FIESTA RESTAURANT GROUP, INC., 10-Q filed on 7/30/2015
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 28, 2015
Jul. 24, 2015
Entity Information [Line Items]
 
 
Entity Registrant Name
FIESTA RESTAURANT GROUP, INC. 
 
Entity Central Index Key
0001534992 
 
Current Fiscal Year End Date
--01-03 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 28, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
26,831,201 
Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Jun. 28, 2015
Dec. 28, 2014
Current assets:
 
 
Cash
$ 5,519 
$ 5,087 
Trade receivables
9,229 
6,340 
Inventories
2,529 
2,719 
Prepaid rent
2,964 
2,894 
Income tax receivable
1,759 
4,974 
Prepaid expenses and other current assets
4,372 
3,166 
Deferred income taxes
2,925 
2,925 
Total current assets
29,297 
28,105 
Property and equipment, net
218,589 
191,371 
Goodwill
123,484 
123,484 
Deferred income taxes
11,055 
11,055 
Deferred financing costs, net
1,079 
1,233 
Other assets
2,696 
2,708 
Total assets
386,200 
357,956 
Current liabilities:
 
 
Current portion of long-term debt
36 
61 
Accounts payable
12,337 
10,151 
Accrued payroll, related taxes and benefits
13,336 
15,857 
Accrued real estate taxes
4,090 
5,044 
Other liabilities
8,897 
8,310 
Total current liabilities
38,696 
39,423 
Long-term debt, net of current portion
72,264 
67,264 
Lease financing obligations
1,662 
1,660 
Deferred income--sale-leaseback of real estate
31,899 
34,079 
Other liabilities
17,290 
15,943 
Total liabilities
161,811 
158,369 
Commitments and contingencies
   
   
Stockholders' equity:
 
 
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,831,604 and 26,782,945 shares, respectively, and outstanding 26,531,479 and 26,358,448 shares, respectively.
265 
264 
Additional paid-in capital
156,918 
153,867 
Retained earnings
67,206 
45,456 
Total stockholders' equity
224,389 
199,587 
Total liabilities and stockholders' equity
$ 386,200 
$ 357,956 
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Jun. 28, 2015
Dec. 28, 2014
Statement of Financial Position [Abstract]
 
 
Common stock, par value
$ 0.01 
$ 0.01 
Common stock, shares authorized
100,000,000 
100,000,000 
Common stock, shares issued
26,831,604 
26,782,945 
Common stock, shares outstanding
26,531,479 
26,358,448 
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Jun. 28, 2015
Jun. 29, 2014
Revenues:
 
 
 
 
Restaurant sales
$ 171,268 
$ 153,515 
$ 334,326 
$ 298,340 
Franchise royalty revenues and fees
632 
670 
1,449 
1,281 
Total revenues
171,900 
154,185 
335,775 
299,621 
Costs and expenses:
 
 
 
 
Cost of sales
54,223 
48,960 
105,346 
94,489 
Restaurant wages and related expenses (including stock-based compensation expense of $40, $21, $107, and $30, respectively)
42,383 1
39,116 1
82,973 1
75,622 1
Restaurant rent expense
8,048 
7,374 
16,055 
14,578 
Other restaurant operating expenses
21,362 
19,466 
41,221 
37,351 
Advertising expense
5,144 
4,676 
10,698 
10,095 
General and administrative (including stock-based compensation expense of $1,055, $1,058, $1,929, and $1,770, respectively)
13,624 2
12,132 2
27,388 2
24,283 2
Depreciation and amortization
7,401 
5,578 
14,248 
10,923 
Pre-opening costs
1,211 
1,188 
2,162 
1,871 
Impairment and other lease charges
32 
94 
17 
Other (income) expense
(142)
(514)
(6)
Total operating expenses
153,254 
138,522 
299,671 
269,223 
Income from operations
18,646 
15,663 
36,104 
30,398 
Interest expense
414 
568 
852 
1,171 
Income before income taxes
18,232 
15,095 
35,252 
29,227 
Provision for income taxes
6,983 
5,781 
13,502 
11,194 
Net income
$ 11,249 
$ 9,314 
$ 21,750 
$ 18,033 
Basic net income per share
$ 0.42 
$ 0.35 
$ 0.81 
$ 0.67 
Diluted net income per share
$ 0.42 
$ 0.35 
$ 0.81 
$ 0.67 
Basic weighted average common shares outstanding
26,490,673 
26,271,116 
26,462,919 
26,236,432 
Diluted weighted average common shares outstanding
26,497,658 
26,271,116 
26,470,130 
26,236,713 
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Jun. 28, 2015
Jun. 29, 2014
Stock-based compensation
 
 
$ 2,036 
$ 1,800 
Restaurant Wages And Related Expenses [Member]
 
 
 
 
Stock-based compensation
40 
21 
107 
30 
General and Administrative Expense [Member]
 
