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Income Taxes (Tables)

12 Months Ended

Jan. 03, 2017

Income Taxes

Schedule of provision for income taxes

The provision for income taxes consisted of the following (in thousands):

		Fiscal Year
		2016			2015			2014
Income before income taxes		$	191,768		$	159,352		$	138,544
Income tax provision/(benefit):
Current:
Federal		$	42,665		$	32,765		$	28,687
State		10,614			8,880			8,377
Total current		53,279			41,645			37,064
Deferred:
Federal		(564		)	2,659			480
State		(441		)	(1,475		)	(276		)
Total deferred		(1,005		)	1,184			204
Total provision		$	52,274		$	42,829		$	37,268

Schedule of reconciliation between U.S. federal statutory rate and effective tax rate

		Fiscal Year
		2016		2015		2014
U.S. federal statutory rate		35.0	%	35.0	%	35.0	%
State and district income taxes, net of federal benefit		3.5		3.0		3.8
FICA tip credit		(7.0	)	(8.0	)	(8.4	)
Other credits and incentives		(1.3	)	(1.0	)	(0.7	)
Manufacturing deduction		(2.5	)	(2.8	)	(2.9	)
Deferred compensation		(0.5	)	0.3		(0.4	)
Other		0.1		0.4		0.5
Effective tax rate		27.3	%	26.9	%	26.9	%

Schedule of deferred tax assets and liabilities

Following are the temporary differences that created our deferred tax assets and liabilities (in thousands):

		January 3, 2017			December 29, 2015
Deferred tax assets:
Employee benefits		$	32,258		$	28,856
Insurance reserves		20,932			19,399
Accrued rent		20,583			21,504
Stock-based compensation		15,384			16,100
Deferred income		14,409			11,406
Tax credit carryforwards		2,247			2,694
Other		957			794
Subtotal		106,770			100,753
Less: Valuation allowance		(457		)	(618		)
Total		$	106,313		$	100,135
Deferred tax liabilities:
Property and equipment		$	(166,183	)	$	(160,764	)
Inventory		(10,339		)	(10,154		)
Prepaid expenses		(12,192		)	(11,741		)
Total		$	(188,714	)	$	(182,659	)
Net deferred tax liability		$	(82,401	)	$	(82,524	)

Schedule of reconciliation of our uncertain tax positions

A reconciliation of the beginning and ending amount of our uncertain tax positions is as follows (in thousands):

		Fiscal Year
		2016			2015			2014
Balance at beginning of year		$	1,067		$	875		$	802
Additions related to current period tax positions		139			192			233
Reductions related to settlements with taxing authorities and lapses of statutes of limitations		(377		)	(0		)	(160		)
Balance at end of year		$	829		$	1,067		$	875

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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