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. 29, 2013

Provision for Federal and State Income Taxes

The provision for federal and state income taxes for the years ended December 29, 2013, December 30, 2012 and December 25, 2011 consisted of the following:



	2013		2012		2011
Current Income Tax Expense
Federal	$	—	$	—	$	—
State	775		483		436
Total Current income tax expense	775		483		436
Deferred income tax expense
Federal	3,216		1,552		755
State	205		208		443
Total deferred income tax expense	3,421		1,760		1,198
Total income tax expense	$	4,196	$	2,243	$	1,634

Schedule of Deferred Tax Assets and 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 as of December 29, 2013 and December 30, 2012 are as follows:



	2013			2012
Deferred tax assets:
Net operating loss carryforwards	$	4,571		$	5,800
Accrued liabilities	363			773
General business credits	7,582			4,464
Stock-based compensation	536			551
Other	107			62
Total deferred tax assets	13,159			11,650
Deferred tax liability:
Intangibles	(7,123		)	(6,058		)
Prepaid expenses	(384		)	(298		)
Property and equipment	(9,773		)	(9,213		)
Other	(26		)	(542		)
Total deferred tax liabilities	(17,306		)	(16,111		)
Net deferred liabilities	$	(4,147	)	$	(4,461	)

Reconciliation of Federal Statutory Tax Expense to Effective Income Tax Expense

The effective income tax expense differs from the federal statutory tax expense for the fiscal years ended December 29, 2013, December 30, 2012 and December 25, 2011 as follows:



	2013			2012			2011
Expected income tax expense	$	5,191		$	2,618		$	1,733
State tax expense, net of federal benefit	647			456			580
Non-deductible compensation	711			457			354
FICA tip credit	(2,092		)	(1,342		)	(1,040		)
Other	(261		)	54			7
Income tax expense	$	4,196		$	2,243		$	1,634