 
 
 
Stock-based compensation
$ 1,055 
$ 1,058 
$ 1,929 
$ 1,770 
Consolidated Statement of Changes in Stockholders' Equity Statement (USD $)
In Thousands, except Share data, unless otherwise specified
Total
USD ($)
Number of Common Stock Shares [Member]
Common Stock [Member]
USD ($)
Additional Paid-in Capital [Member]
USD ($)
Retained Earnings [Member]
USD ($)
Beginning balance at Dec. 29, 2013
$ 158,306 
 
$ 261 
$ 148,765 
$ 9,280 
Beginning shares at Dec. 29, 2013
 
26,082,800 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Stock-based compensation
1,800 
 
 
1,800 
 
Vesting of restricted shares
 
235,669 
 
 
 
Vesting of restricted shares
 
 
 
 
Vesting of restricted shares and related tax benefit
1,315 
 
 
1,313 
 
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs
(30)
 
 
(30)
 
Net income
18,033 
 
 
 
18,033 
Ending balance at Jun. 29, 2014
179,424 
 
263 
151,848 
27,313 
Ending shares at Jun. 29, 2014
 
26,318,469 
 
 
 
Beginning balance at Dec. 28, 2014
199,587 
 
264 
153,867 
45,456 
Beginning shares at Dec. 28, 2014
26,358,448 
26,358,448 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Stock-based compensation
2,036 
 
 
2,036 
 
Vesting of restricted shares
 
173,031 
 
 
 
Vesting of restricted shares
 
 
 
 
Vesting of restricted shares and related tax benefit
1,016 
 
 
1,015 
 
Net income
21,750 
 
 
 
21,750 
Ending balance at Jun. 28, 2015
$ 224,389 
 
$ 265 
$ 156,918 
$ 67,206 
Ending shares at Jun. 28, 2015
26,531,479 
26,531,479 
 
 
 
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Cash flows from operating activities:
 
 
Net income
$ 21,750 
$ 18,033 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
Loss (gain) on disposals of property and equipment
(271)
98 
Stock-based compensation
2,036 
1,800 
Impairment and other lease charges
94 
17 
Depreciation and amortization
14,248 
10,923 
Amortization of deferred financing costs
154 
154 
Amortization of deferred gains from sale-leaseback transactions
(1,812)
(1,838)
Deferred income taxes
(160)
Changes in other operating assets and liabilities
(1,997)
(3,082)
Net cash provided by (used in) operating activities
34,202 
25,945 
Capital expenditures:
 
 
New restaurant development
(33,462)
(26,604)
Restaurant remodeling
(1,526)
(4,350)
Other restaurant capital expenditures
(2,679)
(2,639)
Corporate and restaurant information systems
(2,233)
(2,431)
Total capital expenditures
39,900 
36,024 
Proceeds from sale-leaseback transactions
5,692 
Proceeds from sales of other properties
139 
1,027 
Net cash used in investing activities
(39,761)
(29,305)
Cash flows from financing activities:
 
 
Excess tax benefit from vesting of restricted shares
1,016 
1,315 
Share issuance costs
 
(30)
Borrowings on revolving credit facility
16,000 
16,000 
Repayments on revolving credit facility
(11,000)
(21,000)
Principal payments on capital leases
(25)
(30)
Other financing costs
(6)
Net cash provided by (used in) fnancing activities
5,991 
(3,751)
Net increase (decrease) in cash
432 
(7,111)
Cash, beginning of period
5,087 
10,978 
Cash, end of period
5,519 
3,867 
Supplemental disclosures:
 
 
Interest paid on long-term debt
819 
976 
Interest paid on lease financing obligations
70 
69 
Accruals for capital expenditures
4,813 
615 
Income tax payments, net
$ 9,270 
$ 6,411 
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 June 28, 2015, Fiesta owned and operated 136 Pollo Tropical® restaurants, of which 111 were located in Florida, sixteen were located in Texas, seven were located in Georgia and two were located in Tennessee and franchised a total of 35 Pollo Tropical restaurants, including 17 in Puerto Rico, five in Panama, two in Guatemala, two in Trinidad & Tobago, one in Venezuela, one in the Bahamas, one in Ecuador, one in Honduras and five on college campuses in Florida. At June 28, 2015, Fiesta owned and operated 163 Taco Cabana® restaurants, of which 160 were located in Texas, one was located in Oklahoma and, under the Cabana Grill® logo, which is an elevated, non-24 hour format for Taco Cabana, one was located in Georgia and one was located in Florida, and franchised a total of six Taco Cabana restaurants, including four in New Mexico, and two non-traditional locations (college campuses) in Texas.
Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries.
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three and six months ended June 28, 2015 and June 29, 2014 each contained thirteen and twenty-six weeks, respectively. The fiscal year ending January 3, 2016 will contain 53 weeks.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three and six months ended June 28, 2015 and June 29, 2014 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three and six months ended June 28, 2015 and June 29, 2014 are not necessarily indicative of the results to be expected for the full year.
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 28, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2014. The December 28, 2014 balance sheet data is derived from those audited financial statements.
  Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value:
Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments.
Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at June 28, 2015, was approximately $71.0 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
Other Liabilities Disclosure [Text Block]
Other Liabilities
Other liabilities, current, consisted of the following:
 
