FIESTA RESTAURANT GROUP, INC., 10-Q filed on 5/6/2014
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 30, 2014
May 2, 2014
Entity Information [Line Items]
 
 
Entity Registrant Name
FIESTA RESTAURANT GROUP, INC. 
 
Entity Central Index Key
0001534992 
 
Current Fiscal Year End Date
--12-28 
 
Entity Filer Category
Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Mar. 30, 2014 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q1 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
26,786,855 
Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2014
Dec. 29, 2013
Current assets:
 
 
Cash
$ 2,406 
$ 10,978 
Trade receivables
8,434 
6,011 
Inventories
2,497 
2,564 
Prepaid rent
2,542 
2,500 
Income tax receivable
147 
4,497 
Prepaid expenses and other current assets
3,465 
3,357 
Deferred income taxes
2,886 
3,018 
Total current assets
22,377 
32,925 
Property and equipment, net
149,429 
144,527 
Goodwill
123,484 
123,484 
Intangible assets, net
101 
121 
Deferred income taxes
12,259 
12,046 
Deferred financing costs, net
1,459 
1,530 
Other assets
4,165 
4,152 
Total assets
313,274 
318,785 
Current liabilities:
 
 
Current portion of long-term debt
61 
61 
Accounts payable
8,763 
10,802 
Accrued interest
165 
118 
Accrued payroll, related taxes and benefits
10,184 
14,296 
Accrued real estate taxes
1,668 
4,505 
Other liabilities
6,042 
8,305 
Total current liabilities
26,883 
38,087 
Long-term debt, net of current portion
65,310 
72,324 
Lease financing obligations
1,658 
1,657 
Deferred income--sale-leaseback of real estate
36,843 
35,873 
Other liabilities
13,784 
12,538 
Total liabilities
144,478 
160,479 
Commitments and contingencies
   
   
Stockholders' equity:
 
 
Common stock, par value $.01; authorized 100,000,000 shares; issued 26,780,381 and 26,710,111 shares, respectively, and outstanding 26,243,588 and 26,082,800 shares, respectively
262 
261 
Additional paid-in capital
150,535 
148,765 
Retained earnings
17,999 
9,280 
Total stockholders' equity
168,796 
158,306 
Total liabilities and stockholders' equity
$ 313,274 
$ 318,785 
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Mar. 30, 2014
Dec. 29, 2013
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
26,780,381 
26,710,111 
Common stock, shares outstanding
26,243,588 
26,082,800 
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Revenues:
 
 
Restaurant sales
$ 144,825 
$ 133,090 
Franchise royalty revenues and fees
611 
534 
Total revenues
145,436 
133,624 
Costs and expenses:
 
 
Cost of sales
45,529 
42,411 
Restaurant wages and related expenses (including stock-based compensation expense of $9 and $1, respectively)
36,506 1
35,116 1
Restaurant rent expense
7,204 
6,435 
Other restaurant operating expenses
17,885 
16,164 
Advertising expense
5,419 
4,549 
General and administrative (including stock-based compensation expense of $712 and $425, respectively)
12,151 2
12,211 2
Depreciation and amortization
5,345 
4,810 
Pre-opening costs
683 
831 
Impairment and other lease charges
(15)
95 
Other income
(6)
(497)
Total operating expenses
130,701 
122,125 
Income from operations
14,735 
11,499 
Interest expense
603 
5,007 
Income before income taxes
14,132 
6,492 
Provision for income taxes
5,413 
1,693 
Net income
$ 8,719 
$ 4,799 
Basic net income per share
$ 0.33 
$ 0.20 
Diluted net income per share
$ 0.33 
$ 0.20 
Basic weighted average common shares outstanding (Note 8)
26,201,747 
22,868,894 
Diluted weighted average common shares outstanding (Note 8)
26,202,309 
22,868,894 
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Stock-based compensation
$ 700 
$ 400 
Restaurant Wages And Related Expenses [Member]
 
 
Stock-based compensation
9 
1 
General and Administrative Expense [Member]
 
 
Stock-based compensation
$ 712 
$ 425 
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. 30, 2012
$ 10,504 
 
$ 227 
$ 10,254 
$ 23 
Beginning shares at Dec. 30, 2012
 
22,748,241 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Stock-based compensation
 
 
 
426 
 
Vesting of restricted shares
 
 
2 
(2)
 
Vesting of restricted shares
 
146,392 
 
 
 
Net income
4,799 
 
 
 
4,799 
Ending balance at Mar. 31, 2013
15,729 
 
229 
10,678 
4,822 
Ending shares at Mar. 31, 2013
 
22,894,633 
 
 
 
Beginning balance at Dec. 29, 2013
158,306 
 
261 
148,765 
9,280 
Beginning shares at Dec. 29, 2013
26,082,800 
26,082,800 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Stock-based compensation
721 
 
 
721 
 
Vesting of restricted shares
 
 
1 
 
 
Vesting of restricted shares
 
160,788 
 
 
 
