Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
3 Months Ended
Mar. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES
The effective income tax rate for the thirteen weeks ended March 30, 2014 was 30.0% compared to an effective income tax rate of 17.3% for the thirteen weeks ended March 31, 2013. The increase in the effective income tax rate from the prior year was primarily attributable to the favorable impact of a one time adjustment made for incremental employment tax credits for the prior year as well as the previous open tax years, which resulted in a $556,000 net favorable impact in net income during the thirteen weeks ended March 31, 2013. The decrease in the effective income tax rate for the thirteen week period ended March 31, 2013 related to this adjustment was partially offset by the unfavorable impact of the non-tax deductible secondary offering costs incurred during the thirteen week period ended March 31, 2013. The impact on the effective income tax rate for these items were treated discretely in the thirteen week period ended March 31, 2013 as required by the FASB's Accounting Standards Codification.
Since the Company has net operating loss carry forwards, the net favorable tax benefit mentioned above primarily increased the general business credits deferred tax asset.