Acquisition (Tables)

9 Months Ended

Oct. 02, 2016

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table summarizes the allocation of the aggregate purchase price for the 2016 Acquisitions:

Inventory	$	304
Land and buildings	17,872
Restaurant equipment	772
Restaurant equipment - subject to capital lease	435
Leasehold improvements	1,070
Franchise fees	505
Franchise rights (Note 3)	12,537
Favorable leases (Note 3)	73
Goodwill (Note 3)	1,366
Capital lease obligations for restaurant equipment	(491		)
Unfavorable leases (Note 3)	(1,036		)
Net assets acquired	$	33,407

Since the beginning of 2015, the Company has acquired an aggregate of 84 restaurants from other franchisees in the following transactions:

Closing Date		Number of Restaurants	Purchase Price		Number of Fee-Owned Restaurants (1)	Market Location
2015 Acquisitions:
March 31, 2015		4	$	794		Northern Vermont
August 4, 2015		5	663			Charlotte, North Carolina
October 1, 2015	(2)	5	5,044		1	Wheeling, West Virginia
October 20, 2015		1	709			Kalamazoo, Michigan
November 17, 2015		2	618			Evansville, Indiana
November 17, 2015	(2)	6	10,945		5	Evansville, Indiana
December 1, 2015	(2)	23	26,175		10	Detroit, Michigan
December 8, 2015		9	7,802			Northern New Jersey
		55	52,750		16
2016 Acquisitions:
February 23, 2016	(2)	12	7,127			Scranton/Wilkes-Barre, Pennsylvania
May 25, 2016		6	12,080		5	Detroit, Michigan
July 14, 2016	(2)	4	5,445		3	Detroit, Michigan
August 23, 2016		7	8,755		6	Portland, Maine
		29	33,407		14
Total 2015 and 2016 Acquisitions		84	$	86,157	30

(1) The 2015 and 2016 acquisitions included the purchase of 30 fee-owned restaurants. Three of these fee-owned restaurants were sold in sale-leaseback transactions during 2015 for net proceeds of $4.3 million and an additional seventeen fee-owned restaurants were sold in sale-leaseback transactions in the first nine months of 2016 for net proceeds of $24.9 million. Eight of the remaining fee-owned restaurants at October 2, 2016 are expected to be sold in sale-leaseback transactions during the remainder of 2016, although there can be no assurance that such transactions will be completed in 2016 or at all.

(2) Acquisitions resulting from the exercise of the ROFR.

Business Acquisition, Pro Forma Information [Table Text Block]

The following table summarizes the Company's unaudited pro forma operating results:

	Three Months Ended				Nine Months Ended
	October 2, 2016		September 27, 2015		October 2, 2016		September 27, 2015
Restaurant sales	$	240,370	$	244,845	$	716,008	$	709,171
Net income (loss)	$	4,950	$	9,705	$	17,691	$	(727	)
Basic and diluted net income (loss) per share	$	0.11	$	0.22	$	0.39	$	(0.02	)