Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 25, 2016
Dec. 27, 2015
Dec. 28, 2014
Cash flows from operating activities:      
Net income (loss) $ 30,465 $ 30,004 $ 16,455
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 13,434 12,520 13,185
Deferred income taxes 9,384 9,519 753
Non-cash interest expense 421 421 421
(Gain) loss on impairment and asset disposals (108) 15,805
Amortization of below market lease 129
Stock-based compensation expense 5,834 4,087 2,821
Changes in operating assets and liabilities:      
Accounts receivables (2,259) 1,957 (7,049)
Inventories 83 (273) (151)
Prepaid expenses and other (1,187) 32 1,193
Other assets 96 92 200
Accounts payable and accrued expenses (5,213) (3,763) (2,669)
Deferred revenue 2,953 650 2,717
Deferred rent 1,463 285 50
Other liabilities 928 (944) (512)
Net cash provided by operating activities 56,294 54,587 43,348
Cash flows from investing activities:      
Acquisition of property and equipment (26,211) (20,292) (17,365)
Acquisition of franchise restaurant, net of cash acquired (2,800)
Proceeds from sale of the Mitchell's Restaurants 10,000
Proceeds from sale of property and equipment 802 149
Net cash used in investing activities (25,409) (10,292) (20,016)
Cash flows from financing activities:      
Principal repayments on long-term debt (23,000) (48,000) (32,000)
Principal borrowings on long-term debt 48,000 35,000 26,000
Repurchase of common stock (45,076) (23,752) (15,409)
Cash dividend payments (9,195) (8,349) (7,138)
Excess tax benefits from stock compensation 378 743 1,868
Tax payments from the vesting of restricted stock and option exercises (1,518) (1,393) (3,121)
Proceeds from exercise of stock options 219 250 183
Net cash used in financing activities (30,192) (45,501) (29,617)
Net increase (decrease) in cash and cash equivalents 693 (1,206) (6,285)
Cash and cash equivalents at beginning of period 3,095 4,301 10,586
Cash and cash equivalents at end of period 3,788 3,095 4,301
Supplemental disclosures of cash flow information:      
Interest, net of capitalized interest 729 428 709
Income taxes 3,625 410 2,135
Noncash investing and financing activities:      
Excess accrual-based acquisition of property and equipment $ 3,962 $ 1,608 $ 1,243