Acquisition (Tables)

12 Months Ended

Jan. 01, 2017

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

During the year ended January 1, 2017, the Company acquired a total of 56 restaurants from other franchisees, which are referred to as the "2016 acquired restaurants", in the following transactions:



Closing Date		Number of Restaurants	Purchase Price		Number of Fee-Owned Restaurants (1)	Market Location
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
October 4, 2016		3	1,623			Raleigh, North Carolina
November 15, 2016		17	7,251			Pittsburgh and Johnstown, Pennsylvania
December 1, 2016		7	5,807		1	Columbus, Ohio
		56	$	48,088	15

During the year ended January 3, 2016, the Company acquired an aggregate of 55 restaurants from other franchisees, which are referred to as the "2015 acquired restaurants", in the following transactions:



Closing Date		Number of Restaurants	Purchase Price		Number of Fee-Owned Restaurants (1)	Market Location
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


(1)	The 2015 acquisitions included the purchase of 16 fee-owned properties. Three of these fee-owned properties were sold in sale-leaseback transactions during the fourth quarter of 2015 for net proceeds of $4.3 million and 12 fee-owned properties were sold in sale-leaseback transactions during 2016 for net proceeds of $17.7 million.


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

During the year ended December 28, 2014, the Company acquired an aggregate of 123 restaurants from other franchisees, which are referred to as the "2014 acquired restaurants", in the following transactions:



Closing Date		Number of Restaurants	Purchase Price		Number of Fee-Owned Restaurants (1)	Market Location
April 30, 2014	(2)	4	$	681		Fort Wayne, Indiana
June 30, 2014	(2)	4	3,819		1	Pittsburgh, Pennsylvania
July 22, 2014		21	8,609			Rochester, New York and Southern Tier of Western New York
October 8, 2014	(2)	30	20,330		12	Wilmington and Greenville, North Carolina
November 4, 2014	(3)	64	18,761			Nashville, Tennessee; Indiana and Illinois
		123	$	52,200	13


(1)	The 2014 acquisitions included the purchase of 13 fee-owned properties. Ten of these fee-owned properties were sold in sale-leaseback transactions during the fourth quarter of 2014 for net proceeds of $13.0 million and one property was sold in a sale-leaseback transaction in 2015 for net proceeds of $1.1 million.


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


(3)	In connection with the acquisition on November 4, 2014, the Company entered into an agreement with BKC to remodel 46 of the restaurants acquired over a five-year period beginning in 2014.

Schedule of Purchase Price Allocation [Table Text Block]

The following table summarizes the final allocation of the aggregate purchase price for the seven 2016 acquisitions:



Inventory	$	558
Land and buildings	19,387
Restaurant equipment	1,599
Restaurant equipment - subject to capital lease	435
Leasehold improvements	2,464
Franchise fees	1,121
Franchise rights	21,202
Favorable leases	390
Deferred taxes	216
Goodwill	2,431
Capital lease obligations for restaurant equipment	(492		)
Unfavorable leases	(1,152		)
Other liabilities	(71		)
Net assets acquired	$	48,088

The following table summarizes the final allocation of the aggregate purchase price for the eight 2015 acquisitions:



Inventory	$	544
Land and buildings	22,614
Restaurant equipment	2,844
Restaurant equipment - subject to capital lease	443
Leasehold improvements	1,770
Franchise fees	1,000
Franchise rights	20,666
Favorable leases	1,475
Goodwill	2,645
Capital lease obligations for restaurant equipment	(494		)
Unfavorable leases	(324		)
Other liabilities	(433		)
Net assets acquired	$	52,750

The following table summarizes the final allocation of the aggregate purchase price for the five 2014 acquisitions:



Inventory	$	1,267
Land and buildings	15,955
Restaurant equipment	5,818
Restaurant equipment - subject to capital lease	1,381
Leasehold improvements	1,804
Franchise fees	3,064
Franchise rights	17,098
Favorable leases	2,096
Deferred income taxes	1,526
Other assets	65
Goodwill	9,631
Capital lease obligation for restaurant equipment	(1,458		)
Unfavorable leases	(5,912		)
Other liabilities	(135		)
Net assets acquired	$	52,200

Business Acquisition, Pro Forma Information [Table Text Block]

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



	Year Ended
	(53 weeks)		(52 weeks)
	January 3, 2016		December 28, 2014
Restaurant sales	$	918,456	$	862,357
Net income (loss)	$	6,447	$	(27,252	)
Basic and diluted net income (loss) per share	$	0.14	$	(0.88	)

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



	Year Ended
	(52 weeks)			(53 weeks)
	January 1, 2017			January 3, 2016
Restaurant sales	$	984,164		$	986,935
Net income	$	48,264	(1)	$	12,078
Basic and diluted net income per share	$	1.07		$	0.27

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



	Year ended
	December 28, 2014
Restaurant sales	$	793,521
Net loss	$	(31,364	)
Basic and diluted net loss per share	$	(1.02	)

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The weighted average amortization period of the intangible assets acquired is as follows:



	2016 Acquisitions	2015 Acquisitions	2014 Acquisitions
Favorable leases	15.4	15.5	13.4
Unfavorable leases	12.0	6.5	15.0
Franchise rights	28.0	26.6	30.4