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Document and Entity Information
3 Months Ended
Mar. 29, 2015
Apr. 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 Mar 29, 2015
Document Fiscal Year Focus 2015
Document Fiscal Period Focus Q1
Amendment Flag false
Entity Common Stock, Shares Outstanding 26,823,067
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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 29, 2015
Dec. 28, 2014
Current assets:
Cash $ 3,523 $ 5,087
Trade receivables 9,538 6,340
Inventories 2,458 2,719
Prepaid rent 2,891 2,894
Income tax receivable 0 4,974
Prepaid expenses and other current assets 4,576 3,166
Deferred income taxes 2,925 2,925
Total current assets 25,911 28,105
Property and equipment, net 204,882 191,371
Goodwill 123,484 123,484
Deferred income taxes 11,055 11,055
Deferred financing costs, net 1,156 1,233
Other assets 3,430 2,708
Total assets 369,918 357,956
Current liabilities:
Current portion of long-term debt 42 61
Accounts payable 11,076 10,151
Accrued income taxes 1,446 0
Accrued payroll, related taxes and benefits 11,895 15,857
Accrued real estate taxes 2,697 5,044
Other liabilities 8,469 8,310
Total current liabilities 35,625 39,423
Long-term debt, net of current portion 71,266 67,264
Lease financing obligations 1,661 1,660
Deferred income--sale-leaseback of real estate 32,808 34,079
Other liabilities 16,641 15,943
Total liabilities 158,001 158,369
Commitments and contingencies      
Stockholders' equity:
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,823,067 and 26,782,945 shares, respectively, and outstanding 26,474,687 and 26,358,448 shares, respectively. 265 264
Additional paid-in capital 155,695 153,867
Retained earnings 55,957 45,456
Total stockholders' equity 211,917 199,587
Total liabilities and stockholders' equity $ 369,918 $ 357,956
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Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Mar. 29, 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 26,823,067 26,782,945
Common stock, shares outstanding 26,474,687 26,358,448
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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Revenues:
Restaurant sales $ 163,058 $ 144,825
Franchise royalty revenues and fees 817 611
Total revenues 163,875 145,436
Costs and expenses:
Cost of sales 51,123 45,529
Restaurant wages and related expenses (including stock-based compensation expense of $67 and $9, respectively) 40,590 [1] 36,506 [1]
Restaurant rent expense 8,007 7,204
Other restaurant operating expenses 19,859 17,885
Advertising expense 5,554 5,419
General and administrative (including stock-based compensation expense of $874 and $712, respectively) 13,764 [2] 12,151 [2]
Depreciation and amortization 6,847 5,345
Pre-opening costs 951 683
Impairment and other lease charges 94 (15)
Other income (expense) 372 6
Total operating expenses 146,417 130,701
Income from operations 17,458 14,735
Interest expense 438 603
Income before income taxes 17,020 14,132
Provision for income taxes 6,519 5,413
Net income $ 10,501 $ 8,719
Basic net income per share $ 0.39 $ 0.33
Diluted net income per share $ 0.39 $ 0.33
Basic weighted average common shares outstanding 26,435,166 26,201,747
Diluted weighted average common shares outstanding 26,442,602 26,202,309
[1] (1) Includes stock-based compensation expense of $67 for the three months ended March 29, 2015, and $9 for the three months ended March 30, 2014.
[2] (2) Includes stock-based compensation expense of $874 for the three months ended March 29, 2015, and $712 for the three months ended March 30, 2014.
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Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Stock-based compensation $ 941 $ 721
Restaurant Wages And Related Expenses [Member]
Stock-based compensation 67 9
General and Administrative Expense [Member]
Stock-based compensation $ 874 $ 712
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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 721 721