June 28, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,503

 
$
3,996

Sales and property taxes
2,000

 
1,933

Accrued occupancy costs
531

 
508

Other
1,863

 
1,873

 
$
8,897

 
$
8,310


Other liabilities, long-term, consisted of the following:
 
June 28, 2015
 
December 28, 2014
Accrued occupancy costs
$
13,391

 
$
12,254

Deferred compensation
1,465

 
1,102

Accrued workers' compensation and general liability claims
1,075

 
977

Other
1,359

 
1,610

 
$
17,290

 
$
15,943


Accrued occupancy costs include obligations pertaining to closed restaurant locations and accruals to expense operating lease rental payments on a straight-line basis over the lease term.
The following table presents the activity in the closed-store reserve, of which $0.9 million and $1.0 million are included in long-term accrued occupancy costs at June 28, 2015 and December 28, 2014, respectively, with the remainder in other current liabilities:
 
Six Months Ended June 28, 2015
 
Year Ended December 28, 2014
Balance, beginning of period
$
1,251

 
$
1,439

       Additional lease charges, net of recoveries

 
5

Payments, net
(110
)
 
(321
)
Other adjustments
85

 
128

Balance, end of period
$
1,226

 
$
1,251

Stock-based Compensation
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation
During the six months ended June 28, 2015 and June 29, 2014, the Company granted 22,597 and 71,891 non-vested restricted shares, respectively, 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 these non-vested shares issued to employees during the six months ended June 28, 2015 and June 29, 2014 was $62.05 and $45.04, respectively.
During the six months ended June 28, 2015 and June 29, 2014, the Company granted 10,007 and 24,252 restricted stock units, respectively, under the Fiesta Plan to certain employees. Certain of the restricted stock units vest and become non-forfeitable over a four year vesting period and certain of the restricted stock units vest and become non-forfeitable at the end of a four year vesting period. The weighted average fair value at grant date for these restricted stock units issued to employees during the six months ended June 28, 2015 and June 29, 2014 was $62.05 and $45.04, respectively.
During the three months ended June 28, 2015 and June 29, 2014, the Company granted 8,698 and 8,399 non-vested restricted shares, respectively, to non-employee directors. The weighted average fair value at the grant date for restricted non-vested shares issued to directors during the three months ended June 28, 2015 and June 29, 2014 was $54.06 and $37.23, respectively. These shares vest and become non-forfeitable over a one year vesting period.
Also during the six months ended June 28, 2015, the Company granted in the aggregate 17,501 non-vested restricted shares and 17,501 restricted stock units under the Fiesta Plan to certain employees subject to performance conditions. The non-vested restricted shares vest and become non-forfeitable over a four year vesting period subject to the attainment of performance conditions. The restricted stock units vest and become non-forfeitable at the end of a three year vesting period. The number of shares into which the restricted stock units convert is determined based on the attainment of certain performance conditions, and ranges from no shares if the minimum performance condition is not met to 35,002 shares if the maximum performance condition is met. The weighted average fair value at the grant date for restricted non-vested shares and restricted stock units subject to performance conditions issued during the six months ended June 28, 2015 was $65.01.
Stock-based compensation expense for the six months ended June 28, 2015 and June 29, 2014 was $2.0 million and $1.8 million, respectively. As of June 28, 2015, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and restricted stock units was approximately $9.0 million. At June 28, 2015, the remaining weighted average vesting period for non-vested restricted shares and restricted stock units was 2.0 years.
  A summary of all non-vested restricted shares and restricted stock units activity for the six months ended June 28, 2015 was as follows:
 
Non-Vested Shares
 
Restricted Stock Units
 
 
 
Weighted
 
 
 
Weighted
 
 
 
Average
 
 
 
Average
 
 
 
Grant Date
 
 
 
Grant Date
 
Shares
 
Price
 
Units
 
Price
Outstanding at December 28, 2014
424,497

 
$
20.50

 
20,783

 
$
45.04

Granted
48,796

 
61.69

 
27,508

 
63.93

Vested
(172,923
)
 
17.56

 
(108
)
 
45.04

Forfeited
(245
)
 
32.12

 
(2,419
)
 
49.37

Outstanding at June 28, 2015
300,125

 
$
28.88

 
45,764

 
$
56.17


The fair value of the non-vested restricted shares and restricted stock units is based on the closing price on the date of grant.
Business Segment Information
Business Segment Information
The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food.
The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements.
The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and a current income tax receivable.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
June 28, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
89,569