Vesting of restricted shares and related tax benefit
1,050 
 
 
1,049 
 
Net income
8,719 
 
 
 
8,719 
Ending balance at Mar. 30, 2014
$ 168,796 
 
$ 262 
$ 150,535 
$ 17,999 
Ending shares at Mar. 30, 2014
26,243,588 
26,243,588 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Cash flows from operating activities:
 
 
Net income
$ 8,719 
$ 4,799 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
Loss (gain) on disposals of property and equipment
36 
(421)
Stock-based compensation
721 
426 
Impairment and other lease charges
(15)
95 
Depreciation and amortization
5,345 
4,810 
Amortization of deferred financing costs
77 
398 
Amortization of deferred gains from sale-leaseback transactions
(919)
(863)
Deferred income taxes
(82)
60 
Changes in other operating assets and liabilities
(6,985)
(9,980)
Net cash provided by (used in) operating activities
6,897 
(676)
Capital expenditures:
 
 
New restaurant development
(10,869)
(7,834)
Restaurant remodeling
(1,929)
(918)
Other restaurant capital expenditures
(1,432)
(1,362)
Corporate and restaurant information systems
(1,999)
(1,238)
Total capital expenditures
16,229 
11,352 
Properties purchased for sale-leaseback
0 
(1,277)
Proceeds from sale-leaseback transactions
5,704 
2,523 
Proceeds from sales of other properties
1,027 
1,734 
Net cash used in investing activities
(9,498)
(8,372)
Cash flows from financing activities:
 
 
Excess tax benefit from vesting of restricted shares
1,050 
0 
Borrowings on revolving credit facility
8,000 
0 
Repayments on revolving credit facility
(15,000)
0 
Principal payments on capital leases
(15)
(16)
Other
(6)
(15)
Net cash provided by (used in) fnancing activities
(5,971)
(31)
Net increase (decrease) in cash
(8,572)
(9,079)
Cash, beginning of period
10,978 
15,533 
Cash, end of period
2,406 
6,454 
Supplemental disclosures:
 
