|
|
|
|
|
|
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|
Total | ||||
Balance at January 3, 2017 | $ | 1,365 | ||
Charges for accretion in current period | 51 | |||
Cash payments | (141 | ) | ||
Balance at June 20, 2017 | $ | 1,275 |
Contract termination costs | Other associated costs | Total | ||||||||||
Balance at January 3, 2017 | $ | 1,773 | $ | — | $ | 1,773 | ||||||
Charges for accretion in current period | 33 | — | 33 | |||||||||
Cash payments | (316 | ) | — | (316 | ) | |||||||
Balance at June 20, 2017 | $ | 1,490 | $ | — | $ | 1,490 |
|
24 Weeks Ended June 20, 2017 | ||||
Company-operated restaurants sold to franchisees | 5 | |||
Proceeds from the sale of company-operated restaurants | $ | 2,192 | ||
Net assets sold (primarily furniture, fixtures and equipment) | (1,261 | ) | ||
Goodwill related to the company-operated restaurants sold to franchisees | (247 | ) | ||
Net unfavorable lease liabilities (a) | (548 | ) | ||
Other costs | (5 | ) | ||
Gain on sale of company-operated restaurants (b) | $ | 131 |
|
June 20, 2017 | January 3, 2017 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Favorable lease assets | $ | 14,161 | $ | (3,849 | ) | $ | 10,312 | $ | 14,176 | $ | (2,996 | ) | $ | 11,180 | ||||||||||
Franchise rights | 15,489 | (2,659 | ) | 12,830 | 15,489 | (2,038 | ) | 13,451 | ||||||||||||||||
Reacquired franchise rights | 161 | (27 | ) | 134 | 161 | (10 | ) | 151 | ||||||||||||||||
Total amortized other intangible assets | $ | 29,811 | $ | (6,535 | ) | $ | 23,276 | $ | 29,826 | $ | (5,044 | ) | $ | 24,782 |
|
June 20, 2017 | January 3, 2017 | |||||||
2015 Senior Credit Facility, net of debt discount of $902 and $1,035 and deferred financing costs of $304 and $349 at June 20, 2017 and January 3, 2017, respectively | $ | 144,794 | $ | 157,616 | ||||
Total outstanding indebtedness | 144,794 | 157,616 | ||||||
Obligations under capital leases and deemed landlord financing liabilities | 16,956 | 17,715 | ||||||
Total debt | 161,750 | 175,331 | ||||||
Less: amounts due within one year | 1,546 | 1,588 | ||||||
Total amounts due after one year, net | $ | 160,204 | $ | 173,743 |
|
|
June 20, 2017 (Unaudited) | Markets for Identical Assets (Level 1) | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||
2016 Interest Rate Cap Agreement | $ | 205 | $ | — | $ | 205 | $ | — | |||||||
Total assets measured at fair value | $ | 205 | $ | — | $ | 205 | $ | — | |||||||
January 3, 2017 | Markets for Identical Assets (Level 1) | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||
2016 Interest Rate Cap Agreement | $ | 598 | $ | — | $ | 598 | $ | — | |||||||
Total assets measured at fair value | $ | 598 | $ | — | $ | 598 | $ | — |
|
June 20, 2017 | January 3, 2017 | |||||||
Employee compensation and related items | $ | 11,203 | $ | 13,783 | ||||
Accrued insurance | 8,471 | 8,192 | ||||||
Accrued sales tax | 5,264 | 3,916 | ||||||
Accrued advertising | 2,325 | 1,657 | ||||||
Accrued real property tax | 1,249 | 1,274 | ||||||
Accrued income tax | 1,189 | 562 | ||||||
Restaurant closure liability | 464 | 875 | ||||||
Other | 6,238 | 6,394 | ||||||
$ | 36,403 | $ | 36,653 |
June 20, 2017 | January 3, 2017 | |||||||
Unfavorable lease liabilities | $ | 15,911 | $ | 17,072 | ||||
Insurance reserves | 4,305 | 4,269 | ||||||
Restaurant closure liability | 2,301 | 2,263 | ||||||
Deferred rent liability | 2,107 | 1,676 | ||||||
Deferred development and initial franchise fees | 1,418 | 1,385 | ||||||
Unearned trade discount, non-current | 1,392 | 1,596 | ||||||
Deferred gift card income | 673 | 1,182 | ||||||
Other | 2,035 | 697 | ||||||
$ | 30,142 | $ | 30,140 |
|
Shares | Weighted-Average Grant Date Fair Value | ||||||
Nonvested at January 3, 2017 | 1,133,822 | $ | 10.40 | ||||
Granted | 72,570 | 13.59 | |||||
Vested | (64,330 | ) | 9.63 | ||||
Forfeited | — | — | |||||
Nonvested at June 20, 2017 | 1,142,062 | $ | 10.64 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in years) | |||||||||||||
Options outstanding at January 3, 2017 | 334,500 | $ | 9.94 | 6.1 | $ | 1,464 | |||||||
Granted | 5,000 | 14.55 | |||||||||||
Exercised | (1,000 | ) | 9.88 | ||||||||||
Forfeited/Expired | (3,500 | ) | 10.40 | ||||||||||
Options outstanding at June 20, 2017 | 335,000 | $ | 10.01 | 5.7 | $ | 1,252 | |||||||
Options exercisable at June 20, 2017 | 53,000 | $ | 10.39 | 5.4 | $ | 177 | |||||||
Options exercisable and expected to vest at June 20, 2017 | 316,050 | $ | 10.02 | 5.7 | $ | 1,178 |