 
$
81,699

 
$

 
$
171,268

Franchise revenue
 
477

 
155

 

 
632

Cost of sales
 
30,094

 
24,129

 

 
54,223

Restaurant wages and related expenses (1)
 
19,251

 
23,132

 

 
42,383

Restaurant rent expense
 
3,820

 
4,228

 

 
8,048

Other restaurant operating expenses
 
10,893

 
10,469

 

 
21,362

Advertising expense
 
1,904

 
3,240

 

 
5,144

General and administrative expense (2)
 
7,651

 
5,973

 

 
13,624

Depreciation and amortization
 
4,340

 
3,061

 

 
7,401

Pre-opening costs
 
1,144

 
67

 

 
1,211

Impairment and other lease charges
 

 

 

 

Interest expense
 
176

 
238

 

 
414

Income before taxes
 
10,908

 
7,324

 

 
18,232

Capital expenditures
 
17,102

 
2,607

 
934

 
20,643

June 29, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
75,253

 
$
78,262

 
$

 
$
153,515

Franchise revenue
 
542

 
128

 

 
670

Cost of sales
 
24,983

 
23,977

 

 
48,960

Restaurant wages and related expenses (1)
 
16,423

 
22,693

 

 
39,116

Restaurant rent expense
 
3,071

 
4,303

 

 
7,374

Other restaurant operating expenses
 
9,422

 
10,044

 

 
19,466

Advertising expense
 
1,639

 
3,037

 

 
4,676

General and administrative expense (2)
 
6,420

 
5,712

 

 
12,132

Depreciation and amortization
 
2,750

 
2,828

 

 
5,578

Pre-opening costs
 
968

 
220

 

 
1,188

Impairment and other lease charges
 
(31
)
 
63

 

 
32

Interest expense
 
262

 
306

 

 
568

Income before taxes
 
9,888

 
5,207

 

 
15,095

Capital expenditures
 
14,302

 
5,122

 
371

 
19,795





















Six Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
June 28, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
176,458

 
$
157,868

 
$

 
$
334,326

Franchise revenue
 
1,158

 
291

 

 
1,449

Cost of sales
 
58,633

 
46,713

 

 
105,346

Restaurant wages and related expenses (1)
 
38,005

 
44,968

 

 
82,973

Restaurant rent expense
 
7,469

 
8,586

 

 
16,055

Other restaurant operating expenses
 
20,982

 
20,239

 

 
41,221

Advertising expense
 
4,262

 
6,436

 

 
10,698

General and administrative expense (2)
 
15,448

 
11,940

 

 
27,388

Depreciation and amortization
 
8,079

 
6,169

 

 
14,248

Pre-opening costs
 
2,014

 
148

 

 
2,162

Impairment and other lease charges
 

 
94

 

 
94

Interest expense
 
361

 
491

 

 
852

Income before taxes
 
22,498

 
12,754

 

 
35,252

Capital expenditures
 
32,144

 
5,658

 
2,098

 
39,900

June 29, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
146,609

 
$
151,731

 
$

 
$
298,340

Franchise revenue
 
1,030

 
251

 

 
1,281

Cost of sales
 
48,212

 
46,277

 

 
94,489

Restaurant wages and related expenses (1)
 
31,688

 
43,934

 

 
75,622

Restaurant rent expense
 
5,988

 
8,590

 

 
14,578

Other restaurant operating expenses
 
17,799

 
19,552

 

 
37,351

Advertising expense
 
3,601

 
6,494

 

 
10,095

General and administrative expense (2)
 
12,660

 
11,623

 

 
24,283

Depreciation and amortization
 
5,327

 
5,596

 

 
10,923

Pre-opening costs
 
1,501

 
370

 

 
1,871

Impairment and other lease charges
 
(70
)
 
87

 

 
17

Interest expense
 
549

 
622

 

 
1,171

Income before taxes
 
20,384

 
8,843

 

 
29,227

Capital expenditures
 
24,123

 
9,771

 
2,130

 
36,024

Identifiable Assets:
 
 
 
 
 
 
 
 
June 28, 2015:
 
$
207,541

 
$
170,935

 
$
7,724

 
$
386,200

December 28, 2014
 
177,923

 
167,729

 
12,304

 
357,956



(1) Includes stock-based compensation expense of $40 and $107 for the three and six months ended June 28, 2015, respectively, and $21 and $30 for the three and six months ended June 29, 2014, respectively.
(2) Includes stock-based compensation expense of $1,055 and $1,929 for the three and six months ended June 28, 2015, respectively, and $1,058 and $1,770 for the three and six months ended June 29, 2014, respectively.
The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food.
The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements.
Net Income per Share
Net Income per Share
We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period.
Diluted earnings per share reflects the potential dilution that could occur if our restricted stock units were converted into common shares. Restricted stock units with performance conditions are only included in the diluted earnings per share calculation to the extent that the performance conditions have been met at the measurement date. We compute diluted earnings per share by adjusting the basic weighted average number of common shares by the dilutive effect of the restricted stock units, determined using the treasury stock method. Weighted average outstanding restricted stock units totaling 9,391 and 23,596 shares were not included in the computation of diluted earnings per share for the three months ended June 28, 2015 and June 29, 2014, respectively, because to do so would have been antidilutive.
The computation of basic and diluted net income per share is as follows:
 
