Chuy's Holdings, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

Income Taxes (Tables)

9 Months Ended

Sep. 23, 2012

The provision for federal income taxes for the years ended December 27, 2009, December 26, 2010 and December 25, 2011 consisted of the following:


	2009		2010		2011
Current income tax expense
Federal	$	—	$	—	$	—
State		195		210		436

Total current income tax expense		195		210		436
Deferred income tax expense
Federal		882		1,006		755
State		—		212		443

Total deferred income tax expense		882		1,218		1,198

Total income tax expense	$	1,077	$	1,428	$	1,634

Deferred Income Tax Assets (liabilities)

Temporary differences between the tax and financial reporting basis of assets and liabilities that give rise to the deferred income tax assets (liabilities) and their related tax effects at December 26, 2010 and December 25, 2011 are as follows:


	2010			2011
Deferred tax assets:
Net operating loss carryforwards	$	3,635		$	5,997
Accrued liabilities		170			417
General business credits		2,098			3,144
Stock-based compensation		313			443
Other		62			91

Total deferred tax assets		6,278			10,092
Deferred tax liability:
Intangibles		(3,937	)		(5,037	)
Prepaid expenses		(194	)		(199	)
Property and equipment		(3,539	)		(7,295	)
Other		(111	)		(262	)

Total deferred tax liabilities		(7,781	)		(12,793	)

Net deferred liabilities	$	(1,503	)	$	(2,701	)

Net Operating Loss Carry Forward

The Company’s net operating loss carry forward of $17,602 at December 25, 2011 will expire in 2031. As of December 25, 2011, the Company has tax credits of $3,144 expiring in 2031. The following is a table showing the net operating loss by year of expiration:


YEAR CREATED	NET OPERATING LOSS		YEAR EXPIRING
2006	$	458		2026
2007		2,441		2027
2008		4,293		2028
2009		2,883		2029
2010		3,144		2030
2011		4,383		2031

	$	17,602

Effective Income Tax (Benefit) Expense Differs from Federal Statutory Tax Expense

The effective income tax (benefit) expense differs from the federal statutory tax expense for the fiscal years ended December 27, 2009, December 26, 2010 and December 25, 2011 and for the thirty-nine weeks ended September 25, 2011 and September 23, 2012 as follows:


	FISCAL YEAR ENDED									THIRTY-NINE WEEKS ENDED
	DECEMBER 27, 2009			DECEMBER 26, 2010			DECEMBER 25, 2011			SEPTEMBER 25, 2011			SEPTEMBER 23, 2012
										(unaudited)			(unaudited)
Expected income tax expense	$	1,255		$	1,604		$	1,733		$	1,494		$	1,409
State tax expense, net of federal benefits		98			278			580			130			288
Non-deductible compensation		244			273			354			233			266
FICA tip credit		(576	)		(706	)		(1,040	)		(656	)		(783	)
Other		56			(21	)		7			47			63

Income tax expense	$	1,077		$	1,428		$	1,634		$	1,248		$	1,243