a50277448.htm

0001157523-12-002932.txt : 20120516 0001157523-12-002932.hdr.sgml : 20120516 20120516152940 ACCESSION NUMBER: 0001157523-12-002932 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120401 FILED AS OF DATE: 20120516 DATE AS OF CHANGE: 20120516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALEXANDERS J CORP CENTRAL INDEX KEY: 0000103884 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 620854056 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08766 FILM NUMBER: 12848617 BUSINESS ADDRESS: STREET 1: 3401 WEST END AVE STREET 2: P O BOX 24300 CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6152691900 MAIL ADDRESS: STREET 1: 3401 WEST END AVE STREET 2: SUITE 260 CITY: NASHVILLE STATE: TN ZIP: 37203 FORMER COMPANY: FORMER CONFORMED NAME: VOLUNTEER CAPITAL CORP / TN / DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WINNERS CORP DATE OF NAME CHANGE: 19890910 FORMER COMPANY: FORMER CONFORMED NAME: VOLUNTEER CAPITAL CORP DATE OF NAME CHANGE: 19820520 10-Q 1 a50277448.htm J. ALEXANDER'S CORPORATION 10-Q a50277448.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For quarterly period ended April 1, 2012

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the transition period from _________________ to _________________.

Commission file number: 1-8766

J. ALEXANDER’S CORPORATION

(Exact name of registrant as specified in its charter)


Tennessee		62-0854056
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

3401 West End Avenue, Suite 260
P.O. Box 24300
Nashville, Tennessee		37202
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (615) 269-1900

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer ¨		Accelerated filer ¨
Non-accelerated filer ¨		Smaller reporting company þ
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

As of May 15, 2012, 5,996,453 shares of the registrant’s Common Stock, $.05 par value, were outstanding.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
	Item 1. Financial Statements	2
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	17
	Item 4. Controls and Procedures	17
PART II. OTHER INFORMATION
	Item 6. Exhibits	18
	Signatures	19
	Index to Exhibits	20

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

J. Alexander’s Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited in thousands, except share and per share amounts)

	April 1		January 1
	2012		2012
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	9,330	$	7,917
Accounts and notes receivable		6,321		6,933
Inventories		1,461		1,564
Prepaid expenses and other current assets		2,015		996
TOTAL CURRENT ASSETS		19,127		17,410

OTHER ASSETS		1,892		1,797

PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation and amortization of $67,507 and $66,272 as of April 1, 2012 and January 1, 2012, respectively		71,865		71,955

DEFERRED INCOME TAXES		152		152

DEFERRED CHARGES, less accumulated amortization of $1,010 and $986 as of April 1, 2012 and January 1, 2012, respectively		391		416
	$	93,427	$	91,730

	April 1		January 1
	2012		2012
LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable	$	3,653	$	3,868
Accrued expenses and other current liabilities		6,201		6,133
Unearned revenue		1,433		1,944
Current portion of long-term debt and obligations under capital leases		1,150		1,123
TOTAL CURRENT LIABILITIES		12,437		13,068

LONG-TERM DEBT AND OBLIGATIONS UNDER CAPITAL LEASES, net of portion classified as current		17,055		17,356

OTHER LONG-TERM LIABILITIES		11,645		11,521

STOCKHOLDERS’ EQUITY
Common Stock, par value $.05 per share: Authorized 10,000,000 shares; issued and outstanding 5,994,453 and 5,993,453 shares as of April 1, 2012 and January 1, 2012, respectively		300		300
Preferred Stock, no par value: Authorized 1,000,000 shares; none issued		-		-
Additional paid-in capital		34,665		34,581
Retained earnings		17,325		14,904
TOTAL STOCKHOLDERS’ EQUITY		52,290		49,785
Commitments and Contingencies
	$	93,427	$	91,730

See notes to condensed consolidated financial statements.

J. Alexander’s Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited in thousands, except per share amounts)


	Quarter Ended
	April 1			April 3
	2012			2011
Net sales	$	42,711		$	40,749
Costs and expenses:
Cost of sales		13,467			13,452
Restaurant labor and related costs		13,745			13,204
Depreciation and amortization of restaurant property and equipment		1,452			1,466
Other operating expenses		8,224			8,407
Total restaurant operating expenses		36,888			36,529
General and administrative expenses		2,685			2,444
Operating income		3,138			1,776
Other income (expense):
Interest expense		(403	)		(424	)
Other, net		22			20
Total other expense		(381	)		(404	)
Income before income taxes		2,757			1,372
Income tax provision		336			310
Net income	$	2,421		$	1,062

Basic earnings per share	$	.40		$	.18
Diluted earnings per share	$	.39		$	.18

See notes to condensed consolidated financial statements.

J. Alexander’s Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited in thousands)


	Quarter Ended
	April 1			April 3
	2012			2011
Cash flows from operating activities:
Net income	$	2,421		$	1,062
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment		1,464			1,481
Share-based compensation expense		80			119
Other		83			63
Changes in assets and liabilities:
Accounts and notes receivable		633			143
Income taxes receivable		177			297
Prepaid expenses and other current assets		(1,019	)		(652	)
Accounts payable		(988	)		(1,122	)
Accrued expenses and other current liabilities		(131	)		(882	)
Other, net		(304	)		(362	)
Net cash provided by operating activities		2,416			147

Cash flows from investing activities:
Purchase of property and equipment		(660	)		(727	)
Other investing activities		(73	)		(106	)
Net cash used in investing activities		(733	)		(833	)

Cash flows from financing activities:
Payments on debt and obligations under capital leases		(274	)		(336	)
Other financing activities		4			37
Net cash used in financing activities		(270	)		(299	)

Increase (decrease) in cash and cash equivalents		1,413			(985	)

Cash and cash equivalents at beginning of period		7,917			8,602

Cash and cash equivalents at end of period	$	9,330		$	7,617


Supplemental disclosures of non-cash items:
Property and equipment obligations accrued at beginning of period	$	226		$	549
Property and equipment obligations accrued at end of period	$	999		$	238

See notes to condensed consolidated financial statements.

