FIESTA RESTAURANT GROUP, INC., 10-Q filed on 11/4/2014
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 28, 2014
Oct. 31, 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
Sep. 28, 2014 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
26,783,143 
Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Sep. 28, 2014
Dec. 29, 2013
Current assets:
 
 
Cash
$ 1,879 
$ 10,978 
Trade receivables
8,163 
6,011 
Inventories
2,392 
2,564 
Prepaid rent
2,816 
2,500 
Income tax receivable
1,892 
4,497 
Prepaid expenses and other current assets
3,368 
3,357 
Deferred income taxes
2,699 
3,018 
Total current assets
23,209 
32,925 
Property and equipment, net
180,170 
144,527 
Goodwill
123,484 
123,484 
Intangible assets, net
60 
121 
Deferred income taxes
12,263 
12,046 
Deferred financing costs, net
1,305 
1,530 
Other assets
2,889 
4,152 
Total assets
343,380 
318,785 
Current liabilities:
 
 
Current portion of long-term debt
61 
61 
Accounts payable
7,721 
10,802 
Accrued interest
146 
118 
Accrued payroll, related taxes and benefits
13,733 
14,296 
Accrued real estate taxes
4,958 
4,505 
Other liabilities
7,232 
8,305 
Total current liabilities
33,851 
38,087 
Long-term debt, net of current portion
67,279 
72,324 
Lease financing obligations
1,659 
1,657 
Deferred income--sale-leaseback of real estate
34,995 
35,873 
Other liabilities
15,772 
12,538 
Total liabilities
153,556 
160,479 
Commitments and contingencies
   
   
Stockholders' equity:
 
 
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,783,515 and 26,710,111 shares, respectively, and outstanding 26,355,748 and 26,082,800 shares, respectively.
264 
261 
Additional paid-in capital
153,092 
148,765 
Retained earnings
36,468 
9,280 
Total stockholders' equity
189,824 
158,306 
Total liabilities and stockholders' equity
$ 343,380 
$ 318,785 
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Sep. 28, 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
26,783,515 
26,710,111 
Common stock, shares outstanding
26,355,748 
26,082,800 
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 28, 2014
Sep. 29, 2013
Sep. 28, 2014
Sep. 29, 2013
Revenues:
 
 
 
 
Restaurant sales
$ 154,643 
$ 140,069 
$ 452,983 
$ 413,435 
Franchise royalty revenues and fees
655 
609 
1,936 
1,747 
Total revenues
155,298 
140,678 
454,919 
415,182 
Costs and expenses:
 
 
 
 
Cost of sales
48,980 
45,162 
143,469 
132,891 
Restaurant wages and related expenses (including stock-based compensation expense of $20, $1, $50 and $2, respectively)
39,824 1
36,979 1
115,446 1
107,914 1
Restaurant rent expense
7,314 
6,853 
21,892 
19,699 
Other restaurant operating expenses
20,686 
18,283 
58,037 
51,786 
Advertising expense
4,180 
4,271 
14,275 
13,275 
General and administrative (including stock-based compensation expense of $812, $657, $2,582 and $1,677, respectively)
11,845 2
11,685 2
36,128 2
35,895 2
Depreciation and amortization
6,038 
5,129 
16,961 
15,117 
Pre-opening costs
1,427 
590 
3,298 
2,379 
Impairment and other lease charges
183 
(312)
200 
239 
Other (income) expense
(552)
(57)
(558)
(554)
Total operating expenses
139,925 
128,583 
409,148 
378,641 
Income from operations
15,373 
12,095 
45,771 
36,541 
Interest expense
536 
4,457 
1,707 
14,475 
Income before income taxes
14,837 
7,638 
44,064 
22,066 
Provision for income taxes
5,682 
2,596 
16,876 
7,256 
Net income
$ 9,155 
$ 5,042 
$ 27,188 
$ 14,810 
Basic net income per share
$ 0.34 
$ 0.21 
$ 1.02 
$ 0.63 
Diluted net income per share
$ 0.34 
$ 0.21 
$ 1.02 
$ 0.63 
Basic weighted average common shares outstanding
26,344,102 
22,986,615 
26,272,322 
22,921,233 
Diluted weighted average common shares outstanding
26,347,326 
22,986,615 
26,273,584 
22,921,233 
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 28, 2014
Sep. 29, 2013
Sep. 28, 2014
Sep. 29, 2013
Stock-based compensation
$ 800 
$ 700 
$ 2,600 
$ 1,700 
Restaurant Wages And Related Expenses [Member]
 
