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Income Taxes
 9 Months Ended
Sep. 25, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

L. Income Taxes

As of September 25, 2021 and December 26, 2020, the Company had approximately $0.8 million of unrecognized income tax benefits as of each date.

 

The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of September 25, 2021 and December 26, 2020, the Company had $0.2 million and $0.2 million, respectively, accrued for interest and penalties recorded in other liabilities.

 

The Internal Revenue Service completed an examination of the 2015 consolidated corporate income tax return and issued a no change report in 2018. The Company’s state income tax returns remain subject to examination for three or four years depending on the state’s statute of limitations. The Company is not currently under any income tax audits as of September 25, 2021.

 

The following table provides a summary of the income tax (benefit) provision for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020:

 

 

 

Thirteen weeks ended

 

 

 

September 25,
2021

 

 

September 26,
2020

 

 

 

(in thousands)

 

Summary of income tax (benefit) provision

 

 

 

 

 

 

Tax (benefit) provision based on net (loss) income

 

$

(17,772

)

 

$

26,325

 

Benefit of ASU 2016-09

 

 

(263

)

 

 

(5,142

)

Total income tax (benefit) provision

 

$

(18,035

)

 

$

21,183

 

 

 

 

 

 

 

 

 

 

Thirty-nine weeks ended

 

 

 

September 25,
2021

 

 

September 26,
2020

 

 

 

(in thousands)

 

Summary of income tax provision

 

 

 

 

 

 

Tax provision based on net income

 

$

23,156

 

 

$

52,029

 

Benefit of ASU 2016-09

 

 

(9,304

)

 

 

(9,481

)

Total income tax provision

 

$

13,852

 

 

$

42,548

 

 

The benefit of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, decreased by $4.8 million to $0.3 million for the thirteen weeks ended September 25, 2021 as compared to $5.1 million for the thirteen weeks ended September 26, 2020, primarily due to decreases in number of shares exercised. The benefit of ASU 2016-09, decreased by $0.2 million to $9.3 million for the thirty-nine weeks ended September 25, 2021 as compared to $9.5 million for the thirty-nine weeks ended September 26, 2020, primarily due to decreases in number of shares exercised.