  
Three Months Ended
 
Six Months Ended
 
  
June 28, 2015
 
June 29, 2014
 
June 28, 2015
 
June 29, 2014
Basic and diluted net income per share:
  
 
 
 
 
 
 
 
Net income
  
$
11,249

 
$
9,314

 
$
21,750

 
$
18,033

Less: income allocated to participating securities
  
(142
)
 
(178
)
 
(285
)
 
(354
)
Net income available to common stockholders
  
$
11,107

 
$
9,136

 
$
21,465

 
$
17,679

Weighted average common shares, basic
 
26,490,673

 
26,271,116

 
26,462,919

 
26,236,432

Restricted stock units
 
6,985

 

 
7,211

 
281

Weighted average common shares, diluted
  
26,497,658

 
26,271,116

 
26,470,130

 
26,236,713

 
 
 
 
 
 
 
 
 
Basic net income per common share
  
$
0.42

 
$
0.35

 
$
0.81

 
$
0.67

Diluted net income per common share
 
$
0.42

 
$
0.35

 
$
0.81

 
$
0.67

We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period.
Commitments and Contingencies
Commitments Disclosure [Text Block]
Commitments and Contingencies
Legal Matters. The Company is a party to legal proceedings incidental to the conduct of business. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, the Company does not establish an accrued liability.
There were no material changes to the status of the class action suit filed by Daisy, Inc., an automotive repair shop in Cape Coral, Florida, against Fiesta Restaurant Group, Inc. during the six months ended June 28, 2015. The amount of any loss related to this matter cannot be reasonably estimated at this time. The Company does not have insurance coverage for this claim.
The Company is a party to various other litigation matters incidental to the conduct of business. The Company does not believe that the outcome of any of these matters will have a material effect on its consolidated financial statements.
Recent Accounting Pronouncements (Notes)
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the guidance in former ASC 605, Revenue Recognition, and provides for either a full retrospective adoption in which the standard is applied to all of the periods presented or a modified retrospective adoption in which the cumulative effect of initially applying the standard is recognized at the date of initial application. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers unless the contracts are in the scope of other US GAAP requirements. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company is currently evaluating the impact of the provisions of ASC 606; however, the Company expects the provisions to primarily impact certain franchise revenues and does not expect the standard to have a material effect on its financial statements. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2016.
In April 2015, the Financial Accounting Standards Board issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs. ASU 2015-03 generally requires debt issuance costs related to a recognized liability to be reported as a direct reduction from the carrying amount of the debt. However, cost incurred in connection with revolving-debt arrangements may continue to be presented as an asset. The new standard does not change the recognition and measurement of debt issuance costs. Because the Company's debt issuance costs are related to its revolving credit facility, the Company may continue to classify its debt issuance costs as an asset. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2015.
Basis of Presentation Accounting Policies (Policies)
Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries.
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 28, 2014 contained 52 weeks. The three and six months ended June 28, 2015 and June 29, 2014 each contained thirteen and twenty-six weeks, respectively.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three and six months ended June 28, 2015 and June 29, 2014 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three and six months ended June 28, 2015 and June 29, 2014 are not necessarily indicative of the results to be expected for the full year.
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 28, 2014 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2014. The December 28, 2014 balance sheet data is derived from those audited financial statements.
Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value:
Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments.
Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at June 28, 2015, was approximately $71.0 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 Other Liabilities (Tables)
Other liabilities, current, consisted of the following:
 
June 28, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,503

 
$
3,996

Sales and property taxes
2,000

 
1,933

Accrued occupancy costs
531

 
508

Other
1,863

 
1,873

 
$
8,897

 
$
8,310

Other liabilities, long-term, consisted of the following:
 
June 28, 2015
 
December 28, 2014
Accrued occupancy costs
$
13,391

 
$
12,254

Deferred compensation
1,465

 
1,102

Accrued workers' compensation and general liability claims
1,075

 
977

Other
1,359

 
1,610

 
$
17,290

 
$
15,943

The following table presents the activity in the closed-store reserve, of which $0.9 million and $1.0 million are included in long-term accrued occupancy costs at June 28, 2015 and December 28, 2014, respectively, with the remainder in other current liabilities:
 
Six Months Ended June 28, 2015
 
Year Ended December 28, 2014
Balance, beginning of period
$
1,251

 
$
1,439

       Additional lease charges, net of recoveries

 
5

Payments, net
(110
)
 