 
 
 
Stock-based compensation
20 
50 
General and Administrative Expense [Member]
 
 
 
 
Stock-based compensation
$ 812 
$ 657 
$ 2,582 
$ 1,677 
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]
 
 
 
 
 
Capital contributions
96 
 
 
96 
 
Stock-based compensation
 
 
 
1,679 
 
Vesting of restricted shares
 
251,676 
 
 
 
Vesting of restricted shares
 
 
 
 
Vesting of restricted shares and related tax benefit
826 
 
 
823 
 
Net income
14,810 
 
 
 
14,810 
Ending balance at Sep. 29, 2013
27,915 
 
230 
12,852 
14,833 
Ending shares at Sep. 29, 2013
 
22,999,917 
 
 
 
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
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 
26,355,748 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 28, 2014
Sep. 29, 2013
Cash flows from operating activities:
 
 
Net income
$ 27,188 
$ 14,810 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
Loss (gain) on disposals of property and equipment
(409)
(261)
Stock-based compensation
2,632 
1,679 
Impairment and other lease charges
200 
239 
Depreciation and amortization
16,961 
15,117 
Amortization of deferred financing costs
231 
1,194 
Amortization of deferred gains from sale-leaseback transactions
(2,754)
(2,588)
Deferred income taxes
102 
34 
Changes in other operating assets and liabilities
1,619 
(9,915)
Net cash provided by (used in) operating activities
45,770 
20,309 
Capital expenditures:
 
 
New restaurant development
(45,161)
(28,442)
Restaurant remodeling
(6,635)
(2,602)
Other restaurant capital expenditures
(3,930)
(4,152)
Corporate and restaurant information systems
(3,212)
(3,595)
Total capital expenditures
58,938 
38,791 
Properties purchased for sale-leaseback
(4,438)
Proceeds from sale-leaseback transactions
5,692 
10,774 
Proceeds from sales of other properties
1,729 
1,734 
Net cash used in investing activities
(51,517)
(30,721)
Cash flows from financing activities:
 
 
Excess tax benefit from vesting of restricted shares
1,728 
826 
Share issuance costs
(30)
Borrowings on revolving credit facility
23,000 
Repayments on revolving credit facility
(28,000)
Principal payments on capital leases
(44)
(46)
Other
(6)
(15)
Net cash provided by (used in) fnancing activities
(3,352)
765 
Net increase (decrease) in cash
(9,099)
(9,647)
Cash, beginning of period
10,978 
15,533 
Cash, end of period
1,879 
5,886 
Supplemental disclosures:
 
 
Interest paid on long-term debt
1,493 
18,172 
Interest paid on lease financing obligations
104 
191 
Accruals for capital expenditures
2,113 
2,123 
Income tax payments, net
12,442 
7,106 
Non-cash capital contribution from former parent
$ 0 
$ 96 
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 28, 2014, the Company owned and operated 119 Pollo Tropical® restaurants, of which 107 were located in Florida, five were located in Georgia, two were located in Tennessee, and five were located in Texas, and franchised a total of 36 Pollo Tropical restaurants, including 17 in Puerto Rico, one in Ecuador, one in Honduras, one in The Bahamas, two in Trinidad & Tobago, two in Venezuela, five in Panama, one in the Dominican Republic, one in Guatemala and five on college campuses in Florida. At September 28, 2014, the Company also owned and operated 166 Taco Cabana® restaurants, of which 162 were located in Texas, three were located in Oklahoma and one restaurant under the elevated non-24 hour Taco Cabana format, Cabana Grill®, was located in Georgia, and franchised a total of seven Taco Cabana restaurants, including four in New Mexico, and three non-traditional locations on college campuses 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 and nine months ended September 28, 2014 and September 29, 2013 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 28, 2014 and September 29, 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 and nine months ended September 28, 2014 and September 29, 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 September 28, 2014, was approximately $66.0 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 September 28, 2014, there were $66.0 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 0.50% as of September 28, 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 1.50% at September 28, 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 0.25% at September 28, 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 the 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 September 28, 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, $76.5 million was available for borrowing at September 28, 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:
 