J. Alexander’s Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note A — Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and rules of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter ended April 1, 2012, are not necessarily indicative of the results that may be expected for the fiscal year ending December 30, 2012. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the J. Alexander’s Corporation (the “Company”) Annual Report on Form 10-K for the fiscal year ended January 1, 2012.

Net income and comprehensive income are the same for all periods presented.

Note B – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

(In thousands, except per share amounts)	Quarter Ended
	April 1		April 3
	2012		2011
Numerator:
Net income (numerator for basic and diluted earnings per share)	$	2,421	$	1,062
Denominator:
Weighted average shares (denominator for basic earnings per share)		5,994		5,978
Effect of dilutive securities		186		80
Adjusted weighted average shares (denominator for diluted earnings per share)		6,180		6,058

Basic earnings per share	$	.40	$	.18
Diluted earnings per share	$	.39	$	.18

The calculations of diluted earnings per share exclude options for the purchase of 383,000 and 483,500 shares of the Company’s common stock for the quarters ended April 1, 2012 and April 3, 2011, respectively, because the effect of their inclusion would be anti-dilutive.

Note C – Income Taxes

Income tax expense for the first quarter of 2012 has been provided for based on an estimated 12.2% effective tax rate expected to be applicable for the full 2012 fiscal year, which compares to an effective tax rate of 22.6% that was used for the same quarter of the prior year.

The Company’s effective annual tax rate has historically been reduced by its ability to utilize FICA tip credits to offset a significant amount of the current portion of its federal tax liability. The Company will continue to have FICA tip credit carryforwards available to reduce its federal income tax liability in 2012. In addition, because the Company continues to maintain a valuation allowance for substantially all of its net deferred tax assets, its income tax provision consists of income taxes currently payable which include the effect of differences between book and taxable income. The effect of certain tax deductions the Company expects to receive in 2012 as well as changes in certain state income tax regulations are factors which contribute to the reduction of the Company’s estimated effective tax rate for the current year compared to the rate used in the first quarter of 2011.

Note D – Commitments and Contingencies

As a result of the disposition of its Wendy’s operations in 1996, the Company remains secondarily liable for certain real property leases with remaining terms of one to four years. The total estimated maximum amount of lease payments remaining on these nine leases as of April 1, 2012, was approximately $1,100,000. Also, in connection with the sale of its Mrs. Winner’s Chicken & Biscuit restaurant operations in 1989 and certain previous dispositions, the Company remains secondarily liable for certain real property leases with remaining terms of one to three years. The total estimated maximum amount of lease payments remaining on these 12 leases as of April 1, 2012, was approximately $600,000. Additionally, in connection with the previous disposition of certain other Wendy’s restaurant operations, primarily the southern California restaurants in 1982, the Company remains secondarily liable for real property leases with remaining terms of one to four years. The total estimated maximum amount of lease payments remaining on these five leases as of April 1, 2012, was approximately $600,000.

In February 2012, the Company agreed to a settlement of a previously disclosed lawsuit, Dionne Michelle Williams-Green v. J. Alexander’s Restaurants, Inc., pending in the United States District Court for the Northern District of Illinois. The settlement is subject to court approval. The case was filed by a former hourly employee of the Company in Illinois and was later certified as a class action on a claim that the Company’s tip share pool in two restaurants was invalid. During the fourth quarter of 2011, the Company accrued an estimate of the amount it believes will be necessary to settle this claim.

The Company is currently undergoing a federal employment tax audit for 2009 and 2010. The potential financial impact of this audit is not determinable at this time.

In addition to the matters described above, the Company is from time to time subject to routine litigation and claims incidental to its business, including actions with respect to federal and state tax matters, labor-related claims and other matters. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. However, management believes that, based on current knowledge, the final outcome of these other matters will not have a material adverse effect on the Company’s financial condition, operating results or liquidity. Regardless of the outcome, legal proceedings can have an adverse effect on the Company because of defense costs, diversion of management resources and other factors.

Note E — Fair Value Measurements

As of April 1, 2012 and January 1, 2012, the fair value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued expenses and other current liabilities approximated their carrying value based on the short maturity of these instruments. The fair value of long-term mortgage financing is determined using current applicable interest rates for similar instruments and collateral as of the balance sheet date. The carrying value and estimated fair value of the Company’s mortgage loan were $18,068,000 and $19,337,000, respectively, as of April 1, 2012 compared to $18,332,000 and $19,644,000, respectively, at January 1, 2012.

There were no assets and liabilities measured at fair value on a nonrecurring basis during the first quarter of fiscal 2012 or 2011.

Note F — Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This pronouncement is effective for reporting periods beginning on or after December 15, 2011. The adoption of ASU 2011-04 did not have a significant impact to the Company’s Condensed Consolidated Financial Statements.

In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). The amendments in this ASU require entities to disclose additional information about certain financial instruments and derivatives that are eligible for offset or subject to master netting arrangements. The objective of this ASU is to facilitate comparison between financial statements presented in accordance with GAAP and financial statements presented in accordance with IFRS. The amendments in this ASU are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Other than enhanced disclosures, the adoption of ASU 2011-11 is not expected to have a material impact on the Company’s Consolidated Financial Statements.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

RESULTS OF OPERATIONS

Overview

J. Alexander's Corporation (the “Company”) operates upscale casual dining restaurants. At April 1, 2012, the Company operated 33 J. Alexander’s restaurants in 13 states. The Company’s net sales are derived primarily from the sale of food and alcoholic beverages in its restaurants.