Vesting of restricted shares 1
Vesting of restricted shares 160,788
Vesting of restricted shares and related tax benefit 1,050 1,049
Net income 8,719 8,719
Ending balance at Mar. 30, 2014 168,796 262 150,535 17,999
Ending shares at Mar. 30, 2014 26,243,588
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 941 941
Vesting of restricted shares 1
Vesting of restricted shares 116,239
Vesting of restricted shares and related tax benefit 888 887
Net income 10,501 10,501
Ending balance at Mar. 29, 2015 $ 211,917 $ 265 $ 155,695 $ 55,957
Ending shares at Mar. 29, 2015 26,474,687 26,474,687
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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Cash flows from operating activities:
Net income $ 10,501 $ 8,719
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss (gain) on disposals of property and equipment (294) 36
Stock-based compensation 941 721
Impairment and other lease charges 94 (15)
Depreciation and amortization 6,847 5,345
Amortization of deferred financing costs 77 77
Amortization of deferred gains from sale-leaseback transactions (911) (919)
Deferred income taxes 0 (82)
Changes in other operating assets and liabilities (4,434) (6,985)
Net cash provided by (used in) operating activities 12,821 6,897
Capital expenditures:
New restaurant development (15,955) (10,869)
Restaurant remodeling (872) (1,929)
Other restaurant capital expenditures (1,245) (1,432)
Corporate and restaurant information systems (1,185) (1,999)
Total capital expenditures 19,257 16,229
Proceeds from sale-leaseback transactions 0 5,704
Proceeds from sales of other properties 0 1,027
Net cash used in investing activities (19,257) (9,498)
Cash flows from financing activities:
Excess tax benefit from vesting of restricted shares 888 1,050
Borrowings on revolving credit facility 7,000 8,000
Repayments on revolving credit facility (3,000) (15,000)
Principal payments on capital leases (16) (15)
Other financing costs 0 (6)
Net cash provided by (used in) fnancing activities 4,872 (5,971)
Net increase (decrease) in cash (1,564) (8,572)
Cash, beginning of period 5,087 10,978
Cash, end of period 3,523 2,406
Supplemental disclosures:
Interest paid on long-term debt 418 470
Accruals for capital expenditures 5,012 1,933
Income tax payments (refunds), net $ (789) $ 94
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Basis of Presentation
3 Months Ended
Mar. 29, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 March 29, 2015, Fiesta owned and operated 130 Pollo Tropical® restaurants, of which 109 were located in Florida, twelve were located in Texas, seven were located in Georgia and two were located in Tennessee and franchised a total of 37 Pollo Tropical restaurants, including 17 in Puerto Rico, five in Panama, two in Guatemala, two in Trinidad & Tobago, two in Venezuela, one in the Bahamas, one in the Dominican Republic, one in Ecuador, one in Honduras and five on college campuses in Florida. At March 29, 2015, Fiesta owned and operated 164 Taco Cabana® restaurants, of which 159 were located in Texas, three were 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 seven Taco Cabana restaurants, including four in New Mexico, and three 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 months ended March 29, 2015 and March 30, 2014 each contained thirteen weeks. The fiscal year ending January 3, 2016 will contain 53 weeks.
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended March 29, 2015 and March 30, 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 months ended March 29, 2015 and March 30, 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 March 29, 2015, was approximately $70.0 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.
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Other Liabilities
3 Months Ended
Mar. 29, 2015
Other Liabilities, Long-Term [Abstract]
Other Liabilities Disclosure [Text Block]
Other Liabilities
Other liabilities, current, consisted of the following:
 
