Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 26, 2021
Income Tax Disclosure [Abstract]  
Provision for Federal and State Income Taxes
The provision for federal and state income taxes consisted of the following:
Year Ended
December 26, 2021 December 27, 2020 December 29, 2019
Current:
Federal $ 759  $ (712) $ 1,151 
State 917  410  1,042 
Total current income tax expense (benefit) 1,676  (302) 2,193 
Deferred:
Federal 2,009  (4,552) (4,676)
State 397  (653) (418)
Total deferred income tax expense (benefit) 2,406  (5,205) (5,094)
Total income tax expense (benefit) $ 4,082  $ (5,507) $ (2,901)
Schedule of Deferred Tax Assets and Liabilities
Temporary differences between tax and financial reporting basis of assets and liabilities which give rise to the deferred income tax assets (liabilities) and their related tax effects are as follows:
Year Ended
December 26, 2021 December 27, 2020
Deferred tax assets:
Accrued liabilities $ 605  $ 464 
General business tax credits 25,200  23,331 
Operating lease liabilities 46,390  50,714 
Stock-based compensation 702  861 
Other 382  326 
Total deferred tax assets 73,279  75,696 
Deferred tax liability:
Intangibles (9,420) (8,805)
Prepaid expenses (1,292) (1,265)
Property and equipment (22,930) (21,007)
Operating lease assets (34,237) (36,813)
Total deferred tax liabilities (67,879) (67,890)
Deferred tax assets, net $ 5,400  $ 7,806 
Reconciliation of Federal Statutory Tax Expense to Effective Income Tax Expense The following is a reconciliation of the expected federal income taxes at the statutory rates of 21% for the fiscal year ended December 26, 2021, December 27, 2020 and December 29, 2019 to the actual provision for income taxes:
Year Ended
  December 26, 2021 December 27, 2020 December 29, 2019
Expected income tax (benefit) expense $ 7,194  $ (1,848) $ 696 
State tax expense (benefit), net of federal benefit 1,039  (192) 493 
FICA tip credit (3,361) (2,539) (3,896)
Deferred tax balance adjustment (a)
—  (1,079) — 
Officers' compensation 536  66  168 
Stock compensation (1,275) 344  (34)
Other (51) (259) (328)
Income tax expense (benefit) $ 4,082  $ (5,507) $ (2,901)