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Income Taxes
3 Months Ended
Mar. 28, 2017
Income Taxes  
Income Taxes

(4)     Income Taxes

 

A reconciliation of the statutory federal income tax rate to our effective tax rate for the 13 weeks ended March 28, 2017 and March 29, 2016 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

   

 

 

 

   

March 28, 2017

   

March 29, 2016

   

 

 

Tax at statutory federal rate

 

35.0

%  

35.0

%  

 

 

State and local tax, net of federal benefit

 

3.4

 

3.5

 

 

 

FICA tip tax credit

 

(7.0)

 

(7.0)

 

 

 

Work opportunity tax credit

 

(0.8)

 

(0.7)

 

 

 

Stock compensation

 

(3.2)

 

 

 

 

Net income attributable to noncontrolling interests

 

(1.1)

 

(0.9)

 

 

 

Other

 

0.2

 

0.1

 

 

 

Total

 

26.5

%  

30.0

%  

 

 

 

As a result of the adoption of ASU 2016-09, excess tax benefits and tax deficiencies from share-based compensation are recognized within the income tax provision in the period in which the restricted shares vest or options are exercised.  During the 13 weeks ended March 28, 2017, we recognized $1.6 million as an income tax benefit, which resulted in a 3.2% impact on the tax rate.  Prior to the adoption of ASU 2016-09, excess tax benefits and deficiencies were recognized in additional paid-in capital in the unaudited condensed consolidated balance sheets. 

 

During the 13 weeks ended March 28, 2017, we adopted ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which required deferred tax assets and liabilities to be classified as noncurrent on our condensed consolidated balance sheet.  We adopted ASU 2015-17 on a prospective basis.