FIESTA RESTAURANT GROUP, INC., 10-Q filed on 10/29/2015
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 27, 2015
Oct. 23, 2015
Entity Information [Line Items]
 
 
Entity Registrant Name
FIESTA RESTAURANT GROUP, INC. 
 
Entity Central Index Key
0001534992 
 
Current Fiscal Year End Date
--01-03 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 27, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
26,829,619 
Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Sep. 27, 2015
Dec. 28, 2014
Current assets:
 
 
Cash
$ 972 
$ 5,087 
Trade receivables
9,058 
6,340 
Inventories
2,661 
2,719 
Prepaid rent
3,110 
2,894 
Income tax receivable
3,756 
4,974 
Prepaid expenses and other current assets
3,242 
3,166 
Deferred income taxes
2,925 
2,925 
Total current assets
25,724 
28,105 
Property and equipment, net
237,611 
191,371 
Goodwill
123,484 
123,484 
Deferred income taxes
8,829 
11,055 
Deferred financing costs, net
1,002 
1,233 
Other assets
2,616 
2,708 
Total assets
399,266 
357,956 
Current liabilities:
 
 
Current portion of long-term debt
52 
61 
Accounts payable
13,175 
10,151 
Accrued payroll, related taxes and benefits
15,134 
15,857 
Accrued real estate taxes
5,952 
5,044 
Other liabilities
9,768 
8,310 
Total current liabilities
44,081 
39,423 
Long-term debt, net of current portion
68,732 
67,264 
Lease financing obligations
1,662 
1,660 
Deferred income--sale-leaseback of real estate
30,990 
34,079 
Other liabilities
19,789 
15,943 
Total liabilities
165,254 
158,369 
Commitments and contingencies
   
   
Stockholders' equity:
 
 
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,829,619 and 26,782,945 shares, respectively, and outstanding 26,569,431 and 26,358,448 shares, respectively.
266 
264 
Additional paid-in capital
158,595 
153,867 
Retained earnings
75,151 
45,456 
Total stockholders' equity
234,012 
199,587 
Total liabilities and stockholders' equity
$ 399,266 
$ 357,956 
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Sep. 27, 2015
Dec. 28, 2014
Statement of Financial Position [Abstract]
 
 
Common stock, par value
$ 0.01 
$ 0.01 
Common stock, shares authorized
100,000,000 
100,000,000 
Common stock, shares issued
26,829,619 
26,782,945 
Common stock, shares outstanding
26,569,431 
26,358,448 
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Sep. 27, 2015
Sep. 28, 2014
Revenues:
 
 
 
 
Restaurant sales
$ 171,469 
$ 154,643 
$ 505,795 
$ 452,983 
Franchise royalty revenues and fees
636 
655 
2,085 
1,936 
Total revenues
172,105 
155,298 
507,880 
454,919 
Costs and expenses:
 
 
 
 
Cost of sales
55,409 
48,980 
160,755 
143,469 
Restaurant wages and related expenses (including stock-based compensation expense of $40, $20, $147, and $50, respectively)
44,183 1
39,824 1
127,156 1
115,446 1
Restaurant rent expense
8,396 
7,314 
24,451 
21,892 
Other restaurant operating expenses
22,511 
20,686 
63,732 
58,037 
Advertising expense
4,831 
4,180 
15,529 
14,275 
General and administrative (including stock-based compensation expense of $1,127, $812, $3,056, and $2,582, respectively)
14,259 2
11,845 2
41,647 2
36,128 2
Depreciation and amortization
7,596 
6,038 
21,844 
16,961 
Pre-opening costs
1,689 
1,427 
3,851 
3,298 
Impairment and other lease charges
387 
183 
481 
200 
Other (income) expense
(165)
(552)
(679)
(558)
Total operating expenses
159,096 
139,925 
458,767 
409,148 
Income from operations
13,009 
15,373 
49,113 
45,771 
Interest expense
493 
536 
1,345 
1,707 
Income before income taxes
12,516 
14,837 
47,768 
44,064 
Provision for income taxes
4,571 
5,682 
18,073 
16,876 
Net income
$ 7,945 
$ 9,155 
$ 29,695 
$ 27,188 
Basic net income per share
$ 0.30 
$ 0.34 
$ 1.11 
$ 1.02 
Diluted net income per share
$ 0.30 
$ 0.34 
$ 1.11 
$ 1.02 
Basic weighted average common shares outstanding
26,557,940 
26,344,102 
26,494,599 
26,272,322 
Diluted weighted average common shares outstanding
26,565,575 
26,347,326 
26,501,951 
26,273,584 
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Sep. 27, 2015
Sep. 28, 2014
Stock-based compensation
 
 
$ 3,203 
$ 2,632 
Restaurant Wages And Related Expenses [Member]
 
 
 
 
Stock-based compensation
40 
20 
147 
50 
General and Administrative Expense [Member]
 
 
 
 
Stock-based compensation
$ 1,127 
$ 812 
$ 3,056 
$ 2,582 
Consolidated Statement of Changes in Stockholders' Equity Statement (USD $)
In Thousands, except Share data, unless otherwise specified
Total
USD ($)
Number of Common Stock Shares [Member]
Common Stock [Member]
USD ($)
Additional Paid-in Capital [Member]
USD ($)
Retained Earnings [Member]
USD ($)
Beginning balance at Dec. 29, 2013
$ 158,306 
 
