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. 28, 2014

Provision for Federal and State Income Taxes

The provision for federal and state income taxes for the years ended December 28, 2014, December 29, 2013 and December 30, 2012 consisted of the following:



	2014		2013		2012
Current Income Tax Expense
Federal	$	—	$	—	$	—
State	713		775		483
Total current income tax expense	713		775		483
Deferred income tax expense
Federal	3,506		3,216		1,552
State	118		205		208
Total deferred income tax expense	3,624		3,421		1,760
Total income tax expense	$	4,337	$	4,196	$	2,243

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 28, 2014 and December 29, 2013 are as follows:



	2014			2013
Deferred tax assets:
Net operating loss carryforwards	$	643		$	4,571
Accrued liabilities	536			363
General business credits	10,121			7,582
Stock-based compensation	856			536
Other	168			107
Total deferred tax assets	12,324			13,159
Deferred tax liability:
Intangibles	(8,157		)	(7,123		)
Prepaid expenses	(590		)	(384		)
Property and equipment	(10,784		)	(9,773		)
Other	—			(26		)
Total deferred tax liabilities	(19,531		)	(17,306		)
Net deferred liabilities	$	(7,207	)	$	(4,147	)

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 28, 2014, December 29, 2013 and December 30, 2012 as follows:



	2014			2013			2012
Expected income tax expense	$	5,382		$	5,191		$	2,618
State tax expense, net of federal benefit	548			647			456
Non-deductible compensation	863			711			457
FICA tip credit	(2,539		)	(2,092		)	(1,342		)
Other	83			(261		)	54
Income tax expense	$	4,337		$	4,196		$	2,243