Quarterly Financial Data (unaudited)

12 Months Ended

Jan. 02, 2018

Quarterly Financial Data (unaudited)

17. Quarterly Financial Data (unaudited)

Summarized unaudited quarterly financial data for fiscal 2017 and 2016 is as follows (in thousands, except per share data):

Quarter Ended:	April 4, 2017		July 4, 2017		October 3, 2017		January 2, 2018
Revenues	$	563,426	$	569,869	$	555,392	$	571,815
Income from operations (1)	$	43,563	$	50,218	$	34,317	$	22,747
Net income (1)(2)	$	35,043	$	38,166	$	26,445	$	57,738
Basic net income per share (3)	$	0.74	$	0.80	$	0.57	$	1.26
Diluted net income per share (3)	$	0.71	$	0.78	$	0.56	$	1.24
Cash dividends declared per common share	$	0.24	$	0.24	$	0.29	$	0.29

Quarter Ended:	March 29, 2016		June 28, 2016		September 27, 2016		January 3, 2017
Revenues	$	553,693	$	558,862	$	560,018	$	603,146
Income from operations (1)	$	48,594	$	55,190	$	50,063	$	47,146
Net income (1)	$	33,954	$	38,585	$	34,574	$	32,381
Basic net income per share (3)	$	0.70	$	0.80	$	0.72	$	0.68
Diluted net income per share (3)	$	0.68	$	0.78	$	0.70	$	0.66
Cash dividends declared per common share	$	0.20	$	0.20	$	0.24	$	0.24

(1)

Income from operations included $0.8 million, $0.4 million and $9.1 million of accelerated depreciation and impairment expense in the first, second and fourth quarters of fiscal 2017, respectively, and $0.1 million of accelerated depreciation expense in the fourth quarter of fiscal 2016. The impact to net income of these items was $0.4 million, $0.3 million, $5.5 million and $0.1 million, respectively. These amounts were recorded in impairment of assets and lease terminations in the consolidated statements of income. (See Note 1 for further discussion of impairment of assets and lease terminations.)

(2)

The fourth quarter of fiscal 2017 includes a $38.5 million benefit to our income tax provision related to the Tax Act. (See Note 14 for further discussion of income taxes.)

(3)

Net income per share calculations for each quarter are based on the weighted average diluted shares outstanding for that quarter and may not total to the full year amount.

While seasonal fluctuations generally do not have a material impact on our quarterly results, the year-over-year comparison of our quarterly results can be significantly impacted by the number and timing of new restaurant openings and associated preopening costs, the calendar days of the week on which holidays occur, the impact from inclement weather and other climatic conditions, the additional week in a 53-week fiscal year and other variations in revenues and expenses. As a result of these factors, our financial results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.