The Company’s strategy is for J. Alexander’s restaurants to compete in the restaurant industry by providing guests with outstanding professional service, high-quality food, and an attractive environment with an upscale, high-energy ambiance. Quality is emphasized throughout J. Alexander’s operations and substantially all menu items are prepared on the restaurant premises using fresh, high-quality ingredients. The Company’s goal is for each J. Alexander’s restaurant to be perceived by guests in its market as a market leader in each of the areas above. J. Alexander’s restaurants offer a contemporary American menu designed to appeal to a wide range of consumer tastes. The Company believes, however, that its restaurants are most popular with more discriminating guests with higher discretionary incomes. J. Alexander’s typically does not advertise in the media and relies on each restaurant to increase sales by building its reputation as an outstanding dining establishment. The Company has generally been successful in achieving sales increases in its restaurants over time using this strategy. However, the Company’s restaurants which opened in late fiscal 2007 and fiscal 2008 have experienced particular difficulties in building sales and certain of them are having a significant negative impact on the Company’s profitability.

The restaurant industry is highly competitive and is often affected by changes in consumer tastes and discretionary spending patterns; changes in general economic conditions; public safety conditions or concerns; demographic trends; weather conditions; the cost of food products, labor, energy and other operating costs; and governmental regulations. Because of these factors, the Company’s management believes it is of critical importance to the Company’s success to effectively execute the Company’s operating strategy and to constantly develop and refine the critical conceptual elements of J. Alexander’s restaurants in order to distinguish them from other casual dining competitors and maintain the Company’s competitive position.

The restaurant industry is also characterized by high capital investments for new restaurants and relatively high fixed or semi-variable restaurant operating expenses. Because of the high fixed and semi-variable expenses, changes in sales in existing restaurants are generally expected to significantly affect restaurant profitability because many restaurant costs and expenses are not expected to change at the same rate as sales. Restaurant profitability can also be negatively affected by inflationary and regulatory increases in operating costs and other factors. Management continues to believe that excellence in restaurant operations, and particularly providing exceptional guest service, will increase net sales in the Company’s restaurants over time.

Changes in sales for existing restaurants, or same store sales, are generally measured in the restaurant industry by computing the change in sales for the same group of restaurants from the same period in the prior year. Same store sales changes can be the result of changes in guest counts, which the Company estimates based on a count of entrée items sold, and changes in the average check per guest. The average check per guest can be affected by menu price changes and the mix of menu items sold. Management regularly analyzes guest count, average check and product mix trends for each restaurant in order to improve menu pricing and product offering strategies. Management believes it is important to maintain or increase guest counts and average guest checks over time in order to improve the Company’s profitability.

Other key indicators which can be used to evaluate and understand the Company’s restaurant operations include cost of sales, restaurant labor and related costs and other operating expenses, with a focus on these expenses as a percentage of net sales. Since the Company uses primarily fresh ingredients for food preparation, the cost of food commodities can vary significantly from time to time due to a number of factors. The Company generally expects to increase menu prices in order to offset the increase in the cost of food products as well as increases in labor and related costs and other operating expenses, but attempts to balance these increases with the goals of providing reasonable value to the Company’s guests. Management believes that restaurant operating margin, which is net sales less total restaurant operating expenses expressed as a percentage of net sales, is an important indicator of the Company’s success in managing its restaurant operations because it is affected by the level of sales achieved, menu offering and pricing strategies, and the management and control of restaurant operating expenses in relation to net sales.

Because large capital investments are required for J. Alexander’s restaurants and because a significant portion of labor costs and other operating expenses are fixed or semi-variable in nature, management believes the sales required for a J. Alexander’s restaurant to break even are relatively high compared to break-even sales volumes of many other casual dining concepts. As a result, it is necessary for the Company to achieve relatively high sales volumes in its restaurants compared to the average sales volumes of other casual dining concepts in order to achieve desired financial returns.

The opening of new restaurants by the Company can have a significant impact on the Company’s financial performance because pre-opening expense for new restaurants is significant and most new restaurants incur operating losses during their early months of operation. Some of the Company’s restaurants, including the two restaurants opened in fiscal 2007 and the three restaurants opened in fiscal 2008, have experienced losses for considerably longer periods. No new restaurants have been opened since fiscal 2008 and none are planned for fiscal 2012.

The following table sets forth, for the periods indicated, (i) the items in the Company’s Condensed Consolidated Statements of Income expressed as a percentage of net sales, and (ii) other selected operating data:

	Quarter Ended
	April 1			April 3
	2012			2011
Net sales	100.0		%	100.0		%
Costs and expenses:
Cost of sales	31.5			33.0
Restaurant labor and related costs	32.2			32.4
Depreciation and amortization of restaurant property and equipment	3.4			3.6
Other operating expenses	19.3			20.6
Total restaurant operating expenses	86.4			89.6
General and administrative expenses	6.3			6.0
Operating income	7.3			4.4
Other income (expense):
Interest expense	(0.9		)	(1.0		)
Other, net	0.1			—
Total other expense	(0.9		)	(1.0		)
Income before income taxes	6.5			3.4
Income tax provision	0.8			0.8
Net income	5.7		%	2.6		%

Note: Certain percentage totals do not sum due to rounding.

Restaurants open at end of period	33			33

Average weekly net sales per restaurant (1):	$	99,600		$	95,300
Percent increase		4.5	%


(1) The Company computes average weekly net sales per restaurant by dividing total restaurant sales for the period by the total number of days all restaurants were open for the period to obtain a daily sales average, with the daily sales average then multiplied by seven to arrive at the average weekly net sales per restaurant. Days on which restaurants are closed for business for any reason other than the scheduled closure of all J. Alexander’s restaurants on Thanksgiving day and Christmas day are excluded from this calculation. Revenue associated with reductions in liabilities for gift cards which are considered to be only remotely likely to be redeemed is not included in the calculation of average weekly net sales per restaurant.

