of December 25, 2013. | |||||||||||||||||||||
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included in the Company’s annual consolidated financial statements included in this registration statement. | |||||||||||||||||||||
2. RESTRICTED NET ASSETS OF SUBSIDIARIES | |||||||||||||||||||||
Holdings has no material assets or operations. Holdings’ direct subsidiary, EPL Intermediate, Inc. (“Intermediate”) guarantees EPL’s credit agreements on a full and unconditional basis and Intermediate has no subsidiaries other than EPL. EPL is a separate and distinct legal entity, has no obligation to make funds available to Intermediate, and currently has no restrictions that limit distributions or dividends to be paid by EPL to Intermediate, which ultimately limit distributions or dividends to Holdings. | |||||||||||||||||||||
EPL may make distributions to Intermediate only under certain restricted circumstances, including, but not limited to, payments of: (i) franchise taxes or other costs of maintaining the corporate existence of Intermediate, (ii) accounting, legal, administrative and operating expenses of Intermediate, up to $250,000 in any 12 month period, and (iii) EPL’s allocable portion of tax liabilities on consolidated tax returns with Intermediate, subject to certain overall amounts. | |||||||||||||||||||||
EPL is also restricted in its dividend payments to Intermediate. These restricted dividend payments include, but are not limited to: (i) dividends payable solely in EPL’s own common stock or other common equity interests, (ii) payments that permit Intermediate to repurchase or redeem qualified capital stock of Intermediate held by present or former officers, directors or employees, not to exceed $1,000,000 in any fiscal year (with unused amounts carried over to the next fiscal year), and (iii) provided that no default or event of default under the credit facilities has occurred, is continuing, or would result therefrom, dividends limited to various absolute ceiling amounts, including an aggregate amount up to $5,000,000 (shared with Intermediate) for dividends not including those paid pursuant to stock options and other benefit plans. | |||||||||||||||||||||
Likewise, Intermediate is restricted in its own dividend payments, with such restrictions including, but not limited to, dividends payable solely in Intermediate’s own common stock or other common equity interests. Intermediate may purchase, redeem, or otherwise acquire equity interests issued by it with the proceeds received by it from the substantially concurrent issue of new shares of its common stock or other common equity interests. | |||||||||||||||||||||
3. COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||
As of December 25, 2013 and December 26, 2012, El Pollo Holdings, Inc. had no commitments and contingencies, other than those incurred through its direct and indirect subsidiaries. | |||||||||||||||||||||
4. STOCK SPLIT AND AUTHORIZATION OF ADDITIONAL SHARES | |||||||||||||||||||||
On July 14, 2014, the Company amended its certificate of incorporation to increase the number of shares the Company is authorized to issue to 200,000,000 shares of common stock, par value $0.01 per share. The amendment of the certificate of incorporation effected an internal recapitalization pursuant to which the Company effected an 8.56381-for-1 stock split on its outstanding common stock. | |||||||||||||||||||||
Accordingly, all common share and per share amounts in these parent company financial statements and the notes thereto have been adjusted to reflect the 8.56381-for-1 stock split as though it had occurred at the beginning of the initial period presented. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 24, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' |
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Overview | |
El Pollo Loco Holdings, Inc. (“Holdings”) is a Delaware corporation headquartered in Costa Mesa, California. Holdings and its direct and indirect subsidiaries are collectively known as “we,” “us” or the “Company.” Our activities are conducted principally through our indirect wholly-owned subsidiary, El Pollo Loco, Inc. (“EPL”), which develops, franchises, licenses, and operates quick-service restaurants under the name El Pollo Loco® and operates under one business segment. At September 24, 2014, we operated 166 and franchised 239 El Pollo Loco restaurants. | |
Basis of Presentation | |
We have prepared the accompanying interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments considered necessary for the fair presentation of our results of operations, financial position, and cash flows for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 25, 2013. | |
We use a 52- or 53-week fiscal year ending on the last Wednesday of the calendar year. In a 52-week fiscal year, each quarter includes 13 weeks of operations; in a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations and the fourth quarter includes 14 weeks of operations. Every six or seven years a 53-week fiscal year occurs. Fiscal 2013, which was a 52-week year, ended on December 25, 2013. Fiscal 2014, which is a 53-week year, will end on December 31, 2014. Because fiscal 2014 is a 53-week year, both revenues and expenses, and other financial and operational figures, may be on an elevated scale compared with 52-week periods both before and after. | |
On July 14, 2014, we amended our certificate of incorporation to increase our authorized share count to 200,000,000 shares of common stock, par value $0.01 per share, and split our stock 8.56381:1. On July 24, 2014, we amended and restated our certificate of incorporation to, among other things, increase our authorized share count to 300,000,000 shares of stock, including 200,000,000 shares of common stock and 100,000,000 shares of preferred stock, each par value $0.01 per share. On July 30, 2014, we completed our initial public offering of 8,214,286 shares of common stock at a price to the public of $15.00 per share (the “IPO”), including 1,071,429 shares sold to the underwriters pursuant to their option to purchase additional shares. After underwriting discounts, commissions, and fees and expenses of IPO offering and distribution, we received net IPO proceeds of approximately $112.3 million. We used these proceeds primarily to repay in whole a $100 million second lien term loan (the “Second Lien Term Loan”). All share and per-share data herein have been adjusted to reflect the 8.56381 for 1 common stock split effected on July 14, 2014 as though it had occurred prior to the earliest data presented. | |
The accompanying condensed consolidated financial statements include the accounts of Holdings and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements in conformance with GAAP requires us to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the financial statements, and (ii) revenue and expenses during the period reported. Actual results could materially differ from those estimates. Our significant estimates include estimates for (i) impairment of goodwill, intangible assets and plant and equipment, (ii) insurance reserves, (iii) lease termination liabilities, (iv) stock-based compensation, and (v) income tax valuation allowances. | |
Reclassifications | |
Certain comparative prior year amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current year presentation. These reclassifications have no effect on previously-reported net income. | |
Liquidity | |
Our principal liquidity requirements are to service our debt and to meet capital expenditure needs. At September 24, 2014, our total debt was $188.7 million. Our ability to make payments on our indebtedness and to fund planned capital expenditures depends on available cash and on our ability to generate adequate cash flows in the future, which, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control. Based on current operations, we believe that our cash flow from operations, available cash of $41.8 million at September 24, 2014, and available borrowings under our $15 million senior secured revolving credit facility (the “Revolver”) (which availability was approximately $7.7 million at September 24, 2014) will be adequate to meet our liquidity needs for the next 12 months. | |
Concentration of Risk | |
We have two suppliers for which amounts due at September 24, 2014, and December 25, 2013, totaled 43% and 45% and 11% and 11%, respectively, of our accounts payable. Purchases from the same suppliers accounted for the majority of our purchases for the periods ended September 24, 2014, and September 25, 2013. Company-operated and franchised restaurants in the greater Los Angeles area generated, in the aggregate, approximately 79% and 80% of revenue for the thirteen weeks ended September 24, 2014, and September 25, 2013 respectively, and approximately 80% for the thirty-nine weeks ended September 24, 2014, and September 25, 2013. | |
Goodwill and Indefinite Lived Intangible Assets | |
Our indefinite lived intangible assets consist of trademarks. Goodwill represents the excess of cost over fair value of net identified assets acquired in business combinations accounted for under the purchase method. We do not amortize our goodwill and indefinite lived intangible assets. | |
Upon the sale of a restaurant, we decrement goodwill. The amount of goodwill that we include in the cost basis of the asset sold is determined based on the relative fair value of the reporting unit disposed of as a percentage of the fair value of the reporting unit retained. | |
We perform annual impairment tests for goodwill during the fourth fiscal quarter of each year, or more frequently if impairment indicators arise. | |
We review goodwill for impairment utilizing either a qualitative assessment or a two-step process. If we decide that it is appropriate to perform a qualitative assessment and conclude that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If we perform the two-step process, the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of impairment by comparing the carrying amount of the goodwill to a determination of the implied value of the goodwill. If the carrying amount of goodwill is greater than the implied value, an impairment charge is recognized for the difference. | |
We perform annual impairment tests for indefinite lived intangible assets during the fourth fiscal quarter of each year, or more frequently if impairment indicators arise. An impairment test consists of either a qualitative assessment or a comparison of the fair value of an intangible asset with its carrying amount. The excess of the carrying amount of an intangible asset over its fair value is its impairment loss. | |
We did not identify any indicators of potential impairment during the thirty-nine weeks ended September 24, 2014, and therefore did not perform any impairment review. | |
Gain on Sale of Restaurants | |
On September 24, 2014, we completed an agreement to sell six company-operated restaurants in the greater San Antonio area to AA Pollo, Inc., resulting in cash proceeds of $5.4 million. Goodwill was decremented by $650,000, based on a calculation of the fair value of the restaurants sold as a percentage of the relative fair value of the remainder of the reporting units retained. We recognized a net gain of $2.7 million on this transaction, which is recorded as a gain on sale of restaurants in the accompanying statement of operations. These six restaurants will now be franchised. In addition, in connection with the sale, AA Pollo, Inc., entered into an exclusive development agreement with us to develop and open eight restaurants in the greater San Antonio area. We have also agreed to an additional exclusive franchise development agreement with AA Pollo, Inc., for the development of twelve restaurants in the Houston area. | |
Income Taxes | |
Provision for income taxes, income taxes payable, and deferred income taxes are determined using the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the financial carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. On a periodic basis, we assess the probability that our net deferred tax assets, if any, will be recovered. If, after evaluating all of the positive and negative evidence, we conclude that it is more likely than not that some or all of our net deferred tax assets will not be recovered, we provide for a valuation allowance by charging to tax expense to reserve the portion of deferred tax assets that we do not expect to be realized. At December 25, 2013, we maintained a full valuation allowance against our deferred tax assets. After evaluating all of the positive and negative evidence, including our continued profitability and the reduction in interest expense resulting from the 2013 Refinancing (as defined below), our completed initial public offering and the resultant payoff of the Second Lien Term Loan, we concluded that it is more likely than not that our net deferred tax assets will be recovered. As a result, during the quarter ending September 24, 2014, we released our valuation allowance of approximately $65 million. In addition, during the quarter, we applied for various tax credits that resulted in $5.4 million of additional deferred tax assets and tax benefits. | |
We review our filing positions for all open tax years in all U.S. federal and state jurisdictions where we are required to file. | |
When there are uncertainties related to potential income tax benefits, in order to qualify for recognition, the position we take has to have at least a “more likely than not” chance of being sustained (based on the position’s technical merits) upon challenge by the respective authorities. The term “more likely than not” means a likelihood of more than 50 percent. Otherwise, we may not recognize any of the potential tax benefit associated with the position. We recognize a benefit for a tax position that meets the “more likely than not” criterion at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon its effective resolution. Unrecognized tax benefits involve our judgment regarding the likelihood of the benefit being sustained. The final resolution of uncertain tax positions could result in adjustments to recorded amounts and may affect our results of operations, financial position, and cash flows. | |
We recognize interest and penalties related to income tax matters in income tax expense. We had no accrual for interest or penalties at September 24, 2014, or at December 25, 2013, and did not recognize interest or penalties during the thirteen and thirty-nine weeks ended September 24, 2014, and September 25, 2013, respectively, since we had no material unrecognized tax benefits. We do not anticipate material changes in our amount of unrecognized tax benefits within the next twelve months. | |
