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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 02, 2024

Summary of Significant Accounting Policies

Schedule of depreciation and amortization periods


Buildings and land improvements		30 years
Leasehold improvements		10 to 30 years
Furnishings, fixtures and equipment		3 to 15 years	⁽¹⁾
Computer software and equipment		5 years

(1)

Other than certain types of restaurant equipment with estimated useful lives that equal or exceed the reasonably certain lease term, in which case the reasonably certain lease term is utilized.

Schedule of components of intangible assets, net

The following table presents components of intangible assets, net (in thousands):


		Fiscal year ended
		January 2, 2024			January 3, 2023
Indefinite-lived intangible assets:
Goodwill		$	1,451		$	1,451
Trade names and trademarks			234,341			234,077
Transferable alcoholic beverage licenses			7,923			7,683
Total indefinite-lived intangible assets			243,715			243,211
Definite-lived intangible assets, net:
Licensing agreements			4,602			5,092
Non-transferable alcoholic beverage licenses			3,410			3,221
Total definite-lived intangible assets			8,012			8,313
Total intangible assets, net		$	251,727		$	251,524

Schedule of basic and diluted net income (loss) per share


		Fiscal Year
		2023			2022			2021

		(In thousands, except per share data)
Basic net income per common share:
Net income		$	101,351		$	43,123		$	72,373
Dividends on Series A preferred stock			—			—			(18,661)
Undistributed earnings allocated to Series A preferred stock			—			—			(4,581)
Net income available to common stockholders			101,351			43,123			49,131
Basic weighted-average shares outstanding			48,324			49,815			47,529
Basic net income per common share		$	2.10		$	0.87		$	1.03

Diluted net income per common share:
Net income available to common stockholders			101,351			43,123			49,131
Reallocation of undistributed earnings to Series A preferred stock			—			—			85
Net income available to common stockholders for diluted EPS			101,351			43,123			49,216
Basic weighted-average shares outstanding			48,324			49,815			47,529
Dilutive effect of equity awards ⁽¹⁾			726			599			981
Diluted weighted-average shares outstanding			49,050			50,414			48,510
Diluted net income per common share		$	2.07		$	0.86		$	1.01

(1)

Shares of common stock equivalents related to outstanding stock options, restricted stock and restricted stock units of 2.9 million, 3.3 million and 1.9 million for fiscal 2023, 2022 and 2021, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. No shares of common stock equivalents related to the Notes were included in the diluted calculation due to their anti-dilutive effect.