 
Interest paid on long-term debt
470 
9,161 
Interest paid on lease financing obligations
36 
64 
Accruals for capital expenditures
1,933 
1,107 
Income tax payments, net
$ 94 
$ 91 
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 March 30, 2014, the Company owned and operated 106 Pollo Tropical® restaurants, of which 98 were located in Florida, five were located in Georgia, two were located in Tennessee, and one was located in Texas, and franchised a total of 39 Pollo Tropical restaurants, including 18 in Puerto Rico, one in Ecuador, one in Honduras, one in the Bahamas, two in Trinidad & Tobago, three in Venezuela, three in Costa Rica, three in Panama, one in the Dominican Republic, one in India, one in Guatemala and four on college campuses in Florida. At March 30, 2014, the Company also owned and operated 165 Taco Cabana® restaurants, of which 162 were located in Texas and three were located in Oklahoma, and franchised a total of seven Taco Cabana restaurants, including four in New Mexico, and three non-traditional locations (two college campuses and one sports arena) in Texas.
Spin-Off from Carrols Restaurant Group, Inc. On May 7, 2012, Carrols Restaurant Group, Inc. ("Carrols Restaurant Group" or "Carrols") completed the spin-off of Fiesta through the distribution of all of the outstanding shares of Fiesta Restaurant Group's common stock to the stockholders of Carrols Restaurant Group (the "Spin-off"). As a result of the Spin-off, since May 7, 2012 Fiesta Restaurant Group has been an independent public company whose common stock is traded on The NASDAQ Global Select Market under the symbol “FRGI.”
In connection with the Spin-off, Fiesta and Carrols entered into several agreements that govern Carrols' post Spin-off relationship with Fiesta, including a Separation and Distribution Agreement, Employee Matters Agreement, Tax Matters Agreement and Transition Services Agreement ("TSA"). See Note 4—Former Related Party Transactions.
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 29, 2013 contained 52 weeks. The three months ended March 30, 2014 and March 31, 2013 each contained thirteen weeks.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended March 30, 2014 and March 31, 2013 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 months ended March 30, 2014 and March 31, 2013 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 29, 2013 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2013. The December 29, 2013 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 our new senior credit facility, which is considered Level 2, is based on current LIBOR rates and at March 30, 2014, was approximately $64.0 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.
Long-Term Debt (Notes)
Debt Disclosure [Text Block]
Long-term Debt
New Senior Credit Facility. In December 2013, the Company terminated its former senior secured revolving credit facility, referred to as the “former senior credit facility”, and entered into a new senior secured revolving credit facility with a syndicate of lenders, which we refer to as the "new senior credit facility". The new senior credit facility provides for aggregate revolving credit borrowings of up to $150 million (including $15 million available for letters of credit) and matures on December 11, 2018. The new senior credit facility also provides for potential incremental increases of up to $50 million to the revolving credit borrowings available under the new senior credit facility. On March 30, 2014, there were $64.0 million in outstanding borrowings under our new senior credit facility.
Borrowings under the new senior credit facility bear interest at a per annum rate, at our option, equal to either (all terms as defined in the new senior credit facility):
1) the Alternate Base Rate plus the applicable margin of 0.50% to 1.50% based on our Adjusted Leverage Ratio (with a margin of 0.75% as of March 30, 2014), or
2) the LIBOR Rate plus the applicable margin of 1.50% to 2.50% based on our Adjusted Leverage Ratio (with a margin of 1.75% at March 30, 2014).
In addition, the new senior credit facility requires the Company to pay (i) a commitment fee based on the applicable Commitment Fee margin of 0.25% to 0.45%, based on our Adjusted Leverage Ratio (with a margin of 0.30% at March 30, 2014) and the unused portion of the facility and (ii) a letter of credit fee based on the applicable LIBOR margin and the dollar amount of outstanding letters of credit.
All obligations under the Company's new senior credit facility are guaranteed by all of Company's material domestic subsidiaries. In general, the Company's obligations under the new senior credit facility and its subsidiaries’ obligations under the guarantees are secured by a first priority lien and security interest on substantially all of its assets and the assets of its material subsidiaries (including a pledge of all of the capital stock and equity interests of its material subsidiaries), other than certain specified assets, including real property owned by the Company or its subsidiaries.
The new senior credit facility requires the Company to comply with customary affirmative, negative and financial covenants. As of March 30, 2014, the Company was in compliance with the covenants under its new senior credit facility.
After reserving $7.5 million for letters of credit issued under the new senior credit facility, $78.5 million was available for borrowing at March 30, 2014.
Former Senior Credit Facility. The former senior credit facility provided for aggregate revolving credit borrowings of up to $25.0 million (including $10.0 million available for letters of credit). The facility also provided for incremental increases of up to $5.0 million, in the aggregate, to the revolving credit borrowings available under the former senior credit facility, and matured on February 5, 2016. The former senior secured credit facility was terminated on December 11, 2013 and replaced with the new senior credit facility discussed above.
Borrowings under the former senior credit facility bore interest at a per annum rate, at the Company’s option, of either (all terms as defined in the former senior credit facility):
1) the Alternate Base Rate plus the applicable margin of 2.00% to 2.75% based on the Company’s Adjusted Leverage Ratio, or
2) the LIBOR Rate plus the applicable margin of 3.00% to 3.75% based on the Company’s Adjusted Leverage Ratio.
Repurchase of Notes. On November 12, 2013, the Company commenced a tender offer and consent solicitation for all of its outstanding $200.0 million in aggregate principal amount of 8.875% Senior Secured Second Lien Notes due 2016 (the "Notes"). The principal amount of Notes repurchased in the tender offer totaled $122.7 million. On December 11, 2013, the Company irrevocably called for redemption the remaining $77.3 million principal amount of Notes that were not validly tendered and accepted for payment in the tender offer.
The Notes were issued on August 5, 2011 pursuant to an indenture dated as of August 5, 2011 governing such Notes. The Notes matured and were payable on August 15, 2016. Interest was payable semi-annually on February 15 and August 15. The Notes were guaranteed by all of the Company’s subsidiaries and were secured by second-priority liens on substantially all of the Company’s and its subsidiaries’ assets (including a pledge of all of the capital stock and equity interests of its material subsidiaries).
Other Liabilities, Long-Term
Other Liabilities Disclosure [Text Block]
Other Liabilities, Long-Term
Other liabilities, long-term, consisted of the following:
 
March 30, 2014
 
December 29, 2013
Accrued occupancy costs
$
10,488

 
$
9,973

Accrued workers’ compensation and general liability claims
660

 
729

Deferred compensation
830

 
593

Other
1,806

 
1,243

 
$
13,784

 
$
12,538


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 is included in long-term accrued occupancy costs above at March 30, 2014 and December 29, 2013, with the remainder in other current liabilities:
 
Three Months Ended March 30, 2014
 
Year Ended December 29, 2013
Balance, beginning of period
$
1,439

 
$
2,432

Provisions for restaurant closures
—

 
—

Recoveries, net of additional lease charges
(37
)
 
(197
)
Payments, net
(95
)
 
(937
)
Other adjustments
34

 
141

Balance, end of period
$
1,341

 
$
1,439

Income Taxes
Income Tax Disclosure [Text Block]
Income Taxes
The Company’s income tax provision was comprised of the following for the three months ended March 30, 2014 and March 31, 2013:
 
Three Months Ended
 
March 30, 2014
 
March 31, 2013
Current
$
5,495

 
$
1,633

Deferred
(82
)
 