On July 30, 2014, we entered into an Income Tax Receivable Agreement (the “TRA”). The TRA calls for us to pay to our pre-IPO stockholders 85% of the savings in cash that we realize in our taxes as a result of utilizing our net operating losses and other tax attributes attributable to preceding periods. In connection with the TRA, we have amended our first lien credit agreement (the “First Lien Credit Agreement”) to permit dividend payments to us by our subsidiaries in amounts up to $11 million per fiscal year, not to exceed $33 million in the aggregate, while the First Lien Credit Agreement is outstanding. During the quarter, we incurred a charge of approximately $40 million relating to the present value of our total expected TRA payments. | |
Franchise Development Option Agreement | |
On July 11, 2014, EPL and Trimaran Pollo Partners, L.L.C. (“LLC”) entered into a Franchise Development Option Agreement relating to development of our restaurants in the New York–Newark, NY–NJ–CT–PA Combined Statistical Area (the “Territory”). EPL granted LLC the exclusive option to develop and open fifteen restaurants in the Territory over five years (the “Initial Option”), and, provided that the Initial Option is exercised, the exclusive option to develop and open up to an additional one hundred restaurants in the Territory over ten years. The Franchise Development Option Agreement terminates (i) ten years after execution, or (ii) if the Initial Option is exercised, five years after that exercise. LLC may only exercise the Initial Option if EPL first determines to begin development of company-operated restaurants in the Territory or support the development of the Territory. We have no current intention to begin development in the Territory. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | ||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||
Accounting Policies [Abstract] | ' | ' | ||||
Liquidity | ' | ' | ||||
Liquidity | Liquidity | |||||
Our principal liquidity requirements are to service our debt and to meet capital expenditure needs. At September 24, 2014, our total debt was $188.7 million. Our ability to make payments on our indebtedness and to fund planned capital expenditures depends on available cash and on our ability to generate adequate cash flows in the future, which, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control. Based on current operations, we believe that our cash flow from operations, available cash of $41.8 million at September 24, 2014, and available borrowings under our $15 million senior secured revolving credit facility (the “Revolver”) (which availability was approximately $7.7 million at September 24, 2014) will be adequate to meet our liquidity needs for the next 12 months. | The Company’s principal liquidity requirements are to service its debt and meet capital expenditure needs. At December 25, 2013, the Company’s total debt (including capital lease liabilities) was $289.2 million. The Company’s ability to make payments on its indebtedness and to fund planned capital expenditures will depend on available cash and its ability to generate adequate cash flows in the future, which, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond the Company’s control. Based on current operations, the Company believes that its cash flows from operations, available cash of $17.0 million at December 25, 2013 and available borrowings under the credit facility (which availability was $7.7 million at December 25, 2013) will be adequate to meet the Company’s liquidity needs for the next 12 months. | |||||
Basis of Presentation | ' | ' | ||||
Basis of Presentation | Basis of Presentation | |||||
We have prepared the accompanying interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments considered necessary for the fair presentation of our results of operations, financial position, and cash flows for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 25, 2013. | The Company uses a 52- or 53-week fiscal year ending on the last Wednesday of the calendar year. In a 52-week fiscal year, each quarter includes 13 weeks of operations; in a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations and the fourth quarter includes 14 weeks of operations. Every six or seven years a 53-week fiscal year occurs. Fiscal 2013 and 2012, which were 52-week years, ended on December 25, 2013 and December 26, 2012, respectively. | |||||
We use a 52- or 53-week fiscal year ending on the last Wednesday of the calendar year. In a 52-week fiscal year, each quarter includes 13 weeks of operations; in a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations and the fourth quarter includes 14 weeks of operations. Every six or seven years a 53-week fiscal year occurs. Fiscal 2013, which was a 52-week year, ended on December 25, 2013. Fiscal 2014, which is a 53-week year, will end on December 31, 2014. Because fiscal 2014 is a 53-week year, both revenues and expenses, and other financial and operational figures, may be on an elevated scale compared with 52-week periods both before and after. | ||||||
On July 14, 2014, we amended our certificate of incorporation to increase our authorized share count to 200,000,000 shares of common stock, par value $0.01 per share, and split our stock 8.56381:1. On July 24, 2014, we amended and restated our certificate of incorporation to, among other things, increase our authorized share count to 300,000,000 shares of stock, including 200,000,000 shares of common stock and 100,000,000 shares of preferred stock, each par value $0.01 per share. On July 30, 2014, we completed our initial public offering of 8,214,286 shares of common stock at a price to the public of $15.00 per share (the “IPO”), including 1,071,429 shares sold to the underwriters pursuant to their option to purchase additional shares. After underwriting discounts, commissions, and fees and expenses of IPO offering and distribution, we received net IPO proceeds of approximately $112.3 million. We used these proceeds primarily to repay in whole a $100 million second lien term loan (the “Second Lien Term Loan”). All share and per-share data herein have been adjusted to reflect the 8.56381 for 1 common stock split effected on July 14, 2014 as though it had occurred prior to the earliest data presented. | ||||||
The accompanying condensed consolidated financial statements include the accounts of Holdings and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||
Principles of Consolidation | ' | ' | ||||
Principles of Consolidation | ||||||
The accompanying consolidated financial statements include the accounts of Holdings and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||
Use of Estimates | ' | ' | ||||
Use of Estimates | Use of Estimates | |||||
The preparation of financial statements in conformance with GAAP requires us to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the financial statements, and (ii) revenue and expenses during the period reported. Actual results could materially differ from those estimates. Our significant estimates include estimates for (i) impairment of goodwill, intangible assets and plant and equipment, (ii) insurance reserves, (iii) lease termination liabilities, (iv) stock-based compensation, and (v) income tax valuation allowances. | The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and revenue and expenses during the period reported. Actual results could materially differ from those estimates. The Company’s significant estimates include estimates for impairment of goodwill, intangible assets and plant and equipment, insurance reserves, lease termination liabilities, stock-based compensation, and income tax valuation allowances. | |||||
Cash and Cash Equivalents | ' | ' | ||||
Cash and Cash Equivalents | ||||||
The Company considers all highly liquid instruments with a maturity of three months or less at the date of purchase to be cash equivalents. | ||||||
Restricted Cash | ' | ' | ||||
Restricted Cash | ||||||
The Company’s restricted cash represents cash collateral to one commercial bank for Company credit cards. | ||||||
Concentration of Risk | ' | ' | ||||
Concentration of Risk | Concentration of Risk | |||||
We have two suppliers for which amounts due at September 24, 2014, and December 25, 2013, totaled 43% and 45% and 11% and 11%, respectively, of our accounts payable. Purchases from the same suppliers accounted for the majority of our purchases for the periods ended September 24, 2014, and September 25, 2013. Company-operated and franchised restaurants in the greater Los Angeles area generated, in the aggregate, approximately 79% and 80% of revenue for the thirteen weeks ended September 24, 2014, and September 25, 2013 respectively, and approximately 80% for the thirty-nine weeks ended September 24, 2014, and September 25, 2013. | Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. | |||||
The Company had two suppliers for which amounts due at December 25, 2013 and December 26, 2012 totaled 45% and 51% and 11% and 13%, respectively, of the Company’s accounts payable. Purchases from the same suppliers for the years ended December 25, 2013 and December 26, 2012 totaled 31% and 13% and 24% and 15%, respectively, of the Company’s purchases. Company-operated and franchised restaurants in the greater Los Angeles area generated, in the aggregate, approximately 80% and 81% of revenue for the years ended December 25, 2013 and December 26, 2012, respectively. | ||||||
Accounts and Other Receivables, Net | ' | ' | ||||
Accounts and Other Receivables, Net | ||||||
Accounts and other receivables consist primarily of royalties, advertising and sublease rent and related amounts receivable from franchisees which are due on a monthly basis that may differ from the Company’s month-end dates as well as credit/debit card receivables. The need for an allowance for doubtful accounts is reviewed on a specific identification basis based upon past due balances and the financial strength of the obligor. Bad debt expense was immaterial for the years ended December 25, 2013 and December 26, 2012. | ||||||
Inventories | ' | ' | ||||
Inventories | ||||||
Inventories consist principally of food, beverages and paper supplies and are valued at the lower of average cost or market. | ||||||
Property and Equipment Owned, Net | ' | ' | ||||
Property and Equipment Owned, Net | ||||||
Property and equipment is stated at cost and is depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and property held under capital leases are amortized over the shorter of their estimated useful lives or the remaining lease terms. For leases with renewal periods at the Company’s option, the Company generally uses the original lease term, excluding the option periods, to determine estimated useful lives; if failure to exercise a renewal option imposes an economic penalty on the Company, such that management determines at the inception of the lease that renewal is reasonably assured, the Company may include the renewal option period in the determination of appropriate estimated useful lives. | ||||||
The estimated useful service lives are as follows: | ||||||
Buildings | 20 years | |||||
Land improvements | 3 – 30 years | |||||
Building improvements | 3 – 10 years | |||||
Restaurant equipment | 3 – 10 years | |||||
Other equipment | 2 – 10 years | |||||
Leasehold improvements | Shorter of useful life or lease term | |||||
The Company capitalizes certain costs in conjunction with site selection that relate to specific sites for planned future restaurants. The Company also capitalizes certain costs, including interest, in conjunction with constructing new restaurants. These costs are included in property and amortized over the shorter of the life of the related buildings and leasehold improvements or the lease term. Costs related to abandoned sites and other site selection costs that cannot be identified with specific restaurants are charged to general and administrative expenses in the accompanying consolidated statements of operations. The Company did not capitalize any internal costs or interest costs related to site selection and construction activities during the years ended December 25, 2013 or December 26, 2012. | ||||||
Goodwill and Indefinite Lived Intangible Assets | ' | ' | ||||
Goodwill and Indefinite Lived Intangible Assets | Goodwill and Indefinite Lived Intangible Assets | |||||
Our indefinite lived intangible assets consist of trademarks. Goodwill represents the excess of cost over fair value of net identified assets acquired in business combinations accounted for under the purchase method. We do not amortize our goodwill and indefinite lived intangible assets. | The Company’s indefinite lived intangible assets consist of trademarks. Goodwill represents the excess of cost over fair value of net identified assets acquired in business combinations accounted for under the purchase method. Goodwill resulted from the Acquisition and from the acquisition of certain franchise locations. | |||||
Upon the sale of a restaurant, we decrement goodwill. The amount of goodwill that we include in the cost basis of the asset sold is determined based on the relative fair value of the reporting unit disposed of as a percentage of the fair value of the reporting unit retained. | Upon the sale of a restaurant, goodwill is decremented. The amount of goodwill written-off is determined based on the relative fair value of the reporting unit disposed of as a percentage of the fair value of the reporting unit retained. | |||||
We perform annual impairment tests for goodwill during the fourth fiscal quarter of each year, or more frequently if impairment indicators arise. | The Company does not amortize its goodwill and indefinite lived intangible assets. The Company performs its impairment test annually at its fiscal year end, or more frequently if impairment indicators arise. The Company reviews goodwill for impairment utilizing either a qualitative assessment or a two-step process. If the Company decides that it is appropriate to perform a qualitative assessment and concludes that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If the Company performs the two-step process, the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. | |||||
We review goodwill for impairment utilizing either a qualitative assessment or a two-step process. If we decide that it is appropriate to perform a qualitative assessment and conclude that the fair value of a reporting unit more likely than not exceeds its carrying value, no further evaluation is necessary. If we perform the two-step process, the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of impairment by comparing the carrying amount of the goodwill to a determination of the implied value of the goodwill. If the carrying amount of goodwill is greater than the implied value, an impairment charge is recognized for the difference. | The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. | |||||
We perform annual impairment tests for indefinite lived intangible assets during the fourth fiscal quarter of each year, or more frequently if impairment indicators arise. An impairment test consists of either a qualitative assessment or a comparison of the fair value of an intangible asset with its carrying amount. The excess of the carrying amount of an intangible asset over its fair value is its impairment loss. | The assumptions used in the estimate of fair value are generally consistent with the past performance of the Company’s reporting unit and are also consistent with the projections and assumptions that are used in current operating plans. These assumptions are subject to change as a result of changing economic and competitive conditions. | |||||
