XML 43 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Acquisition (Tables)
6 Months Ended
Jul. 02, 2017
Jul. 03, 2016
Business Acquisition [Line Items]    
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the preliminary allocation of the aggregate purchase price for the 2017 acquisitions reflected in the consolidated balance sheet as of July 2, 2017.
Trade and other receivables
$
486

Inventory
566

Prepaid expenses
192

Other assets
52

Restaurant equipment
3,244

Restaurant equipment - subject to capital lease
235

Leasehold improvements
2,326

Franchise fees
1,292

Franchise rights (Note 3)
24,156

Favorable leases (Note 3)
1,100

Deferred income taxes
(4,456
)
Goodwill (Note 3)
13,477

Capital lease obligations for restaurant equipment
(278
)
Unfavorable leases (Note 3)
(2,997
)
Accounts payable
(880
)
Accrued payroll, related taxes and benefits
(270
)
Other liabilities
(1,682
)
Net assets acquired
$
36,563

Since the beginning of 2016, the Company has acquired an aggregate of 116 restaurants from other franchisees in the following transactions, some of which were subject to the ROFR:
Closing Date
 
Number of Restaurants
 
Purchase Price
 
Fee-Owned (1)
Market Location
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
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

 
2017 Acquisitions:
 
 
 
 
 
 
 
February 28, 2017
 
43

 
20,373

 
 
Cincinnati, Ohio
June 6, 2017
(2)
17

 
16,190

(3)
 
Baltimore, Maryland and Washington, DC
Total 2016 and 2017 Acquisitions
 
116

 
$
84,651

 
15

 

(1)
The 2016 acquisitions included the purchase of 15 fee-owned restaurants, of which 14 were sold in sale-leaseback transactions during 2016 for net proceeds of $19.1 million.
(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
 
Six Months Ended
 
July 2, 2017
 
July 3, 2016
 
July 2, 2017
 
July 3, 2016
Restaurant sales
$
285,952

 
$
266,630

 
$
541,112

 
$
523,210

Net income
$
6,659

 
$
12,481

 
$
1,716

 
$
16,629

Basic and diluted net income per share
$
0.15

 
$
0.28

 
$
0.04

 
$
0.37