$ 261 
$ 148,765 
$ 9,280 
Beginning shares at Dec. 29, 2013
 
26,082,800 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Stock-based compensation
2,632 
 
 
2,632 
 
Vesting of restricted shares
 
272,948 
 
 
 
Vesting of restricted shares
 
 
 
 
Vesting of restricted shares and related tax benefit
1,728 
 
 
1,725 
 
Share issuance costs
(30)
 
 
(30)
 
Net income
27,188 
 
 
 
27,188 
Ending balance at Sep. 28, 2014
189,824 
 
264 
153,092 
36,468 
Ending shares at Sep. 28, 2014
 
26,355,748 
 
 
 
Beginning balance at Dec. 28, 2014
199,587 
 
264 
153,867 
45,456 
Beginning shares at Dec. 28, 2014
26,358,448 
26,358,448 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Stock-based compensation
3,203 
 
 
3,203 
 
Vesting of restricted shares
 
210,983 
 
 
 
Vesting of restricted shares
 
 
 
 
Vesting of restricted shares and related tax benefit
1,527 
 
 
1,525 
 
Net income
29,695 
 
 
 
29,695 
Ending balance at Sep. 27, 2015
$ 234,012 
 
$ 266 
$ 158,595 
$ 75,151 
Ending shares at Sep. 27, 2015
26,569,431 
26,569,431 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Cash flows from operating activities:
 
 
Net income
$ 29,695 
$ 27,188 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
Loss (gain) on disposals of property and equipment
(236)
(409)
Stock-based compensation
3,203 
2,632 
Impairment and other lease charges
481 
200 
Depreciation and amortization
21,844 
16,961 
Amortization of deferred financing costs
232 
231 
Amortization of deferred gains from sale-leaseback transactions
(2,713)
(2,754)
Deferred income taxes
2,226 
102 
Changes in other operating assets and liabilities
4,236 
1,619 
Net cash provided by (used in) operating activities
58,968 
45,770 
Capital expenditures:
 
 
New restaurant development
(55,057)
(45,161)
Restaurant remodeling
(2,723)
(6,635)
Other restaurant capital expenditures
(5,197)
(3,930)
Corporate and restaurant information systems
(3,242)
(3,212)
Total capital expenditures
66,219 
58,938 
Proceeds from sale-leaseback transactions
5,692 
Proceeds from sales of other properties
149 
1,729 
Net cash used in investing activities
(66,070)
(51,517)
Cash flows from financing activities:
 
 
Excess tax benefit from vesting of restricted shares
1,527 
1,728 
Share issuance costs
 
(30)
Borrowings on revolving credit facility
23,500 
23,000 
Repayments on revolving credit facility
(22,000)
(28,000)
Principal payments on capital leases
(40)
(44)
Other financing costs
(6)
Net cash provided by (used in) fnancing activities
2,987 
(3,352)
Net increase (decrease) in cash
(4,115)
(9,099)
Cash, beginning of period
5,087 
10,978 
Cash, end of period
972 
1,879 
Supplemental disclosures:
 
 
Interest paid on long-term debt
1,263 
1,493 
Interest paid on lease financing obligations
105 
104 
Accruals for capital expenditures
5,325 
2,113 
Income tax payments, net
$ 13,101 
$ 12,442 
Basis of Presentation
Basis of Presentation
Basis of Presentation
Business Description. Fiesta Restaurant Group, Inc. ("Fiesta Restaurant Group" or "Fiesta") owns, operates and franchises two fast-casual restaurant brands through its wholly-owned subsidiaries Pollo Operations, Inc., and its subsidiaries, and Pollo Franchise, Inc., (collectively “Pollo Tropical”) and Taco Cabana, Inc. and its subsidiaries (collectively “Taco Cabana”). Unless the context otherwise requires, Fiesta and its subsidiaries, Pollo Tropical and Taco Cabana, are collectively referred to as the “Company”. At September 27, 2015, Fiesta owned and operated 149 Pollo Tropical® restaurants and 163 Taco Cabana® restaurants. The Pollo Tropical restaurants include 115 located in Florida, 20 located in Texas, ten located in Georgia and four located in Tennessee. The Taco Cabana restaurants include 161 located in Texas, one located in Oklahoma and, under the Cabana Grill® logo, which is an elevated, non-24 hour format for Taco Cabana, one located in Florida. At September 27, 2015, Fiesta franchised a total of 35 Pollo Tropical restaurants and six Taco Cabana restaurants. The franchised Pollo Tropical restaurants include 17 in Puerto Rico, five in Panama, two in Guatemala, two in Trinidad & Tobago, one in Venezuela, one in the Bahamas, one in Ecuador, one in Honduras and five on college campuses in Florida. The franchised Taco Cabana restaurants include four in New Mexico, and two on college campuses in Texas.
Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries.
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three and nine months ended September 27, 2015 and September 28, 2014 each contained thirteen and thirty-nine weeks, respectively. The fiscal year ending January 3, 2016 will contain 53 weeks.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three and nine months ended September 27, 2015 and September 28, 2014 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three and nine months ended September 27, 2015 and September 28, 2014 are not necessarily indicative of the results to be expected for the full year.
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 28, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2014. The December 28, 2014 balance sheet data is derived from those audited financial statements.
  Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value:
Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments.
Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates and at September 27, 2015, was approximately $67.5 million.
Long-Lived Assets. The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries.
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates.
Other Liabilities
Other Liabilities Disclosure [Text Block]
Other Liabilities
Other liabilities, current, consisted of the following:
 
