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Income Taxes

3 Months Ended

Mar. 25, 2014

7.	INCOME TAXES

The effective income tax rate for the 12 weeks ended March 25, 2014 was 32.7% compared to an effective income tax rate of 26.9% for the 12 weeks ended March 19, 2013. The factors that cause the effective tax rates to vary from the federal statutory rate of 35% include the impact of FICA tip and other credits, partially offset by state income taxes and certain non-deductible expenses. The increase in the effective tax rate for the 12 weeks ended March 25, 2014 is primarily attributable to non-deductible stock compensation expense and the impact of certain discrete transactions in the first quarter of 2013, including a reduction in the reserve for unrecognized tax benefits and a higher non-taxable increase in the value of corporate owned life insurance policies underlying the deferred compensation plan investments that reduced income tax expense in the prior year.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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