Chuy's Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 30, 2012

The provision for federal income taxes for the years ended December 30, 2012, December 25, 2011 and December 26, 2010 consisted of the following:


	2012		2011		2010
Current Income Tax Expense
Federal	$	—	$	—	$	—
State		483		436		210

Total Current income tax expense		483		436		210

Deferred income tax expense
Federal		1,552		755		1,006
State		208		443		212

Total deferred income tax expense		1,760		1,198		1,218

Total income tax expense	$	2,243	$	1,634	$	1,428

Deferred Income Tax Assets (liabilities)

Temporary difference between 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 30, 2012 and December 25, 2011 are as follows:


	2012			2011
Deferred tax assets:
Net operating loss carryforwards	$	5,800		$	5,997
Accrued liabilities		773			417
General business credits		4,464			3,144
Stock-based compensation		551			443
Other		62			91

Total deferred tax assets		11,650			10,092

Deferred tax liability:
Intangibles		(6,058	)		(5,037	)
Prepaid expenses		(298	)		(199	)
Property and equipment		(9,213	)		(7,295	)
Other		(542	)		(262	)

Total deferred tax liabilities		(16,111	)		(12,793	)

Net deferred liabilities	$	(4,461	)	$	(2,701	)

Net Operating Loss Carry Forward

The following is a table showing the net operating loss by year of expiration:


Year Created	Net Operating Loss		Year Expiring
2008	$	3,696		2028
2009		2,883		2029
2010		3,144		2030
2011		7,337		2031

	$	17,060

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

The effective income tax expense differs from the federal statutory tax expense for the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010 as follows:


	Year Ended
	December 30, 2012			December 25, 2011			December 26, 2010
Expected income tax expense	$	2,618		$	1,733		$	1,604
State tax expense, net of federal benefit		456			580			278
Non-deductible compensation		457			354			273
FICA tip credit		(1,342	)		(1,040	)		(706	)
Other		54			7			(21	)

Income tax expense	$	2,243		$	1,634		$	1,428