September 28, 2014
 
December 29, 2013
Accrued occupancy costs
$
11,709

 
$
9,973

Accrued workers’ compensation and general liability claims
1,475

 
729

Deferred compensation
1,122

 
593

Other
1,466

 
1,243

 
$
15,772

 
$
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 $1.0 million and $1.1 million are included in long-term accrued occupancy costs above at September 28, 2014 and December 29, 2013, with the remainder in other current liabilities:
 
Nine Months Ended September 28, 2014
 
Year Ended December 29, 2013
Balance, beginning of period
$
1,439

 
$
2,432

Provisions for restaurant closures

 

Recoveries, net of additional lease charges
(128
)
 
(197
)
Payments, net
(205
)
 
(937
)
Other adjustments
97

 
141

Balance, end of period
$
1,203

 
$
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 and nine months ended September 28, 2014 and September 29, 2013:
 
Three Months Ended
 
Nine Months Ended
 
September 28, 2014
 
September 29, 2013
 
September 28, 2014
 
September 29, 2013
Current
$
5,420

 
$
2,539

 
$
16,774

 
$
7,222

Deferred
262

 
57

 
102

 
34

 
$
5,682

 
$
2,596

 
$
16,876

 
$
7,256


The provision for income taxes for the three and nine months ended September 28, 2014 was derived using an estimated effective annual income tax rate for 2014 of 38.3%. There were no discrete tax adjustments in the nine months ended September 28, 2014.
The provision for income taxes for the three and nine months ended September 29, 2013 was derived using an estimated effective annual income tax rate for 2013 of 36.5%, 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 nine months ended September 29, 2013. Other discrete tax adjustments decreased the provision for income taxes by $0.2 million in the three and nine months ended September 29, 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 and nine months ended September 28, 2014 and September 29, 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. Stock compensation expense on all non-vested restricted Carrols and Fiesta stock awards held by the Company's employees is recorded by the Company.
During the nine months ended September 28, 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 nine months ended September 28, 2014 was $45.04. Also during the nine months ended September 28, 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 nine months ended September 28, 2014 was $45.04.
During the nine months ended September 28, 2014, the Company granted 8,399 non-vested restricted shares to non-employee directors. The weighted average fair value at the grant date for restricted non-vested shares issued to directors was $37.23. These shares vest and become non-forfeitable over a one year vesting period.
During the nine months ended September 29, 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 nine months ended September 29, 2013 was $20.54. During the nine months ended September 29, 2013, the Company granted 8,843 non-vested restricted shares to non-employee directors. The weighted average fair value at the grant date for restricted non-vested shares issued to directors was $35.36. These shares vested and became non-forfeitable over a one year vesting period.
Stock-based compensation expense for the three and nine months ended September 28, 2014 was $0.8 million and $2.6 million, respectively. Stock-based compensation expense for the three and nine months ended September 29, 2013 was $0.7 million and $1.7 million, respectively. As of September 28, 2014, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and non-vested restricted stock units was approximately $7.2 million. At September 28, 2014, the remaining weighted average vesting period for non-vested restricted shares and non-vested restricted stock units was 2.0 years.
 
 Non-vested Shares
 A summary of all non-vested restricted share activity for the nine months ended September 28, 2014 was as follows:
 
 
 
Weighted
 
 
 
Average
 
 
 
Grant Date
 
Shares
 
Price
Non-vested at December 29, 2013
627,311

 
$
14.81

Granted
80,290

 
44.22

Vested
(272,785
)
 
14.36

Forfeited
(7,049
)
 
19.09

Non-vested at September 28, 2014
427,767

 
$
20.54


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
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

September 29, 2013:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
65,994

 
$
74,075

 
$

 
$
140,069

Franchise revenue
 
484

 
125

 

 
609

Cost of sales
 
21,960

 
23,202

 

 
45,162

Restaurant wages and related expenses (1)
 
14,966

 
22,013

 

 
36,979

Restaurant rent expense
 
2,625

 
4,228

 

 
6,853

Other restaurant operating expenses
 
8,236

 
10,047

 

