Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 27, 2018
Income Taxes  
Schedule of components of the provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

    

Year Ended

 

 

December 27,

 

December 28,

 

December 29,

 

 

2018

 

2017

 

2016

Current expense / (benefit):

 

 

  

 

 

  

 

 

  

Federal

 

$

5,496

 

$

(4,097)

 

$

14,588

State

 

 

1,669

 

 

479

 

 

2,422

Total current expense / benefit

 

 

7,165

 

 

(3,618)

 

 

17,010

Deferred expense / (benefit):

 

 

  

 

 

  

 

 

  

Federal

 

 

922

 

 

(250)

 

 

(4,765)

State

 

 

(1,890)

 

 

(368)

 

 

(771)

Total deferred (benefit) / expense

 

 

(968)

 

 

(618)

 

 

(5,536)

Provision for income taxes

 

$

6,197

 

$

(4,236)

 

$

11,474

 

Schedule of effective income tax reconciliation

 

 

 

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

    

Year Ended

 

 

December 27,

 

December 28,

 

December 29,

 

 

2018

 

2017

 

2016

Computed “expected” provision at statutory rate

 

$

25,700

 

$

34,499

 

$

19,080

State income taxes, net of federal income tax benefit

 

 

(627)

 

 

(28)

 

 

1,073

Permanent differences:

 

 

 

 

 

 

 

 

 

Excess tax benefit related to options exercised

 

 

(17,478)

 

 

(20,762)

 

 

 —

Non-qualified option holder dividend equivalent

 

 

 —

 

 

 —

 

 

(7,877)

Other

 

 

457

 

 

691

 

 

(4)

Total permanent differences

 

 

(17,021)

 

 

(20,071)

 

 

(7,881)

Change in U.S. tax rate

 

 

(573)

 

 

(17,850)

 

 

 —

Provision to return

 

 

(739)

 

 

(63)

 

 

(236)

Federal tax credits

 

 

(685)

 

 

(577)

 

 

(413)

Other, net

 

 

142

 

 

(146)

 

 

(149)

Provision for income taxes

 

$

6,197

 

$

(4,236)

 

$

11,474

 

Schedule of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

 

 

December 27,

 

December 28,

 

 

2018

 

2017

Deferred tax assets:

 

 

  

 

 

  

Accruals not currently deductible for tax purposes

 

$

13,338

 

$

8,993

Tenant improvement allowances

 

 

9,239

 

 

6,597

Inventories

 

 

3,948

 

 

4,111

Stock based compensation

 

 

3,684

 

 

3,108

Other intangibles

 

 

361

 

 

405

Gift card liability

 

 

242

 

 

648

Litigation accrual

 

 

172

 

 

583

Other

 

 

2,858

 

 

846

Total deferred tax assets

 

 

33,842

 

 

25,291

Deferred tax liabilities:

 

 

  

 

 

  

Intangible assets

 

 

(27,023)

 

 

(26,868)

Fixed assets

 

 

(30,681)

 

 

(24,225)

Other

 

 

(2,976)

 

 

(1,416)

Total deferred tax liabilities

 

 

(60,680)

 

 

(52,509)

Net deferred tax liabilities

 

$

(26,838)

 

$

(27,218)