The impairment test for indefinite lived intangible assets consists of either a qualitative assessment or a comparison of the fair value of the intangible asset with its carrying amount. The excess of the carrying amount of the intangible asset over its fair value is its impairment loss. | ||||||
We did not identify any indicators of potential impairment during the thirty-nine weeks ended September 24, 2014, and therefore did not perform any impairment review. | No impairment was recorded during the years ended December 25, 2013 or December 26, 2012. | |||||
Other Intangibles, Net-definite lived | ' | ' | ||||
Other Intangibles, Net—definite lived | ||||||
Definite lived intangible assets consist of the value allocated to the Company’s favorable and unfavorable leasehold interests that resulted from the Acquisition. | ||||||
Favorable leasehold interest represents the asset in excess of the approximate fair market value of the leases assumed as of November 17, 2005, the date of the Acquisition. The amount is being reduced over the approximate average life of the leases. This amount is shown as other intangible assets-net on the accompanying consolidated balance sheets. | ||||||
Unfavorable leasehold interest liability represents the liability in excess of the approximate fair market value of the leases assumed as of November 17, 2005, the date of the Acquisition. The amount is being reduced over the approximate average life of the leases. This amount is shown as other intangible liabilities-net on the accompanying consolidated balance sheets. | ||||||
Intangible assets and liabilities with a definite life are amortized using the straight-line method over their estimated useful lives as follows: | ||||||
Favorable leasehold interests | 1 to 18 years (remaining lease term) | |||||
Unfavorable leasehold interests | 1 to 20 years (remaining lease term) | |||||
Deferred Financing Fees | ' | ' | ||||
Deferred Financing Fees | ||||||
Deferred financing fees are capitalized and amortized over the period of the loan on an effective interest rate basis, which approximates the effective interest method. Included in other assets are fees (net of accumulated amortization) of $7.8 million and $10.0 million as of December 25, 2013 and December 26, 2012, respectively. Amortization expense for deferred financing costs was $2.0 million and $2.1 million for the years ended December 25, 2013 and December 26, 2012, respectively, and is reflected as a component of interest expense in the accompanying consolidated statements of operations. In conjunction with the October 11, 2013 refinancing of the Company’s debt, $8.4 million of unamortized deferred finance costs related to the prior debt were written off (see Notes 6 and 7). | ||||||
Impairment of Long-Lived Assets | ' | ' | ||||
Impairment of Long-Lived Assets | ||||||
The Company reviews its long-lived assets for impairment on a restaurant-by-restaurant basis whenever events or changes in circumstances indicate that the carrying value of certain assets may not be recoverable. If the Company concludes that the carrying value of certain assets will not be recovered based on expected undiscounted future cash flows, an impairment write-down is recorded to reduce the assets to their estimated fair value. The Company recorded non-cash impairment charges of $27,000 and $42,000 for the years ended December 25, 2013 and December 26, 2012, respectively. | ||||||
Insurance Reserves | ' | ' | ||||
Insurance Reserves | ||||||
The Company is responsible for workers’ compensation, general and health insurance claims up to a specified aggregate stop loss amount. The Company maintains a reserve for estimated claims both reported and incurred but not reported, based on historical claims experience and other assumptions. At December 25, 2013 and December 26, 2012, the Company had accrued $3,597,000 and $3,153,000, respectively, and such amounts are reflected as accrued insurance in the accompanying consolidated balance sheets. The expense for such reserves for the years ended December 25, 2013 and December 26, 2012 totaled $6,912,000 and $8,361,000, respectively. These amounts are included in payroll and benefits and general and administrative expenses on the accompanying consolidated statements of operations. | ||||||
Restaurant and Franchise Revenue | ' | ' | ||||
Restaurant and Franchise Revenue | ||||||
Revenues from the operation of company-operated restaurants are recognized as food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales net of sales-related taxes and promotional allowances. Promotional allowances amounted to approximately $5.7 million and $4.0 million during the years ended December 25, 2013 and December 26, 2012, respectively. Franchise revenue consists of franchise royalties, initial franchise fees, license fees due from franchisees, IT support services and rental income for leases and subleases to franchisees. Franchise royalties are based upon a percentage of net sales of the franchisee and are recorded as income as such sales are earned by the franchisees. Initial franchise and license fees are recognized when all material obligations have been performed and conditions have been satisfied, typically when operations of the franchised restaurant have commenced. Initial franchise fees recognized during the years ended December 25, 2013 and December 26, 2012, totaled $521,000 and $186,000, respectively. The Company recognizes renewal fees when a renewal agreement with a franchisee becomes effective. | ||||||
Advertising Costs | ' | ' | ||||
Advertising Costs | ||||||
Advertising expense is recorded as the obligation to contribute to the advertising fund is created, generally when the associated revenue is recognized. Advertising expense, which is a component of occupancy and other operating expenses, was $11.9 million and $11.2 million for the years ended December 25, 2013 and December 26, 2012, respectively, and is net of $15.8 million and $14.1 million, respectively, funded by the franchisees’ advertising fees. | ||||||
Franchisees pay a monthly fee to the Company that ranges from 4% to 5% of their restaurants’ net sales as reimbursement for advertising, public relations and promotional services the Company provides. Fees received in advance of provided services are included in other accrued expenses and current liabilities and were $265,000 and $257,000 at December 25, 2013 and December 26, 2012, respectively. Pursuant to Intermediate’s Franchise Disclosure Document, company-operated restaurants contribute to the advertising fund on the same basis as franchised restaurants. At December 25, 2013, the Company was obligated to spend an additional $119,000 in future periods to comply with this requirement. | ||||||
Production costs of commercials, programming and other marketing activities are charged to the advertising funds when the advertising is first used for its intended purpose, and the costs of advertising are charged to operations as incurred. Total contributions and other marketing expenses, are included in selling, general, and administrative expenses in the accompanying consolidated statements of operations. | ||||||
Preopening Costs | ' | ' | ||||
Preopening Costs | ||||||
Preopening costs incurred in connection with the opening of new restaurants are expensed as incurred. Preopening costs, which are included in general and administrative expenses on the accompanying consolidated statements of operations, were $201,000 and $320,000 for the years ended December 25, 2013 and December 26, 2012, respectively. | ||||||
Franchise Area Development Fees | ' | ' | ||||
Franchise Development Option Agreement | Franchise Area Development Fees | |||||
On July 11, 2014, EPL and Trimaran Pollo Partners, L.L.C. (“LLC”) entered into a Franchise Development Option Agreement relating to development of our restaurants in the New York–Newark, NY–NJ–CT–PA Combined Statistical Area (the “Territory”). EPL granted LLC the exclusive option to develop and open fifteen restaurants in the Territory over five years (the “Initial Option”), and, provided that the Initial Option is exercised, the exclusive option to develop and open up to an additional one hundred restaurants in the Territory over ten years. The Franchise Development Option Agreement terminates (i) ten years after execution, or (ii) if the Initial Option is exercised, five years after that exercise. LLC may only exercise the Initial Option if EPL first determines to begin development of company-operated restaurants in the Territory or support the development of the Territory. We have no current intention to begin development in the Territory. | The Company receives area development fees from franchisees when they execute multi-unit area development agreements. The Company does not recognize revenue from the agreements until the related restaurants open or at the time the development agreements expire, if the required units are not opened. Unrecognized area development fees totaled $90,000 and $210,000 at December 25, 2013 and December 26, 2012, respectively, and are included in other accrued expenses and current liabilities and other noncurrent liabilities in the accompanying consolidated balance sheets. As of December 25, 2013, the Company had executed development agreements that represent commitments to open twelve franchised restaurants at various dates through 2015. | |||||
Gift cards | ' | ' | ||||
Gift cards | ||||||
The Company sells gift cards to its customers in the restaurants and through selected third parties. The gift cards sold to customers have no stated expiration dates and are subject to actual and/or potential escheatment rights in several of the jurisdictions in which the Company operates. The Company recognizes income from gift cards when redeemed by the customer. | ||||||
Operating Leases | ' | ' | ||||
Operating Leases | ||||||
Rent expense for the Company’s operating leases, which generally have escalating rentals over the term of the lease, is recorded on a straight-line basis over the expected lease term. The lease term begins when the Company has the right to control the use of the leased property, which is typically before rent payments are due under the terms of the lease. Rent expense is included in occupancy and other operating expenses on the consolidated statements of operations. The difference between rent expense and rent paid is recorded as deferred rent, which is included in other noncurrent liabilities in the accompanying consolidated balance sheets. Percentage rent expenses are recorded based on estimated sales or gross margin for respective restaurants over the contingency period. | ||||||
Any leasehold improvements that are funded by lessor incentives under operating leases are recorded as leasehold improvements and amortized over the expected lease term. Such incentives are also recorded as deferred rent and amortized as reductions to rent expense over the expected lease term. | ||||||
Income Taxes | ' | ' | ||||
Income Taxes | Income Taxes | |||||
Provision for income taxes, income taxes payable, and deferred income taxes are determined using the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the financial carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. On a periodic basis, we assess the probability that our net deferred tax assets, if any, will be recovered. If, after evaluating all of the positive and negative evidence, we conclude that it is more likely than not that some or all of our net deferred tax assets will not be recovered, we provide for a valuation allowance by charging to tax expense to reserve the portion of deferred tax assets that we do not expect to be realized. At December 25, 2013, we maintained a full valuation allowance against our deferred tax assets. After evaluating all of the positive and negative evidence, including our continued profitability and the reduction in interest expense resulting from the 2013 Refinancing (as defined below), our completed initial public offering and the resultant payoff of the Second Lien Term Loan, we concluded that it is more likely than not that our net deferred tax assets will be recovered. As a result, during the quarter ending September 24, 2014, we released our valuation allowance of approximately $65 million. In addition, during the quarter, we applied for various tax credits that resulted in $5.4 million of additional deferred tax assets and tax benefits. | The provision for income taxes, income taxes payable and deferred income taxes are determined using the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the financial carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. On a periodic basis, the Company assesses the probability that its net deferred tax assets, if any, will be recovered. If after evaluating all of the positive and negative evidence, a conclusion is made that it is more likely than not that some portion or all of the net deferred tax assets will not be recovered, a valuation allowance is provided by a charge to tax expense to reserve the portion of the deferred tax assets which are not expected to be realized. | |||||
We review our filing positions for all open tax years in all U.S. federal and state jurisdictions where we are required to file. | The Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. | |||||
When there are uncertainties related to potential income tax benefits, in order to qualify for recognition, the position we take has to have at least a “more likely than not” chance of being sustained (based on the position’s technical merits) upon challenge by the respective authorities. The term “more likely than not” means a likelihood of more than 50 percent. Otherwise, we may not recognize any of the potential tax benefit associated with the position. We recognize a benefit for a tax position that meets the “more likely than not” criterion at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon its effective resolution. Unrecognized tax benefits involve our judgment regarding the likelihood of the benefit being sustained. The final resolution of uncertain tax positions could result in adjustments to recorded amounts and may affect our results of operations, financial position, and cash flows. | When there are uncertainties related to potential income tax benefits, in order to qualify for recognition, the position the Company takes has to have at least a “more likely than not” chance of being sustained (based on the position’s technical merits) upon challenge by the respective authorities. The term “more likely than not” means a likelihood of more than 50 percent. Otherwise, the Company may not recognize any of the potential tax benefit associated with the position. The Company recognizes a benefit for a tax position that meets the “more likely than not” criterion at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon its effective resolution. Unrecognized tax benefits involve management’s judgment regarding the likelihood of the benefit being sustained. The final resolution of uncertain tax positions could result in adjustments to recorded amounts and may affect our results of operations, financial position and cash flows. | |||||