 
18,283

Advertising expense
 
1,710

 
2,561

 

 
4,271

General and administrative expense (2)
 
6,106

 
5,579

 

 
11,685

Depreciation and amortization
 
2,367

 
2,762

 

 
5,129

Pre-opening costs
 
476

 
114

 

 
590

Impairment and other lease charges
 
(37
)
 
(275
)
 

 
(312
)
Interest expense
 
1,937

 
2,520

 

 
4,457

Income before taxes
 
6,132

 
1,506

 

 
7,638

Capital expenditures
 
6,832

 
2,892

 
1,298

 
11,022



Nine Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
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

September 29, 2013:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
192,372

 
$
221,063

 
$

 
$
413,435

Franchise revenue
 
1,380

 
367

 

 
1,747

Cost of sales
 
63,803

 
69,088

 

 
132,891

Restaurant wages and related expenses (1)
 
43,466

 
64,448

 

 
107,914

Restaurant rent expense
 
7,220

 
12,479

 

 
19,699

Other restaurant operating expenses
 
22,849

 
28,937

 

 
51,786

Advertising expense
 
4,432

 
8,843

 

 
13,275

General and administrative expense (2)
 
18,573

 
17,322

 

 
35,895

Depreciation and amortization
 
6,780

 
8,337

 

 
15,117

Pre-opening costs
 
1,706

 
673

 

 
2,379

Impairment and other lease charges
 
(99
)
 
338

 

 
239

Interest expense
 
6,436

 
8,039

 

 
14,475

Income before taxes
 
19,083

 
2,983

 

 
22,066

Capital expenditures
 
21,527

 
13,985

 
3,279

 
38,791

Identifiable Assets:
 
 
 
 
 
 
 
 
September 28, 2014:
 
$
171,867

 
$
163,236

 
$
8,277

 
$
343,380

December 29, 2013
 
140,797

 
169,367

 
8,621

 
318,785


(1) Includes stock-based compensation expense of $20 and $50 for the three and nine months ended September 28, 2014, respectively, and $1 and $2 for the three and nine months ended September 29, 2013, respectively.
(2) Includes stock-based compensation expense of $812 and $2,582 for the three and nine months ended September 28, 2014, respectively, and $657 and $1,677 for the three and nine months ended September 29, 2013, respectively.
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 and nine months ended September 28, 2014 and September 29, 2013 is as follows:
 
  
Three Months Ended
 
Nine Months Ended
 
  
September 28, 2014
 
September 29, 2013
 
September 28, 2014
 
September 29, 2013
Basic and diluted net income per share:
  
 
 
 
 
 
 
 
Net income
  
$
9,155

 
$
5,042

 
$
27,188

 
$
14,810

Less: income allocated to participating securities
  
(150
)
 
(140
)
 
(504
)
 
(451
)
Net income available to common stockholders
  
$
9,005

 
$
4,902

 
$
26,684

 
$
14,359

Weighted average common shares, basic
 
26,344,102

 
22,986,615

 
26,272,322

 
22,921,233

Restricted stock units
 
3,224

 

 
1,262

 

Weighted average common shares, diluted
  
26,347,326

 
22,986,615

 
26,273,584

 
22,921,233

Basic net income per common share
  
$
0.34

 
$
0.21

 
$
1.02

 
$
0.63

Diluted net income per common share
 
$
0.34

 
$
0.21

 
$
1.02

 
$
0.63

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 has early adopted this standard. Adoption of this standard did not have a material impact on our condensed consolidated financial statements.
In May 2014, the Financial Accounting Standards Board issued ASU 606, Revenue Recognition - Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition, and provides for either a full retrospective adoption in which the standard is applied to all of the periods presented or a modified retrospective adoption in which the cumulative effect of initially applying the standard is recognized at the date of initial application. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other US GAAP requirements. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of ASC 606. However, the Company currently 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, 2016.
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 29, 2013 contained 52 weeks. The three and nine months ended September 28, 2014 and September 29, 2013 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 28, 2014 and September 29, 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 and nine months ended September 28, 2014 and September 29, 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 September 28, 2014, was approximately $66.0 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.
Other Liabilities, Long-Term Other Liabilities (Tables)
The following table presents the activity in the closed-store reserve, of which $1.0 million and $1.1 million are included in long-term accrued occupancy costs above at September 28, 2014 and December 29, 2013, with the remainder in other current liabilities:
 