60

 
$
5,413

 
$
1,693


The provision for income taxes for the three months ended March 30, 2014 was derived using an estimated effective annual income tax rate for 2014 of 38.3%. There were no discrete tax adjustments in the three months ended March 30, 2014.
The provision for income taxes for the three months ended March 31, 2013 was derived using an estimated effective annual income tax rate for 2013 of 35.8%, which excludes any discrete tax adjustments.
The American Taxpayer Relief Act of 2013 (the "Act") was signed into law on January 2, 2013. The Act included a provision to retroactively restore several expired business tax provisions, including the Work Opportunity Tax Credit, as of January 1, 2012, with a new expiration date of December 31, 2013.  Because a change in tax law is accounted for in the period of enactment, and the Act was enacted after Fiesta's fiscal year-end, the retroactive effect of renewing the Work Opportunity Tax Credit was recorded as a discrete item in the first quarter of 2013. The discrete tax adjustment for the retroactive effect of renewing the Work Opportunity Tax Credit decreased the provision for income taxes by $0.6 million in the three months ended March 31, 2013.
Stock-based Compensation
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation
Prior to the Spin-off, certain of the Company's employees participated in the Carrols Restaurant Group, Inc. 2006 Stock Incentive Plan, as amended (the "Carrols Plan"). In conjunction with the Spin-off, the Company established the Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan (the "Fiesta Plan") in order to be able to compensate its employees and directors by issuing stock options, stock appreciation rights, or stock awards to them under this plan. For the three months ended March 30, 2014 and March 31, 2013, the condensed consolidated statements of operations include expenses related to the Company's employees' and directors' participation in both the Carrols Plan and the Fiesta Plan.
Effective as of the completion of the Spin-off, all holders of Carrols non-vested restricted stock (awarded under the Carrols Plan) on April 26, 2012, the record date of the Spin-off, received one share of Fiesta Restaurant Group non-vested restricted stock for every one share of Carrols non-vested restricted stock held, with terms and conditions substantially similar to the terms and conditions applicable to the Carrols non-vested restricted stock. Future stock compensation expense on all non-vested restricted Carrols and Fiesta stock awards held by the Company's employees will be recorded by the Company.
During the three months ended March 30, 2014, the Company granted 71,891 non-vested restricted shares under the Fiesta Plan to certain employees. These shares vest and become non-forfeitable over a four year vesting period. The weighted average fair value at grant date for the non-vested shares issued to employees during the three months ended March 30, 2014 was $45.04.
Also during the three months ended March 30, 2014, the Company granted 24,252 restricted stock units 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 units vest and become non-forfeitable at the end of a four year vesting period. The weighted average fair value at grant date for the restricted stock units issued to employees during the three months ended March 30, 2014 was $45.04.
During the three months ended March 31, 2013, the Company granted in the aggregate 152,703 non-vested restricted shares under the Fiesta Plan to certain employees. These shares vest and become non-forfeitable over a four year vesting period. The weighted average fair value at the grant date for restricted non-vested shares issued to employees during the three months ended March 31, 2013 was $20.54.
Stock-based compensation expense for the three months ended March 30, 2014 and March 31, 2013 was $0.7 million and $0.4 million, respectively. As of March 30, 2014, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and non-vested restricted stock units was approximately $8.9 million. At March 30, 2014, the remaining weighted average vesting period for non-vested restricted shares and non-vested restricted stock units was 2.4 years.
 
 Non-vested Shares
 A summary of all non-vested restricted share activity for the three months ended March 30, 2014 was as follows:
 
 
 
Weighted
 
 
 
Average
 
 
 
Grant Date
 
Shares
 
Price
Non-vested at December 29, 2013
627,311

 
$
14.81

Granted
71,891

 
45.04

Vested
(160,788
)
 
13.20

Forfeited
(1,621
)
 
17.63

Non-vested at March 30, 2014
536,793

 
$
19.33


The fair value of the non-vested restricted shares is based on the closing price on the date of grant.
Business Segment Information
Business Segment Information
Business Segment Information
The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food.
The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, 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 and corporate cash accounts.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
March 30, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
71,356

 
$
73,469

 
$
—

 
$
144,825

Franchise revenue
 
488

 
123

 
—

 
611

Cost of sales
 
23,229

 
22,300

 
—

 
45,529

Restaurant wages and related expenses (1)
 
15,265

 
21,241

 
—

 
36,506

Restaurant rent expense
 
2,917

 
4,287

 
—

 
7,204

Other restaurant operating expenses
 
8,377

 
9,508

 
—

 
17,885

Advertising expense
 
1,962

 
3,457

 
—

 
5,419

General and administrative expense (2)
 
6,240

 
5,911

 
—

 
12,151

Depreciation and amortization
 
2,577

 
2,768

 
—

 
5,345

Pre-opening costs
 
533

 
150

 
—

 
683

Impairment and other lease charges
 
(39
)
 
24

 
—

 
(15
)
Interest expense
 
287

 
316

 
—

 
603

Income before taxes
 
10,496

 
3,636

 
—

 
14,132

Capital expenditures
 
9,821

 
4,649

 
1,759

 
16,229

March 31, 2013:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
61,869

 
$
71,221

 
$
—

 
$
133,090

Franchise revenue
 
413

 
121

 
—

 
534

Cost of sales
 
20,493

 
21,918

 
—

 
42,411

Restaurant wages and related expenses (1)
 