September 27, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,737

 
$
3,996

Sales and property taxes
2,293

 
1,933

Accrued occupancy costs
623

 
508

Other
2,115

 
1,873

 
$
9,768

 
$
8,310


Other liabilities, long-term, consisted of the following:
 
September 27, 2015
 
December 28, 2014
Accrued occupancy costs
$
14,647

 
$
12,254

Deferred compensation
1,606

 
1,102

Accrued workers' compensation and general liability claims
758

 
977

Other
2,778

 
1,610

 
$
19,789

 
$
15,943


Accrued occupancy costs include obligations pertaining to closed restaurant locations and accruals to expense operating lease rental payments on a straight-line basis over the lease term.
The following table presents the activity in the closed-store reserve, of which $1.1 million and $1.0 million are included in long-term accrued occupancy costs at September 27, 2015 and December 28, 2014, respectively, with the remainder in other current liabilities:
 
Nine Months Ended September 27, 2015
 
Year Ended December 28, 2014
Balance, beginning of period
$
1,251

 
$
1,439

       Additional lease charges, net of recoveries
386

 
5

Payments, net
(190
)
 
(321
)
Other adjustments
98

 
128

Balance, end of period
$
1,545

 
$
1,251

Stock-based Compensation
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation
During the nine months ended September 27, 2015 and September 28, 2014, the Company granted 24,401 and 71,891 non-vested restricted shares, respectively, under the Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan (the "Fiesta Plan") to certain employees. These shares generally vest and become non-forfeitable over a four year vesting period. The weighted average fair value at grant date for these non-vested shares issued to employees during the nine months ended September 27, 2015 and September 28, 2014 was $61.57 and $45.04, respectively.
During the nine months ended September 27, 2015 and September 28, 2014, the Company granted 10,007 and 24,252 restricted stock units, respectively, under the Fiesta Plan to certain employees. Certain of the restricted stock units vest and become non-forfeitable over a four year vesting period and certain of the restricted stock units vest and become non-forfeitable at the end of a four year vesting period. The weighted average fair value at grant date for these restricted stock units issued to employees during the nine months ended September 27, 2015 and September 28, 2014 was $62.05 and $45.04, respectively.
During the nine months ended September 27, 2015 and September 28, 2014, the Company granted 8,698 and 8,399 non-vested restricted shares, respectively, to non-employee directors. The weighted average fair value at the grant date for restricted non-vested shares issued to directors during the nine months ended September 27, 2015 and September 28, 2014 was $54.06 and $37.23, respectively. These shares vest and become non-forfeitable over a one year vesting period.
Also during the nine months ended September 27, 2015, the Company granted in the aggregate 17,501 non-vested restricted shares and 17,501 restricted stock units under the Fiesta Plan to certain employees subject to performance conditions. The non-vested restricted shares vest and become non-forfeitable over a four year vesting period subject to the attainment of performance conditions. The restricted stock units vest and become non-forfeitable at the end of a three year vesting period. The number of shares into which the restricted stock units convert is determined based on the attainment of certain performance conditions, and ranges from no shares if the minimum performance condition is not met to 35,002 shares if the maximum performance condition is met. The weighted average fair value at the grant date for restricted non-vested shares and restricted stock units subject to performance conditions issued during the nine months ended September 27, 2015 was $65.01.
Stock-based compensation expense for the nine months ended September 27, 2015 and September 28, 2014 was $3.2 million and $2.6 million, respectively. As of September 27, 2015, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and restricted stock units was approximately $7.8 million. At September 27, 2015, the remaining weighted average vesting period for non-vested restricted shares and restricted stock units was 1.8 years.
  A summary of all non-vested restricted shares and restricted stock units activity for the nine months ended September 27, 2015 was as follows:
 
Non-Vested Shares
 
Restricted Stock Units
 
 
 
Weighted
 
 
 
Weighted
 
 
 
Average
 
 
 
Average
 
 
 
Grant Date
 
 
 
Grant Date
 
Shares
 
Price
 
Units
 
Price
Outstanding at December 28, 2014
424,497

 
$
20.50

 
20,783

 
$
45.04

Granted
50,600

 
61.47

 
27,508

 
63.93

Vested
(210,834
)
 
17.47

 
(149
)
 
45.04

Forfeited
(4,075
)
 
40.39

 
(3,791
)
 
51.01

Outstanding at September 27, 2015
260,188

 
$
30.62

 
44,351

 
$
56.25


The fair value of the non-vested restricted shares and restricted stock units is based on the closing price on the date of grant.
Business Segment Information
Business Segment Information
The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food.
The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements.
The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and a current income tax receivable.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
September 27, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
91,440

