Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 28, 2017
Income Taxes  
Schedule of components of the provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

    

Year Ended

 

 

December 28,

 

December 29,

 

December 31,

 

 

2017

 

2016

 

2015

Current (benefit) / expense:

 

 

  

 

 

  

 

 

  

Federal

 

$

(4,097)

 

$

14,588

 

$

13,183

State

 

 

479

 

 

2,422

 

 

2,552

Total current (benefit) / expense

 

 

(3,618)

 

 

17,010

 

 

15,735

Deferred (benefit) / expense:

 

 

  

 

 

  

 

 

  

Federal

 

 

(250)

 

 

(4,765)

 

 

553

State

 

 

(368)

 

 

(771)

 

 

(89)

Total deferred (benefit) / expense

 

 

(618)

 

 

(5,536)

 

 

464

Provision for income taxes

 

$

(4,236)

 

$

11,474

 

$

16,199

 

Schedule of effective income tax reconciliation

 

 

 

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

    

Year Ended

 

 

December 28,

 

December 29,

 

December 31,

 

 

2017

 

2016

 

2015

Computed “expected” provision at statutory rate

 

$

34,499

 

$

19,080

 

$

15,052

State income taxes, net of federal income tax benefit

 

 

(28)

 

 

1,073

 

 

1,594

Permanent differences:

 

 

 

 

 

 

 

 

 

Excess tax benefit related to options exercised

 

 

(20,762)

 

 

 —

 

 

 —

Non-qualified option holder dividend equivalent

 

 

 —

 

 

(7,877)

 

 

 —

Other

 

 

691

 

 

(4)

 

 

113

Total permanent differences

 

 

(20,071)

 

 

(7,881)

 

 

113

Change in U.S. tax rate

 

 

(17,850)

 

 

 —

 

 

 —

Other, net

 

 

(786)

 

 

(798)

 

 

(560)

Provision for income taxes

 

$

(4,236)

 

$

11,474

 

$

16,199

 

Schedule of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

 

 

December 28,

 

December 29,

 

 

2017

 

2016

Deferred tax assets:

 

 

  

 

 

  

Accruals not currently deductible for tax purposes

 

$

8,993

 

$

14,342

Tenant improvement allowances

 

 

6,597

 

 

7,690

Inventories

 

 

4,111

 

 

4,050

Stock based compensation

 

 

3,108

 

 

4,179

Other intangibles

 

 

405

 

 

693

Gift card liability

 

 

648

 

 

858

Litigation accrual

 

 

583

 

 

5,299

Other

 

 

846

 

 

47

Total deferred tax assets

 

 

25,291

 

 

37,158

Deferred tax liabilities:

 

 

  

 

 

  

Intangible assets

 

 

(26,868)

 

 

(41,269)

Fixed assets

 

 

(24,225)

 

 

(23,650)

Other

 

 

(1,416)

 

 

(504)

Total deferred tax liabilities

 

 

(52,509)

 

 

(65,423)

Net deferred tax liabilities

 

$

(27,218)

 

$

(28,265)