14,317

 
20,799

 
—

 
35,116

Restaurant rent expense
 
2,357

 
4,078

 
—

 
6,435

Other restaurant operating expenses
 
7,203

 
8,961

 
—

 
16,164

Advertising expense
 
1,574

 
2,975

 
—

 
4,549

General and administrative expense (2)
 
6,234

 
5,977

 
—

 
12,211

Depreciation and amortization
 
2,099

 
2,711

 
—

 
4,810

Pre-opening costs
 
493

 
338

 
—

 
831

Impairment and other lease charges
 
39

 
56

 
—

 
95

Interest expense
 
2,252

 
2,755

 
—

 
5,007

Income before taxes
 
5,718

 
774

 
—

 
6,492

Capital expenditures
 
5,347

 
4,948

 
1,057

 
11,352

Identifiable Assets:
 
 
 
 
 
 
 
 
March 30, 2014:
 
$
146,942

 
$
163,194

 
$
3,138

 
$
313,274

December 29, 2013
 
140,797

 
169,367

 
8,621

 
318,785



(1) Includes stock-based compensation expense of $9 for the three months ended March 30, 2014, and $1 for the three months ended March 31, 2013.
(2) Includes stock-based compensation expense of $712 for the three months ended March 30, 2014, and $425 for the three months ended March 31, 2013.
Net Income per Share
Earnings Per Share [Text Block]
Net Income per Share
 We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period.
Diluted earnings per share reflects the potential dilution that could occur if our restricted stock units were converted into common shares. 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 for the three months ended March 30, 2014 and March 31, 2013 is as follows:
 
  
Three Months Ended
 
  
March 30, 2014
 
March 31, 2013
Basic and diluted net income per share:
  
 
 
 
Net income
  
$
8,719

 
$
4,799

Less: income allocated to participating securities
  
(175
)
 
(157
)
Net income available to common stockholders
  
$
8,544

 
$
4,642

Weighted average common shares, basic
 
26,201,747

 
22,868,894

Restricted stock units
 
562

 
—

Weighted average common shares, diluted
  
26,202,309

 
22,868,894

Basic net income per common share
  
$
0.33

 
$
0.20

Diluted net income per common share
 
$
0.33

 
$
0.20

Commitments and Contingencies
Commitments Disclosure [Text Block]
Commitments and Contingencies
The Company is a party to various 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 April 2014, the Financial Accounting Standards Board issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For the Company, the guidance is effective for the interim and annual periods beginning December 29, 2014. The ASU is applied prospectively; however, early adoption is permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. The Company intends to early adopt this standard.
Basis of Presentation Accounting Policies (Policies)
Consolidation, Policy [Policy Text Block] 
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 Period, Policy [Policy Text Block] 
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 29, 2013 contained 52 weeks. The three months ended March 30, 2014 and March 31, 2013 each contained thirteen weeks.
Basis of Accounting, Policy [Policy Text Block] 
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended March 30, 2014 and March 31, 2013 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 months ended March 30, 2014 and March 31, 2013 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 29, 2013 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2013. The December 29, 2013 balance sheet data is derived from those audited financial statements.
Fair Value of Financial Instruments, Policy [Policy Text Block] 
Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value:
•
Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments.
•
Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our new senior credit facility, which is considered Level 2, is based on current LIBOR rates and at March 30, 2014, was approximately $64.0 million.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] 
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, Policy [Policy Text Block] 
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.
Impairment of Long-Lived Assets and Other Lease Charges Impairment Accounting Policy (Policies)
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
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.
Other Liabilities, Long-Term Other Liabilities (Tables)
Schedule of Accrued Liabilities [Table Text Block] 
Other liabilities, long-term, consisted of the following:
 
March 30, 2014
 
December 29, 2013
Accrued occupancy costs
$
10,488

 
$
9,973

Accrued workers’ compensation and general liability claims
660

 
729

Deferred compensation
830

 
593

Other
1,806

 
1,243

 
$
13,784

 
$
12,538

Schedule of Restructuring Reserve by Type of Cost [Table Text Block] 
The following table presents the activity in the closed-store reserve, of which $1.1 million is included in long-term accrued occupancy costs above at March 30, 2014 and December 29, 2013, with the remainder in other current liabilities:
 
Three Months Ended March 30, 2014
 
Year Ended December 29, 2013
Balance, beginning of period
$
1,439

 
$
2,432

Provisions for restaurant closures
—

 
—

Recoveries, net of additional lease charges
(37
)
 
(197
)
Payments, net
(95
)
 
(937
)
Other adjustments
34

 
141

Balance, end of period
$
1,341

 
$
1,439

Income Taxes (Tables)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The Company’s income tax provision was comprised of the following for the three months ended March 30, 2014 and March 31, 2013:
 