 
$
80,029

 
$

 
$
171,469

Franchise revenue
 
468

 
168

 

 
636

Cost of sales
 
31,054

 
24,355

 

 
55,409

Restaurant wages and related expenses (1)
 
20,984

 
23,199

 

 
44,183

Restaurant rent expense
 
4,158

 
4,238

 

 
8,396

Other restaurant operating expenses
 
11,741

 
10,770

 

 
22,511

Advertising expense
 
2,448

 
2,383

 

 
4,831

General and administrative expense (2)
 
8,419

 
5,840

 

 
14,259

Depreciation and amortization
 
4,504

 
3,092

 

 
7,596

Pre-opening costs
 
1,597

 
92

 

 
1,689

Impairment and other lease charges
 
387

 

 

 
387

Interest expense
 
204

 
289

 

 
493

Income before taxes
 
6,567

 
5,949

 

 
12,516

Capital expenditures
 
22,960

 
3,847

 
(488
)
 
26,319

September 28, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
77,887

 
$
76,756

 
$

 
$
154,643

Franchise revenue
 
520

 
135

 

 
655

Cost of sales
 
25,939

 
23,041

 

 
48,980

Restaurant wages and related expenses (1)
 
17,681

 
22,143

 

 
39,824

Restaurant rent expense
 
3,051

 
4,263

 

 
7,314

Other restaurant operating expenses
 
10,110

 
10,576

 

 
20,686

Advertising expense
 
2,097

 
2,083

 

 
4,180

General and administrative expense (2)
 
6,526

 
5,319

 

 
11,845

Depreciation and amortization
 
3,104

 
2,934

 

 
6,038

Pre-opening costs
 
1,318

 
109

 

 
1,427

Impairment and other lease charges
 
183

 

 

 
183

Interest expense
 
252

 
284

 

 
536

Income before taxes
 
8,146

 
6,691

 

 
14,837

Capital expenditures
 
17,397

 
5,009

 
508

 
22,914





















Nine Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
September 27, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
267,898

 
$
237,897

 
$

 
$
505,795

Franchise revenue
 
1,626

 
459

 

 
2,085

Cost of sales
 
89,687

 
71,068

 

 
160,755

Restaurant wages and related expenses (1)
 
58,989

 
68,167

 

 
127,156

Restaurant rent expense
 
11,627

 
12,824

 

 
24,451

Other restaurant operating expenses
 
32,723

 
31,009

 

 
63,732

Advertising expense
 
6,710

 
8,819

 

 
15,529

General and administrative expense (2)
 
23,867

 
17,780

 

 
41,647

Depreciation and amortization
 
12,583

 
9,261

 

 
21,844

Pre-opening costs
 
3,611

 
240

 

 
3,851

Impairment and other lease charges
 
387

 
94

 

 
481

Interest expense
 
565

 
780

 

 
1,345

Income before taxes
 
29,065

 
18,703

 

 
47,768

Capital expenditures
 
55,104

 
9,505

 
1,610

 
66,219

September 28, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
224,496

 
$
228,487

 
$

 
$
452,983

Franchise revenue
 
1,550

 
386

 

 
1,936

Cost of sales
 
74,151

 
69,318

 

 
143,469

Restaurant wages and related expenses (1)
 
49,369

 
66,077

 

 
115,446

Restaurant rent expense
 
9,039

 
12,853

 

 
21,892

Other restaurant operating expenses
 
27,909

 
30,128

 

 
58,037

Advertising expense
 
5,698

 
8,577

 

 
14,275

General and administrative expense (2)
 
19,186

 
16,942

 

 
36,128

Depreciation and amortization
 
8,431

 
8,530

 

 
16,961

Pre-opening costs
 
2,819

 
479

 

 
3,298

Impairment and other lease charges
 
113

 
87

 

 
200

Interest expense
 
801

 
906

 

 
1,707

Income before taxes
 
28,530

 
15,534

 

 
44,064

Capital expenditures
 
41,520

 
14,780

 
2,638

 
58,938

Identifiable Assets:
 
 
 
 
 
 
 
 
September 27, 2015:
 
$
225,779

 
$
164,211

 
$
9,276

 
$
399,266

December 28, 2014
 
177,923

 
167,729

 
12,304

 
357,956



(1) Includes stock-based compensation expense of $40 and $147 for the three and nine months ended September 27, 2015, respectively, and $20 and $50 for the three and nine months ended September 28, 2014, respectively.
(2) Includes stock-based compensation expense of $1,127 and $3,056 for the three and nine months ended September 27, 2015, respectively, and $812 and $2,582 for the three and nine months ended September 28, 2014, respectively.
The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food.
The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements.
Net Income per Share
Net Income per Share
We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period.
Diluted earnings per share reflects the potential dilution that could occur if our restricted stock units were converted into common shares. Restricted stock units with performance conditions are only included in the diluted earnings per share calculation to the extent that the performance conditions have been met at the measurement date. We compute diluted earnings per share by adjusting the basic weighted average number of common shares by the dilutive effect of the restricted stock units, determined using the treasury stock method.
The computation of basic and diluted net income per share is as follows:
 
