v3.2.0.727
Condensed Consolidated Statement of Income (Loss) - Equity Component [Domain] - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jul. 01, 2015
Jun. 25, 2014
Jul. 01, 2015
Jun. 25, 2014
Shack sales $ 46,583 $ 26,183 $ 82,630 $ 48,823
Licensing revenue 1,867 1,554 3,628 3,110
TOTAL REVENUE 48,450 27,737 86,258 51,933
Shack-level operating expenses:        
Food and paper costs 13,717 7,995 24,721 14,908
Labor and related expenses 11,168 6,684 20,269 12,937
Other operating expenses 3,723 2,585 7,203 4,961
Occupancy and related expenses 3,859 2,226 7,042 4,119
General and administrative expenses 6,052 3,629 24,437 6,992
Depreciation expense 2,447 1,334 4,638 2,565
Pre-opening costs 1,240 1,129 2,653 2,062
Loss on disposal of property and equipment 0 13 0 18
TOTAL EXPENSES 42,206 25,595 90,963 48,562
OPERATING INCOME 6,244 2,142 (4,705) 3,371
Interest expense, net 84 56 162 91
INCOME BEFORE INCOME TAXES 6,160 2,086 (4,867) 3,280
Income tax expense 1,015 137 1,248 239
NET INCOME 5,145 1,949 (6,115) 3,041
Less: net income attributable to non-controlling interests 4,027 0 5,435 0
Net income attributable to Shake Shack Inc. $ 1,118 $ 1,949 $ (11,550) $ 3,041
Earnings per share of Class A common stock(1):        
Basic (in USD per share) [1] $ 0.09 $ 0.07 $ (0.96) $ 0.10
Diluted (in USD per share) [1] $ 0.08 $ 0.06 $ (0.96) $ 0.10
Weighted-average shares of Class A common stock outstanding(1):        
Basic (shares) [1] 12,058 29,963 12,006 29,963
Diluted (shares) [1] 13,339 30,127 12,006 30,126
Pro forma earnings per share of Class A common stock        
Basic (in USD per share) [2]     $ (0.05)  
Diluted (in USD per share) [2]     $ (0.05)  
Pro forma        
Shack-level operating expenses:        
Income tax expense [2]     $ (1,013)  
Net income attributable to Shake Shack Inc. [2]     $ (581)  
[1] Amounts for the thirteen and twenty-six weeks ended June 25, 2014 have been retroactively adjusted to give effect to the recapitalization transactions that occurred in connection with our initial public offering, including the amendment and restatement of the limited liability company agreement of SSE Holdings, LLC to, among other things, (i) provide for a new single class of common membership interests and (ii) exchange all of the then-existing members’ ownership interests for the newly-created membership interests. The computation does not consider the 5,750,000 shares of Class A common stock issued to investors in our initial public offering or the 339,306 shares of Class A common stock issued upon settlement of outstanding unit appreciation rights. See Note 11.
[2] The pro forma financial information presented has been computed to reflect a benefit from income taxes assuming our initial public offering and related organizational transactions occurred on January 1, 2015. See Note 10.