Income Taxes (Tables)
|
12 Months Ended |
Dec. 29, 2016 |
|---|
| Income Taxes |
|
| Schedule of components of the provision for income taxes |
The components of the provision for income taxes are as follows (in thousands):
|
|
|
Year Ended
December 25,
2014
|
|
Year Ended
December 31,
2015
|
|
Year Ended
December 29,
2016
|
|
|
Current expense:
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
9,081
|
|
$
|
13,183
|
|
$
|
14,588
|
|
|
State
|
|
|
1,979
|
|
|
2,552
|
|
|
2,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current expense
|
|
|
11,060
|
|
|
15,735
|
|
|
17,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred (benefit)/expense:
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(680
|
)
|
|
553
|
|
|
(4,765
|
)
|
|
State
|
|
|
(746
|
)
|
|
(89
|
)
|
|
(771
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred (benefit)/expense
|
|
|
(1,426
|
)
|
|
464
|
|
|
(5,536
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,634
|
|
$
|
16,199
|
|
$
|
11,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of effective income tax reconciliation |
The following is a summary of the differences between the total provision for income taxes as shown on the financial statements and the provision for income taxes that would result from applying the federal statutory tax rate of 35% to income before income taxes (in thousands).
|
|
|
Year Ended
December 25,
2014
|
|
Year Ended
December 31,
2015
|
|
Year Ended
December 29,
2016
|
|
|
Computed "expected" provision at statutory rate
|
|
$
|
8,656
|
|
$
|
15,052
|
|
$
|
19,080
|
|
|
State income taxes, net of federal income tax benefit
|
|
|
801
|
|
|
1,594
|
|
|
1,073
|
|
|
Permanent differences:
|
|
|
|
|
|
|
|
|
|
|
|
Non-qualified option holder dividend equivalent
|
|
|
—
|
|
|
—
|
|
|
(7,877
|
)
|
|
Other
|
|
|
96
|
|
|
113
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total permanent differences
|
|
|
96
|
|
|
113
|
|
|
(7,881
|
)
|
|
Other, net
|
|
|
81
|
|
|
(560
|
)
|
|
(798
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
$
|
9,634
|
|
$
|
16,199
|
|
$
|
11,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of deferred tax assets and liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and (liabilities) are presented below (in thousands):
|
|
|
Year Ended
December 31,
2015
|
|
Year Ended
December 29,
2016
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
Accruals not currently deductible for tax purposes
|
|
$
|
10,314
|
|
$
|
14,342
|
|
|
Tenant improvement allowances
|
|
|
6,162
|
|
|
7,690
|
|
|
Inventories
|
|
|
3,459
|
|
|
4,050
|
|
|
Stock based compensation
|
|
|
2,997
|
|
|
4,179
|
|
|
Other intangibles
|
|
|
761
|
|
|
693
|
|
|
Gift card liability
|
|
|
820
|
|
|
858
|
|
|
Litigation accrual
|
|
|
—
|
|
|
5,299
|
|
|
Other
|
|
|
89
|
|
|
47
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets
|
|
|
24,602
|
|
|
37,158
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
(41,095
|
)
|
|
(41,269
|
)
|
|
Fixed assets
|
|
|
(16,907
|
)
|
|
(23,650
|
)
|
|
Other
|
|
|
(324
|
)
|
|
(504
|
)
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
|
(58,326
|
)
|
|
(65,423
|
)
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax liabilities
|
|
$
|
(33,724
|
)
|
$
|
(28,265
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|