We recognize interest and penalties related to income tax matters in income tax expense. We had no accrual for interest or penalties at September 24, 2014, or at December 25, 2013, and did not recognize interest or penalties during the thirteen and thirty-nine weeks ended September 24, 2014, and September 25, 2013, respectively, since we had no material unrecognized tax benefits. We do not anticipate material changes in our amount of unrecognized tax benefits within the next twelve months. | The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties at December 25, 2013 and December 26, 2012, respectively, and has not recognized interest and/or penalties during the years ended December 25, 2013 and December 26, 2012, respectively, since there are no material unrecognized tax benefits. Management believes no material change to the amount of unrecognized tax benefits will occur within in the next 12 months. | |||||
On July 30, 2014, we entered into an Income Tax Receivable Agreement (the “TRA”). The TRA calls for us to pay to our pre-IPO stockholders 85% of the savings in cash that we realize in our taxes as a result of utilizing our net operating losses and other tax attributes attributable to preceding periods. In connection with the TRA, we have amended our first lien credit agreement (the “First Lien Credit Agreement”) to permit dividend payments to us by our subsidiaries in amounts up to $11 million per fiscal year, not to exceed $33 million in the aggregate, while the First Lien Credit Agreement is outstanding. During the quarter, we incurred a charge of approximately $40 million relating to the present value of our total expected TRA payments. | The tax years subject to examination by major tax jurisdictions include the years 2010 and forward by the U.S. Internal Revenue Service, and the years 2009 and forward for various states. | |||||
Fair Value Measurements | ' | ' | ||||
Fair Value Measurements | ||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: | ||||||
• | Level 1: Quoted prices for identical instruments in active markets. | |||||
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. | |||||
• | Level 3: Unobservable inputs used when little or no market data is available. | |||||
As of December 25, 2013 and December 26, 2012, the Company had no assets and liabilities measured at fair value on a recurring basis, except for two interest rate caps (which are Level 3 assets), which are not material. | ||||||
Fair Value of Financial Instruments | ' | ' | ||||
Fair Value of Financial Instruments | ||||||
The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain accrued expenses approximate fair value due to their short term maturities. The recorded values of notes payable approximate fair value, as interest approximates market rates (Level 3 measurement). The recorded value of other notes payable and senior secured notes payable approximates fair value, based on borrowing rates currently available to the Company for loans with similar terms and remaining maturities (Level 3 measurement). | ||||||
Stock Based Compensation | ' | ' | ||||
Stock Based Compensation | ||||||
Accounting literature requires the recognition of compensation expense using a fair-value based method for costs related to all share-based payments including stock options and stock issued under the Company’s employee stock plans. The guidance also requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The cost is recognized on a straight-line basis over the period during which an employee is required to provide service, usually the vesting period. For options that are based on a performance requirement, the cost is recognized on an accelerated basis over the period in which the performance criteria relate. | ||||||
Earnings per share | ' | ' | ||||
Earnings per share | ||||||
Earnings per share (“EPS”) is calculated using the weighted average number of common shares outstanding during each period. Diluted EPS assumes the conversion, exercise or issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the income per share. For purposes of this calculation, options are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive. The shares used to compute basic and diluted net income per share represent the weighted-average common shares outstanding. | ||||||
Recent Accounting Pronouncements | ' | ' | ||||
Recent Accounting Pronouncements | ||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), to require that in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not believe the adoption of this standard will have a significant impact on the Company’s consolidated financial statements. | ||||||
Reclassifications | ' | ' | ||||
Reclassifications | Reclassifications | |||||
Certain comparative prior year amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current year presentation. These reclassifications have no effect on previously-reported net income. | Certain reclassifications were made to the prior year consolidated financial statements to conform to current year presentation. | |||||
Gain on Sale of Restaurants | ' | ' | ||||
Gain on Sale of Restaurants | ||||||
On September 24, 2014, we completed an agreement to sell six company-operated restaurants in the greater San Antonio area to AA Pollo, Inc., resulting in cash proceeds of $5.4 million. Goodwill was decremented by $650,000, based on a calculation of the fair value of the restaurants sold as a percentage of the relative fair value of the remainder of the reporting units retained. We recognized a net gain of $2.7 million on this transaction, which is recorded as a gain on sale of restaurants in the accompanying statement of operations. These six restaurants will now be franchised. In addition, in connection with the sale, AA Pollo, Inc., entered into an exclusive development agreement with us to develop and open eight restaurants in the greater San Antonio area. We have also agreed to an additional exclusive franchise development agreement with AA Pollo, Inc., for the development of twelve restaurants in the Houston area. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||
Dec. 25, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Estimated Useful Service Lives | ' | ||||
The estimated useful service lives are as follows: | |||||
Buildings | 20 years | ||||
Land improvements | 3 – 30 years | ||||
Building improvements | 3 – 10 years | ||||
Restaurant equipment | 3 – 10 years | ||||
Other equipment | 2 – 10 years | ||||
Leasehold improvements | Shorter of useful life or lease term | ||||
Intangible Assets and Liabilities Estimated Useful Lives | ' | ||||
Intangible assets and liabilities with a definite life are amortized using the straight-line method over their estimated useful lives as follows: | |||||
Favorable leasehold interests | 1 to 18 years (remaining lease term) | ||||
Unfavorable leasehold interests | 1 to 20 years (remaining lease term) |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ' | ||||||||||||||||
Schedule of Costs and Related Accumulated Depreciation and Amortization of Major Classes of Property | ' | ' | ||||||||||||||||
Below are costs and related accumulated depreciation and amortization of major classes of property, in thousands. | The costs and related accumulated depreciation and amortization of major classes of property are as follows (in thousands): | |||||||||||||||||
September 24, | December 25, | December 25, | December 26, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Land | $ | 12,323 | $ | 13,186 | Land | $ | 13,186 | $ | 13,186 | |||||||||
Buildings and improvements | 86,985 | 78,181 | Buildings and improvements | 78,181 | 71,468 | |||||||||||||
Other property and equipment | 48,813 | 46,079 | Other property and equipment | 46,079 | 42,868 | |||||||||||||
Construction in progress | 5,449 | 815 | Construction in progress | 815 | 690 | |||||||||||||
153,570 | 138,261 | 138,261 | 128,212 | |||||||||||||||
Less: accumulated depreciation and amortization | (73,764 | ) | (69,620 | ) | Less: accumulated depreciation and amortization | (69,620 | ) | (63,404) | ||||||||||
$ | 79,806 | $ | 68,641 | $ | 68,641 | $ | 64,808 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 25, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Change in Goodwill | ' | ||||||||
Changes in goodwill consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 249,924 | $ | 249,924 | |||||
Restaurant disposition | (600 | ) | — | ||||||
Balance at end of year | $ | 249,324 | $ | 249,924 | |||||
Schedule of Domestic Trademarks | ' | ||||||||
Domestic trademarks consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 120,700 | $ | 120,700 | |||||
Accumulated impairment charges | (58,812 | ) | (58,812 | ) | |||||
Ending balance | $ | 61,888 | $ | 61,888 | |||||
Schedule of Intangible Assets Subject to Amortization | ' | ||||||||
Other intangible assets subject to amortization consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Favorable leasehold interest | $ | 6,038 | $ | 6,038 | |||||
Less: accumulated amortization | (5,104 | ) | (4,932 | ) | |||||
Total favorable leasehold interest, net | $ | 934 | $ | 1,106 | |||||
Unfavorable leasehold interest | $ | (9,156 | ) | $ | (9,156 | ) | |||
Less: accumulated amortization | 7,229 | 6,844 | |||||||
Unfavorable leasehold interest liability, net | $ | (1,927 | ) | $ | (2,312 | ) | |||
Schedule of Estimated Net Amortization | ' | ||||||||
The estimated net amortization credits (net liability) for the Company’s favorable and unfavorable leasehold interests for each of the five succeeding fiscal years and thereafter is as follows (in thousands): | |||||||||
For the Years Ending | Favorable | Unfavorable | |||||||
Leasehold | Leasehold | ||||||||
Interest | Interest | ||||||||
December 31, 2014 | $ | 156 | $ | (383 | ) | ||||
December 30, 2015 | 140 | (296 | ) | ||||||
December 28, 2016 | 130 | (228 | ) | ||||||
December 27, 2017 | 106 | (225 | ) | ||||||
December 26, 2018 | 97 | (144 | ) | ||||||
Thereafter | 305 | (651 | ) | ||||||
Total | $ | 934 | $ | (1,927 | ) |
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 25, 2013 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Schedule of Future Lease Obligation | ' | ||||||||||||||||
Information regarding the Company’s future lease obligations at December 25, 2013 is as follows (in thousands): | |||||||||||||||||
Capital Leases | Operating Leases | ||||||||||||||||
For the Years Ending | Minimum | Minimum | Minimum | Minimum | |||||||||||||
Lease | Sublease | Lease | Sublease | ||||||||||||||
Payments | Income | Payments | Income | ||||||||||||||
December 31, 2014 | $ | 416 | $ | 115 | $ | 18,645 | $ | 1,004 | |||||||||
December 30, 2015 | 320 | 72 | 17,203 | 704 | |||||||||||||
December 28, 2016 | 258 | 72 | 15,982 | 595 | |||||||||||||
December 27, 2017 | 199 | 28 | 15,431 | 511 | |||||||||||||
December 26, 2018 | 172 | — | 13,851 | 354 | |||||||||||||
Thereafter | 249 | — | 78,248 | 116 | |||||||||||||
Total | 1,614 | $ | 287 | $ | 159,360 | $ | 3,284 | ||||||||||
Less: imputed interest (11.0% to 14.8%) | (500 | ) | |||||||||||||||
Present value of capital lease obligations | 1,114 | ||||||||||||||||
Less: current maturities | (267 | ) | |||||||||||||||
Noncurrent portion | $ | 847 | |||||||||||||||
Schedule of Net Rent Expense | ' | ||||||||||||||||
Net rent expense is as follows (in thousands): | |||||||||||||||||
For the Years Ended | December 25, | December 26, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Base rent | $ | 18,732 | $ | 18,331 | |||||||||||||
Contingent rent | 491 | 418 | |||||||||||||||
Less: sublease income | (3,602 | ) | (3,489 | ) | |||||||||||||
Net rent expense | $ | 15,621 | $ | 15,260 | |||||||||||||
Schedule of Minimum Future Rental Income | ' | ||||||||||||||||
Minimum future rental income for company-operated properties under noncancelable operating leases, which is recorded on a straight-line basis, in effect as of December 25, 2013 is as follows (in thousands): | |||||||||||||||||
For the Years Ending | |||||||||||||||||
December 31, 2014 | $ | 244 | |||||||||||||||
December 30, 2015 | 215 | ||||||||||||||||
December 28, 2016 | 101 | ||||||||||||||||
December 27, 2017 | 84 | ||||||||||||||||
December 26, 2018 | 84 | ||||||||||||||||
Total future minimum rental income | $ | 728 |
CREDIT_AGREEMENTS_Tables
CREDIT AGREEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 25, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Anual Principal Maturity | ' | ||||||||
Annual principal maturities of the First Lien Term Loan and the Second Lien Term Loan fall due as follows (in thousands): | |||||||||
For the Years Ending | First Lien | Second Lien | |||||||
December 31, 2014 | $ | 1,900 | $ | — | |||||
December 30, 2015 | 1,900 | — | |||||||
December 28, 2016 | 1,900 | — | |||||||
December 27, 2017 | 1,900 | — | |||||||
December 26, 2018 | 182,400 | — | |||||||
December 25, 2019 | — | 100,000 | |||||||
190,000 | 100,000 | ||||||||
Less: unamortized discount | (910 | ) | (962 | ) | |||||
Total | $ | 189,090 | $ | 99,038 |
Other_Accrued_Expenses_and_Cur1
Other Accrued Expenses and Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||
Payables and Accruals [Abstract] | ' | ' | ||||||||||||||||
Schedule of Other Accrued Expenses and Current Liabilities | ' | ' | ||||||||||||||||
Other accrued expenses and current liabilities consist of the following, in thousands. | Other accrued expenses and current liabilities consist of the following (in thousands): | |||||||||||||||||
September 24, | December 25, | December 25, | December 26, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Accrued sales and property taxes | $ | 4,178 | $ | 3,190 | Accrued sales and property taxes | $ | 3,190 | $ | 3,010 | |||||||||
TRA payable | 4,170 | — | Other | 4,635 | 4,230 | |||||||||||||
Other | 5,463 | 4,635 | Total other accrued expenses and current liabilities | $ | 7,825 | $ | 7,240 | |||||||||||
Total other accrued expenses and current liabilities | $ | 13,811 | $ | 7,825 | ||||||||||||||
Other_Noncurrent_Liabilities_T
Other Noncurrent Liabilities (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||
Payables and Accruals [Abstract] | ' | ' | ||||||||||||||||
Schedule of Other Noncurrent Liabilities | ' | ' | ||||||||||||||||
Other noncurrent liabilities consist of the following, in thousands. | Other noncurrent liabilities consist of the following (in thousands): | |||||||||||||||||
September 24, | December 25, | December 25, | December 26, | |||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
Deferred rent | $ | 6,750 | $ | 6,648 | Deferred rent | $ | 6,648 | $ | 7,546 | |||||||||
TRA payable | 35,949 | — | Other | 1,396 | 1,662 | |||||||||||||
Other | 1,638 | 1,396 | Total noncurrent liabilities | $ | 8,044 | $ | 9,208 | |||||||||||
Total noncurrent liabilities | $ | 44,337 | $ | 8,044 | ||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Dec. 25, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Provision of Income Taxes | ' | ||||||||