|
|
|
|
Total | ||||
Balance at January 3, 2017 | $ | 1,365 | ||
Charges for accretion in current period | 51 | |||
Cash payments | (141 | ) | ||
Balance at June 20, 2017 | $ | 1,275 |
Contract termination costs | Other associated costs | Total | ||||||||||
Balance at January 3, 2017 | $ | 1,773 | $ | — | $ | 1,773 | ||||||
Charges for accretion in current period | 33 | — | 33 | |||||||||
Cash payments | (316 | ) | — | (316 | ) | |||||||
Balance at June 20, 2017 | $ | 1,490 | $ | — | $ | 1,490 |
|
24 Weeks Ended June 20, 2017 | ||||
Company-operated restaurants sold to franchisees | 5 | |||
Proceeds from the sale of company-operated restaurants | $ | 2,192 | ||
Net assets sold (primarily furniture, fixtures and equipment) | (1,261 | ) | ||
Goodwill related to the company-operated restaurants sold to franchisees | (247 | ) | ||
Net unfavorable lease liabilities (a) | (548 | ) | ||
Other costs | (5 | ) | ||
Gain on sale of company-operated restaurants (b) | $ | 131 |
|
June 20, 2017 | January 3, 2017 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Favorable lease assets | $ | 14,161 | $ | (3,849 | ) | $ | 10,312 | $ | 14,176 | $ | (2,996 | ) | $ | 11,180 | ||||||||||
Franchise rights | 15,489 | (2,659 | ) | 12,830 | 15,489 | (2,038 | ) | 13,451 | ||||||||||||||||
Reacquired franchise rights | 161 | (27 | ) | 134 | 161 | (10 | ) | 151 | ||||||||||||||||
Total amortized other intangible assets | $ | 29,811 | $ | (6,535 | ) | $ | 23,276 | $ | 29,826 | $ | (5,044 | ) | $ | 24,782 |
|
June 20, 2017 | January 3, 2017 | |||||||
2015 Senior Credit Facility, net of debt discount of $902 and $1,035 and deferred financing costs of $304 and $349 at June 20, 2017 and January 3, 2017, respectively | $ | 144,794 | $ | 157,616 | ||||
Total outstanding indebtedness | 144,794 | 157,616 | ||||||
Obligations under capital leases and deemed landlord financing liabilities | 16,956 | 17,715 | ||||||
Total debt | 161,750 | 175,331 | ||||||
Less: amounts due within one year | 1,546 | 1,588 | ||||||
Total amounts due after one year, net | $ | 160,204 | $ | 173,743 |
|
June 20, 2017 (Unaudited) | Markets for Identical Assets (Level 1) | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||
2016 Interest Rate Cap Agreement | $ | 205 | $ | — | $ | 205 | $ | — | |||||||
Total assets measured at fair value | $ | 205 | $ | — | $ | 205 | $ | — | |||||||
January 3, 2017 | Markets for Identical Assets (Level 1) | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||
2016 Interest Rate Cap Agreement | $ | 598 | $ | — | $ | 598 | $ | — | |||||||
Total assets measured at fair value | $ | 598 | $ | — | $ | 598 | $ | — |
|
June 20, 2017 | January 3, 2017 | |||||||
Employee compensation and related items | $ | 11,203 | $ | 13,783 | ||||
Accrued insurance | 8,471 | 8,192 | ||||||
Accrued sales tax | 5,264 | 3,916 | ||||||
Accrued advertising | 2,325 | 1,657 | ||||||
Accrued real property tax | 1,249 | 1,274 | ||||||
Accrued income tax | 1,189 | 562 | ||||||
Restaurant closure liability | 464 | 875 | ||||||
Other | 6,238 | 6,394 | ||||||
$ | 36,403 | $ | 36,653 |
June 20, 2017 | January 3, 2017 | |||||||
Unfavorable lease liabilities | $ | 15,911 | $ | 17,072 | ||||
Insurance reserves | 4,305 | 4,269 | ||||||
Restaurant closure liability | 2,301 | 2,263 | ||||||
Deferred rent liability | 2,107 | 1,676 | ||||||
Deferred development and initial franchise fees | 1,418 | 1,385 | ||||||
Unearned trade discount, non-current | 1,392 | 1,596 | ||||||
Deferred gift card income | 673 | 1,182 | ||||||
Other | 2,035 | 697 | ||||||
$ | 30,142 | $ | 30,140 |
|
Shares | Weighted-Average Grant Date Fair Value | ||||||
Nonvested at January 3, 2017 | 1,133,822 | $ | 10.40 | ||||
Granted | 72,570 | 13.59 | |||||
Vested | (64,330 | ) | 9.63 | ||||
Forfeited | — | — | |||||
Nonvested at June 20, 2017 | 1,142,062 | $ | 10.64 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(in years) | |||||||||||||
Options outstanding at January 3, 2017 | 334,500 | $ | 9.94 | 6.1 | $ | 1,464 | |||||||
Granted | 5,000 | 14.55 | |||||||||||
Exercised | (1,000 | ) | 9.88 | ||||||||||
Forfeited/Expired | (3,500 | ) | 10.40 | ||||||||||
Options outstanding at June 20, 2017 | 335,000 | $ | 10.01 | 5.7 | $ | 1,252 | |||||||
Options exercisable at June 20, 2017 | 53,000 | $ | 10.39 | 5.4 | $ | 177 | |||||||
Options exercisable and expected to vest at June 20, 2017 | 316,050 | $ | 10.02 | 5.7 | $ | 1,178 |
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