March 29, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,095

 
$
3,996

Sales and property taxes
1,710

 
1,933

Accrued occupancy costs
415

 
508

Other
2,249

 
1,873

 
$
8,469

 
$
8,310


Other liabilities, long-term, consisted of the following:
 
March 29, 2015
 
December 28, 2014
Accrued occupancy costs
$
12,775

 
$
12,254

Deferred compensation
1,410

 
1,102

Accrued workers' compensation and general liability claims
1,075

 
977

Other
1,381

 
1,610

 
$
16,641

 
$
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 $1.0 million are included in long-term accrued occupancy costs above at March 29, 2015 and December 28, 2014, with the remainder in other current liabilities:
 
Three Months Ended March 29, 2015
 
Year Ended December 28, 2014
Balance, beginning of period
$
1,251

 
$
1,439

       Additional lease charges, net of recoveries

 
5

Payments, net
(70
)
 
(321
)
Other adjustments
31

 
128

Balance, end of period
$
1,212

 
$
1,251

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Stock-based Compensation
3 Months Ended
Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation
During the three months ended March 29, 2015 and March 30, 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 three months ended March 29, 2015 and March 30, 2014 was $62.05 and $45.04, respectively.
During the three months ended March 29, 2015 and March 30, 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 three months ended March 29, 2015 and March 30, 2014 was $62.05 and $45.04, respectively.
Also during the three months ended March 29, 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 three months ended March 29, 2015 was $65.01.
Stock-based compensation expense for the three months ended March 29, 2015 and March 30, 2014 was $0.9 million and $0.7 million, respectively. As of March 29, 2015, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and restricted stock units was approximately $9.7 million. At March 29, 2015, the remaining weighted average vesting period for non-vested restricted shares and restricted stock units was 2.1 years.
  A summary of all non-vested restricted shares and restricted stock units activity for the three months ended March 29, 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
40,098

 
63.34

 
27,508

 
63.93

Vested
(116,123
)
 
18.14

 
(116
)
 
45.04

Forfeited
(92
)
 
13.62

 
(552
)
 
48.92

Outstanding at March 29, 2015
348,380

 
$
26.22

 
47,623

 
$
55.91


The fair value of the non-vested restricted shares and restricted stock units is based on the closing price on the date of grant.
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Business Segment Information
3 Months Ended
Mar. 29, 2015
Segment Reporting [Abstract]
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 as of December 28, 2014, a current income tax receivable.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
March 29, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
86,889

 
$
76,169

 
$

 
$
163,058

Franchise revenue
 
681

 
136

 

 
817

Cost of sales
 
28,539

 
22,584

 

 
51,123

Restaurant wages and related expenses (1)
 
18,754

 
21,836

 

 
40,590

Restaurant rent expense
 
3,649

 
4,358

 

 
8,007

Other restaurant operating expenses
 
10,089

 
9,770

 

 
19,859

Advertising expense
 
2,358

 
3,196

 

 
5,554

General and administrative expense (2)
 
7,797

 
5,967

 

 
13,764

Depreciation and amortization
 
3,739

 
3,108

 

 
6,847

Pre-opening costs
 
870

 
81

 

 
951

Impairment and other lease charges
 

 
94

 

 
94

Interest expense
 
185

 
253

 

 
438

Income before taxes
 
11,590

 
5,430

 

 
17,020

Capital expenditures
 
15,042

 
3,051

 
1,164

 
19,257

March 30, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
71,356

 
$
73,469

 
$

 
$
144,825

Franchise revenue
 
488

 
123

 

 
611

Cost of sales
 
23,229

 
22,300

 

 
45,529

Restaurant wages and related expenses (1)
 
15,265

 
21,241

 

 
36,506

Restaurant rent expense
 
2,917

 
4,287

 

 
7,204

Other restaurant operating expenses
 
8,377

 
9,508

 

 
17,885

Advertising expense
 
1,962

 
3,457

 

 
5,419

General and administrative expense (2)
 
6,240

 
5,911

 

 
12,151

Depreciation and amortization
 
2,577

 
2,768

 

 
5,345

Pre-opening costs
 
533

 
150

 

 
683

Impairment and other lease charges
 
(39
)
 
24

 

 
(15
)
Interest expense
 
287

 
316

 

 
603

Income before taxes
 
10,496

 
3,636

 

 
14,132

Capital expenditures
 
9,821

 
4,649

 
1,759

 
16,229

Identifiable Assets:
 
 
 
 
 
 
 
 
March 29, 2015:
 
$
193,935

 
$
170,170

 
$
5,813

 
$
369,918

December 28, 2014
 
177,923

 
167,729

 
12,304

 
357,956



(1) Includes stock-based compensation expense of $67 for the three months ended March 29, 2015, and $9 for the three months ended March 30, 2014.
(2) Includes stock-based compensation expense of $874 for the three months ended March 29, 2015, and $712 for the three months ended March 30, 2014.
Segment Reporting, Policy [Policy Text Block]
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.
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Net Income per Share
3 Months Ended
Mar. 29, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]
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.
The computation of basic and diluted net income per share is as follows:
 
  
Three Months Ended
 
  
March 29, 2015
 
March 30, 2014
Basic and diluted net income per share:
  
 
 
 
Net income
  
$
10,501

 
$
8,719

Less: income allocated to participating securities
  
(142
)
 
(175
)
Net income available to common stockholders
  
$
10,359

 
$
8,544

Weighted average common shares, basic
 
26,435,166

 
26,201,747

Restricted stock units
 
7,436

 
562

Weighted average common shares, diluted
  
26,442,602

 
26,202,309

 
 
