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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of provision for income taxes

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year
​		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Income before income taxes	​	$	171,047	​	$	100,014	​	$	32,892
Income tax provision/(benefit):	​	​	​	​	​	​	​	​	​
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	10,638	​	$	7,183	​	$	3,520
State	​		9,688	​		7,195	​		4,895
Total current	​		20,326	​		14,378	​		8,415
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		(7,542)	​		(15,329)	​		(17,733)
State	​		1,480	​		(386)	​		(913)
Total deferred	​		(6,062)	​		(15,715)	​		(18,646)
Total provision/(benefit)	​	$	14,264	​	$	(1,337)	​	$	(10,231)

​

Schedule of reconciles the U.S. federal statutory rate to the effective tax rate

​

​	​	​	​	​	​	​	​
​		Fiscal Year
​		2024		2023		2022
​	​	​	​	​	​	​	​
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
State and district income taxes, net of federal benefit		5.0	​	5.4	​	8.9	​
Credit for FICA taxes paid on tips		(16.3)	​	(24.9)	​	(66.4)	​
Other credits and incentives		(1.0)	​	(2.2)	​	(10.7)	​
Deferred compensation		(1.6)	​	(2.4)	​	9.7	​
Equity compensation	​	1.2	​	1.5	​	5.5	​
Uncertain tax positions	​	(0.9)	​	(0.7)	​	(2.3)	​
Non-deductible executive compensation	​	1.0	​	0.8	​	2.8	​
Other		(0.1)	​	0.2	​	0.4	​
Effective tax rate		8.3	%	(1.3)	%	(31.1)	%

Schedule of deferred tax assets and liabilities

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

​

​	​	​	​	​	​	​
​		December 31, 2024			January 2, 2024
Deferred tax assets:	​	​	​	​	​	​
Staff member benefits	​	$	40,500	​	$	35,932
Insurance reserves	​		15,244	​		14,931
Operating lease liability	​	​	335,034	​	​	324,587
Deferred income	​		39,248	​		38,074
Tax credit carryforwards	​		79,933	​		74,004
Goodwill	​		21,393	​		22,743
Stock-based compensation	​	​	10,788	​	​	10,789
State and foreign net operating loss carryforwards	​	​	1,331	​	​	1,640
Other	​	​	867	​	​	674
Subtotal	​		544,338	​		523,374
Less: Valuation allowance	​		(601)	​		(1,444)
Total	​	$	543,737	​	$	521,930
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Property and equipment	​	$	(129,504)	​	$	(121,219)
Prepaid expenses	​		(8,435)	​		(8,933)
Inventory	​		(9,194)	​		(8,882)
Accrued rent	​	​	(5,867)	​	​	(5,889)
Operating lease asset	​	​	(291,991)	​	​	(284,244)
Other	​	​	(896)	​	​	(819)
Total	​	$	(445,887)	​	$	(429,986)
​	​	​	​	​	​	​
Net deferred tax asset	​	$	97,850	​	$	91,944

Schedule of reconciliation of our uncertain tax positions

​

​	​	​	​	​	​	​	​	​	​
​		Fiscal Year
​		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Balance at beginning of year	​	$	3,847	​	$	3,787	​	$	4,799
(Reductions)/additions related to prior year tax positions	​	​	(419)	​	​	181	​	​	227
Reductions related to current period tax positions	​		(32)	​		(121)	​		(54)
Reductions related to settlements with taxing authorities	​		—	​		—	​		(1,185)
Balance at end of year	​	$	3,396	​	$	3,847	​	$	3,787

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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 of the change in unrecognized tax benefits.

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