Nine Months Ended September 28, 2014
 
Year Ended December 29, 2013
Balance, beginning of period
$
1,439

 
$
2,432

Provisions for restaurant closures

 

Recoveries, net of additional lease charges
(128
)
 
(197
)
Payments, net
(205
)
 
(937
)
Other adjustments
97

 
141

Balance, end of period
$
1,203

 
$
1,439

Other liabilities, long-term, consisted of the following:
 
September 28, 2014
 
December 29, 2013
Accrued occupancy costs
$
11,709

 
$
9,973

Accrued workers’ compensation and general liability claims
1,475

 
729

Deferred compensation
1,122

 
593

Other
1,466

 
1,243

 
$
15,772

 
$
12,538

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 and nine months ended September 28, 2014 and September 29, 2013:
 
Three Months Ended
 
Nine Months Ended
 
September 28, 2014
 
September 29, 2013
 
September 28, 2014
 
September 29, 2013
Current
$
5,420

 
$
2,539

 
$
16,774

 
$
7,222

Deferred
262

 
57

 
102

 
34

 
$
5,682

 
$
2,596

 
$
16,876

 
$
7,256

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 nine months ended September 28, 2014 was as follows:
 
 
 
Weighted
 
 
 
Average
 
 
 
Grant Date
 
Shares
 
Price
Non-vested at December 29, 2013
627,311

 
$
14.81

Granted
80,290

 
44.22

Vested
(272,785
)
 
14.36

Forfeited
(7,049
)
 
19.09

Non-vested at September 28, 2014
427,767

 
$
20.54


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
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

September 29, 2013:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
65,994

 
$
74,075

 
$

 
$
140,069

Franchise revenue
 
484

 
125

 

 
609

Cost of sales
 
21,960

 
23,202

 

 
45,162

Restaurant wages and related expenses (1)
 
14,966

 
22,013

 

 
36,979

Restaurant rent expense
 
2,625

 
4,228

 

 
6,853

Other restaurant operating expenses
 
8,236

 
10,047

 

 
18,283

Advertising expense
 
1,710

 
2,561

 

 
4,271

General and administrative expense (2)
 
6,106

 
5,579

 

 
11,685

Depreciation and amortization
 
2,367

 
2,762

 

 
5,129

Pre-opening costs
 
476

 
114

 

 
590

Impairment and other lease charges
 
(37
)
 
(275
)
 

 
(312
)
Interest expense
 
1,937

 
2,520

 

 
4,457

Income before taxes
 
6,132

 
1,506

 

 
7,638

Capital expenditures
 
6,832

 
2,892

 
1,298

 
11,022



Nine Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
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

September 29, 2013:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
192,372

 
$
221,063

 
$

 
$
413,435

Franchise revenue
 
1,380

 
367

 

 
1,747

Cost of sales
 
63,803

 
69,088

 

 
132,891

Restaurant wages and related expenses (1)
 
43,466

 
64,448

 

 
107,914

Restaurant rent expense
 
7,220

 
12,479

 

 
19,699

Other restaurant operating expenses
 
22,849

 
28,937

 

 
51,786

Advertising expense
 
4,432

 
8,843

 

 
13,275

General and administrative expense (2)
 
18,573

 
17,322

 

 
35,895

Depreciation and amortization
 
6,780

 
8,337

 

 
15,117

Pre-opening costs
 
1,706

 
673

 

 
2,379

Impairment and other lease charges
 
(99
)
 
338

 

 
239

Interest expense
 
6,436

 
8,039

 

 
14,475

Income before taxes
 
19,083

 
2,983

 

 
22,066

Capital expenditures
 
21,527

 
13,985

 
3,279

 
38,791

Identifiable Assets:
 
 
 
 
 
 
 
 
September 28, 2014:
 
$
171,867

 
$
163,236

 
$
8,277

 
$
343,380

December 29, 2013
 
140,797

 
169,367

 
8,621

 
318,785


(1) Includes stock-based compensation expense of $20 and $50 for the three and nine months ended September 28, 2014, respectively, and $1 and $2 for the three and nine months ended September 29, 2013, respectively.
(2) Includes stock-based compensation expense of $812 and $2,582 for the three and nine months ended September 28, 2014, respectively, and $657 and $1,677 for the three and nine months ended September 29, 2013, 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 for the three and nine months ended September 28, 2014 and September 29, 2013 is as follows:
 