The provision for income taxes is based on the following components (in thousands): | |||||||||
For the Years Ended | December 25, | December 26, | |||||||
2013 | 2012 | ||||||||
Current income taxes: | |||||||||
Federal | $ | — | $ | 2 | |||||
State | 30 | 26 | |||||||
Total current | 30 | 28 | |||||||
Deferred income taxes: | |||||||||
Federal | 1,037 | 1,013 | |||||||
State | 334 | 986 | |||||||
Total deferred | 1,371 | 1,999 | |||||||
$ | 1,401 | $ | 2,027 | ||||||
Schedule of Effective Income Tax rate | ' | ||||||||
The provision for income taxes differs from the amount computed by applying the federal income tax rate as follows: | |||||||||
For the Years Ended | December 25, | December 26, | |||||||
2013 | 2012 | ||||||||
Statutory regular federal income tax rate | 35 | % | 35 | % | |||||
State tax benefit (net of federal benefit) | 5.4 | 12.7 | |||||||
Change in tax rate | — | (15.5 | ) | ||||||
Change in valuation allowance | (43.4 | ) | (75.9 | ) | |||||
Other | (6.5 | ) | 5.2 | ||||||
Total | (9.5 | )% | (38.5 | )% | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
The Company’s deferred tax assets and liabilities consist of the following (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Deferred assets: | |||||||||
Capital leases | $ | 413 | $ | 560 | |||||
Accrued vacation | 621 | 658 | |||||||
Accrued legal | 234 | — | |||||||
Deferred rent | 1,898 | 4,476 | |||||||
Accrued workers’ compensation | 1,045 | 934 | |||||||
Enterprise zone and other credits | 530 | 530 | |||||||
Net operating losses | 54,960 | 47,160 | |||||||
Fixed assets | 4,605 | 3,847 | |||||||
Deferred financing costs | 19 | 431 | |||||||
Other | 5,859 | 4,701 | |||||||
70,184 | 63,297 | ||||||||
Valuation allowance | (65,110 | ) | (58,779 | ) | |||||
Net deferred tax assets | 5,074 | 4,518 | |||||||
Deferred liabilities: | |||||||||
Goodwill | (7,357 | ) | (5,723 | ) | |||||
Trademark | (26,315 | ) | (25,646 | ) | |||||
Prepaid expense | (570 | ) | (1,410 | ) | |||||
Other | (2,777 | ) | (2,313 | ) | |||||
Deferred tax liabilities | (37,019 | ) | (35,092 | ) | |||||
Net deferred tax liabilities | $ | (31,945 | ) | $ | (30,574 | ) | |||
Schedule of Deferred Tax Assets and Liabilities Classification on Balance Sheet | ' | ||||||||
The deferred tax amounts mentioned above have been classified on the accompanying consolidated balance sheets as follows (in thousands): | |||||||||
December 25, | December 26, | ||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Liabilities | $ | (322 | ) | $ | (334 | ) | |||
Noncurrent: | |||||||||
Liabilities | (31,623 | ) | (30,240 | ) | |||||
$ | (31,945 | ) | $ | (30,574 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 25, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||||
Changes in stock options for the years ended December 25, 2013 and December 26, 2012 are as follows: | |||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||
Average | |||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||
Outstanding—December 28, 2011 | 576,370 | $ | 9.74 | ||||||||||||||||||||
Grants | 3,190,019 | 4.77 | |||||||||||||||||||||
Exercised | (8,093 | ) | 1.18 | ||||||||||||||||||||
Forfeited, cancelled or expired | (285,757 | ) | 9.23 | ||||||||||||||||||||
Outstanding—December 26, 2012 | 3,472,539 | 5.23 | |||||||||||||||||||||
Grants | 802,857 | 5.25 | |||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||
Forfeited, cancelled or expired | (937,300 | ) | 4.98 | ||||||||||||||||||||
Outstanding—December 25, 2013 | 3,338,096 | $ | 5.31 | ||||||||||||||||||||
Vested and expected to vest at December 25, 2013 | 3,338,096 | $ | 5.31 | ||||||||||||||||||||
Exercisable at December 25, 2013 | 1,709,748 | $ | 5.36 | ||||||||||||||||||||
Stock Options By Range of Exercise Prices | ' | ||||||||||||||||||||||
Stock options at December 25, 2013 are summarized as follows: | |||||||||||||||||||||||
Range of | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||
Prices | Remaining | Exercise | Exercise | ||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||
$ | 1.81 – $ 4.09 | 1,057,279 | 8.43 | $ | 2.98 | 533,551 | $ | 2.69 | |||||||||||||||
5.84 – 10.09 | 2,157,703 | 8.32 | 6.02 | 1,110,247 | 6.2 | ||||||||||||||||||
12.71 – 12.72 | 123,113 | 3.02 | 12.71 | 65,950 | 12.71 | ||||||||||||||||||
$ | 1.81 – $12.72 | 3,338,096 | 8.16 | $ | 5.31 | 1,709,748 | $ | 5.36 |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||||||
Computation of Basic and Diluted Net Loss per Share | ' | ' | ||||||||||||||||||||||||
Below are our basic and diluted net income per share data for the periods indicated, which are in thousands except for per share data. | The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except for per share data): | |||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | For the Years Ended | December 25, | December 26, | ||||||||||||||||||||||
September 24, | September 25, | September 24, | September 25, | 2013 | 2012 | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Numerator: | ||||||||||||||||||||||
Numerator: | Net Loss | $ | (16,873 | ) | $ | (7,865 | ) | |||||||||||||||||||
Net income | $ | 25,849 | $ | 918 | $ | 37,888 | $ | 1,268 | Denominator: | |||||||||||||||||
Denominator: | Weighted average shares outstanding | 28,712,622 | 28,712,194 | |||||||||||||||||||||||
Weighted-average shares outstanding - basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 | Net Loss Per Share | $ | (0.59 | ) | $ | (0.27 | ) | |||||||||||||||
Weighted-average shares outstanding - diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 | ||||||||||||||||||||||
Net income per share - basic | $ | 0.76 | $ | 0.03 | $ | 1.24 | $ | 0.04 | ||||||||||||||||||
Net income per share - diluted | $ | 0.7 | $ | 0.03 | $ | 1.13 | $ | 0.04 | ||||||||||||||||||
Anti-dilutive securities not considered in diluted EPS calculation | — | 218,356 | — | 218,356 | ||||||||||||||||||||||
Schedule of Reconciliation of Basic and Diluted Share Counts | ' | ' | ||||||||||||||||||||||||
Below is a reconciliation of basic and diluted share counts. | ||||||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
September 24, | September 25, | September 24, | September 25, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Weighted-average shares outstanding - basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 | ||||||||||||||||||||||
Dilutive effect of stock options | 2,949,841 | 852,173 | 2,949,841 | 852,173 | ||||||||||||||||||||||
Weighted-average shares outstanding - diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Sep. 24, 2014 | Dec. 25, 2013 | Apr. 22, 2014 | Dec. 25, 2013 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 25, 2013 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 25, 2013 | Nov. 17, 2005 | |
Segment | Segment | Subsequent Event [Member] | Philippines [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Chicken Acquisition Corp [Member] | |
Restaurants | Restaurants | Restaurants | The Greater Los Angeles Area [Member] | Restaurants | Restaurants | The Greater Los Angeles Area [Member] | |||||
Restaurants | Restaurants | ||||||||||
Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants | ' | ' | ' | 2 | 166 | 168 | 133 | 239 | 233 | 136 | ' |
License expiration year | ' | ' | ' | '2016 | ' | ' | ' | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.50% |
Date of reorganization | ' | ' | 22-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Reorganization terms | ' | ' | '("Old Holdings") entered into the following reorganization transactions (i) Old Holdings merged with and into CSC with CSC continuing as the surviving corporation; (ii) CSC merged with and into CAC with CAC continuing as the surviving corporation and (iii) CAC renamed itself El Pollo Loco Holdings, Inc. | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions restriction to intermediate, description | ' | 'EPL may make distributions to Intermediate only under certain restricted circumstances, including, but not limited to, payments of (i) franchise taxes or other costs of maintaining the corporate existence of Intermediate, (ii) accounting, legal, administrative and operating expenses of Intermediate, up to $250,000 in any 12 month period, and (iii) EPL's allocable portion of tax liabilities on consolidated tax returns with Intermediate, subject to certain overall amounts. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted dividend payments, description | ' | 'These restricted dividend payments include, but are not limited to: (i) dividends payable solely in EPLbs own common stock or other common equity interests, (ii) payments that permit Intermediate to repurchase or redeem qualified capital stock of Intermediate held by present or former officers, directors or employees, not to exceed $1,000,000 in any fiscal year (with unused amounts carried over to the next fiscal year), and (iii) provided that no default or event of default under the credit facilities has occurred, is continuing, or would result therefrom, dividends limited to various absolute ceiling amounts, including an aggregate amount up to $5,000,000 (shared with Intermediate) for dividends not including those paid pursuant to stock options and other benefit plans. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jul. 30, 2014 | Jul. 14, 2014 | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Jul. 30, 2014 | Jul. 24, 2014 | Jul. 14, 2014 | Dec. 28, 2011 | Jul. 30, 2014 | Jul. 30, 2014 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Sep. 24, 2014 | Dec. 25, 2013 | Sep. 24, 2014 | Jul. 11, 2014 | Sep. 24, 2014 | Jul. 11, 2014 | Jul. 11, 2014 | Jul. 11, 2014 | Jul. 11, 2014 | Dec. 25, 2013 | Jul. 30, 2014 | Dec. 25, 2013 | Sep. 24, 2014 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Sep. 24, 2014 | Dec. 25, 2013 | |
Segment | Segment | Over-Allotment Option [Member] | Second Lien Term Loan [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier One [Member] | Supplier One [Member] | Supplier One [Member] | Supplier One [Member] | Supplier One [Member] | Supplier One [Member] | Supplier Two [Member] | Supplier Two [Member] | Supplier Two [Member] | Supplier Two [Member] | Supplier Two [Member] | Supplier Two [Member] | The Greater Los Angeles Area [Member] | The Greater Los Angeles Area [Member] | The Greater Los Angeles Area [Member] | The Greater Los Angeles Area [Member] | The Greater Los Angeles Area [Member] | The Greater Los Angeles Area [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | AA Pollo, Inc. [Member] | Trimaran Fund Management, LLC [Member] | Trimaran Fund Management, LLC [Member] | Trimaran Fund Management, LLC [Member] | Trimaran Fund Management, LLC [Member] | Trimaran Fund Management, LLC [Member] | Trimaran Fund Management, LLC [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | San Antonio Area [Member] | Houston Area [Member] | Indefinite-lived Intangible Assets [Member] | Indefinite-lived Intangible Assets [Member] | Building [Member] | Building [Member] | Additional [Member] | Interest Expense [Member] | Interest Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Area Development Fees [Member] | Area Development Fees [Member] | Other Assets [Member] | Other Assets [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Entity Operated Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | Franchised Units [Member] | |||||||||||
Supplier | Supplier | Supplier | Accounts Payable [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Purchased [Member] | Purchased [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Purchased [Member] | Purchased [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Restaurants | Franchise Development Agreement [Member] | Franchise Development Agreement [Member] | Initial Option [Member] | Initial Option [Member] | Additional Option [Member] | Additional Option [Member] | First Lien Credit Agreement [Member] | AA Pollo, Inc. [Member] | AA Pollo, Inc. [Member] | Restaurants | Restaurants | The Greater Los Angeles Area [Member] | Restaurants | Restaurants | The Greater Los Angeles Area [Member] | ||||||||||||||||||||||||||||||||
Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Supplier Concentration Risk [Member] | Geographic Concentration Risk [Member] | Geographic Concentration Risk [Member] | Geographic Concentration Risk [Member] | Geographic Concentration Risk [Member] | Geographic Concentration Risk [Member] | Geographic Concentration Risk [Member] | Restaurants | Restaurants | Franchise Development Agreement [Member] | Franchise Development Agreement [Member] | Restaurants | Restaurants | |||||||||||||||||||||||||||||||||||||||||||||||
Restaurants | Restaurants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of outstanding debt | ' | ' | $188,700,000 | ' | $188,700,000 | ' | $289,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $189,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash available | ' | ' | 41,825,000 | 22,418,000 | 41,825,000 | 22,418,000 | 17,015,000 | 21,487,000 | ' | ' | ' | 18,991,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowings available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of suppliers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.00% | 45.00% | 45.00% | 51.00% | 31.00% | 13.00% | 11.00% | 11.00% | 11.00% | 13.00% | 24.00% | 15.00% | 79.00% | 80.00% | 80.00% | 80.00% | 80.00% | 81.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized cost | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment charges | ' | ' | ' | ' | ' | ' | 27,000 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees net of accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for deferred financing costs | ' | ' | ' | ' | 1,173,000 | 1,538,000 | 2,007,000 | 2,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,007,000 | 2,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued insurance | ' | ' | 3,946,000 | ' | 3,946,000 | ' | 3,597,000 | 3,153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense for payroll and benefits reserves | ' | ' | ' | ' | ' | ' | 6,912,000 | 8,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promotional allowances amount | ' | ' | ' | ' | ' | ' | 5,700,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial franchise revenue | ' | ' | ' | ' | ' | ' | 521,000 | 186,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | ' | ' | ' | ' | ' | ' | 11,900,000 | 11,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,800,000 | 14,100,000 | ' | ' |
Percentage of monthly franchise fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued advertising | ' | ' | 868,000 | ' | 868,000 | ' | 265,000 | 257,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preopening costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,000 | 320,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized area development fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | 210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, accrual of interest or penalties | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, interest or penalties expenses | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | 100 | ' | ' | ' | 8 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166 | 168 | 133 | 233 | ' | 239 | 136 |