  
Three Months Ended
 
Nine Months Ended
 
  
September 27, 2015
 
September 28, 2014
 
September 27, 2015
 
September 28, 2014
Basic and diluted net income per share:
  
 
 
 
 
 
 
 
Net income
  
$
7,945

 
$
9,155

 
$
29,695

 
$
27,188

Less: income allocated to participating securities
  
(81
)
 
(150
)
 
(359
)
 
(504
)
Net income available to common stockholders
  
$
7,864

 
$
9,005

 
$
29,336

 
$
26,684

Weighted average common shares, basic
 
26,557,940

 
26,344,102

 
26,494,599

 
26,272,322

Restricted stock units
 
7,635

 
3,224

 
7,352

 
1,262

Weighted average common shares, diluted
  
26,565,575

 
26,347,326

 
26,501,951

 
26,273,584

 
 
 
 
 
 
 
 
 
Basic net income per common share
  
$
0.30

 
$
0.34

 
$
1.11

 
$
1.02

Diluted net income per common share
 
$
0.30

 
$
0.34

 
$
1.11

 
$
1.02

We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period.
Commitments and Contingencies
Commitments Disclosure [Text Block]
Commitments and Contingencies
Lease Assignments. The Company has assigned four leases on properties where it no longer operates restaurants with lease terms expiring on various dates through 2029 to various parties. Although the Company is a not a guarantor under these leases, it remains secondarily liable as a surety for these leases. The maximum potential liability for future rental payments the Company could be required to make under these leases at September 27, 2015 was $2.4 million. The obligations under these leases will generally continue to decrease over time as the operating leases expire. The assignee for two of these leases filed for Chapter 11 bankruptcy in the third quarter of 2015. Future rental payments as of September 27, 2015 for these two leases, which expire in 2020, totaled $0.8 million. The assignee's obligation to the Company under these leases is secured by personal guarantees. The Company does not believe it is probable that it would be ultimately responsible for the obligations under these leases.
Legal Matters. The Company is a party to legal proceedings incidental to the conduct of business. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, the Company does not establish an accrued liability.
On September 29, 2014, Daisy, Inc., an automotive repair shop in Cape Coral, Florida, filed a putative class action suit against Fiesta's subsidiary, Pollo Operations, Inc. ("Pollo") in the United States District Court for the Middle District of Florida. The suit claims that Pollo allegedly engaged in unlawful activity in violation of the Telephone Consumer Protection Act, § 227 et seq. occurring in December 2010 and January 2011. As of September 27, 2015, Pollo has reached a settlement with the plaintiff and has recorded a charge of $0.7 million to cover the estimated costs related to the settlement, which include estimated payments to class members, plaintiffs attorneys' fees and related settlement administration costs, but does not include legal fees incurred by Pollo in defending the action. The settlement, which is subject only to approval by the Court, will result in dismissal of the case.
The Company is a party to various other litigation matters incidental to the conduct of business. The Company does not believe that the outcome of any of these matters will have a material effect on its consolidated financial statements.
Recent Accounting Pronouncements (Notes)
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance in former ASC 605, Revenue Recognition, and provides for either a full retrospective adoption in which the standard is applied to all of the periods presented or a modified retrospective adoption in which the cumulative effect of initially applying the standard is recognized at the date of initial application. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other US GAAP requirements. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of ASC 606; however, the Company expects the provisions to primarily impact certain franchise revenues and does not expect the standard to have a material effect on its financial statements. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2017.
In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, and in August 2015, the Financial Accounting Standards Board issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-03 changes the presentation of debt issuance costs and generally requires debt issuance costs related to a recognized liability to be reported as a direct reduction from the carrying amount of the debt. ASU 2015-15 clarifies that debt issuance costs incurred in connection with line-of-credit arrangements may continue to be presented as an asset. The new standards do not change the recognition and measurement of debt issuance costs. Because the Company's debt issuance costs are related to its senior credit facility, the Company may continue to classify its debt issuance costs as an asset. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2015.
Basis of Presentation Accounting Policies (Policies)
Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries.
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three and nine months ended September 27, 2015 and September 28, 2014 each contained thirteen and thirty-nine weeks, respectively.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three and nine months ended September 27, 2015 and September 28, 2014 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three and nine months ended September 27, 2015 and September 28, 2014 are not necessarily indicative of the results to be expected for the full year.
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 28, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2014. The December 28, 2014 balance sheet data is derived from those audited financial statements.
Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value:
Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments.
Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates and at September 27, 2015, was approximately $67.5 million.
Long-Lived Assets. The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries.
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates.
Other Liabilities Other Liabilities (Tables)
Other liabilities, current, consisted of the following:
 
September 27, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,737

 
$
3,996

Sales and property taxes
2,293

 
1,933

Accrued occupancy costs
623

 
508

Other
2,115

 
1,873

 
$
9,768

 
$
8,310

Other liabilities, long-term, consisted of the following:
 
