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Note Q - Leases | 6 Months Ended
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Sep. 25, 2022
Notes to Financial Statements |
Leases, Disclosure [Text Block] | NOTE Q – LEASES The Company is party as lessee to various leases for its Company-owned restaurants and lessee/sublessor to one franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment. Company as lessee The components of the net lease cost for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 were as follows (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 25, 2022 |  |  | September 26, 2021 |  |  | September 25, 2022 |  |  | September 26, 2021 |
Operating lease cost |  | $ | 408 |  |  | $ | 413 |  |  | $ | 836 |  |  | $ | 845 |
Variable lease cost |  |  | 482 |  |  |  | 524 |  |  |  | 850 |  |  |  | 966 |
Less: Sublease income, net |  |  | (20 | ) |  |  | (5 | ) |  |  | (42 | ) |  |  | (21 | )
Total net lease cost |  | $ | 870 |  |  | $ | 932 |  |  | $ | 1,644 |  |  | $ | 1,790 |
The following table presents the components of the net lease cost on the Consolidated Statements of Earnings for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 25, 2022 |  |  | September 26, 2021 |  |  | September 25, 2022 |  |  | September 26, 2021 |
Restaurant operating expenses |  | $ | 712 |  |  | $ | 770 |  |  | $ | 1,319 |  |  | $ | 1,470 |
General and administrative expenses |  |  | 178 |  |  |  | 167 |  |  |  | 367 |  |  |  | 341 |
Less: Other income, net |  |  | (20 | ) |  |  | (5 | ) |  |  | (42 | ) |  |  | (21 | )
Total net lease cost |  | $ | 870 |  |  | $ | 932 |  |  | $ | 1,644 |  |  | $ | 1,790 |
Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 25, 2022 |  |  | September 26, 2021 |  |  | September 25, 2022 |  |  | September 26, 2021 |
Operating cash flows from operating leases |  | $ | 370 |  |  | $ | 183 |  |  | $ | 734 |  |  | $ | 357 |
The weighted average remaining lease term and weighted-average discount rate for operating leases as of September 25, 2022 were as follows:
Weighted average remaining lease term (years): |  |  | 5.8 |
Weighted average discount rate: |  |  | 8.881 | %
Future lease commitments to be paid and received by the Company as of September 25, 2022 were as follows (in thousands):
|  | Payments |  |  | Receipts |  |  |  |  |
|  | Operating Leases |  |  | Subleases |  |  | Net Leases |
Fiscal year: |  |  |  |  |  |  |  |  |  |  |  |
2023 (a) |  | $ | 762 |  |  | $ | 84 |  |  | $ | 678 |
2024 |  |  | 1,774 |  |  |  | 271 |  |  |  | 1,503 |
2025 |  |  | 1,678 |  |  |  | 274 |  |  |  | 1,404 |
2026 |  |  | 1,712 |  |  |  | 278 |  |  |  | 1,434 |
2027 |  |  | 1,726 |  |  |  | 281 |  |  |  | 1,445 |
Thereafter |  |  | 2,036 |  |  |  | 624 |  |  |  | 1,412 |
Total lease commitments |  | $ | 9,688 |  |  | $ | 1,812 |  |  | $ | 7,876 |
Less: Amount representing interest |  |  | 2,087 |  |  |  |  |  |  |  |  |
Present value of lease liabilities (b) |  | $ | 7,601 |  |  |  |  |  |  |  |  |
| (a) | Represents future lease commitments to be paid and received by the Company for the remainder of the 2023 fiscal year. Amount does not include $884 of lease commitments paid and received by the Company for the twenty-six week period ended September 25, 2022.
| (b) | The present value of minimum operating lease payments of $1,849 and $5,752 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively on the Consolidated Balance Sheet.
Company as lessor The components of net lease income for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 were as follows (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 25, 2022 |  |  | September 26, 2021 |  |  | September 25, 2022 |  |  | September 26, 2021 |
Operating lease income, net |  | $ | 20 |  |  | $ | 5 |  |  | $ | 42 |  |  | $ | 21 |

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