Three Months Ended
 
March 30, 2014
 
March 31, 2013
Current
$
5,495

 
$
1,633

Deferred
(82
)
 
60

 
$
5,413

 
$
1,693

Stock-based Compensation Stock-based Compensation (Tables)
Schedule of Nonvested Share Activity [Table Text Block]
Non-vested Shares
 A summary of all non-vested restricted share activity for the three months ended March 30, 2014 was as follows:
 
 
 
Weighted
 
 
 
Average
 
 
 
Grant Date
 
Shares
 
Price
Non-vested at December 29, 2013
627,311

 
$
14.81

Granted
71,891

 
45.04

Vested
(160,788
)
 
13.20

Forfeited
(1,621
)
 
17.63

Non-vested at March 30, 2014
536,793

 
$
19.33


The fair value of the non-vested restricted shares is based on the closing price on the date of grant.
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 and corporate cash accounts.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
March 30, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
71,356

 
$
73,469

 
$
—

 
$
144,825

Franchise revenue
 
488

 
123

 
—

 
611

Cost of sales
 
23,229

 
22,300

 
—

 
45,529

Restaurant wages and related expenses (1)
 
15,265

 
21,241

 
—

 
36,506

Restaurant rent expense
 
2,917

 
4,287

 
—

 
7,204

Other restaurant operating expenses
 
8,377

 
9,508

 
—

 
17,885

Advertising expense
 
1,962

 
3,457

 
—

 
5,419

General and administrative expense (2)
 
6,240

 
5,911

 
—

 
12,151

Depreciation and amortization
 
2,577

 
2,768

 
—

 
5,345

Pre-opening costs
 
533

 
150

 
—

 
683

Impairment and other lease charges
 
(39
)
 
24

 
—

 
(15
)
Interest expense
 
287

 
316

 
—

 
603

Income before taxes
 
10,496

 
3,636

 
—

 
14,132

Capital expenditures
 
9,821

 
4,649

 
1,759

 
16,229

March 31, 2013:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
61,869

 
$
71,221

 
$
—

 
$
133,090

Franchise revenue
 
413

 
121

 
—

 
534

Cost of sales
 
20,493

 
21,918

 
—

 
42,411

Restaurant wages and related expenses (1)
 
14,317

 
20,799

 
—

 
35,116

Restaurant rent expense
 
2,357

 
4,078

 
—

 
6,435

Other restaurant operating expenses
 
7,203

 
8,961

 
—

 
16,164

Advertising expense
 
1,574

 
2,975

 
—

 
4,549

General and administrative expense (2)
 
6,234

 
5,977

 
—

 
12,211

Depreciation and amortization
 
2,099

 
2,711

 
—

 
4,810

Pre-opening costs
 
493

 
338

 
—

 
831

Impairment and other lease charges
 
39

 
56

 
—

 
95

Interest expense
 
2,252

 
2,755

 
—

 
5,007

Income before taxes
 
5,718

 
774

 
—

 
6,492

Capital expenditures
 
5,347

 
4,948

 
1,057

 
11,352

Identifiable Assets:
 
 
 
 
 
 
 
 
March 30, 2014:
 
$
146,942

 
$
163,194

 
$
3,138

 
$
313,274

December 29, 2013
 
140,797

 
169,367

 
8,621

 
318,785



(1) Includes stock-based compensation expense of $9 for the three months ended March 30, 2014, and $1 for the three months ended March 31, 2013.
(2) Includes stock-based compensation expense of $712 for the three months ended March 30, 2014, and $425 for the three months ended March 31, 2013.

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 for the three months ended March 30, 2014 and March 31, 2013 is as follows:
 
  
Three Months Ended
 
  
March 30, 2014
 
March 31, 2013
Basic and diluted net income per share:
  
 
 
 
Net income
  
$
8,719

 
$
4,799

Less: income allocated to participating securities
  
(175
)
 
(157
)
Net income available to common stockholders
  
$
8,544

 
$
4,642

Weighted average common shares, basic
 
26,201,747

 
22,868,894

Restricted stock units
 
562

 
—

Weighted average common shares, diluted
  
26,202,309

 
22,868,894

Basic net income per common share
  
$
0.33

 
$
0.20

Diluted net income per common share
 
$
0.33

 
$
0.20

Basis of Presentation Fair Value Disclosures (Details) (Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Mar. 30, 2014
Fair Value, Inputs, Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
Debt Instrument, Fair Value Disclosure
$ 64.0 
Basis of Presentation Basis of Presentation Narrative (Details)
3 Months Ended 12 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Dec. 29, 2013
Entity Information [Line Items]
 
 
 
Weeks In Fiscal Period
13 
13 
52 
Entity Operated Units [Member] |
Pollo Tropical [Member]
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
106 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
FLORIDA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
98 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
GEORGIA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
5 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
TENNESSEE
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
2 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
TEXAS
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member]
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
165 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member] |
TEXAS
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
162 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member] |
OKLAHOMA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
3 
 