Net Sales

Net sales increased by $1,962,000, or 4.8%, in the first quarter of 2012 compared to the first quarter of 2011. For the first quarter of 2012, the Company recorded average weekly net sales per restaurant of $99,600, up from $95,300 in the corresponding quarter a year earlier. The Company’s average weekly net same store sales per restaurant for the first quarter of 2012 were the same as the average weekly net sales per restaurant because same store sales calculations are based on restaurants open for more than 18 months and no new restaurants have opened since 2008. The 4.5% increase in average weekly net sales per restaurant for the first quarter of 2012 compared to the first quarter of 2011 was less than the 4.8% increase in total net sales because of the exclusion from the weekly average calculation of a total of ten restaurant days that certain restaurants were closed due to inclement weather in the first quarter of 2011 as compared to only one restaurant day that was excluded from the calculation for the same quarter in 2012.

Management estimates the average check per guest, including alcoholic beverage sales, increased by 5.3% to $28.13 during the first quarter of 2012 compared to $26.72 during the first quarter of 2011 and that the effect of menu price increases was approximately 4.2% in the first quarter of 2012 compared to the same period of 2011. Management estimates that weekly average guest counts decreased by approximately 0.9% in the first quarter of 2012 compared to the first quarter of 2011.

The Company has experienced positive same store sales for the last ten consecutive quarters. Management is encouraged by recent same store sales trends which it believes are due to improved economic conditions and consumer spending patterns as well as the Company’s continued emphasis on maintaining excellent operations. However, there can be no assurance that favorable trends will continue or that consumer spending patterns have not been altered on a long-term basis, which would make it difficult to sustain the current sales momentum.

Restaurant Costs and Expenses

Total restaurant operating expenses decreased to 86.4% of net sales in the first quarter of 2012 from 89.6% in the first quarter of 2011 due primarily to the favorable impact of increased sales. Restaurant operating margins (net sales minus total restaurant operating expenses divided by net sales) increased to 13.6% in the first quarter of 2012 from 10.4% in the comparable period of 2011.

Cost of sales, which includes the cost of food and beverages, for the first quarter of 2012 totaled 31.5% of net sales, down from 33.0% of net sales in the corresponding period of 2011. Although beef prices paid by the Company increased by almost 20% in the first quarter of 2012 compared to the first quarter of 2011, the Company was able to more than offset this increase with the effect of a combination of menu prices increases, lower prices paid for certain other food commodities and other actions taken to lower food costs. Approximately 25% to 30% of cost of sales is comprised of beef purchases which are made at weekly market prices. Management estimates that the effect of higher beef prices was approximately 1.5% of net sales in the first quarter of 2012. The Company’s beef purchases remain subject to variable market conditions and management anticipates that prices for beef in 2012 will exceed those paid in 2011.

Restaurant labor and related costs decreased to 32.2% of net sales in the first quarter of 2012 from 32.4% in the same period of 2011 due primarily to the effect of higher average weekly net sales per restaurant. Depreciation and amortization of restaurant property and equipment decreased by $14,000 in the first quarter of 2012 compared to the first quarter of 2011 primarily due to certain equipment becoming fully depreciated subsequent to the first quarter of 2011.

Other operating expenses, which include restaurant level expenses such as china and supplies, laundry and linen costs, repairs and maintenance, utilities, credit card fees, rent, property taxes and insurance, decreased to 19.3% of net sales in the first quarter of 2012 from 20.6% of net sales in the first quarter of 2011 due to the effect of both higher average weekly net sales per restaurant and reductions in certain operating expenses achieved by the Company.

General and Administrative Expenses

Total general and administrative expenses, which include all supervisory costs and expenses, management training and relocation costs, and other costs incurred above the restaurant level, increased by $241,000, or 9.9%, in the first quarter of 2012 compared to the first quarter of 2011. This increase is attributed primarily to the addition of certain staff positions subsequent to the first quarter of 2011, a marketing research project which was completed during the first quarter of 2012, increased legal and other professional advisory fees and increased incentive compensation accruals, which more than offset a reduction in restaurant management training costs.

Income Taxes

Outlook

Management is pleased with the Company’s sales and operating performance improvements in recent quarters and, subject to the comments below regarding the possibility of a contested election of directors, expects continued improvement for the balance of fiscal 2012. While same store sales for the second quarter of 2012 to date have increased generally in line with the increase experienced during the first quarter of 2012, management remains concerned that the effects of high gasoline prices and uncertain economic conditions could affect consumer discretionary spending and have a negative impact on the Company’s sales performance at some point during the year. Management is also quite concerned about the possible impact of increases in food commodity costs, particularly with regard to beef market prices, which the Company is currently experiencing and which are expected to continue during 2012. While additional increases in food input costs are expected over the course of 2012, management expects that based on current trends and its outlook for the remainder of the year, cost of sales as a percentage of sales will decrease in 2012 compared to 2011, although there can be no assurance that these results will be achieved. Depending on the magnitude of additional input cost increases, management may consider increasing menu prices or making other menu revisions in order to offset some portion of the impact of cost increases. However, there can be no assurance that any such changes will offset the full effect of these or other cost increases or that they will not negatively affect guest counts or profitability.

A shareholder has filed a preliminary proxy statement with the SEC indicating its intent to nominate two director candidates for election to the Company’s Board of Directors at the Company’s 2012 Annual Meeting of Shareholders. If a contested election ensues, costs associated with such an event are expected to be significant.

LIQUIDITY AND CAPITAL RESOURCES

The Company’s capital needs are currently primarily for maintenance of and improvements to its existing restaurants, and for meeting debt service requirements and operating lease obligations. The Company has met its cash requirements and maintained liquidity in recent years primarily through use of cash and cash equivalents on hand, cash flow from operations and the availability of a bank line of credit.

Cash and cash equivalents as of April 1, 2012 totaled $9,330,000 compared to $7,917,000 at the end of 2011. Substantially all of the Company’s cash and cash equivalents are maintained in bank accounts which are fully insured by the FDIC or in money market funds which invest primarily in short term U.S. Treasury securities. The Company had a working capital surplus of $6,690,000 at April 1, 2012 compared to a surplus of $4,342,000 at January 1, 2012. Management expects that future cash flows from operating activities will vary primarily as a result of future operating results.