 
 
 
Basic net income per common share
  
$
0.39

 
$
0.33

Diluted net income per common share
 
$
0.39

 
$
0.33

Earnings Per Share, Policy [Policy Text Block]
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.
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Commitments and Contingencies
3 Months Ended
Mar. 29, 2015
Commitments and Contingencies Disclosure [Abstract]
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 three months ended March 29, 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.
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Recent Accounting Pronouncements (Notes)
3 Months Ended
Mar. 29, 2015
Recent Accounting Pronouncements [Abstract]
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 requires debt issuance costs related to a recognized liability to be reported as a direct reduction from the carrying amount of the debt. The new standard does not change the recognition and measurement of debt issuance costs. The Company will reclassify its debt issuance costs from Other assets to Long-term debt, net of current portion for all periods presented when it adopts the standard. For the Company, the new standard is effective for interim and annual periods beginning after December 15, 2015.
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Basis of Presentation Accounting Policies (Policies)
3 Months Ended
Mar. 29, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Policy [Policy Text Block]
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 Period, Policy [Policy Text Block]
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 months ended March 29, 2015 and March 30, 2014 each contained thirteen weeks.
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended March 29, 2015 and March 30, 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 months ended March 29, 2015 and March 30, 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, Policy [Policy Text Block]
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 March 29, 2015, was approximately $70.0 million.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
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, Policy [Policy Text Block]
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.
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Other Liabilities Other Liabilities (Tables)
3 Months Ended
Mar. 29, 2015
Other Liabilities [Abstract]
Other Current Liabilities [Table Text Block]
Other liabilities, current, consisted of the following:
 
March 29, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,095

 
$
3,996

Sales and property taxes
1,710

 
1,933

Accrued occupancy costs
415

 
508

Other
2,249

 
1,873

 
$
8,469

 
$
8,310

Other Noncurrent Liabilities [Table Text Block]
 
March 29, 2015
 
December 28, 2014
Accrued workers' compensation and general liability claims
$
4,095

 
$
3,996

Sales and property taxes
1,710

 
1,933

Accrued occupancy costs
415

 
508

Other
2,249

 
1,873

 
$
8,469

 
$
8,310


Other liabilities, long-term, consisted of the following:
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
The following table presents the activity in the closed-store reserve, of which $1.0 million are included in long-term accrued occupancy costs above at March 29, 2015 and December 28, 2014, with the remainder in other current liabilities:
 
Three Months Ended March 29, 2015
 
Year Ended December 28, 2014
Balance, beginning of period
$
1,251

 
$
1,439

       Additional lease charges, net of recoveries

 
5

Payments, net
(70
)
 
(321
)
Other adjustments
31

 
128

Balance, end of period
$
1,212

 
$
1,251

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Stock-based Compensation Stock-based Compensation (Tables)
3 Months Ended
Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Activity [Table Text Block]
 A summary of all non-vested restricted shares and restricted stock units activity for the three months ended March 29, 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
40,098

 
63.34

 
27,508

 
63.93

Vested
(116,123
)
 
18.14

 
(116
)
 
45.04

Forfeited
(92
)
 
13.62

 
(552
)
 
48.92

Outstanding at March 29, 2015
348,380

 
$
26.22

 
47,623

 
$
55.91

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Business Segment Information Business Segment (Tables)
3 Months Ended
Mar. 29, 2015
Segment Reporting Information [Line Items]
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 as of December 28, 2014, a current income tax receivable.
 
Three Months Ended
 
Pollo Tropical
 
Taco Cabana
 
Other
 
Consolidated
March 29, 2015:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
86,889

 
$
76,169

 
$

 
$
163,058

Franchise revenue
 
681

 
136

 

 
817

Cost of sales
 
28,539

 
22,584

 

 
51,123

Restaurant wages and related expenses (1)
 
18,754

 
21,836

 

 
40,590

Restaurant rent expense
 
3,649

 
4,358

 

 
8,007

Other restaurant operating expenses
 
10,089

 
9,770

 

 
19,859

Advertising expense
 
2,358

 
3,196

 

 
5,554

General and administrative expense (2)
 
7,797

 
5,967

 

 
13,764

Depreciation and amortization
 
3,739

 
3,108

 

 
6,847

Pre-opening costs
 
870

 
81

 

