|
Income Taxes
|
9 Months Ended |
|---|---|
|
Sep. 28, 2014
|
|
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
INCOME TAXES
The effective income tax rate for the thirty-nine weeks ended September 28, 2014 and September 29, 2013 was 28.8% and 28.2%, respectively. The difference between the effective income tax rate and the statutory rate of 35% is mainly attributable to employment tax credits attributable to employment taxes paid on employee tips. However, the lower rate during the thirty-nine weeks ended September 29, 2013, was primarily attributable to the favorable impact of a one time adjustment made for these 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 thirty-nine weeks ended September 29, 2013 which was partially offset by the unfavorable impact of the non-tax deductible secondary offering costs incurred during the same period.
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.
|