Management currently estimates that capital expenditures for 2012 will be approximately $5,000,000. This amount includes expenditures for improvements and asset replacements related to the Company’s restaurants of approximately $4,500,000, of which $700,000 is designated for certain ADA compliance upgrades and the remodel of one location. Management does not plan to open any new restaurants in 2012 and remains cautious about future development. New restaurant development could also be constrained in the future due to lack of capital resources depending on the amount of cash flow generated by future operations of the Company or the availability to the Company of additional financing on terms acceptable to the Company, if at all.

The Company maintains a $5,000,000 revolving line of credit which is set to expire on May 22, 2012, and which the Company currently intends to renew on the same or similar terms. The line of credit is secured by liens on certain personal property of the Company and its subsidiaries, subsidiary guaranties and a negative pledge on certain real property. No amounts were outstanding under the revolving line of credit at April 1, 2012, or subsequent to that time through May 15, 2012.

A mortgage loan obtained in 2002 represents the most significant portion of the Company’s outstanding long-term debt. The loan, which was originally for $25,000,000, had an outstanding balance of $18,068,000 at April 1, 2012. The loan is secured by the real estate, equipment and other personal property of nine of the Company’s restaurant locations with an aggregate net book value of $21,967,000 at April 1, 2012.

The Company believes that cash and cash equivalents on hand as of April 1, 2012 and cash flow generated by future operations will be adequate to meet the Company’s operating and capital needs for 2012. The Company was in compliance with the financial covenants of its debt agreements as of April 1, 2012. Should the Company fail to comply with these covenants, management would likely request waivers of the covenants, attempt to renegotiate them or seek other sources of financing. However, if these efforts were not successful, the unused portion of the Company’s bank line of credit would not be available for borrowing and amounts outstanding under the Company’s debt agreements could become immediately due and payable, and there could be a material adverse effect on the Company’s financial condition and operations.

OFF BALANCE SHEET ARRANGEMENTS

As of May 15, 2012, the Company had no financing transactions, arrangements or other relationships with any unconsolidated affiliated entities. Additionally, the Company is not a party to any financing arrangements involving synthetic leases or trading activities involving commodity contracts.

CONTINGENT OBLIGATIONS

From 1975 through 1996, the Company operated restaurants in the quick-service restaurant industry. The discontinuation of these quick-service restaurant operations included disposals of restaurants that were subject to lease agreements which typically contained initial lease terms of 20 years plus two additional option periods of five years each. In connection with certain of these dispositions, the Company remains secondarily liable for ensuring financial performance as set forth in the original lease agreements. The Company can only estimate its contingent liability relative to these leases, as any changes to the contractual arrangements between the current tenant and the landlord subsequent to the assignment are not required to be disclosed to the Company. A summary of the Company’s estimated contingent liability as of April 1, 2012, is as follows:


Wendy’s restaurants (14 leases)	$	1,700,000
Mrs. Winner’s Chicken & Biscuits restaurants (12 leases)		600,000
Total contingent liability related to assigned leases	$	2,300,000

There have been no payments by the Company of such contingent liabilities in the history of the Company.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical accounting policies are those that management believes to be the most significant judgments and estimates used in the preparation of the Company’s Condensed Consolidated Financial Statements. Judgments or uncertainties regarding the application of these policies could potentially result in materially different amounts being reported under different assumptions and conditions. There have been no material changes to the critical accounting policies previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2012.

FORWARD-LOOKING STATEMENTS

In connection with the safe harbor established under the Private Securities Litigation Reform Act of 1995, the Company cautions investors that certain information contained in this Form 10-Q, particularly information regarding future economic performance and finances, development plans, and objectives of management is forward-looking information that involves risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company disclaims any intent or obligation to update these forward-looking statements. Other risks, uncertainties and factors which could affect actual results include the Company’s ability to maintain satisfactory guest count levels and maintain or increase sales and operating margins in its restaurants under varying economic conditions, which could worsen, potentially resulting in additional asset impairment charges and/or restaurant closures and charges associated therewith; the effect of higher gasoline prices or commodity prices, unemployment and other economic factors on consumer demand; increases in food input costs or product shortages and the Company’s response to them; changes in consumer spending, consumer tastes, and consumer attitudes toward nutrition and health; the potential impact of mandated food content labeling and disclosure legislation; costs that may be incurred in connection with the contested election of directors; expenses incurred if the Company is the subject of claims or litigation, including matters resulting from complaints or allegations from current, former or prospective employees, or increased governmental regulation; the impact associated with recently passed federal health care reform legislation, including the operating costs necessary to comply with applicable health care benefit requirements; the impact of tax audits conducted by the Internal Revenue Service and various state tax authorities; increases in the minimum wage the Company is required to pay; availability of qualified employees; increased cost of utilities, insurance and other restaurant operating expenses; potential fluctuations of quarterly operating results due to seasonality and other factors; the effect of hurricanes and other weather disturbances which are beyond the control of the Company; the number and timing of new restaurant openings and the Company’s ability to operate them profitably; competition within the casual dining industry, which is very intense; competition by the Company’s new restaurants with its existing restaurants in the same vicinity; fluctuations in the Company’s operating results which could affect compliance with its debt covenants and ability to borrow funds; conditions in the U.S. credit markets and the availability of bank financing on acceptable terms; changes in accounting standards, which may affect the Company’s reported results of operations; and expenses the Company may incur in order to comply with changing corporate governance and public disclosure requirements of the Securities and Exchange Commission and The NASDAQ Stock Market. See “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2012 for a description of a number of risks and uncertainties which could affect actual results.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is a smaller reporting company as defined in Item 10 of Regulation S-K and thus is not required to report the quantitative and qualitative measures of market risk specified in Item 305 of Regulation S-K.