 
951

Impairment and other lease charges
 

 
94

 

 
94

Interest expense
 
185

 
253

 

 
438

Income before taxes
 
11,590

 
5,430

 

 
17,020

Capital expenditures
 
15,042

 
3,051

 
1,164

 
19,257

March 30, 2014:
 
 
 
 
 
 
 
 
Restaurant sales
 
$
71,356

 
$
73,469

 
$

 
$
144,825

Franchise revenue
 
488

 
123

 

 
611

Cost of sales
 
23,229

 
22,300

 

 
45,529

Restaurant wages and related expenses (1)
 
15,265

 
21,241

 

 
36,506

Restaurant rent expense
 
2,917

 
4,287

 

 
7,204

Other restaurant operating expenses
 
8,377

 
9,508

 

 
17,885

Advertising expense
 
1,962

 
3,457

 

 
5,419

General and administrative expense (2)
 
6,240

 
5,911

 

 
12,151

Depreciation and amortization
 
2,577

 
2,768

 

 
5,345

Pre-opening costs
 
533

 
150

 

 
683

Impairment and other lease charges
 
(39
)
 
24

 

 
(15
)
Interest expense
 
287

 
316

 

 
603

Income before taxes
 
10,496

 
3,636

 

 
14,132

Capital expenditures
 
9,821

 
4,649

 
1,759

 
16,229

Identifiable Assets:
 
 
 
 
 
 
 
 
March 29, 2015:
 
$
193,935

 
$
170,170

 
$
5,813

 
$
369,918

December 28, 2014
 
177,923

 
167,729

 
12,304

 
357,956



(1) Includes stock-based compensation expense of $67 for the three months ended March 29, 2015, and $9 for the three months ended March 30, 2014.
(2) Includes stock-based compensation expense of $874 for the three months ended March 29, 2015, and $712 for the three months ended March 30, 2014.

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Net Income per Share (Tables)
3 Months Ended
Mar. 29, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
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
 
  
March 29, 2015
 
March 30, 2014
Basic and diluted net income per share:
  
 
 
 
Net income
  
$
10,501

 
$
8,719

Less: income allocated to participating securities
  
(142
)
 
(175
)
Net income available to common stockholders
  
$
10,359

 
$
8,544

Weighted average common shares, basic
 
26,435,166

 
26,201,747

Restricted stock units
 
7,436

 
562

Weighted average common shares, diluted
  
26,442,602

 
26,202,309

 
 
 
 
