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Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

(9) Income Taxes

Components of our income tax expense for the years ended December 31, 2024, December 26, 2023, and December 27, 2022 were as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year Ended
​		December 31, 2024			December 26, 2023			December 27, 2022
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	63,816	​	$	21,694	​	$	15,549
State	​		28,992	​		19,105	​		18,120
Foreign	​	​	1,140	​	​	735	​	​	590
Total current	​		93,948	​		41,534	​		34,259
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		(11,096)	​	​	4,518	​		9,664
State	​		(2,707)	​	​	(1,403)	​		(208)
Total deferred	​		(13,803)	​		3,115	​		9,456
Income tax expense	​	$	80,145	​	$	44,649	​	$	43,715

​

Our pre-tax income is substantially derived from domestic restaurants.

A reconciliation of the statutory federal income tax rate to our effective tax rate for December 31, 2024, December 26, 2023, and December 27, 2022 is as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year Ended
​	​	December 31, 2024		​	December 26, 2023		​	December 27, 2022
Tax at statutory federal rate	​	21.0	%	​	21.0	%	​	21.0	%
State and local tax, net of federal benefit	​	3.6	​	​	3.6	​	​	3.7	​
FICA tip tax credit	​	(8.7)	​	​	(11.1)	​	​	(10.5)	​
Work opportunity tax credit	​	(0.5)	​	​	(1.0)	​	​	(1.3)	​
Share-based compensation	​	(0.9)	​	​	(0.5)	​	​	(0.1)	​
Net income attributable to noncontrolling interests	​	(0.4)	​	​	(0.4)	​	​	(0.4)	​
Officers compensation	​	0.6	​	​	0.6	​	​	0.7	​
Other	​	0.6	​	​	0.3	​	​	0.5	​
Total	​	15.3	%	​	12.5	%	​	13.6	%

​

Components of deferred tax liabilities, net were as follows:

​

​	​	​	​	​	​	​
​		December 31, 2024			December 26, 2023
Deferred tax assets:	​	​	​	​	​	​
Deferred revenue—gift cards	​	$	35,915	​	$	32,999
Insurance reserves	​	​	11,768	​	​	8,351
Other reserves	​		2,027	​		1,884
Share-based compensation	​		7,635	​		5,241
Operating lease liabilities	​	​	212,341	​	​	191,422
Deferred compensation	​		26,241	​		21,697
Tax credit carryforwards	​	​	—	​	​	45
Other assets	​		4,430	​		3,907
Total deferred tax asset	​		300,357	​		265,546
Deferred tax liabilities:	​	​	​	​	​	​
Property and equipment	​		(91,161)	​		(90,638)
Goodwill and intangibles	​		(8,693)	​		(9,116)
Operating lease right-of-use asset	​	​	(191,065)	​	​	(171,999)
Other liabilities	​	​	(17,622)	​	​	(16,897)
Total deferred tax liability	​		(308,541)	​		(288,650)
Net deferred tax liability	​	$	(8,184)	​	$	(23,104)

​

We have not provided a valuation allowance for any of our deferred tax assets as their realization is more likely than not.

A reconciliation of the beginning and ending liability for unrecognized tax benefits was as follows:

​

​	​	​
Balance at December 27, 2022	$	3,925
Additions to tax positions related to prior years		964
Additions to tax positions related to current year	​	139
Reductions due to statute expiration	​	(246)
Reductions due to exam settlement		—
Balance at December 26, 2023		4,782
Additions to tax positions related to prior years	​	317
Additions to tax positions related to current year		383
Reductions due to statute expiration		—
Reductions due to exam settlement	​	(221)
Balance at December 31, 2024	$	5,261

​

As of December 31, 2024 and December 26, 2023, the amount of unrecognized tax benefits that would impact the effective tax rate if recognized was $2.9 million and $2.5 million, respectively.

As of December 31, 2024 and December 26, 2023, the total amount of accrued penalties and interest related to uncertain tax provisions was recognized as a part of income tax expense and these amounts were not material.

All entities for which unrecognized tax benefits exist as of December 31, 2024 possess a December tax year-end. As a result, as of December 31, 2024, the tax years ended December 26, 2023, December 27, 2022, and December 28, 2021 remain subject to examination by all tax jurisdictions. As of December 31, 2024, no audits were in process by a tax jurisdiction that, if completed during the next twelve months, would be expected to result in a material change to our unrecognized tax benefits. Additionally, as of December 31, 2024, no event occurred that is likely to result in a significant increase or decrease in the unrecognized tax benefits through December 30, 2025.

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