 
Franchised Units [Member] |
Pollo Tropical [Member]
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
39 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
FLORIDA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
4 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
PUERTO RICO
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
18 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
ECUADOR
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
HONDURAS
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
BAHAMAS
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
TRINIDAD AND TOBAGO
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
2 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
VENEZUELA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
3 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
COSTA RICA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
3 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
PANAMA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
3 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
DOMINICAN REPUBLIC
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
INDIA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
GUATEMALA
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
1 
 
 
Franchised Units [Member] |
Taco Cabana [Member]
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
7 
 
 
Franchised Units [Member] |
Taco Cabana [Member] |
NEW MEXICO
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
4 
 
 
Franchised Units [Member] |
Taco Cabana [Member] |
TEXAS
 
 
 
Entity Information [Line Items]
 
 
 
Number of Restaurants
3 
 
 
Maximum [Member]
 
 
 
Entity Information [Line Items]
 
 
 
Weeks In Fiscal Period
 
 
53 
Minimum [Member]
 
 
 
Entity Information [Line Items]
 
 
 
Weeks In Fiscal Period
 
 
52 
Long-Term Debt (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended
Mar. 30, 2014
Rate
Mar. 31, 2013
Mar. 30, 2014
Letter of Credit [Member]
Mar. 31, 2013
Letter of Credit [Member]
Dec. 29, 2013
Senior Notes [Member]
Rate
Mar. 30, 2014
Revolving Credit Facility [Member]
Mar. 31, 2013
Revolving Credit Facility [Member]
Mar. 30, 2014
Maximum [Member]
Rate
Mar. 31, 2013
Maximum [Member]
Rate
Mar. 30, 2014
Minimum [Member]
Rate
Mar. 31, 2013
Minimum [Member]
Rate
Dec. 29, 2013
Tendered and repurchased [Member]
Senior Notes [Member]
Dec. 29, 2013
Called and redeemed [Member]
Senior Notes [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
$ 15.0 
$ 10.0 
 
$ 150.0 
$ 25.0 
 
 
 
 
 
 
Debt Instrument, Maturity Date
Dec. 11, 2018 
Feb. 05, 2016 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Incremental Increases
 
 
 
 
 
 
 
50.0 
5.0 
 
 
 
 
Line of Credit Facility, Amount Outstanding
64.0 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Alternative Base Rate, Interest Rate Margin
0.75% 
 
 
 
 
 
 
1.50% 
2.75% 
0.50% 
2.00% 
 
 
Line of Credit Facility, Libor Rate, Interest Rate Margin
1.75% 
 
 
 
 
 
 
2.50% 
3.75% 
1.50% 
3.00% 
 
 
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage
0.30% 
 
 
 
 
 
 
0.45% 
 
0.25% 
 
 
 
Letters of Credit Outstanding, Amount
7.5 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
78.5 
 
 
 
 
 
 
 
 
 
 
 
 
Extinguishment of Debt, Amount
 
 
 
 
$ 200.0 
 
 
 
 
 
 
$ 122.7 
$ 77.3 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
8.875% 
 
 
 
 
 
 
 
 
Other Liabilities, Long-Term Other Liabilities Details (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2014
Dec. 29, 2013
Accrued occupancy costs
$ 10,488 
$ 9,973 
Accrued workers' compensation and general liability claims
660 
729 
Deferred compensation
830 
593 
Other
1,806 
1,243 
Other liabilities (noncurrent)
$ 13,784 
$ 12,538 
Other Liabilities, Long-Term Restructuring Reserve (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 30, 2014
Dec. 29, 2013
Restructuring Cost and Reserve [Line Items]
 
 
Balance, beginning of period
$ 1,439 
$ 2,432 
Provisions for restaurant closures
0 
0 
Accruals (recoveries) for additional lease charges
(37)
(197)
Payments, net
(95)
(937)
Other adjustments
34 
141 
Balance, end of period
1,341 
1,439 
Long-Term Liability [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Balance, end of period
$ 1,100 
$ 1,100 
Income Taxes (Details) (USD $)
3 Months Ended
Mar. 30, 2014
Rate
Mar. 31, 2013
Rate
Income Tax Disclosures [Line Items]
 
 
Current
$ 5,495,000 
$ 1,633,000 
Deferred
(82,000)
60,000 
Provision for income taxes
5,413,000 
1,693,000 
Effective income tax rate
38.30% 
35.80% 
Discrete tax adjustments
$ 0 
$ (600,000)
Stock-based Compensation Stock-based Compensation (Details) (Narrative) (USD $)
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock dividends, shares
 
1 
Restricted shares, grants in period, weighted average grant date fair value
$ 45.04 
 
Restricted shares, grants in period
71,891 
 
Stock-based compensation
$ 700,000 
$ 400,000 
Nonvested awards, total compensation cost not yet recognized
$ 8,900,000 
 