Item 4. Controls and Procedures

(a)

Evaluation of disclosure controls and procedures. The Company’s principal executive officer and principal financial officer have conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) as of the end of the period covered by this quarterly report. Based on that evaluation, the Company’s principal executive officer and principal financial officer concluded that, as of the end of the period covered by this quarterly report, the Company’s disclosure controls and procedures were effective.

(b)

Changes in internal controls. There were no changes in the Company’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 6. Exhibits

The Exhibit Index on page 20 of this Quarterly Report on Form 10-Q lists the exhibits that are filed or furnished, as applicable, as part of this Quarterly Report on Form 10-Q.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	J. ALEXANDER’S CORPORATION
Date: May 16, 2012	/s/ Lonnie J. Stout II
	Lonnie J. Stout II
	Chairman, President and Chief Executive Officer (Principal Executive Officer)



Date: May 16, 2012	/s/ R. Gregory Lewis
	R. Gregory Lewis
	Vice President and Chief Financial Officer (Principal Financial Officer)

J. ALEXANDER’S CORPORATION AND SUBSIDIARIES

INDEX TO EXHIBITS

Exhibit No.


Exhibit (3)(a)		Charter, as amended (Restated for SEC filing purposes only).

Exhibit (4)(a)		Rights Agreement, dated as of March 5, 2012, between J. Alexander’s Corporation and Computershare Trust Company, N.A. (Exhibit 4.1 of the Registrant’s Report on Form 8-K filed March 6, 2012 (File No. 1-8766), is incorporated herein by reference).

Exhibit (4)(b)		Amendment to Rights Agreement, dated as of March 5, 2012, between J. Alexander’s Corporation and Computershare Trust Company, N.A. (Exhibit 4.2 of the Registrant’s Report on Form 8-K filed March 6, 2012 (File No. 1-8766), is incorporated herein by reference).

Exhibit (10)(a)		Severance Benefits Agreement between J. Alexander’s Corporation and Lonnie J. Stout, II, as amended (Restated for SEC filing purposes only).

Exhibit (10)(b)		Severance Benefits Agreement between J. Alexander’s Corporation and R. Gregory Lewis, as amended (Restated for SEC filing purposes only).

Exhibit (31.1)		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit (31.2)		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit (32.1)		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit (101)		The following financial statements from the Company’s 10-Q for the fiscal quarter ended April 1, 2012, formatted in XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) Notes to Condensed Consolidated Financial Statements.

EX-3.(A) 2 a50277448ex3a.htm EXHIBIT (3)(A) a50277448ex3a.htm

Exhibit (3)(a)

CHARTER

J. ALEXANDER’S CORPORATION

The undersigned natural person, having capacity to contract and acting as the incorporator of the Corporation under the Tennessee General Corporation Act, adopts the following Charter for such Corporation:

1. The name of the Corporation is J. Alexander’s Corporation.

2. The duration of the Corporation is perpetual.

3. The address of the corporation’s principal office is:

Suite 260

3401 West End Avenue

Nashville, Tennessee 37203

County of Davidson

4. The Corporation is for profit.

5. The purpose or purposes for which the Corporation is organized are:

To engage in a commercial and industrial property leasing and development business. Such business shall include, but not be limited to, the purchase, sale and leasing of any types of properties, real or personal, and said business shall in each instance be tailored to meet the specific requirements of the corporation's customers.

To engage in the purchase and sale of notes and debt instruments of every kind.

To engage in any lawful business.

To do any and all things necessary and appropriate ·for the conduct of any of said businesses, and to enter into such contracts as may be requisite for the development of the corporation's business.

6. The maximum number of shares which the Corporation shall have the authority to issue is eleven million (11,000,000) shares, consisting of ten million (10,000,000) shares of Common Stock with $.05 par value, each of which shall be entitled to one vote at meetings of the shareholders, non-cumulative, and one million (1,000,000) shares of Preferred Stock, in such series and with such designations, rights, preferences, qualifications, limitations or restrictions as may be fixed from time to time by resolution or resolutions of the Board of Directors for each series.

A. Series A Junior Participating Preferred Stock:

(i) Designation and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock” (the “Series A Preferred Stock”) and the number of shares constituting the Series A Preferred Stock shall be 300,000. Such number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series A Preferred Stock.

(ii) Dividends and Distributions.

(A) Subject to the rights of the holders of any shares of any series of Preferred Stock (or any similar stock) ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of Common Stock, par value $0.05 per share (the “Common Stock”), of the Corporation, and of any other junior stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $1 or (b) subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per share amount of all cash dividends, and 100 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

(B) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (A) of this subsection immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date.

(C) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof.

(iii) Voting Rights. The holders of shares of Series A Preferred Stock shall have the following voting rights:

(A) Subject to the provision for adjustment hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof to 100 votes on all matters submitted to a vote of the shareholders of the Corporation. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

(B) Except as otherwise provided herein, in any other articles of amendment to this Charter creating a series of Preferred Stock or any similar stock, or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on all matters submitted to a vote of shareholders of the Corporation.

(C) Except as set forth herein, or as otherwise provided by law, holders of Series A Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action.

(iv) Certain Restrictions.

(A) Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as provided in subsection 6A(ii) are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

(1) declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock;

(2) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled;

(3) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock; or

(4) redeem or purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of stock ranking on a parity with the Series A Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.

(B) The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this subsection 6A(iv), purchase or otherwise acquire such shares at such time and in such manner.

(v) Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein, or in any other articles of amendment to this Charter creating a series of Preferred Stock or any similar stock or as otherwise required by law.

(vi) Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, no distribution shall be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock shall have received $100 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, provided that the holders of shares of Series A Preferred Stock shall be entitled to receive an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 100 times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all such parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

(vii) Consolidation, Merger, etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 100 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

(viii) No Redemption. The shares of Series A Preferred Stock shall not be redeemable.

(ix) Rank. The Series A Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets, junior to all series of any other class of the Corporation’s Preferred Stock.