Number of operating segments | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 200,000,000 | ' | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split ratio | ' | 8.56381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of stock authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 100,000,000 | ' | 100,000,000 | ' | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | $0.01 | ' | $0.01 | ' | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under IPO | 8,214,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,071,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock sale price, per share | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance initial public offering | 112,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of second lien term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split effective date | 14-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restaurants sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from sale of restaurants | ' | ' | ' | ' | 5,435,000 | 15,000 | 1,348,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | -650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of restaurant | ' | ' | 2,658,000 | ' | 2,658,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in valuation allowance | ' | ' | 65,000,000 | ' | ' | ' | -6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional deferred tax asset and tax benefit | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cash savings in taxes realized as a result of utilizing net operating losses payable to pre-IPO stockholders | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends receivable from subsidiaries per fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total dividends receivable from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge relating to present value of total expected TRA payments | ' | ' | $40,119,000 | ' | $40,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years available under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party agreement, termination period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party agreement, termination description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Franchise Development Option Agreement terminates (i) ten years after execution, or (ii) if the Initial Option is exercised, five years after that exercise. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Estimated_Useful_Se
Summary of Estimated Useful Service Lives (Detail) | 12 Months Ended |
Dec. 25, 2013 | |
Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '20 years |
Land Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '3 years |
Land Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '30 years |
Building and Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '3 years |
Building and Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '10 years |
Restaurant Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '3 years |
Restaurant Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '10 years |
Other Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '2 years |
Other Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | '10 years |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful service lives | 'Shorter of useful life or lease term |
Intangible_Assets_and_Liabilit
Intangible Assets and Liabilities Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 25, 2013 | |
Minimum [Member] | Favorable Leasehold Interest [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite live intangible asset, useful life | '1 year |
Minimum [Member] | Unfavorable Leasehold Interest [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite live intangible asset, useful life | '1 year |
Maximum [Member] | Favorable Leasehold Interest [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite live intangible asset, useful life | '18 years |
Maximum [Member] | Unfavorable Leasehold Interest [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite live intangible asset, useful life | '20 years |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Costs and Related Accumulated Depreciation and Amortization of Major Classes of Property (Detail) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $153,570 | $138,261 | $128,212 |
Less: accumulated depreciation and amortization | -73,764 | -69,620 | -63,404 |
Property and equipment, net | 79,806 | 68,641 | 64,808 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 12,323 | 13,186 | 13,186 |
Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 86,985 | 78,181 | 71,468 |
Other Property and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 48,813 | 46,079 | 42,868 |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $5,449 | $815 | $690 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' | ' | ' |
Depreciation expense | $2,900,000 | $2,600,000 | $8,300,000 | $7,600,000 | $10,200,000 | $9,500,000 |
Gross value of assets under capital leases | 1,884,000 | ' | 1,884,000 | ' | 1,884,000 | 1,937,000 |
Accumulated depreciation of assets under capital leases | 1,703,000 | ' | 1,703,000 | ' | 1,703,000 | 1,693,000 |
Capital expenditures | 8,600,000 | ' | 19,000,000 | ' | 11,300,000 | ' |
Capital expenditures for restaurant remodeling | 2,200,000 | ' | 7,600,000 | ' | 9,000,000 | ' |
Capital expenditures for new restaurants | 5,000,000 | ' | 8,100,000 | ' | 2,300,000 | ' |
Capital expenditures for other corporate capital requirements | $1,400,000 | ' | $3,300,000 | ' | ' | ' |
Recovered_Sheet2
Goodwill and Other Intangible Assets and Liabilities - Schedule of Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 25, 2013 | Sep. 24, 2014 | Dec. 28, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of year | $249,924 | $248,674 | $249,924 |
Restaurant disposition | -600 | ' | ' |
Balance at end of year | $249,324 | $248,674 | $249,924 |
Recovered_Sheet3
Goodwill and Other Intangible assets and Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 24, 2014 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' | ' | ' |
Proceeds from sale of restaurant | ' | $5,435 | $15 | $1,348 |
Restaurant disposition, decrease in goodwill | ' | ' | ' | 600 |
Gain on sale of restaurant | $2,658 | $2,658 | ' | $400 |
Favorable Leasehold Interest [Member] | ' | ' | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' | ' | ' |
Intangible asset subject to amortization, weighted average amortization period | ' | ' | ' | '4 years |
Unfavorable Leasehold Interest [Member] | ' | ' | ' | ' |
Schedule Of Intangible Assets And Goodwill [Line Items] | ' | ' | ' | ' |
Intangible asset subject to amortization, weighted average amortization period | ' | ' | ' | '9 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets and Liabilities - Schedule of Domestic Trademarks (Detail) (Trademarks [Member], USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Beginning balance | $120,700 | $120,700 |
Accumulated impairment charges | -58,812 | -58,812 |
Ending balance | $61,888 | $61,888 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets and Liabilities - Schedule of Intangible Assets Subject to Amortization (Detail) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Favorable Leasehold Interest [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible asset subject to amortization, gross | $6,038 | $6,038 |
Less: accumulated amortization | -5,104 | -4,932 |
Intangible asset subject to amortization, net | 934 | 1,106 |
Unfavorable Leasehold Interest [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible liability subject to amortization, gross | -9,156 | -9,156 |
Less: accumulated amortization | 7,229 | 6,844 |
Intangible liability subject to amortization, net | ($1,927) | ($2,312) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets and Liabilities - Schedule of Estimated Net Amortization (Detail) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Favorable Leasehold Interest [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
31-Dec-14 | $156 | ' |
30-Dec-15 | 140 | ' |
28-Dec-16 | 130 | ' |
27-Dec-17 | 106 | ' |
26-Dec-18 | 97 | ' |
Thereafter | 305 | ' |
Intangible asset subject to amortization, net | 934 | 1,106 |
Unfavorable Leasehold Interest [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
31-Dec-14 | -383 | ' |
30-Dec-15 | -296 | ' |
28-Dec-16 | -228 | ' |
27-Dec-17 | -225 | ' |
26-Dec-18 | -144 | ' |
Thereafter | -651 | ' |
Intangible liability subject to amortization, net | ($1,927) | ($2,312) |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' |
Sublease income, contingent rental income | ' | ' | ' | ' | $1,700,000 | $1,600,000 |
Franchise revenue | 5,696,000 | 5,297,000 | 16,456,000 | 15,430,000 | 20,400,000 | 18,682,000 |
Rental Income [Member] | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' |
Franchise revenue | ' | ' | ' | ' | $377,000 | $366,000 |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' |
Initial term of lease | ' | ' | ' | ' | '20 years | ' |
Lessor, term of contract | ' | ' | ' | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' |
Lessor, term of contract | ' | ' | ' | ' | '9 years | ' |
Leases_Schedule_of_Future_Leas
Leases - Schedule of Future Leases Obligations (Detail) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | |||
Future Lease Payments Due [Line Items] | ' | ' | ' |
31-Dec-14 | ' | $416 | ' |
30-Dec-15 | ' | 320 | ' |
28-Dec-16 | ' | 258 | ' |
27-Dec-17 | ' | 199 | ' |
26-Dec-18 | ' | 172 | ' |
Thereafter | ' | 249 | ' |
Total | ' | 1,614 | ' |
Less: imputed interest (11.0% to 14.8%) | ' | -500 | ' |
Present value of capital lease obligations | ' | 1,114 | ' |
Less: current maturities | -222 | -267 | -229 |
Noncurrent portion | 691 | 847 | 1,114 |
Present value of capital lease obligations | ' | 1,114 | ' |
Capital lease, minimum sublease rental | ' | 287 | ' |
31-Dec-14 | ' | 18,645 | ' |
30-Dec-15 | ' | 17,203 | ' |
28-Dec-16 | ' | 15,982 | ' |
27-Dec-17 | ' | 15,431 | ' |
26-Dec-18 | ' | 13,851 | ' |
Thereafter | ' | 78,248 | ' |
Total | ' | 159,360 | ' |
Operating lease, minimum sublease rental | ' | 3,284 | ' |
December 31, 2014 [Member] | ' | ' | ' |
Future Lease Payments Due [Line Items] | ' | ' | ' |
Capital lease, minimum sublease rental | ' | 115 | ' |
Operating lease, minimum sublease rental | ' | 1,004 | ' |
December 30, 2015 [Member] | ' | ' | ' |
Future Lease Payments Due [Line Items] | ' | ' | ' |
Capital lease, minimum sublease rental | ' | 72 | ' |
Operating lease, minimum sublease rental | ' | 704 | ' |
December 28, 2016 [Member] | ' | ' | ' |
Future Lease Payments Due [Line Items] | ' | ' | ' |
Capital lease, minimum sublease rental | ' | 72 | ' |
Operating lease, minimum sublease rental | ' | 595 | ' |
December 27, 2017 [Member] | ' | ' | ' |
Future Lease Payments Due [Line Items] | ' | ' | ' |
Capital lease, minimum sublease rental | ' | 28 | ' |
Operating lease, minimum sublease rental | ' | 511 | ' |
December 26, 2018 [Member] | ' | ' | ' |
Future Lease Payments Due [Line Items] | ' | ' | ' |
Operating lease, minimum sublease rental | ' | 354 | ' |
Thereafter [Member] | ' | ' | ' |
Future Lease Payments Due [Line Items] | ' | ' | ' |
Operating lease, minimum sublease rental | ' | $116 | ' |
Leases_Schedule_of_Future_Leas1
Leases - Schedule of Future Leases Obligations (Parenthetical) (Detail) | Dec. 25, 2013 |
Minimum [Member] | ' |
Future Lease Payments Due [Line Items] | ' |
Imputed interest rate | 11.00% |
Maximum [Member] | ' |
Future Lease Payments Due [Line Items] | ' |
Imputed interest rate | 14.80% |
Leases_Schedule_of_Rent_Expens
Leases - Schedule of Rent Expense (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 25, 2013 | Dec. 26, 2012 |
Leases [Abstract] | ' | ' |
Base rent | $18,732 | $18,331 |
Contingent rent | 491 | 418 |
Less: sublease income | -3,602 | -3,489 |
Net rent expense | $15,621 | $15,260 |
Leases_Schedule_of_Minimum_Fut
Leases - Schedule of Minimum Future Rental Income Under Non-Cancelable Operating Lease (Detail) (USD $) | Dec. 25, 2013 |
In Thousands, unless otherwise specified | |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | $3,284 |
Company Operated Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 728 |
December 31, 2014 [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 1,004 |
December 31, 2014 [Member] | Company Operated Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 244 |
December 30, 2015 [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 704 |
December 30, 2015 [Member] | Company Operated Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 215 |
December 28, 2016 [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 595 |
December 28, 2016 [Member] | Company Operated Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 101 |
December 27, 2017 [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 511 |
December 27, 2017 [Member] | Company Operated Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 84 |
December 26, 2018 [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | 354 |
December 26, 2018 [Member] | Company Operated Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating lease, minimum sublease rental | $84 |
New_Credit_Agreements_Addition
New Credit Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 24, 2014 | Sep. 24, 2014 | Dec. 25, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Dec. 25, 2013 | Sep. 24, 2014 | Oct. 11, 2013 | Sep. 24, 2014 | Dec. 25, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Sep. 24, 2014 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Dec. 25, 2013 | Oct. 11, 2013 | Dec. 25, 2013 | Oct. 11, 2013 | |
Second Priority Senior Secured Notes Due January 2018 [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | Senior Secured First Lien Credit Facility Due July 2017 [Member] | Senior Secured Notes Due Two Thousands Seventeen [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | First Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Facility [Member] | Second Lien Facility [Member] | ||||
Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | LIBOR [Member] | LIBOR [Member] | Alternate Base Rate [Member] | Senior Secured Term Loan [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | First Lien Term Loan [Member] | Other Assets [Member] | LIBOR [Member] | LIBOR [Member] | Alternate Base Rate [Member] | Second Lien Term Loan [Member] | Second Lien Term Loan [Member] | Senior Secured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit agreement | ' | '(i) the First Lien Credit Agreement, including a $190 million senior secured term loan (the "First Lien Term Loan") and the Revolver, each maturing in October 2018, and (ii) a new second lien credit agreement (the "Second Lien Credit Agreement"), including the Second Lien Term Loan. | ' | ' | ' | ' | ' | ' | 'A new first lien credit agreement ("First Lien Credit Agreement") that includes a $190 million Senior Secured Term Loan ("First Lien Term Loan") and a senior secured revolving credit facility of $15 million ("Revolver") that, in each case, matures in October, 2018, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'A new second lien credit agreement ("Second Lien Credit Agreement" and together with the First Lien Credit Agreement, the "Credit Agreements") that includes a $100 million Second Lien Term Loan ("Second Lien Term Loan") and together with the First Lien Term Loan, (the "Term Loans") that matures in April 2019. | ' |