September 27, 2015
 
December 28, 2014
Accrued occupancy costs
$
14,647

 
$
12,254

Deferred compensation
1,606

 
1,102

Accrued workers' compensation and general liability claims
758

 
977

Other
2,778

 
1,610

 
$
19,789

 
$
15,943

The following table presents the activity in the closed-store reserve, of which $1.1 million and $1.0 million are included in long-term accrued occupancy costs at September 27, 2015 and December 28, 2014, respectively, with the remainder in other current liabilities:
 
Nine Months Ended September 27, 2015
 
Year Ended December 28, 2014
Balance, beginning of period
$
1,251

 
$
1,439

       Additional lease charges, net of recoveries
386

 
5

Payments, net
(190
)
 
(321
)
Other adjustments
98

 
128

Balance, end of period
$
1,545

 
$
1,251

Stock-based Compensation Stock-based Compensation (Tables)
Schedule of Nonvested Share Activity [Table Text Block]
 A summary of all non-vested restricted shares and restricted stock units activity for the nine months ended September 27, 2015 was as follows:
 
Non-Vested Shares
 
Restricted Stock Units
 
 
 
Weighted
 
 
 
Weighted
 
 
 
Average
 
 
 
Average
 
 
 
Grant Date
 
 
 
Grant Date
 
Shares
 
Price
 
Units
 
Price
Outstanding at December 28, 2014
424,497

 
$
20.50

 
20,783

 
$
45.04

Granted
50,600

 
61.47

 
27,508

 
63.93

Vested
(210,834
)
 
17.47

 
(149
)
 
45.04

Forfeited
(4,075
)
 
40.39

 
(3,791
)
 
51.01

Outstanding at September 27, 2015
260,188

 
$
30.62

 
44,351

 
$
56.25

Business Segment Information Business Segment (Tables)
Schedule of Segment Reporting Information, by Segment [Table Text Block]
The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and a current income tax receivable.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
September 27, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
91,440

 
$
80,029

 
$

 
$
171,469

Franchise revenue
 
468

 
168

 

 
636

Cost of sales
 
31,054

 
24,355

 

 
55,409

Restaurant wages and related expenses (1)
 
20,984

 
23,199

 

 
44,183

Restaurant rent expense
 
4,158

 
4,238

 

 
8,396

Other restaurant operating expenses
 
11,741

 
10,770

 

 
22,511

Advertising expense
 
2,448

 
2,383

 

 
4,831

General and administrative expense (2)
 
8,419

 
5,840

 

 
14,259

Depreciation and amortization
 
4,504

 
3,092

 

 
7,596

Pre-opening costs
 
1,597

 
92

 

 
1,689

Impairment and other lease charges
 
387

 

 

 
387

Interest expense
 
204

 
289

 

 
493

Income before taxes
 
6,567

 
5,949

 

 
12,516

Capital expenditures
 
22,960

 
3,847

 
(488
)
 
26,319

September 28, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
77,887

 
$
76,756

 
$

 
$
154,643

Franchise revenue
 
520

 
135

 

 
655

Cost of sales
 
25,939

 
23,041

 

 
48,980

Restaurant wages and related expenses (1)
 
17,681

 
22,143

 

 
39,824

Restaurant rent expense
 
3,051

 
4,263

 

 
7,314

Other restaurant operating expenses
 
10,110

 
10,576

 

 
20,686

Advertising expense
 
2,097

 
2,083

 

 
4,180

General and administrative expense (2)
 
6,526

 
5,319

 

 
11,845

Depreciation and amortization
 
3,104

 
2,934

 

 
6,038

Pre-opening costs
 
1,318

 
109

 

 
1,427

Impairment and other lease charges
 
183

 

 

 
183

Interest expense
 
252

 
284

 

 
536

Income before taxes
 
8,146

 
6,691

 

 
14,837

Capital expenditures
 
17,397

 
5,009

 
508

 
22,914





















Nine Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
September 27, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
267,898

 
$
237,897

 
$

 
$
505,795

Franchise revenue
 
1,626

 
459

 

 
2,085

Cost of sales
 
89,687

 
71,068

 

 
160,755

Restaurant wages and related expenses (1)
 
58,989

 
68,167

 

 
127,156

Restaurant rent expense
 
11,627

 
12,824

 

 
24,451

Other restaurant operating expenses
 
32,723

 
31,009

 

 
63,732

Advertising expense
 
6,710

 
8,819

 

 
15,529

General and administrative expense (2)
 
23,867

 
17,780

 

 
41,647

Depreciation and amortization
 
12,583

 
9,261

 

 
21,844

Pre-opening costs
 
3,611

 
240

 

 
3,851

Impairment and other lease charges
 
387

 
94

 

 
481

Interest expense
 
565

 
780

 

 
1,345

Income before taxes
 
29,065

 
18,703

 

 
47,768

Capital expenditures
 
55,104

 
9,505

 
1,610

 
66,219

September 28, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
224,496

 
$
228,487

 
$

 
$
452,983

Franchise revenue
 
1,550

 
386

 

 
1,936

Cost of sales
 
74,151

 
69,318

 

 
143,469

Restaurant wages and related expenses (1)
 
49,369

 
66,077

 