  
Three Months Ended
 
Nine Months Ended
 
  
September 28, 2014
 
September 29, 2013
 
September 28, 2014
 
September 29, 2013
Basic and diluted net income per share:
  
 
 
 
 
 
 
 
Net income
  
$
9,155

 
$
5,042

 
$
27,188

 
$
14,810

Less: income allocated to participating securities
  
(150
)
 
(140
)
 
(504
)
 
(451
)
Net income available to common stockholders
  
$
9,005

 
$
4,902

 
$
26,684

 
$
14,359

Weighted average common shares, basic
 
26,344,102

 
22,986,615

 
26,272,322

 
22,921,233

Restricted stock units
 
3,224

 

 
1,262

 

Weighted average common shares, diluted
  
26,347,326

 
22,986,615

 
26,273,584

 
22,921,233

Basic net income per common share
  
$
0.34

 
$
0.21

 
$
1.02

 
$
0.63

Diluted net income per common share
 
$
0.34

 
$
0.21

 
$
1.02

 
$
0.63

Basis of Presentation Fair Value Disclosures (Details) (Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Sep. 28, 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
$ 66.0 
Basis of Presentation Basis of Presentation Narrative (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 28, 2014
Sep. 29, 2013
Sep. 28, 2014
Sep. 29, 2013
Dec. 29, 2013
Entity Information [Line Items]
 
 
 
 
 
Weeks In Fiscal Period
13 
13 
39 
26 
52 
Entity Operated Units [Member] |
Pollo Tropical [Member]
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
119 
 
119 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
FLORIDA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
107 
 
107 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
GEORGIA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
TENNESSEE
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Entity Operated Units [Member] |
Pollo Tropical [Member] |
TEXAS
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member]
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
166 
 
166 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member] |
GEORGIA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member] |
TEXAS
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
162 
 
162 
 
 
Entity Operated Units [Member] |
Taco Cabana [Member] |
OKLAHOMA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member]
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
36 
 
36 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
FLORIDA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
PUERTO RICO
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
17 
 
17 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
ECUADOR
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
HONDURAS
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
BAHAMAS
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
TRINIDAD AND TOBAGO
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
VENEZUELA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
PANAMA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
DOMINICAN REPUBLIC
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Pollo Tropical [Member] |
GUATEMALA
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Taco Cabana [Member]
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Taco Cabana [Member] |
NEW MEXICO
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
Franchised Units [Member] |
Taco Cabana [Member] |
TEXAS
 
 
 
 
 
Entity Information [Line Items]
 
 
 
 
 
Number of Restaurants
 
 
 
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
9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended
Sep. 28, 2014
Rate
Sep. 29, 2013
Sep. 28, 2014
Letter of Credit [Member]
Sep. 29, 2013
Letter of Credit [Member]
Dec. 29, 2013
Senior Notes [Member]
Rate
Sep. 28, 2014
Revolving Credit Facility [Member]
Sep. 29, 2013
Revolving Credit Facility [Member]
Sep. 28, 2014
Maximum [Member]
Rate
Sep. 29, 2013
Maximum [Member]
Rate
Sep. 28, 2014
Minimum [Member]
Rate
Sep. 29, 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
66.0 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Alternative Base Rate, Interest Rate Margin
0.50% 
 
 
 
 
 
 
1.50% 
2.75% 
0.50% 
2.00% 
 
 
Line of Credit Facility, Libor Rate, Interest Rate Margin
1.50% 
 
 
 
 
 
 
2.50% 
3.75% 
1.50% 
3.00% 
 
 
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage
0.25% 
 
 
 
 
 
 
0.45% 
 
0.25% 
 
 
 
Letters of Credit Outstanding, Amount
7.5 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
76.5 
 
 
 
 
 
 
 
 
 
 
 
 
Extinguishment of Debt, Amount
 
 
 
 
$ 200.0 
 
 
 
 
 
 
$ 122.7 
$ 77.3 
Debt Instrument, Interest Rate, Stated Percentage