Senior secured term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | $190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 |
Debt instrument, stated percentage | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of secured debt using company fund | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity | ' | ' | ' | '2018-01 | ' | '2017-07 | '2017-07 | '2018-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin for lien credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | 3.25% | ' | ' | ' | ' | ' | 8.50% | ' | 7.50% | ' | ' | ' | ' |
Floor rate on term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Unamortized discount on term loan | ' | ' | ' | ' | ' | ' | ' | ' | 910,000 | 768,000 | 950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 962,000 | 1,000,000 | 962,000 | ' |
Percentage of quarterly principal payments | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowings available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' |
Early extinguishment of debt | 5,082,000 | 5,082,000 | 21,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,082,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium | ' | 1,512,000 | 7,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,512,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of the remaining unamortized deferred finance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of the unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Agreements_Schedule_of_
Credit Agreements - Schedule of Annual Principal Maturities (Detail) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Oct. 11, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Total | $188,700,000 | $289,200,000 | ' |
First Lien Credit Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
31-Dec-14 | ' | 1,900,000 | ' |
30-Dec-15 | ' | 1,900,000 | ' |
28-Dec-16 | ' | 1,900,000 | ' |
27-Dec-17 | ' | 1,900,000 | ' |
26-Dec-18 | ' | 182,400,000 | ' |
Long-term Debt, Gross, Total | ' | 190,000,000 | ' |
Less: unamortized discount | -768,000 | -910,000 | -950,000 |
Total | ' | 189,090,000 | ' |
Second Lien Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
25-Dec-19 | ' | 100,000,000 | ' |
Long-term Debt, Gross, Total | ' | 100,000,000 | ' |
Less: unamortized discount | ' | -962,000 | ' |
Total | ' | $99,038,000 | ' |
Prior_Credit_Agreements_Additi
Prior Credit Agreements - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
Sep. 24, 2014 | Dec. 25, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Oct. 11, 2013 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Oct. 11, 2013 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | Jul. 14, 2011 | |
Second Priority Senior Secured Notes Due January 2018 [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | Prior Credit Agreement [Member] | |||
Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | Second Priority Senior Secured Notes Due January 2018 [Member] | |||||
LIBOR [Member] | LIBOR [Member] | Alternate Base Rate [Member] | LIBOR [Member] | LIBOR [Member] | Alternate Base Rate [Member] | Cash Interest [Member] | Paid In Kind Interest [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $170,000,000 | ' | ' | ' | ' | $12,500,000 | ' | ' | $105,000,000 | ' | ' |
Debt maturity | ' | ' | '2018-01 | ' | ' | ' | ' | ' | ' | '2017-07 | ' | ' | ' | ' | '2016-07 | ' | ' | '2018-01 | ' | ' | ' |
Debt interest rate | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 12.50% | 4.50% |
Senior secured term loan periodic repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin for lien credit agreement | ' | ' | ' | ' | ' | 6.50% | ' | 5.50% | ' | ' | ' | 7.75% | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' |
Floor rate on term loan | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' |
Revolving line of credit | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium | 1,512,000 | 7,913,000 | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' |
Write off of the remaining unamortized deferred finance costs | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' |
Write off of the unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Jan-18 | ' | ' | ' |
Other_Accrued_Expenses_and_Cur2
Other Accrued Expenses and Current Liabilities - Schedule of Other Accrued Expenses and Current Liabilities (Detail) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | |||
Other Liabilities Disclosure [Abstract] | ' | ' | ' |
Accrued sales and property taxes | $4,178 | $3,190 | $3,010 |
TRA payable | 4,170 | ' | ' |
Other | 5,463 | 4,635 | 4,230 |
Total other accrued expenses and current liabilities | $13,811 | $7,825 | $7,240 |
Other_Noncurrent_Liabilities_S
Other Noncurrent Liabilities - Schedule of Other Noncurrent Liabilities (Detail) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | |||
Other Liabilities, Noncurrent [Abstract] | ' | ' | ' |
Deferred rent | $6,750 | $6,648 | $7,546 |
TRA payable | 35,949 | ' | ' |
Other | 1,638 | 1,396 | 1,662 |
Total noncurrent liabilities | $44,337 | $8,044 | $9,208 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision of Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Current income taxes: | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | $2 |
State | ' | ' | ' | ' | 30 | 26 |
Total current | ' | ' | ' | ' | 30 | 28 |
Deferred income taxes: | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | 1,037 | 1,013 |
State | ' | ' | ' | ' | 334 | 986 |
Total deferred | ' | ' | -60,536 | 1,979 | 1,371 | 1,999 |
(Benefit) provision for income taxes | ($61,389) | ($130) | ($60,402) | $2,005 | $1,401 | $2,027 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 25, 2013 | Dec. 26, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Statutory regular federal income tax rate | 35.00% | 35.00% |
State tax benefit (net of federal benefit) | 5.40% | 12.70% |
Change in tax rate | ' | -15.50% |
Change in valuation allowance | -43.40% | -75.90% |
Other | -6.50% | 5.20% |
Total | -9.50% | -38.50% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Deferred assets: | ' | ' |
Capital leases | $413 | $560 |
Accrued vacation | 621 | 658 |
Accrued legal | 234 | ' |
Deferred rent | 1,898 | 4,476 |
Accrued workers' compensation | 1,045 | 934 |
Enterprise zone and other credits | 530 | 530 |
Net operating losses | 54,960 | 47,160 |
Fixed assets | 4,605 | 3,847 |
Deferred financing costs | 19 | 431 |
Other | 5,859 | 4,701 |
Deferred Tax Assets, Gross, Total | 70,184 | 63,297 |
Valuation allowance | -65,110 | -58,779 |
Net deferred tax assets | 5,074 | 4,518 |
Deferred liabilities: | ' | ' |
Goodwill | -7,357 | -5,723 |
Trademark | -26,315 | -25,646 |
Prepaid expense | -570 | -1,410 |
Other | -2,777 | -2,313 |
Deferred tax liabilities | -37,019 | -35,092 |
Net deferred tax liabilities | ($31,945) | ($30,574) |
Income_Taxes_Schedule_of_Defer1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities - Current Non Current Classification (Detail) (USD $) | Dec. 25, 2013 | Dec. 26, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current Liabilities | ($322) | ($334) |
Noncurrent Liabilities | -31,623 | -30,240 |
Net deferred tax liabilities | ($31,945) | ($30,574) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Increase (decrease) in valuation allowance | ($65,000,000) | $6,300,000 | ' |
Valuation allowance | ' | 65,110,000 | 58,779,000 |
Net operating loss carryforwards | ' | 123,000,000 | 136,000,000 |
Operating loss carryforward, expiration | ' | 'expire beginning in 2024 and 2014, respectively. | ' |
State enterprise zone credits | ' | 351,000 | ' |
Alternative minimum tax credits | ' | 157,000 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Deferred tax asset valuation percentage | ' | 100.00% | ' |
Excess Stock Option Deductions [Member] | ' | ' | ' |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' |
Net operating loss carryforwards | ' | $300,000 | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 25, 2013 | Dec. 26, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | ' | ' |
Qualified compensation of employees that may be contributed, maximum | 25.00% | ' |
Benefit contribution | $447,000 | $396,000 |
First 3% of Annual Qualified Compensation [Member] | ' | ' |
Defined Contribution Plan Disclosure [Line Items] | ' | ' |
Percentage of employees' annual qualified compensation matched | 3.00% | ' |
Employer's matching contribution | 100.00% | ' |
Next 2 % of Annual Qualified Compensation [Member] | ' | ' |
Defined Contribution Plan Disclosure [Line Items] | ' | ' |
Percentage of employees' annual qualified compensation matched | 2.00% | ' |
Employer's matching contribution | 50.00% | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock, options outstanding | 3,554,926 | ' | 3,338,096 | 3,472,539 | 576,370 |
Common stock, options vested | 2,161,184 | ' | 1,709,748 | ' | ' |
Options to purchase common stock granted | ' | ' | 802,857 | 3,190,019 | ' |
Stock options exercise price | ' | ' | $5.25 | $4.77 | ' |
Options expiration period | ' | ' | '10 years | ' | ' |
Aggregate intrinsic value of options outstanding | ' | ' | $13,900,000 | ' | ' |
Aggregate intrinsic value of options exercisable | ' | ' | 7,100,000 | ' | ' |
Stock-based compensation expense | 635,000 | 191,000 | 822,000 | 860,000 | ' |
Unrecognized compensation expense | 2,300,000 | ' | 860,000 | ' | ' |
Unrecognized compensation expense, recognition period | '1 year 2 months 12 days | ' | '1 year 9 months 18 days | ' | ' |
Common stock, options unvested | 1,393,742 | ' | ' | ' | ' |
Stock options exercised | 739 | ' | ' | 8,093 | ' |
Exercise price of $5.84 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Options to purchase common stock granted | ' | ' | 535,238 | 2,126,677 | ' |
Stock options exercise price | ' | ' | $5.84 | $5.84 | ' |
Exercise price equal to the fair value of the common stock on the date of grant [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Options to purchase common stock granted | ' | ' | 267,619 | 1,063,343 | ' |
Non Executive Employees [Member] | Initial Public Offering [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Options to purchase common stock granted | 223,183 | ' | ' | ' | ' |
Stock options exercise price | $15 | ' | ' | ' | ' |
Unrecognized compensation expense, recognition period | '4 years | ' | ' | ' | ' |
Unrecognized compensation expense | 1,300,000 | ' | ' | ' | ' |
Premium Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock, options outstanding | 2,062,442 | ' | 2,062,448 | ' | ' |
Restricted Grants [Member] | Initial Public Offering [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of directors granted shares | 2 | ' | ' | ' | ' |
Restricted Grants [Member] | Directors [Member] | Initial Public Offering [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Option vesting period | '3 years | ' | ' | ' | ' |
Restricted shares granted | 3,333 | ' | ' | ' | ' |
Value of restricted grants | 50,000 | ' | ' | ' | ' |
Stock-based compensation expense to be incurred, restricted grants | $330,000 | ' | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Options granted, description | ' | ' | ' | ' | ' |
Option vesting period | ' | ' | '4 years | '3 years | ' |
Authorized number of common stock for issuance, shares | ' | ' | 5,521,037 | ' | ' |
Number of share available for grant | ' | ' | 503,124 | ' | ' |
Weighted average grant date fair Value | ' | ' | $1.40 | $0.60 | ' |
Expected volatility | ' | ' | 40.60% | 39.00% | ' |
Expected life | ' | ' | '6 years 3 months | '5 years 9 months | ' |
Risk-free interest rates, Minimum | ' | ' | 1.15% | ' | ' |
Risk-free interest rates, Maximum | ' | ' | 1.99% | ' | ' |
Risk-free interest rates | ' | ' | ' | 1.02% | ' |
Expected dividends | ' | ' | 0.00% | 0.00% | ' |
Changes_in_Stock_Options_Detai
Changes in Stock Options (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 24, 2014 | Dec. 25, 2013 | Dec. 26, 2012 | |
Shares | ' | ' | ' |
Outstanding-beginning balance | 3,338,096 | 3,472,539 | 576,370 |
Grants | ' | 802,857 | 3,190,019 |
Exercised | -739 | ' | -8,093 |
Forfeited, cancelled or expired | ' | -937,300 | -285,757 |
Outstanding-ending balance | 3,554,926 | 3,338,096 | 3,472,539 |
Vested and expected to vest at December 25, 2013 | ' | 3,338,096 | ' |
Exercisable at December 25, 2013 | ' | 1,709,748 | ' |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding-beginning balance | $5.31 | $5.23 | $9.74 |
Grants | ' | $5.25 | $4.77 |
Exercised | ' | ' | $1.18 |
Forfeited, cancelled or expired | ' | $4.98 | $9.23 |
Outstanding-ending balance | ' | $5.31 | $5.23 |
Vested and expected to vest at December 25, 2013 | ' | $5.31 | ' |
Exercisable at December 25, 2013 | ' | $5.36 | ' |
Summary_of_Stock_Options_Detai
Summary of Stock Options (Detail) (USD $) | 12 Months Ended |
Dec. 25, 2013 | |
$1.81 - $ 4.09 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise price, minimum | $1.81 |
Range of Exercise price, maximum | $4.09 |
Number Outstanding | 1,057,279 |
Weighted-Average Remaining Contractual Life | '8 years 5 months 5 days |
Weighted-Average Exercise Price | $2.98 |
Number Exercisable | 533,551 |
Weighted Average Exercise Price | $2.69 |
$5.84 - 10.09 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise price, minimum | $5.84 |
Range of Exercise price, maximum | $10.09 |
Number Outstanding | 2,157,703 |
Weighted-Average Remaining Contractual Life | '8 years 3 months 26 days |
Weighted-Average Exercise Price | $6.02 |
Number Exercisable | 1,110,247 |
Weighted Average Exercise Price | $6.20 |
$12.71 - 12.72 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise price, minimum | $12.71 |
Range of Exercise price, maximum | $12.72 |
Number Outstanding | 123,113 |
Weighted-Average Remaining Contractual Life | '3 years 7 days |
Weighted-Average Exercise Price | $12.71 |
Number Exercisable | 65,950 |
Weighted Average Exercise Price | $12.71 |
$1.81 - 12.72 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise price, minimum | $1.81 |
Range of Exercise price, maximum | $12.72 |
Number Outstanding | 3,338,095 |
Weighted-Average Remaining Contractual Life | '8 years 1 month 28 days |
Weighted-Average Exercise Price | $5.31 |
Number Exercisable | 1,709,748 |
Weighted Average Exercise Price | $5.36 |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Disclosure (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 25, 2013 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | Dec. 25, 2013 | Dec. 26, 2012 | |
Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | |||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive securities not considered in diluted EPS calculation | 218,356 | 218,356 | 1,709,748 | 836,402 | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | $1.81 | $1.81 | $12.72 | $12.72 |
Net_Income_Loss_Per_Share_Sche
Net Income (Loss) Per Share - Schedule of Earning Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Numerator: | ' | ' | ' | ' | ' | ' |
Net income (loss) | $25,849 | $918 | $37,888 | $1,268 | ($16,873) | ($7,865) |
Denominator: | ' | ' | ' | ' | ' | ' |
Weighted-average shares outstanding - basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 | ' | ' |