Nonvested awards, total compensation cost not yet recognized, period for recognition
2 years 4 months 8 days 
 
Restricted Stock [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
4 years 
Restricted shares, grants in period, weighted average grant date fair value
$ 45.04 
$ 20.54 
Restricted shares, grants in period
71,891 
152,703 
Restricted Stock Units (RSUs) [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
$ 45.04 
 
Restricted shares, grants in period
24,252 
 
Stock-based Compensation Stock-based Compensation (Details) (USD $)
3 Months Ended
Mar. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Non-vested shares, beginning
627,311 
Non-vested shares weighted average grant date price, beginning
$ 14.81 
Restricted shares, grants in period
71,891 
Restricted shares, grants in period, weighted average grant date fair value
$ 45.04 
Restricted shares, vested in period
(160,788)
Restricted shares, vested in period, weighted average grant date fair value
$ 13.20 
Restricted shares, forfeited
(1,621)
Restricted shares, forfeitures, weighted average grant date fair value
$ 17.63 
Non-vested shares, ending
536,793 
Non-vested shares weighted average grant date price, ending
$ 19.33 
Business Segment Information Business Segment Details (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Dec. 29, 2013
Segment Reporting Information [Line Items]
 
 
 
Restaurant sales
$ 144,825 
$ 133,090 
 
Franchise revenue
611 
534 
 
Cost of sales
45,529 
42,411 
 
Restaurant wages and related expenses
36,506 1
35,116 1
 
Restaurant rent expense
7,204 
6,435 
 
Other restaurant operating expenses
17,885 
16,164 
 
Advertising expense
5,419 
4,549 
 
General and administrative expense
12,151 2
12,211 2
 
Depreciation and amortization
5,345 
4,810 
 
Pre-opening costs
683 
831 
 
Impairment and other lease charges
(15)
95 
 
Interest expense
603 
5,007 
 
Income before taxes
14,132 
6,492 
 
Total capital expenditures
16,229 
11,352 
 
Assets
313,274 
 
318,785 
Stock-based compensation
700 
400 
 
Pollo Tropical [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Restaurant sales
71,356 
61,869 
 
Franchise revenue
488 
413 
 
Cost of sales
23,229 
20,493 
 
Restaurant wages and related expenses
15,265 1
14,317 1
 
Restaurant rent expense
2,917 
2,357 
 
Other restaurant operating expenses
8,377 
7,203 
 
Advertising expense
1,962 
1,574 
 
General and administrative expense
6,240 2
6,234 2
 
Depreciation and amortization
2,577 
2,099 
 
Pre-opening costs
533 
493 
 
Impairment and other lease charges
(39)
39 
 
Interest expense
287 
2,252 
 
Income before taxes
10,496 
5,718 
 
Total capital expenditures
9,821 
5,347 
 
Assets
146,942 
 
140,797 
Taco Cabana [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Restaurant sales
73,469 
71,221 
 
Franchise revenue
123 
121 
 
Cost of sales
22,300 
21,918 
 
Restaurant wages and related expenses
21,241 1
20,799 1
 
Restaurant rent expense
4,287 
4,078 
 
Other restaurant operating expenses
9,508 
8,961 
 
Advertising expense
3,457 
2,975 
 
General and administrative expense
5,911 2
5,977 2
 
Depreciation and amortization
2,768 
2,711 
 
Pre-opening costs
150 
338 
 
Impairment and other lease charges
24 
56 
 
Interest expense
316 
2,755 
 
Income before taxes
3,636 
774 
 
Total capital expenditures
4,649 
4,948 
 
Assets
163,194 
 
169,367 
Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Restaurant sales
0 
0 
 
Franchise revenue
0 
0 
 
Cost of sales
0 
0 
 
Restaurant wages and related expenses
0 
0 
 
Restaurant rent expense
0 
0 
 
Other restaurant operating expenses
0 
0 
 
Advertising expense
0 
0 
 
General and administrative expense
0 
0 
 
Depreciation and amortization
0 
0 
 
Pre-opening costs
0 
0 
 
Impairment and other lease charges
0 
0 
 
Interest expense
0 
0 
 
Income before taxes
0 
0 
 
Total capital expenditures
1,759 
1,057 
 
Assets
3,138 
 
8,621 
Restaurant Wages And Related Expenses [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Stock-based compensation
9 
1 
 
General and Administrative Expense [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Stock-based compensation
$ 712 
$ 425 
 
Net Income per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
Net income
$ 8,719 
$ 4,799 
Less: income allocated to participating securities
(175)
(157)
Net income available to common shareholders
$ 8,544 
$ 4,642 
Weighted average common shares, basic
26,201,747 
22,868,894 
Restricted stock units
562 
0 
Weighted average common shares, diluted
26,202,309 
22,868,894 
Basic net income per share
$ 0.33 
$ 0.20 
Diluted net income per share
$ 0.33 
$ 0.20