 
115,446

Restaurant rent expense
 
9,039

 
12,853

 

 
21,892

Other restaurant operating expenses
 
27,909

 
30,128

 

 
58,037

Advertising expense
 
5,698

 
8,577

 

 
14,275

General and administrative expense (2)
 
19,186

 
16,942

 

 
36,128

Depreciation and amortization
 
8,431

 
8,530

 

 
16,961

Pre-opening costs
 
2,819

 
479

 

 
3,298

Impairment and other lease charges
 
113

 
87

 

 
200

Interest expense
 
801

 
906

 

 
1,707

Income before taxes
 
28,530

 
15,534

 

 
44,064

Capital expenditures
 
41,520

 
14,780

 
2,638

 
58,938

Identifiable Assets:
 
 
 
 
 
 
 
 
September 27, 2015:
 
$
225,779

 
$
164,211

 
$
9,276

 
$
399,266

December 28, 2014
 
177,923

 
167,729

 
12,304

 
357,956



(1) Includes stock-based compensation expense of $40 and $147 for the three and nine months ended September 27, 2015, respectively, and $20 and $50 for the three and nine months ended September 28, 2014, respectively.
(2) Includes stock-based compensation expense of $1,127 and $3,056 for the three and nine months ended September 27, 2015, respectively, and $812 and $2,582 for the three and nine months ended September 28, 2014, respectively.
Net Income per Share (Tables)
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]
The computation of basic and diluted net income per share is as follows:
 
  
Three Months Ended
 
Nine Months Ended
 
  
September 27, 2015
 
September 28, 2014
 
September 27, 2015
 
September 28, 2014
Basic and diluted net income per share:
  
 
 
 
 
 
 
 
Net income
  
$
7,945

 
$
9,155

 
$
29,695

 
$
27,188

Less: income allocated to participating securities
  
(81
)
 
(150
)
 
(359
)
 
(504
)
Net income available to common stockholders
  
$
7,864

 
$
9,005

 
$
29,336

 
$
26,684

Weighted average common shares, basic
 
26,557,940

 
26,344,102

 
26,494,599

 
26,272,322

Restricted stock units
 
7,635

 
3,224

 
7,352

 
1,262

Weighted average common shares, diluted
  
26,565,575

 
26,347,326

 
26,501,951

 
26,273,584

 
 
 
 
 
 
 
 
 
Basic net income per common share
  
$
0.30

 
$
0.34

 
$
1.11

 
$
1.02

Diluted net income per common share
 
$
0.30

 
$
0.34

 
$
1.11

 
$
1.02

Basis of Presentation Basis of Presentation Narrative (Details)
3 Months Ended 9 Months Ended 12 Months Ended 12 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Sep. 27, 2015
Sep. 28, 2014
Dec. 28, 2014
Jan. 3, 2016
Scenario, Forecast [Member]
Sep. 27, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
Sep. 27, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
FLORIDA
Sep. 27, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
GEORGIA
Sep. 27, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
TENNESSEE
Sep. 27, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
TEXAS
Sep. 27, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
Sep. 27, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
FLORIDA
Sep. 27, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
TEXAS
Sep. 27, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
OKLAHOMA
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
FLORIDA
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
PUERTO RICO
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
PANAMA
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
GUATEMALA
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
TRINIDAD AND TOBAGO
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
VENEZUELA
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
BAHAMAS
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
ECUADOR
Sep. 27, 2015
Franchised Units [Member]
Pollo Tropical [Member]
HONDURAS
Sep. 27, 2015
Franchised Units [Member]
Taco Cabana [Member]
Sep. 27, 2015
Franchised Units [Member]
Taco Cabana [Member]
TEXAS
Sep. 27, 2015
Franchised Units [Member]
Taco Cabana [Member]
NEW MEXICO
Jan. 3, 2016
Maximum [Member]
Scenario, Forecast [Member]
Jan. 3, 2016
Minimum [Member]
Scenario, Forecast [Member]
Entity Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weeks In Fiscal Period
13 
13 
39 
39 
52 
53 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53 
52 
Number of Restaurants
 
 
 
 
 
 
149 
115 
10 
20 
163 
161 
35 
17 
 
 
Basis of Presentation Fair Value Disclosures (Details) (Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Sep. 27, 2015
Fair Value, Inputs, Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
Debt Instrument, Fair Value Disclosure
$ 67.5 
Other Liabilities Other Liabilities Current (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 27, 2015
Dec. 28, 2014
Other current liabilities [Line Items]
 
 
Accrued workers' compensation and general liability claims
$ 4,737 
$ 3,996 
Sales and property taxes
2,293 
1,933 
Accrued occupancy costs
623 
508 
Other
2,115 
1,873 
Other Liabilities
$ 9,768 
$ 8,310 
Other Liabilities Other Liabilities Noncurrent (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 27, 2015
Dec. 28, 2014
Accrued occupancy costs
$ 14,647 
$ 12,254 
Deferred compensation
1,606 
1,102 
Accrued workers' compensation and general liability claims
758 
977 
Other
2,778 
1,610 
Other Liabilities, Noncurrent
$ 19,789 
$ 15,943 
Other Liabilities Restructuring Reserve (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 27, 2015
Dec. 28, 2014
Restructuring Cost and Reserve [Line Items]
 