 
Basic net income per common share
  
$
0.39

 
$
0.33

Diluted net income per common share
 
$
0.39

 
$
0.33

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Basis of Presentation Basis of Presentation Narrative (Details)
3 Months Ended 12 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Jan. 03, 2016
Dec. 28, 2014
Entity Information [Line Items]
Weeks In Fiscal Period 13 13 53 52
Entity Operated Units [Member] | Pollo Tropical [Member]
Entity Information [Line Items]
Number of Restaurants 130
Entity Operated Units [Member] | Pollo Tropical [Member] | FLORIDA
Entity Information [Line Items]
Number of Restaurants 109
Entity Operated Units [Member] | Pollo Tropical [Member] | GEORGIA
Entity Information [Line Items]
Number of Restaurants 7
Entity Operated Units [Member] | Pollo Tropical [Member] | TENNESSEE
Entity Information [Line Items]
Number of Restaurants 2
Entity Operated Units [Member] | Pollo Tropical [Member] | TEXAS
Entity Information [Line Items]
Number of Restaurants 12
Entity Operated Units [Member] | Taco Cabana [Member]
Entity Information [Line Items]
Number of Restaurants 164
Entity Operated Units [Member] | Taco Cabana [Member] | FLORIDA
Entity Information [Line Items]
Number of Restaurants 1
Entity Operated Units [Member] | Taco Cabana [Member] | GEORGIA
Entity Information [Line Items]
Number of Restaurants 1
Entity Operated Units [Member] | Taco Cabana [Member] | TEXAS
Entity Information [Line Items]
Number of Restaurants 159
Entity Operated Units [Member] | Taco Cabana [Member] | OKLAHOMA
Entity Information [Line Items]
Number of Restaurants 3
Franchised Units [Member] | Pollo Tropical [Member]
Entity Information [Line Items]
Number of Restaurants 37
Franchised Units [Member] | Pollo Tropical [Member] | FLORIDA
Entity Information [Line Items]
Number of Restaurants 5
Franchised Units [Member] | Pollo Tropical [Member] | PUERTO RICO
Entity Information [Line Items]
Number of Restaurants 17
Franchised Units [Member] | Pollo Tropical [Member] | PANAMA
Entity Information [Line Items]
Number of Restaurants 5
Franchised Units [Member] | Pollo Tropical [Member] | GUATEMALA
Entity Information [Line Items]
Number of Restaurants 2
Franchised Units [Member] | Pollo Tropical [Member] | TRINIDAD AND TOBAGO
Entity Information [Line Items]
Number of Restaurants 2
Franchised Units [Member] | Pollo Tropical [Member] | VENEZUELA
Entity Information [Line Items]
Number of Restaurants 2
Franchised Units [Member] | Pollo Tropical [Member] | BAHAMAS
Entity Information [Line Items]
Number of Restaurants 1
Franchised Units [Member] | Pollo Tropical [Member] | DOMINICAN REPUBLIC
Entity Information [Line Items]
Number of Restaurants 1
Franchised Units [Member] | Pollo Tropical [Member] | ECUADOR
Entity Information [Line Items]
Number of Restaurants 1
Franchised Units [Member] | Pollo Tropical [Member] | HONDURAS
Entity Information [Line Items]
Number of Restaurants 1
Franchised Units [Member] | Taco Cabana [Member]
Entity Information [Line Items]
Number of Restaurants 7
Franchised Units [Member] | Taco Cabana [Member] | TEXAS
Entity Information [Line Items]
Number of Restaurants 3
Franchised Units [Member] | Taco Cabana [Member] | NEW MEXICO
Entity Information [Line Items]
Number of Restaurants 4
Maximum [Member]
Entity Information [Line Items]
Weeks In Fiscal Period 53
Minimum [Member]
Entity Information [Line Items]
Weeks In Fiscal Period 52
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Basis of Presentation Fair Value Disclosures (Details) (Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Mar. 29, 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 $ 70
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Other Liabilities Other Liabilities Details (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 29, 2015
Dec. 28, 2014
Dec. 29, 2013
Other current liabilities [Line Items]
Accrued workers' compensation and general liability claims $ 4,095 $ 3,996
Sales and property taxes 1,710 1,933
Accrued occupancy costs 415 508
Other 2,249 1,873
Other Liabilities 8,469 8,310
Other liabilities, long-term [Line Items]
Accrued occupancy costs 12,775 12,254
Deferred compensation 1,410 1,102
Accrued workers' compensation and general liability claims 1,075 977
Other 1,381 1,610
Other Liabilities, Noncurrent 16,641 15,943
Restructuring Reserve 1,212 1,251 1,439
Long-Term Liability [Member]
Other liabilities, long-term [Line Items]
Restructuring Reserve $ 1,000 $ 1,000
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Other Liabilities Restructuring Reserve (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 29, 2015
Dec. 28, 2014
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period $ 1,251 $ 1,439
Additional lease charges, net of recoveries 0 5
Payments, net (70) (321)
Other adjustments 31 128
Balance, end of period 1,212 1,251
Long-Term Liability [Member]
Restructuring Cost and Reserve [Line Items]
Balance, end of period $ 1,000 $ 1,000
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Stock-based Compensation Stock-based Compensation (Details) (Narrative) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense $ 0.9 $ 0.7
Nonvested awards, total compensation cost not yet recognized $ 9.7
Nonvested awards, total compensation cost not yet recognized, period for recognition 2 years 1 month
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 $ 63.34 $ 45.04
Restricted shares, grants in period 40,098 71,891