(321
)
Other adjustments
85

 
128

Balance, end of period
$
1,226

 
$
1,251

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

 
$
20.50

 
20,783

 
$
45.04

Granted
48,796

 
61.69

 
27,508

 
63.93

Vested
(172,923
)
 
17.56

 
(108
)
 
45.04

Forfeited
(245
)
 
32.12

 
(2,419
)
 
49.37

Outstanding at June 28, 2015
300,125

 
$
28.88

 
45,764

 
$
56.17

Business Segment Information Business Segment (Tables)
Schedule of Segment Reporting Information, by Segment [Table Text Block]
The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness, corporate cash accounts, and a current income tax receivable.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
June 28, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
89,569

 
$
81,699

 
$

 
$
171,268

Franchise revenue
 
477

 
155

 

 
632

Cost of sales
 
30,094

 
24,129

 

 
54,223

Restaurant wages and related expenses (1)
 
19,251

 
23,132

 

 
42,383

Restaurant rent expense
 
3,820

 
4,228

 

 
8,048

Other restaurant operating expenses
 
10,893

 
10,469

 

 
21,362

Advertising expense
 
1,904

 
3,240

 

 
5,144

General and administrative expense (2)
 
7,651

 
5,973

 

 
13,624

Depreciation and amortization
 
4,340

 
3,061

 

 
7,401

Pre-opening costs
 
1,144

 
67

 

 
1,211

Impairment and other lease charges
 

 

 

 

Interest expense
 
176

 
238

 

 
414

Income before taxes
 
10,908

 
7,324

 

 
18,232

Capital expenditures
 
17,102

 
2,607

 
934

 
20,643

June 29, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
75,253

 
$
78,262

 
$

 
$
153,515

Franchise revenue
 
542

 
128

 

 
670

Cost of sales
 
24,983

 
23,977

 

 
48,960

Restaurant wages and related expenses (1)
 
16,423

 
22,693

 

 
39,116

Restaurant rent expense
 
3,071

 
4,303

 

 
7,374

Other restaurant operating expenses
 
9,422

 
10,044

 

 
19,466

Advertising expense
 
1,639

 
3,037

 

 
4,676

General and administrative expense (2)
 
6,420

 
5,712

 

 
12,132

Depreciation and amortization
 
2,750

 
2,828

 

 
5,578

Pre-opening costs
 
968

 
220

 

 
1,188

Impairment and other lease charges
 
(31
)
 
63

 

 
32

Interest expense
 
262

 
306

 

 
568

Income before taxes
 
9,888

 
5,207

 

 
15,095

Capital expenditures
 
14,302

 
5,122

 
371

 
19,795





















Six Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
June 28, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
176,458

 
$
157,868

 
$

 
$
334,326

Franchise revenue
 
1,158

 
291

 

 
1,449

Cost of sales
 
58,633

 
46,713

 

 
105,346

Restaurant wages and related expenses (1)
 
38,005

 
44,968

 

 
82,973

Restaurant rent expense
 
7,469

 
8,586

 

 
16,055

Other restaurant operating expenses
 
20,982

 
20,239

 

 
41,221

Advertising expense
 
4,262

 
6,436

 

 
10,698

General and administrative expense (2)
 
15,448

 
11,940

 

 
27,388

Depreciation and amortization
 
8,079

 
6,169

 

 
14,248

Pre-opening costs
 
2,014

 
148

 

 
2,162

Impairment and other lease charges
 

 
94

 

 
94

Interest expense
 
361

 
491

 

 
852

Income before taxes
 
22,498

 
12,754

 

 
35,252

Capital expenditures
 
32,144

 
5,658

 
2,098

 
39,900

June 29, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
146,609

 
$
151,731

 
$

 
$
298,340

Franchise revenue
 
1,030

 
251

 

 
1,281

Cost of sales
 
48,212

 
46,277

 

 
94,489

Restaurant wages and related expenses (1)
 
31,688

 
43,934

 

 
75,622

Restaurant rent expense
 
5,988

 
8,590

 

 
14,578

Other restaurant operating expenses
 
17,799

 
19,552

 

 
37,351

Advertising expense
 
3,601

 
6,494

 

 
10,095

General and administrative expense (2)
 
12,660

 
11,623

 

 
24,283

Depreciation and amortization
 
5,327

 
5,596

 

 
10,923

Pre-opening costs
 
1,501

 
370

 

 
1,871

Impairment and other lease charges
 
(70
)
 
87

 

 
17

Interest expense
 
549

 
622

 

 
1,171

Income before taxes
 
20,384

 
8,843

 

 
29,227

Capital expenditures
 
24,123

 
9,771

 
2,130

 
36,024

Identifiable Assets:
 
 
 
 
 
 
 
 
June 28, 2015:
 