(x) Amendment. Subsection 6A of this Charter shall not be amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock, voting together as a single class.”

(xi) Fractional Shares. The Series A Preferred Stock may be issued in fractions of a share (in one one-hundredths (1/100) of a share and integral multiples thereof), which shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series A Preferred Stock.

7. The Corporation will not commence business until consideration of one thousand dollars ($1,000) has been received for the issuance of shares.

8. (a) The Board of Directors may take without a meeting on written consent any action which they are required to or permitted to take by the Charter, Bylaws or Statutes, provided that such consent sets forth the action so taken and is signed by all the Directors.

(b) The Board of Directors may adopt, amend or repeal any of the Corporation's Bylaws upon the affirmative vote of a majority of the Board then in office.

9. The shareholders of the Corporation shall not have preemptive rights.

10. To the fullest extent permitted by the Tennessee Business Corporation Act as the same may be amended from time to time, a director of the Company shall not be liable to the Company or its shareholders for monetary damages for breach of fiduciary duty as a director. If the Tennessee Business Corporation Act is amended after approval by the shareholders of this provision to authorize corporate action further eliminating or limiting the personal liability of directors, the liability of a director of the Company shall be eliminated or limited to the fullest extent permitted by the Tennessee Business Corporation Act, as so amended from time to time. Any repeal or modification of this paragraph 10 shall not adversely affect any right or protection of a director of the Company existing at the time of such repeal or modification or with respect to events occurring prior to such time.

11. (a) The name of the corporation's registered agent is R.G. Lewis.

(b) The street address of the corporation’s registered office in Tennessee is:

Suite 260

3401 West End Avenue

Nashville, Tennessee 37203

County of Davidson

EX-10.(A) 3 a50277448ex10a.htm EXHIBIT (10)(A) a50277448ex10a.htm

Exhibit (10)(a)

September 13, 1989

Lonnie J. Stout II

126 Prospect Hill

Nashville, Tennessee 37205

Severance Benefits Agreement

Dear Mr. Stout:

The Board of Directors of Volunteer Capital Corporation (the “Company”) recognizes that your contributions to the past and future growth and success of the Company have been substantial. The Board therefore desires to assure the Company of your continued services for the benefit of the Company now, and in the event that the Company were to be faced with a takeover possibility.

In order to induce you to remain in the employ of the Company, this letter agreement (the “Agreement”) sets forth severance benefits which the Company will pay to you in the event of a severance of your employment, except as a result of your death, Disability, Retirement or your termination by the Company for Cause, (in each case as such capitalized terms are defined in Section 3 below), subsequent to a “Change in Control of the Company” (as defined in Section 2 below).

1. TERM. If a Change in Control of the Company (as defined in Section 2 below) should occur while you are still an employee of the Company, then this Agreement shall continue in effect from the date of such Change in Control of the Company for so long as you remain an employee of the Company.

2. CHANGE IN CONTROL. No benefits shall be payable hereunder unless and until there shall have been a Change in Control of the Company, as defined in this Section 2, while you are still an employee of the Company. For purposes of this Agreement, a “Change in Control of the Company” shall be deemed to have occurred if (i) the Company shall cease to be a publicly owned corporation having its outstanding common stock listed on a national exchange or traded in the over-the-counter market, or (ii) any other corporation, person or “group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) other than Jack c. Massey or his affiliates, is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by the Company’s shareholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. Upon a Change in Control of the Company while you are still an employee of the Company, this Agreement and all of its provisions shall become operative immediately.

3. SEVERANCE FOLLOWING CHANGE IN CONTROL. If a Change in Control of the Company as defined in Section 2 above shall have occurred while you are still an employee of the Company, you shall be entitled to the benefits provided in Section 4 below upon the subsequent severance of your employment with the Company by you (but only if such severance is elected by you for “Reason”, as defined in subsection 3(iv) below, or by the Company, unless such severance by the Company is a result of (a) your death, (b) your Disability (as defined in subsection 3(i) below), (c) your Retirement (as defined in subsection 3(ii) below), or (d) your termination by the Company for Cause (as defined in subsection 3(iii) below), in any of which events you shall not be entitled to receive severance benefits under this Agreement.

(i) Disability. If, as a result of your incapacity due to physical or mental illness, you shall have been absent from your duties with the Company on a full time basis for 130 consecutive business days and within thirty (30) days after written notice of termination is given you shall not have returned to the full time performance of your duties, the Company may terminate this Agreement for “Disability”, in which event you shall not be entitled to receive severance benefits under this Agreement.

(ii) Retirement. The term “Retirement”, as used in this Agreement, shall mean severance by the Company or you of your employment based on your having reached age 65, which is the Company’s normal retirement age. The Company may terminate this Agreement for “Retirement” at any time after your 65th birthday, in which event you shall not be entitled to receive severance benefits under this Agreement.

(iii) Cause. The Company may terminate your employment at any time for Cause, in which event you shall not be entitled to receive severance benefits under this Agreement. For the purposes of this Agreement, the Company shall have “Cause” to terminate your employment hereunder only if termination shall have been the result of an act or acts of dishonesty by you constituting a felony and resulting or intended to result directly or indirectly in substantial gain or personal enrichment at the expense of the Company. Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Company’s Board of Directors at a meeting of the Board called and held for the purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before the Board), finding that in the good faith opinion of the Board you were guilty of conduct set forth in the first sentence of this subsection 3(iii) and specifying the particulars thereof in detail.

(iv) Reason. Following a Change in Control of the Company, you may terminate your employment at any time for Reason, in which event you shall be entitled to receive severance benefits under this Agreement. For the purposes of this Agreement, you shall have “Reason” to terminate your employment hereunder if there is either a change in your present responsibilities or there is a decrease in the level of your compensation or other economic loss.