 
Balance, beginning of period
$ 1,251 
$ 1,439 
Additional lease charges, net of recoveries
386 
Payments, net
(190)
(321)
Other adjustments
98 
128 
Balance, end of period
1,545 
1,251 
Long-Term Liability [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Balance, end of period
$ 1,100 
$ 1,000 
Stock-based Compensation Stock-based Compensation (Details) (Narrative) (USD $)
In Millions, except Share data, unless otherwise specified
9 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based compensation expense
$ 3.2 
$ 2.6 
Nonvested awards, total compensation cost not yet recognized
$ 7.8 
 
Nonvested awards, total compensation cost not yet recognized, period for recognition
1 year 9 months 29 days 
 
Restricted Stock [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 61.47 
 
Restricted shares, grants in period
50,600 
 
Restricted Stock [Member] |
Management [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 61.57 
$ 45.04 
Restricted shares, grants in period
24,401 
71,891 
Restricted Stock [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 65.01 
 
Restricted shares, grants in period
17,501 
 
Restricted Stock [Member] |
Director [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
1 year 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 54.06 
$ 37.23 
Restricted shares, grants in period
8,698 
8,399 
Restricted Stock Units (RSUs) [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 63.93 
 
Restricted shares, grants in period
27,508 
 
Restricted Stock Units (RSUs) [Member] |
Management [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 62.05 
$ 45.04 
Restricted shares, grants in period
10,007 
24,252 
Restricted Stock Units (RSUs) [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
3 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 65.01 
 
Restricted shares, grants in period
17,501 
 
Minimum [Member] |
Restricted Stock Units (RSUs) [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Shares to be issued at end of performance period
 
Maximum [Member] |
Restricted Stock Units (RSUs) [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Shares to be issued at end of performance period
35,002 
 
Stock-based Compensation Stock-based Compensation (Details) (USD $)
9 Months Ended
Sep. 27, 2015
Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Non-vested shares, beginning
424,497 
Non-vested shares weighted average grant date price, beginning
$ 20.50 
Restricted shares, grants in period
50,600 
Restricted shares, grants in period, weighted average grant date fair value
$ 61.47 
Restricted shares, vested in period
(210,834)
Restricted shares, vested in period, weighted average grant date fair value
$ 17.47 
Restricted shares, forfeited in period
(4,075)
Restricted shares, forfeited in period, weighted average grant date fair value
$ 40.39 
Non-vested shares, ending
260,188 
Non-vested shares weighted average grant date price, ending
$ 30.62 
Restricted Stock Units (RSUs) [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Non-vested shares, beginning
20,783 
Non-vested shares weighted average grant date price, beginning
$ 45.04 
Restricted shares, grants in period
27,508 
Restricted shares, grants in period, weighted average grant date fair value
$ 63.93 
Restricted shares, vested in period
(149)
Restricted shares, vested in period, weighted average grant date fair value
$ 45.04 
Restricted shares, forfeited in period
(3,791)
Restricted shares, forfeited in period, weighted average grant date fair value
$ 51.01 
Non-vested shares, ending
44,351 
Non-vested shares weighted average grant date price, ending
$ 56.25 
Business Segment Information Business Segment Details (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Sep. 27, 2015
Sep. 28, 2014
Dec. 28, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
Restaurant sales
$ 171,469 
$ 154,643 
$ 505,795 
$ 452,983 
 
Franchise revenue
636 
655 
2,085 
1,936 
 
Cost of sales
55,409 
48,980 
160,755 
143,469 
 
Restaurant wages and related expenses
44,183 1
39,824 1
127,156 1
115,446 1
 
Restaurant rent expense
8,396 
7,314 
24,451 
21,892 
 
Other restaurant operating expenses
22,511 
20,686 
63,732 
58,037 
 
Advertising expense
4,831 
4,180 
15,529 
14,275 
 
General and administrative expense
14,259 2
11,845 2
41,647 2
36,128 2
 
Depreciation and amortization
7,596 
6,038 
21,844 
16,961 
 
Pre-opening costs
1,689 
1,427 
3,851 
3,298 
 
Impairment and other lease charges
387 
183 
481 
200 
 
Interest expense
493 
536 
1,345 
1,707 
 
Income before taxes
12,516 
14,837 
47,768 
44,064 
 
Total capital expenditures
26,319 
22,914 
66,219 
58,938 
 
Assets
399,266 
 
399,266 
 
357,956 
Stock-based compensation
 
 
3,203 
2,632 
 
Pollo Tropical [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Restaurant sales
91,440 
77,887 
267,898 
224,496 
 
Franchise revenue
468 
520 
1,626 
1,550 
 
Cost of sales
31,054 
25,939 
89,687 
74,151 
 
Restaurant wages and related expenses
20,984 
17,681 
58,989 
49,369 
 
Restaurant rent expense
4,158 
3,051 
11,627 
9,039 
 
Other restaurant operating expenses
11,741 
10,110 
32,723 
27,909 
 
Advertising expense
2,448 
2,097 
6,710 
5,698