Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 27, 2015
Dec. 28, 2014
Dec. 29, 2013
Cash flows from operating activities:      
Net income $ 12,896 $ 11,491 $ 11,069
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 12,827 10,310 8,858
Amortization of loan origination costs 43 45 45
Asset Impairment Charges 4,360 0 0
Stock-based compensation 1,718 1,054 531
Excess tax benefit from stock-based compensation (34) (609) (3,990)
Loss on disposal of property and equipment 108 30 61
Amortization of deferred lease incentives (1,684) (1,303) (1,242)
Deferred income taxes 3,074 3,060 (314)
Changes in operating assets and liabilities:      
Accounts receivable (196) (286) (72)
Inventories (268) (221) (84)
Prepaid expenses and other current assets 448 (586) (96)
Accounts payable (1,708) (770) (610)
Accrued liabilities and deferred rent 6,167 2,853 4,612
Deferred lease incentives 7,642 4,067 5,473
Net cash provided by operating activities 45,393 29,135 24,241
Cash flows from investing activities:      
Purchase of property and equipment (31,628) (33,936) (30,905)
Purchase of other assets (372) (388) (293)
Net cash used in investing activities (32,000) (34,324) (31,198)
Cash flows from financing activities:      
Borrowings under revolving line of credit 1,000 4,250 3,000
Payments under revolving line of credit (9,750) (1,500) (2,000)
Loan origination costs (70) 0 0
Excess tax benefit from stock-based compensation 34 609 3,990
Proceeds from the exercise of stock options 164 322 1,435
Indirect repurchase of shares for minimum tax withholdings (57) 0 0
Net cash (used in) provided by financing activities (8,679) 3,681 6,425
Net increase (decrease) in cash and cash equivalents 4,714 (1,508) (532)
Cash and cash equivalents, beginning of period 3,815 5,323 5,855
Cash and cash equivalents, end of period 8,529 3,815 5,323
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment and other assets acquired by accounts payable 3,081 2,071 1,767
Supplemental cash flow disclosures:      
Cash paid for interest 95 175 130
Cash paid for income taxes $ 4,091 $ 632 $ 685