$
207,541

 
$
170,935

 
$
7,724

 
$
386,200

December 28, 2014
 
177,923

 
167,729

 
12,304

 
357,956



(1) Includes stock-based compensation expense of $40 and $107 for the three and six months ended June 28, 2015, respectively, and $21 and $30 for the three and six months ended June 29, 2014, respectively.
(2) Includes stock-based compensation expense of $1,055 and $1,929 for the three and six months ended June 28, 2015, respectively, and $1,058 and $1,770 for the three and six months ended June 29, 2014, respectively.
Net Income per Share (Tables)
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block]
The computation of basic and diluted net income per share is as follows:
 
  
Three Months Ended
 
Six Months Ended
 
  
June 28, 2015
 
June 29, 2014
 
June 28, 2015
 
June 29, 2014
Basic and diluted net income per share:
  
 
 
 
 
 
 
 
Net income
  
$
11,249

 
$
9,314

 
$
21,750

 
$
18,033

Less: income allocated to participating securities
  
(142
)
 
(178
)
 
(285
)
 
(354
)
Net income available to common stockholders
  
$
11,107

 
$
9,136

 
$
21,465

 
$
17,679

Weighted average common shares, basic
 
26,490,673

 
26,271,116

 
26,462,919

 
26,236,432

Restricted stock units
 
6,985

 

 
7,211

 
281

Weighted average common shares, diluted
  
26,497,658

 
26,271,116

 
26,470,130

 
26,236,713

 
 
 
 
 
 
 
 
 
Basic net income per common share
  
$
0.42

 
$
0.35

 
$
0.81

 
$
0.67

Diluted net income per common share
 
$
0.42

 
$
0.35

 
$
0.81

 
$
0.67

Basis of Presentation Basis of Presentation Narrative (Details)
3 Months Ended 6 Months Ended 12 Months Ended 12 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Jun. 28, 2015
Jun. 29, 2014
Dec. 28, 2014
Jan. 3, 2016
Scenario, Forecast [Member]
Jun. 28, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
Jun. 28, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
FLORIDA
Jun. 28, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
GEORGIA
Jun. 28, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
TENNESSEE
Jun. 28, 2015
Entity Operated Units [Member]
Pollo Tropical [Member]
TEXAS
Jun. 28, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
Jun. 28, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
FLORIDA
Jun. 28, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
GEORGIA
Jun. 28, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
TEXAS
Jun. 28, 2015
Entity Operated Units [Member]
Taco Cabana [Member]
OKLAHOMA
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
FLORIDA
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
PUERTO RICO
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
PANAMA
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
GUATEMALA
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
TRINIDAD AND TOBAGO
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
VENEZUELA
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
BAHAMAS
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
ECUADOR
Jun. 28, 2015
Franchised Units [Member]
Pollo Tropical [Member]
HONDURAS
Jun. 28, 2015
Franchised Units [Member]
Taco Cabana [Member]
Jun. 28, 2015
Franchised Units [Member]
Taco Cabana [Member]
TEXAS
Jun. 28, 2015
Franchised Units [Member]
Taco Cabana [Member]
NEW MEXICO
Jan. 3, 2016
Maximum [Member]
Scenario, Forecast [Member]
Jan. 3, 2016
Minimum [Member]
Scenario, Forecast [Member]
Entity Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weeks In Fiscal Period
13 
13 
26 
26 
52 
53 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53 
52 
Number of Restaurants
 
 
 
 
 
 
136 
111 
16 
163 
160 
35 
17 
 
 
Basis of Presentation Fair Value Disclosures (Details) (Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Jun. 28, 2015
Fair Value, Inputs, Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
Debt Instrument, Fair Value Disclosure
$ 71.0 
Other Liabilities Other Liabilities Details (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 28, 2015
Dec. 28, 2014
Dec. 29, 2013
Other current liabilities [Line Items]
 
 
 
Accrued workers' compensation and general liability claims
$ 4,503 
$ 3,996 
 
Sales and property taxes
2,000 
1,933 
 
Accrued occupancy costs
531 
508 
 
Other
1,863 
1,873 
 
Other Liabilities
8,897 
8,310 
 
Other liabilities, long-term [Line Items]
 
 
 
Accrued occupancy costs
13,391 
12,254 
 
Deferred compensation
1,465 
1,102 
 
Accrued workers' compensation and general liability claims
1,075 
977 
 
Other
1,359 
1,610 
 
Other Liabilities, Noncurrent
17,290 
15,943 
 
Restructuring Reserve
1,226 
1,251 
1,439 
Long-Term Liability [Member]
 
 
 
Other liabilities, long-term [Line Items]
 
 
 
Restructuring Reserve
$ 900 
$ 1,000 
 
Other Liabilities Restructuring Reserve (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 28, 2015
Dec. 28, 2014
Restructuring Cost and Reserve [Line Items]
 
