Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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 31, 2023 December 25, 2022 December 26, 2021
Current:
Federal $ 2,138  $ 949  $ 759 
State 1,729  962  917 
Total current income tax expense 3,867  1,911  1,676 
Deferred:
Federal 1,679  143  2,009 
State (136) 299  397 
Total deferred income tax expense 1,543  442  2,406 
Total income tax expense $ 5,410  $ 2,353  $ 4,082 
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 31, 2023 December 25, 2022
Deferred tax assets:
Accrued liabilities $ 1,311  $ 803 
General business tax credits 25,448  26,977 
Operating lease liabilities 43,195  45,329 
Stock-based compensation 791  740 
Other 529  455 
Total deferred tax assets 71,274  74,304 
Deferred tax liability:
Intangibles (9,708) (9,724)
Prepaid expenses (1,330) (1,269)
Property and equipment (24,477) (24,378)
Operating lease assets (32,344) (33,975)
Total deferred tax liabilities (67,859) (69,346)
Deferred tax assets, net $ 3,415  $ 4,958 
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 31, 2023, December 25, 2022 and December 26, 2021 to the actual provision for income taxes:
Year Ended
  December 31, 2023 December 25, 2022 December 26, 2021
Expected income tax expense $ 7,753  $ 4,874  $ 7,194 
State tax expense, net of federal benefit 1,259  1,003  1,039 
FICA tip credit (3,880) (3,678) (3,361)
Officers' compensation 311  230  536 
Stock compensation (357) (116) (1,275)
Other 324  40  (51)
Income tax expense $ 5,410  $ 2,353  $ 4,082