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
Restricted shares, grants in period 22,597
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 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 $ 45.04
Restricted shares, grants in period 27,508 24,252
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
Restricted shares, grants in period 10,007
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 0
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
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Stock-based Compensation Stock-based Compensation (Details) (USD $)
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
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 $ 20.5
Restricted shares, grants in period 40,098 71,891
Restricted shares, grants in period, weighted average grant date fair value $ 63.34 $ 45.04
Restricted shares, vested in period 116,123
Restricted shares, vested in period, weighted average grant date fair value $ 18.14
Restricted shares, forfeited in period 92
Restricted shares, forfeited in period, weighted average grant date fair value $ 13.62
Non-vested shares, ending 348,380
Non-vested shares weighted average grant date price, ending $ 26.22
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 24,252
Restricted shares, grants in period, weighted average grant date fair value $ 63.93 $ 45.04
Restricted shares, vested in period 116
Restricted shares, vested in period, weighted average grant date fair value $ 45.04
Restricted shares, forfeited in period 552
Restricted shares, forfeited in period, weighted average grant date fair value $ 48.92
Non-vested shares, ending 47,623
Non-vested shares weighted average grant date price, ending $ 55.91
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Business Segment Information Business Segment Details (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Dec. 28, 2014
Segment Reporting Information [Line Items]
Restaurant sales $ 163,058 $ 144,825
Franchise revenue 817 611
Cost of sales 51,123 45,529
Restaurant wages and related expenses 40,590 [1] 36,506 [1]
Restaurant rent expense 8,007 7,204
Other restaurant operating expenses 19,859 17,885
Advertising expense 5,554 5,419
General and administrative expense 13,764 [2] 12,151 [2]
Depreciation and amortization 6,847 5,345
Pre-opening costs 951 683
Impairment and other lease charges 94 (15)
Interest expense 438 603
Income before taxes 17,020 14,132
Total capital expenditures 19,257 16,229
Assets 369,918 357,956
Stock-based compensation 941 721
Pollo Tropical [Member]
Segment Reporting Information [Line Items]
Restaurant sales 86,889 71,356
Franchise revenue 681 488
Cost of sales 28,539 23,229
Restaurant wages and related expenses 18,754 [1] 15,265 [1]
Restaurant rent expense 3,649 2,917
Other restaurant operating expenses 10,089 8,377
Advertising expense 2,358 1,962
General and administrative expense 7,797 [2] 6,240 [2]
Depreciation and amortization 3,739 2,577
Pre-opening costs 870 533
Impairment and other lease charges 0 (39)
Interest expense 185 287
Income before taxes 11,590 10,496
Total capital expenditures 15,042 9,821
Assets 193,935 177,923
Taco Cabana [Member]
Segment Reporting Information [Line Items]
Restaurant sales 76,169 73,469
Franchise revenue 136 123
Cost of sales 22,584 22,300
Restaurant wages and related expenses 21,836 [1] 21,241 [1]
Restaurant rent expense 4,358 4,287
Other restaurant operating expenses 9,770 9,508
Advertising expense 3,196 3,457
General and administrative expense 5,967 [2] 5,911 [2]
Depreciation and amortization 3,108 2,768
Pre-opening costs 81 150
Impairment and other lease charges 94 24
Interest expense 253 316
Income before taxes 5,430 3,636
Total capital expenditures 3,051 4,649
Assets 170,170 167,729
Other [Member]
Segment Reporting Information [Line Items]
Restaurant sales 0 0
Franchise revenue 0 0
Cost of sales 0 0
Restaurant wages and related expenses 0 0
Restaurant rent expense 0 0
Other restaurant operating expenses 0 0
Advertising expense 0 0
General and administrative expense 0 0
Depreciation and amortization 0 0
Pre-opening costs 0 0
Impairment and other lease charges 0 0
Interest expense 0 0
Income before taxes 0 0
Total capital expenditures 1,164 1,759
Assets 5,813 12,304
Restaurant Wages And Related Expenses [Member]
Segment Reporting Information [Line Items]
Stock-based compensation 67 9
General and Administrative Expense [Member]
Segment Reporting Information [Line Items]
Stock-based compensation $ 874 $ 712
[1] (1) Includes stock-based compensation expense of $67 for the three months ended March 29, 2015, and $9 for the three months ended March 30, 2014.
[2] (2) Includes stock-based compensation expense of $874 for the three months ended March 29, 2015, and $712 for the three months ended March 30, 2014.
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Net Income per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 29, 2015
Mar. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income $ 10,501 $ 8,719
Less: income allocated to participating securities 142 175
Net income available to common shareholders $ 10,359 $ 8,544
Weighted average common shares, basic 26,435,166 26,201,747
Restricted stock units 7,436 562
Weighted average common shares, diluted 26,442,602 26,202,309
Basic net income per share $ 0.39 $ 0.33
Diluted net income per share $ 0.39 $ 0.33
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