XML 34 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 30, 2011
Income Taxes [Abstract]  
Income Taxes

Note 13 – Income Taxes

The provision for income taxes consists of the following for the years ended December 30, 2011, December 24, 2010, and December 25, 2009:

 

                         
    December 30,
2011		     December 24,
2010		     December 25,
2009		  

Current income tax expense (benefit)

   $       $       $    

Federal

     3,392       4,035       1,908  

State

     1,047       1,002       (64 ) 
   

 

 

    

 

 

    

 

 

  

Total current income tax expense

     4,439       5,037       1,844  
   

 

 

    

 

 

    

 

 

  

Deferred income tax expense (benefit)

                        

Federal

     877       (1,983 )      316  

State

     287       (487 )      53  
   

 

 

    

 

 

    

 

 

  

Total deferred income tax expense (benefit)

     1,164       (2,470 )      369  
   

 

 

    

 

 

    

 

 

  

Total income tax expense

   $ 5,603     $ 2,567     $ 2,213  
   

 

 

    

 

 

    

 

 

  

The income tax expense differed from the total statutory income tax expense as computed by applying the statutory federal income tax rate to income before taxes. The reasons for the differences for the years ended December 30, 2011, December 24, 2010, and December 25, 2009 are set forth and quantified as follows:

 

                         
    December 30,
2011		     December 24,
2010		     December 25,
2009		  

Statutory U.S. Federal tax

   $ 4,522     $ 6,270     $ 3,799  

Differences due to:

                        

Non-taxable operating results

     —         (1,792 )      (987 ) 

Other permanent differences

     111       114       78  

State and local taxes, net of federal benefit

     880       548       419  

Change to C-Corp status

     —         (2,744 )      —    

Change in prior year tax estimate

     —         411       (966 ) 

Other, net

     90       (240 )      (130 ) 
   

 

 

    

 

 

    

 

 

  
    $ 5,603     $ 2,567     $ 2,213  
   

 

 

    

 

 

    

 

 

  

Deferred tax assets and liabilities at December 30, 2011 and December 24, 2010 consist of the following:

 

                 
    December 30,
2011		     December 24,
2010		  

Current deferred tax assets:

                

Receivables and inventory

   $ 1,832     $ 1,562  

Unrealized loss on swap

     —         35  

Paid time off accrual

     274       325  

Other

     54       224  
   

 

 

    

 

 

  

Current deferred tax assets

     2,160       2,146  

Current deferred tax liabilities:

                

Deduction of prepaid expenses

     (702 )      (495 ) 

Other

     (10 )         
   

 

 

    

 

 

  

Current deferred taxes, net

   $ 1,448     $ 1,651  
   

 

 

    

 

 

  

Non-current deferred tax assets:

                

Goodwill

   $ 1,424     $ 2,263  

Rent accrual

     485       629  

Reserve on deposits

     —         —    

Other

     4       25  
   

 

 

    

 

 

  

Non-current deferred tax asset

     1,913       2,917  

Non-current deferred tax liabilities:

                

Property & equipment

     (512 )      (555 ) 
   

 

 

    

 

 

  

Non-current deferred tax liabilities

     (512 )      (555 ) 
   

 

 

    

 

 

  

Non-current deferred tax asset, net

   $ 1,401     $ 2,362  
   

 

 

    

 

 

  

 

The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions. For Federal income tax purposes, the 2008 through 2011 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2011. For state tax purposes, the 2008 through 2011 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.

At December 30, 2011 and December 24, 2010, the Company had no uncertain tax positions.