Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of lease cost

The following table presents the Company’s total lease cost, disaggregated by underlying asset (in thousands):

	Thirteen Weeks Ended
	March 31, 2021						March 25, 2020
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	20	$	—	$	20	$	—	$	—	$	—
Interest on lease liabilities		15		—		15		6		—		6
Operating lease cost		6,814		301		7,115		6,530		324		6,854
Short-term lease cost		—		5		5		—		2		2
Variable lease cost		122		107		229		104		14		118
Sublease income		(796)		—		(796)		(778)		—		(778)
Total lease cost	$	6,175	$	413	$	6,588	$	5,862	$	340	$	6,202

The following table presents the Company’s total lease cost on the condensed consolidated statements of income (in thousands):

	March 31, 2021		March 25, 2020
Lease cost – Occupancy and other operating expenses	$	6,231	$	5,879
Lease cost – General & administrative		116		111
Lease cost – Depreciation and amortization		20		—
Lease cost – Interest expense		15		6
Lease cost – Closed-store reserve		206		206
Total lease cost	$	6,588	$	6,202

During the thirteen weeks ended March 31, 2021 and March 25, 2020, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

	March 31, 2021								March 25, 2020
	Property			Equipment					Property			Equipment
	Leases			Leases			Total		Leases			Leases			Total
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	5,377		$	296		$	5,673	$	6,260		$	309		$	6,569
Financing cash flows used for finance leases	$	10		$	7		$	17	$	8		$	—		$	8
Non-cash investing and financing activities:
Operating lease ROU assets obtained in exchange for lease liabilities:
Operating lease ROU assets	$	4,749		$	—		$	4,749	$	307		$	12		$	319
Finance lease ROU assets obtained in exchange for lease liabilities:
Finance lease ROU assets	$	—		$	196		$	196	$	—		$	—		$	—
Derecognition of ROU assets due to terminations, impairment or modifications	$	(63)		$	(39)		$	(102)	$	(543)		$	—		$	(543)
Other Information
Weighted-average remaining years in lease term—finance leases		18.84			4.77					2.58			—
Weighted-average remaining years in lease term—operating leases		11.38			2.09					11.94			2.97
Weighted-average discount rate—finance leases		2.51	%		1.54	%				11.10	%		—
Weighted-average discount rate—operating leases		4.35	%		3.92	%				4.35	%		3.95	%

Schedule of Capital Leases

Information regarding the Company’s minimum future lease obligations as of March 31, 2021 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 29, 2021	$	140	$	21,694	$	2,302
December 28, 2022		190		27,051		3,383
December 27, 2023		145		24,717		3,346
December 25, 2024		145		22,428		3,231
December 31, 2025		141		19,989		2,881
Thereafter		1,690		129,774		24,475
Total	$	2,451	$	245,653	$	39,618
Less: imputed interest (1.54% - 4.35%)		(499)		(47,056)
Present value of lease obligations		1,952		198,597
Less: current maturities		(134)		(19,949)
Noncurrent portion	$	1,818	$	178,648

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of March 31, 2021 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 29, 2021	$	140	$	21,694	$	2,302
December 28, 2022		190		27,051		3,383
December 27, 2023		145		24,717		3,346
December 25, 2024		145		22,428		3,231
December 31, 2025		141		19,989		2,881
Thereafter		1,690		129,774		24,475
Total	$	2,451	$	245,653	$	39,618
Less: imputed interest (1.54% - 4.35%)		(499)		(47,056)
Present value of lease obligations		1,952		198,597
Less: current maturities		(134)		(19,949)
Noncurrent portion	$	1,818	$	178,648