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Quarterly Data (Unaudited)
 12 Months Ended
Dec. 25, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Data (Unaudited) Quarterly Data (Unaudited)
 
The results for each quarter include all adjustments which, in our opinion, are necessary for a fair presentation of the results for interim periods. All adjustments are of a normal and recurring nature.

Selected consolidated financial data for each quarter of fiscal 2019 and 2018 are set forth below:
 
Fiscal Year Ended December 25, 2019
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
(In thousands, except per share data)
Company restaurant sales (1)
$
98,545

 
$
95,447

 
$
63,582

 
$
48,803

Franchise and licensing revenue (1)
52,866

 
56,437

 
60,676

 
65,033

Total operating revenue (1)
151,411

 
151,884

 
124,258

 
113,836

Total operating costs and expenses (1)
127,280

 
105,769

 
56,084

 
87,273

Operating income (1)
$
24,131

 
$
46,115

 
$
68,174

 
$
26,563

Net income (1)
$
15,490

 
$
34,239

 
$
49,122

 
$
18,559

Basic net income per share (1)(2) 
$
0.25

 
$
0.57

 
$
0.83

 
$
0.32

Diluted net income per share (1)(2)
$
0.24

 
$
0.55

 
$
0.80

 
$
0.31


 
Fiscal Year Ended December 26, 2018
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
(In thousands, except per share data)
Company restaurant sales
$
101,193

 
$
102,741

 
$
103,609

 
$
104,389

Franchise and licensing revenue
54,080

 
54,593

 
54,414

 
55,160

Total operating revenue 
155,273

 
157,334

 
158,023

 
159,549

Total operating costs and expenses 
138,848

 
138,374

 
139,554

 
139,789

Operating income 
$
16,425

 
$
18,960

 
$
18,469

 
$
19,760

Net income
$
9,759

 
$
11,626

 
$
10,805

 
$
11,503

Basic net income per share (2) 
$
0.15

 
$
0.18

 
$
0.17

 
$
0.19

Diluted net income per share (2)
$
0.15

 
$
0.18

 
$
0.16

 
$
0.18


(1)
During 2019, the Company migrated from a 90% franchised business model to one that is 96% franchised by selling company owned restaurants to franchisees which resulted in, among other items, a reduction in revenues and the recording of approximately $82.9 million of gains. In addition, the Company also recorded an additional $11.9 million of gains related to the sale of real estate. See Note 4 and Note 5 for details.
(2)
Per share amounts do not necessarily sum to the total year amounts due to changes in shares outstanding and rounding.