Income Taxes (Tables)
|
12 Months Ended |
Dec. 26, 2019 |
Income Taxes |
|
Schedule of components of the provision for income taxes |
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Fiscal Year Ended |
|
Fiscal Year Ended |
|
Fiscal Year Ended |
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December 26, |
|
December 27, |
|
December 28, |
|
|
2019 |
|
2018 |
|
2017 |
Current expense / (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
7,975 |
|
$ |
5,496 |
|
$ |
(4,097) |
State |
|
|
2,358 |
|
|
1,669 |
|
|
479 |
Total current expense / benefit |
|
|
10,333 |
|
|
7,165 |
|
|
(3,618) |
Deferred expense / (benefit): |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(6,522) |
|
|
922 |
|
|
(250) |
State |
|
|
(4,062) |
|
|
(1,890) |
|
|
(368) |
Total deferred (benefit) / expense |
|
|
(10,584) |
|
|
(968) |
|
|
(618) |
Provision for income taxes |
|
$ |
(251) |
|
$ |
6,197 |
|
$ |
(4,236) |
|
Schedule of effective income tax reconciliation |
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Fiscal Year Ended |
|
Fiscal Year Ended |
|
Fiscal Year Ended |
|
|
December 26, |
|
December 27, |
|
December 28, |
|
|
2019 |
|
2018 |
|
2017 |
Computed “expected” provision at statutory rate |
|
$ |
31,580 |
|
$ |
25,700 |
|
$ |
34,499 |
State income taxes, net of federal income tax benefit |
|
|
(1,364) |
|
|
(627) |
|
|
(28) |
Permanent differences: |
|
|
|
|
|
|
|
|
|
Excess tax benefit related to options exercised |
|
|
(29,441) |
|
|
(17,478) |
|
|
(20,762) |
Non-qualified option holder dividend equivalent |
|
|
— |
|
|
— |
|
|
— |
Other |
|
|
543 |
|
|
457 |
|
|
691 |
Total permanent differences |
|
|
(28,898) |
|
|
(17,021) |
|
|
(20,071) |
Change in U.S. tax rate |
|
|
— |
|
|
(573) |
|
|
(17,850) |
Provision to return |
|
|
(282) |
|
|
(739) |
|
|
(63) |
Federal tax credits |
|
|
(1,306) |
|
|
(685) |
|
|
(577) |
Other, net |
|
|
19 |
|
|
142 |
|
|
(146) |
Provision for income taxes |
|
$ |
(251) |
|
$ |
6,197 |
|
$ |
(4,236) |
|
Schedule of deferred tax assets and liabilities |
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|
|
|
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|
|
|
|
Fiscal Year Ended |
|
Year Ended |
|
|
December 26, |
|
December 27, |
|
|
2019 |
|
2018 |
Deferred tax assets: |
|
|
|
|
|
|
Accruals not currently deductible for tax purposes |
|
$ |
2,820 |
|
$ |
13,338 |
Tenant improvement allowances |
|
|
— |
|
|
9,239 |
Inventories |
|
|
5,283 |
|
|
3,948 |
Stock based compensation |
|
|
3,984 |
|
|
3,684 |
Other intangibles |
|
|
313 |
|
|
361 |
Gift card liability |
|
|
453 |
|
|
242 |
Litigation accrual |
|
|
139 |
|
|
172 |
Lease liabilities |
|
|
233,106 |
|
|
— |
Other |
|
|
3,718 |
|
|
2,858 |
Total deferred tax assets |
|
|
249,816 |
|
|
33,842 |
Deferred tax liabilities: |
|
|
|
|
|
|
Intangible assets |
|
|
(26,939) |
|
|
(27,023) |
Fixed assets |
|
|
(35,576) |
|
|
(30,681) |
Right-of-use assets |
|
|
(203,028) |
|
|
— |
Other |
|
|
(2,651) |
|
|
(2,976) |
Total deferred tax liabilities |
|
|
(268,194) |
|
|
(60,680) |
Net deferred tax liabilities |
|
$ |
(18,378) |
|
$ |
(26,838) |
|