 
Balance, beginning of period
$ 1,251 
$ 1,439 
Additional lease charges, net of recoveries
Payments, net
(110)
(321)
Other adjustments
85 
128 
Balance, end of period
1,226 
1,251 
Long-Term Liability [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Balance, end of period
$ 900 
$ 1,000 
Stock-based Compensation Stock-based Compensation (Details) (Narrative) (USD $)
In Millions, except Share data, unless otherwise specified
6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based compensation expense
$ 2.0 
$ 1.8 
Nonvested awards, total compensation cost not yet recognized
$ 9.0 
 
Nonvested awards, total compensation cost not yet recognized, period for recognition
1 year 11 months 24 days 
 
Restricted Stock [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 61.69 
 
Restricted shares, grants in period
48,796 
 
Restricted Stock [Member] |
Management [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 62.05 
$ 45.04 
Restricted shares, grants in period
22,597 
71,891 
Restricted Stock [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 65.01 
 
Restricted shares, grants in period
17,501 
 
Restricted Stock [Member] |
Director [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
1 year 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 54.06 
$ 37.23 
Restricted shares, grants in period
8,698 
8,399 
Restricted Stock Units (RSUs) [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 63.93 
 
Restricted shares, grants in period
27,508 
 
Restricted Stock Units (RSUs) [Member] |
Management [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
4 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 62.05 
$ 45.04 
Restricted shares, grants in period
10,007 
24,252 
Restricted Stock Units (RSUs) [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Restricted shares, award vesting period
3 years 
 
Restricted shares, grants in period, weighted average grant date fair value
$ 65.01 
 
Restricted shares, grants in period
17,501 
 
Minimum [Member] |
Restricted Stock Units (RSUs) [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Shares to be issued at end of performance period
 
Maximum [Member] |
Restricted Stock Units (RSUs) [Member] |
Executive Officer [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Shares to be issued at end of performance period
35,002 
 
Stock-based Compensation Stock-based Compensation (Details) (USD $)
6 Months Ended
Jun. 28, 2015
Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Non-vested shares, beginning
424,497 
Non-vested shares weighted average grant date price, beginning
$ 20.50 
Restricted shares, grants in period
48,796 
Restricted shares, grants in period, weighted average grant date fair value
$ 61.69 
Restricted shares, vested in period
172,923 
Restricted shares, vested in period, weighted average grant date fair value
$ 17.56 
Restricted shares, forfeited in period
245 
Restricted shares, forfeited in period, weighted average grant date fair value
$ 32.12 
Non-vested shares, ending
300,125 
Non-vested shares weighted average grant date price, ending
$ 28.88 
Restricted Stock Units (RSUs) [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
Non-vested shares, beginning
20,783 
Non-vested shares weighted average grant date price, beginning
$ 45.04 
Restricted shares, grants in period
27,508 
Restricted shares, grants in period, weighted average grant date fair value
$ 63.93 
Restricted shares, vested in period
108 
Restricted shares, vested in period, weighted average grant date fair value
$ 45.04 
Restricted shares, forfeited in period
2,419 
Restricted shares, forfeited in period, weighted average grant date fair value
$ 49.37 
Non-vested shares, ending
45,764 
Non-vested shares weighted average grant date price, ending
$ 56.17 
Business Segment Information Business Segment Details (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Jun. 28, 2015
Jun. 29, 2014
Dec. 28, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
Restaurant sales
$ 171,268 
$ 153,515 
$ 334,326 
$ 298,340 
 
Franchise revenue
632 
670 
1,449 
1,281 
 
Cost of sales
54,223 
48,960 
105,346 
94,489 
 
Restaurant wages and related expenses
42,383 1
39,116 1
82,973 1
75,622 1
 
Restaurant rent expense
8,048 
7,374 
16,055 
14,578 
 
Other restaurant operating expenses
21,362 
19,466 
41,221 
37,351 
 
Advertising expense
5,144 
4,676 
10,698 
10,095 
 
General and administrative expense
13,624 2
12,132 2
27,388 2
24,283 2
 
Depreciation and amortization
7,401 
5,578 
14,248 
10,923 
 
Pre-opening costs
1,211 
1,188 
2,162 
1,871 
 
Impairment and other lease charges
32 
94 
17 
 
Interest expense
414 
568 
852 
1,171 
 
Income before taxes
18,232 
15,095 
35,252 
29,227 
 
Total capital expenditures
20,643 
19,795 
39,900 
36,024 
 
Assets
386,200 
 
386,200 
 
357,956 
Stock-based compensation
 
 
2,036 
1,800 
 
Pollo Tropical [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Restaurant sales
89,569 
75,253 
176,458 
146,609 
 
Franchise revenue
477 
542 
1,158 
1,030 
 
Cost of sales
30,094 
24,983 
58,633 
48,212 
 
Restaurant wages and related expenses
19,251 
16,423 
38,005 
31,688 
 
Restaurant rent expense
3,820