Weighted-average shares outstanding - diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 | ' | ' |
Denominator: | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | ' | ' | ' | ' | 28,712,622 | 28,712,194 |
Net Loss Per Share | ' | ' | ' | ' | ($0.59) | ($0.27) |
Net income per share - basic | $0.76 | $0.03 | $1.24 | $0.04 | ' | ' |
Net income per share - diluted | $0.70 | $0.03 | $1.13 | $0.04 | ' | ' |
Anti-dilutive securities not considered in diluted EPS calculation | ' | 218,356 | ' | 218,356 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 24, 2014 | Dec. 25, 2013 | |
Other Commitments [Line Items] | ' | ' |
Date of class action filed in court | 'Around February 24, 2014 | 'On or about February 24, 2014 |
Officers [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Number of at-will employment agreements | 4 | 4 |
Property Lease Guarantee [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Number of leases assigned to franchisees | 2 | 2 |
Latest lease expiration year | '2015 | '2015 |
Contingent lease obligations, maximum exposure | 52,000 | 158,000 |
Contingent lease obligations, maximum exposure, if discounted at estimated pre-tax cost of debt | 45,000 | 139,000 |
Beverage [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Purchase commitments, estimated obligations | 19,900,000 | 24,300,000 |
Chicken Acquisition Corp [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Purchase commitments, estimated obligations | 7,600,000 | 2,400,000 |
Number of supplier contracts for chicken | 2 | ' |
Chicken Acquisition Corp [Member] | Supplier One [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Contract termination period | '2014-12 | ' |
Chicken Acquisition Corp [Member] | Supplier Two [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Contract termination period | '2015-01 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Trimaran Fund Management, LLC [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Trimaran Fund Management, LLC [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Date of agreement | ' | ' | 18-Nov-05 | ' | 18-Nov-05 | ' |
Annual fees | ' | ' | $500,000 | ' | $500,000 | ' |
General and administrative expenses paid | $51,000 | $142,000 | $343,000 | $465,000 | $624,000 | $612,000 |
Recovered_Sheet4
Stock Split and Authorization of Additional Shares - Additional Information (Detail) (USD $) | 0 Months Ended | |||||
Jul. 14, 2014 | Sep. 24, 2014 | Jul. 24, 2014 | Jul. 14, 2014 | Dec. 25, 2013 | Dec. 26, 2012 | |
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, par value | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Stock split note | '8.56381-for-1 | ' | ' | ' | ' | ' |
Stock split ratio | 8.56381 | ' | ' | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, par value | ' | ' | ' | $0.01 | $0.01 | $0.01 |
Stock split note | '8.56381-for-1 | ' | ' | ' | ' | ' |
Stock split ratio | 8.56381 | ' | ' | ' | ' | ' |
Recovered_Sheet5
Schedule 1 Condensed Financial Information of Registrant (Detail) (USD $) | Sep. 24, 2014 | Dec. 25, 2013 | Sep. 25, 2013 | Dec. 26, 2012 | Dec. 28, 2011 |
In Thousands, unless otherwise specified | |||||
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $41,825 | $17,015 | $22,418 | $21,487 | $18,991 |
Total current assets | 53,131 | 27,272 | ' | 28,854 | ' |
Total assets | 477,025 | 416,942 | ' | 417,898 | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ' |
Total liabilities | 277,693 | 368,406 | ' | 353,311 | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' |
Common stock value | 369 | 287 | ' | 287 | ' |
Additional paid-in capital | 352,977 | 240,151 | ' | 239,329 | ' |
Accumulated deficit | -154,014 | -191,902 | ' | -175,029 | ' |
Total stockholder's equity | 199,332 | 48,536 | ' | 64,587 | 71,596 |
Total liabilities and stockholders' equity | 477,025 | 416,942 | ' | 417,898 | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 4,394 | ' | 4,480 | 4,555 |
Total current assets | ' | 4,394 | ' | 4,480 | ' |
Investment in subsidiaries, net | ' | 44,142 | ' | 60,107 | ' |
Total assets | ' | 48,536 | ' | 64,587 | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' |
Common stock value | ' | 287 | ' | 287 | ' |
Additional paid-in capital | ' | 240,151 | ' | 239,329 | ' |
Accumulated deficit | ' | -191,902 | ' | -175,029 | ' |
Total stockholder's equity | ' | 48,536 | ' | 64,587 | 71,596 |
Total liabilities and stockholders' equity | ' | $48,536 | ' | $64,587 | ' |
Schedule_1_Condensed_Financial1
Schedule 1 Condensed Financial Information of Registrant (Parenthetical) (Detail) (USD $) | Sep. 24, 2014 | Jul. 24, 2014 | Jul. 14, 2014 | Dec. 25, 2013 | Dec. 26, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 36,929,835 | ' | ' | 28,712,622 | 28,712,622 |
Common stock, shares outstanding | 36,929,835 | ' | ' | 28,712,622 | 28,712,622 |
Parent Company [Member] | ' | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | ' | ' | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | ' | ' | ' | 28,712,622 | 28,712,622 |
Common stock, shares outstanding | ' | ' | ' | 28,712,622 | 28,712,622 |
Schedule_1_Parent_Company_Stat
Schedule 1 Parent Company Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 | |
Revenue | ' | ' | ' | ' | ' | ' |
Company-operated restaurant revenue | ($80,861,000) | ($74,470,000) | ($238,432,000) | ($223,059,000) | ($294,327,000) | ($274,928,000) |
Franchise revenue | -5,696,000 | -5,297,000 | -16,456,000 | -15,430,000 | -20,400,000 | -18,682,000 |
Total revenue | -86,557,000 | -79,767,000 | -254,888,000 | -238,489,000 | -314,727,000 | -293,610,000 |
General and administrative expenses | 7,509,000 | 6,263,000 | 20,974,000 | 18,754,000 | 25,506,000 | 24,451,000 |
Total expenses | 75,594,000 | 69,116,000 | 219,573,000 | 205,773,000 | 272,735,000 | 260,558,000 |
Loss from operations | 13,621,000 | 10,651,000 | 37,973,000 | 32,716,000 | 42,392,000 | 33,052,000 |
Interest income | ' | ' | ' | ' | 94,000 | 100,000 |
(Loss) income before provision for income taxes | -35,540,000 | 788,000 | -22,514,000 | 3,273,000 | -15,472,000 | -5,838,000 |
Provision for income taxes | 61,389,000 | 130,000 | 60,402,000 | -2,005,000 | -1,401,000 | -2,027,000 |
Net Income (loss) | 25,849,000 | 918,000 | 37,888,000 | 1,268,000 | -16,873,000 | -7,865,000 |
Net loss per share | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ' | ' | ' | ($0.59) | ($0.27) |
Weighted average shares used in computing net loss per share | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ' | ' | ' | 28,712,622 | 28,712,194 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' |
Company-operated restaurant revenue | ' | ' | ' | ' | ' | ' |
Franchise revenue | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | ' | 912,000 | 950,000 |
Total expenses | ' | ' | ' | ' | 912,000 | 950,000 |
Loss from operations | ' | ' | ' | ' | -912,000 | -950,000 |
Interest income | ' | ' | ' | ' | 4,000 | 15,000 |
(Loss) income before provision for income taxes | ' | ' | ' | ' | -908,000 | -935,000 |
Provision for income taxes | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | ' | -15,965,000 | -6,930,000 |
Net Income (loss) | ' | ' | ' | ' | ($16,873,000) | ($7,865,000) |
Net loss per share | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ' | ' | ' | ($0.59) | ($0.27) |
Weighted average shares used in computing net loss per share | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ' | ' | ' | 28,712,622 | 28,712,194 |
Schedule_1_Parent_Company_Stat1
Schedule 1 Parent Company Statement of Changes in Stockholders Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | $48,536 | $64,587 | $64,587 | $71,596 |
Stock based compensation | ' | ' | ' | ' | 822 | 860 |
Cash used for net stock option exercises, value | ' | ' | ' | ' | ' | -4 |
Cash used for net stock option exercises, shares | ' | ' | 739 | ' | ' | 8,093 |
Net loss attributable to El Pollo Loco Holdings, Inc., and subsidiaries' common stockholders | 25,849 | 918 | 37,888 | 1,268 | -16,873 | -7,865 |
Ending balance, value | 199,332 | ' | 199,332 | ' | 48,536 | 64,587 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | 64,587 | 64,587 | 71,596 |
Stock based compensation | ' | ' | ' | ' | 822 | 860 |
Cash used for net stock option exercises, value | ' | ' | ' | ' | ' | -4 |
Net loss attributable to El Pollo Loco Holdings, Inc., and subsidiaries' common stockholders | ' | ' | ' | ' | -16,873 | -7,865 |
Ending balance, value | ' | ' | ' | ' | 48,536 | 64,587 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | ' | ' | 287 |
Beginning balance, shares | ' | ' | ' | ' | ' | 28,710,070 |
Cash used for net stock option exercises, shares | ' | ' | ' | ' | ' | 2,552 |
Ending balance, value | ' | ' | ' | ' | 287 | 287 |
Ending value, shares | ' | ' | ' | ' | 28,712,622 | 28,712,622 |
Common Stock [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | ' | ' | 287 |
Beginning balance, shares | ' | ' | ' | ' | ' | 28,710,070 |
Cash used for net stock option exercises, shares | ' | ' | ' | ' | ' | 2,552 |
Ending balance, value | ' | ' | ' | ' | 287 | 287 |
Ending value, shares | ' | ' | ' | ' | 28,712,622 | 28,712,622 |
Additional Paid-in Capital [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | 239,329 | 239,329 | 238,473 |
Stock based compensation | ' | ' | ' | ' | 822 | 860 |
Cash used for net stock option exercises, value | ' | ' | ' | ' | ' | -4 |
Ending balance, value | ' | ' | ' | ' | 240,151 | 239,329 |
Additional Paid-in Capital [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | 239,329 | 239,329 | 238,473 |
Stock based compensation | ' | ' | ' | ' | 822 | 860 |
Cash used for net stock option exercises, value | ' | ' | ' | ' | ' | -4 |
Ending balance, value | ' | ' | ' | ' | 240,151 | 239,329 |
Accumulated Deficit [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | -175,029 | -175,029 | -167,164 |
Net loss attributable to El Pollo Loco Holdings, Inc., and subsidiaries' common stockholders | ' | ' | ' | ' | -16,873 | -7,865 |
Ending balance, value | ' | ' | ' | ' | -191,902 | -175,029 |
Accumulated Deficit [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, value | ' | ' | ' | -175,029 | -175,029 | -167,164 |
Net loss attributable to El Pollo Loco Holdings, Inc., and subsidiaries' common stockholders | ' | ' | ' | ' | -16,873 | -7,865 |
Ending balance, value | ' | ' | ' | ' | ($191,902) | ($175,029) |
Schedule_1_Parent_Company_Stat2
Schedule 1 Parent Company Statement of Cash Flow (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 24, 2014 | Sep. 25, 2013 | Dec. 25, 2013 | Dec. 26, 2012 |
Cash flows from operating activities | ' | ' | ' | ' |
Net loss | $37,888 | $1,268 | ($16,873) | ($7,865) |
Net cash flows provided by operating activities | 29,842 | 12,528 | 19,700 | 19,409 |
Decrease in cash and cash equivalents | 24,810 | 931 | -4,472 | 2,496 |
Cash and cash equivalents, beginning of period | 17,015 | 21,487 | 21,487 | 18,991 |
Cash and cash equivalents, end of period | 41,825 | 22,418 | 17,015 | 21,487 |
Parent Company [Member] | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Net loss | ' | ' | -16,873 | -7,865 |
Adjustments to reconcile changes in net loss to net cash used in operating activities | ' | ' | 16,787 | 7,790 |
Net cash flows provided by operating activities | ' | ' | -86 | -75 |
Decrease in cash and cash equivalents | ' | ' | -86 | -75 |
Cash and cash equivalents, beginning of period | ' | 4,480 | 4,480 | 4,555 |
Cash and cash equivalents, end of period | ' | ' | $4,394 | $4,480 |
Background_and_Basis_of_Presen
Background and Basis of Presentation (Detail) (Parent Company [Member], Minimum [Member]) | Dec. 25, 2013 |
Parent Company [Member] | Minimum [Member] | ' |
Business And Basis Of Presentation [Line Items] | ' |
Restricted net assets held by subsidiary | 25.00% |
Restricted_Net_Assets_of_Subsi
Restricted Net Assets of Subsidiaries (Detail) | 12 Months Ended |
Dec. 25, 2013 | |
Investment Holdings [Line Items] | ' |
Distributions restriction to intermediate, description | 'EPL may make distributions to Intermediate only under certain restricted circumstances, including, but not limited to, payments of (i) franchise taxes or other costs of maintaining the corporate existence of Intermediate, (ii) accounting, legal, administrative and operating expenses of Intermediate, up to $250,000 in any 12 month period, and (iii) EPL's allocable portion of tax liabilities on consolidated tax returns with Intermediate, subject to certain overall amounts. |
Restricted dividend payments, description | 'These restricted dividend payments include, but are not limited to: (i) dividends payable solely in EPLbs own common stock or other common equity interests, (ii) payments that permit Intermediate to repurchase or redeem qualified capital stock of Intermediate held by present or former officers, directors or employees, not to exceed $1,000,000 in any fiscal year (with unused amounts carried over to the next fiscal year), and (iii) provided that no default or event of default under the credit facilities has occurred, is continuing, or would result therefrom, dividends limited to various absolute ceiling amounts, including an aggregate amount up to $5,000,000 (shared with Intermediate) for dividends not including those paid pursuant to stock options and other benefit plans. |
Parent Company [Member] | ' |
Investment Holdings [Line Items] | ' |
Distributions restriction to intermediate, description | 'EPL may make distributions to Intermediate only under certain restricted circumstances, including, but not limited to, payments of (i) franchise taxes or other costs of maintaining the corporate existence of Intermediate, (ii) accounting, legal, administrative and operating expenses of Intermediate, up to $250,000 in any 12 month period, and (iii) EPL's allocable portion of tax liabilities on consolidated tax returns with Intermediate, subject to certain overall amounts. |
Restricted dividend payments, description | 'These restricted dividend payments include, but are not limited to: (i) dividends payable solely in EPLbs own common stock or other common equity interests, (ii) payments that permit Intermediate to repurchase or redeem qualified capital stock of Intermediate held by present or former officers, directors or employees, not to exceed $1,000,000 in any fiscal year (with unused amounts carried over to the next fiscal year), and (iii) provided that no default or event of default under the credit facilities has occurred, is continuing, or would result therefrom, dividends limited to various absolute ceiling amounts, including an aggregate amount up to $5,000,000 (shared with Intermediate) for dividends not including those paid pursuant to stock options and other benefit plans. |
Net_Income_Per_Share_Schedule_
Net Income Per Share - Schedule of Reconciliation of Basic and Diluted Share Counts (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2014 | Sep. 25, 2013 | Sep. 24, 2014 | Sep. 25, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average shares outstanding - basic | 34,221,829 | 28,712,622 | 30,549,979 | 28,712,622 |
Dilutive effect of stock options | 2,949,841 | 852,173 | 2,949,841 | 852,173 |
Weighted-average shares outstanding - diluted | 37,171,670 | 29,564,795 | 33,499,820 | 29,564,795 |