(v) Notice of Termination. Any termination by the Company pursuant to subsections 3(i), 3(ii) or 3(iii) above or by you pursuant to subsection 3(iv) shall be communicated by written Notice of Termination. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated. For purposes of this Agreement, no such purported termination shall be effective without such Notice.

(vi) Date of Termination. “Date of Termination” shall mean (A) if the Agreement is terminated by you, the date on which you deliver Notice of Termination to the Company, (B) if this Agreement is terminated by the Company for Disability, thirty (30) days after Notice of Termination is given (provided that you shall not have returned to the performance of your duties on a full-time basis during such thirty (30) days period), or (C) if your employment is terminated by the Company for any other reason, the date on which a Notice of Termination is given; provided that if within thirty (30) days after any Notice of Termination is given to you by the Company, you notify the Company that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally determined, either by mutual written agreement of the parties, by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected).

(vii) Company Retains Right to Terminate You for any Reason. The Company may terminate your employment at any time, before or after any Change in Control of the Company, subject to your right to receive the severance benefits hereinafter specified if such termination occurs after a Change in Control of the Company and is for a reason other than those specified in subsections 3(i), 3(ii) and 3(iii) above.

4. COMPENSATION UPON SEVERANCE AFTER A CHANGE IN CONTROL OF THE COMPANY. This Section 4 describes your rights to receive severance compensation from the Company if there shall have occurred a Change in Control of the Company while you are still an employee of the Company, unless such severance was by the Company as a result of your death, Retirement, Disability or Cause or by you without Reason (as such capitalized terms are defined in Section 3 above):

(a) If the Company shall terminate your employment other than pursuant to subsections 3(i), 3(ii) or 3(iii) above, or if you shall resign from the Company for Reason as set forth in subsection 3(iv) above, then:

The Company shall pay to you as severance pay in a lump sum on the fifth day following the Date of Termination, an amount equal to one and one-half times your then annual salary.

(b) The Company shall pay all legal fees and expenses incurred by you in contesting or disputing any such termination, or in seeking to obtain or enforce any right or benefit provided by this Agreement in whole or in part.

(c) You shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 4 be reduced by any compensation earned by you as the result of employment by another employer after the Date of Termination, or otherwise.

5. SUCCESSORS; BINDING AGREEMENT. (a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle you to compensation from the Company in the same amount and on the same terms as you would be entitled hereunder if such succession had not occurred, except that for purposes of implementating the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 5 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

(b) This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you should die while any amounts are still payable to you hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee, or other designee or, if there be no such designee, to your estate.

6. NOTICE. For the purposes of this Agreement, notices and all other communication provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, prostage prepaid, addressed as follows:

If to the Company:

Volunteer Capital Corporation

101 Winners Circle

Brentwood, Tennessee 37027

Attn: Secretary

If to you to the address set forth on the first part of this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

7. MISCELLANEOUS. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by you and such officer as may be specifically designated by the Board of Directors of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Tennessee. The term “Company”, as used in all Sections of this Agreement except (A) the definition of Change of Control of the Company, (B) Section 5, (C) references to the Company’s Board of Directors and (D) references to the Company’s common stock shall be deemed to include all of the Company’s subsidiaries.

8. VALIDITY. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

9. CONFIDENTIALITY. You shall retain in confidence any and all confidential information known to you concerning the Company and its businesses so long as such information is not otherwise publicly disclosed.

If the terms of the foregoing Agreement are acceptable to you, please sign and return to the Company the enclosed copy of this Agreement whereupon this Agreement shall become a valid and binding agreement between the Company and you.

		Sincerely,

		VOLUNTEER CAPITAL CORPORATION

		By: /s/ R. Gregory Lewis
Attested:

/s/ Randall E. Gordon
		Accepted and Agreed as of the
		date first above written:

		/s/ Lonnie J. Stout II
		(Employee)
Witness:

/s/ Cynthia B. Dove

AMENDMENT TO SEVERANCE BENEFITS AGREEMENT

THIS AMENDMENT TO SEVERANCE BENEFITS AGREEMENT (the “Agreement”), entered into this 26th day of December, 2008, by and between J. Alexander’s Corporation, a Tennessee corporation (“Company”), and Lonnie J. Stout II (“Executive”).

WHEREAS, the Company and Executive are parties to that certain Severance Benefits Agreement, dated September 13, 1989 (the “Severance Benefits Agreement”); and

WHEREAS, the Company and Executive desire to enter into this Agreement to amend certain provisions of the Severance Benefits Agreement.

NOW, THEREFORE, in consideration of the premises, the mutual agreements contained herein, and other good and valuable consideration, the receipt, sufficiency and mutuality of which are hereby acknowledged, the Company and Executive hereby agree as follows.

1. The following shall be inserted as Section 10 of the Severance Benefits Agreement:

It is intent of both parties that this Agreement is grandfathered from the requirements of Section 409A of the Code pursuant to the requirements of Treasury Regulation 1.409A-6. If it is later determined, that this Agreement is subject to the requirements of Section 409A of the Code, then it is intended that (1) each installment of the payments provided under this Agreement is a separate “payment” for purposes of Section 409A of the Code and (2) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding the foregoing or anything to the contrary in this Agreement, if the Corporation determines (i) that on the date the Executive’s employment with the Corporation terminates or at such other time that the Corporation determines to be relevant, the Executive is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Corporation and (ii) that any payments to be provided to the Executive pursuant to this Agreement are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code if provided at the time otherwise required under this Agreement then (A) such payments shall be delayed until the date that is six months after the date of the Executive’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) with the Corporation, or, if earlier, the date of the Executive’s death. Any payments delayed pursuant to this Section 10 shall be made in a lump sum on the first day of the seventh month following the Executive’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)), or, if earlier, the date of the Executive’s death. For purposes of this Section 10, “Executive” shall mean Lonnie J. Stout II.

2. Except as expressly modified by the terms of this Agreement, the provisions of the Severance Benefits Agreement shall continue in full force and effect.

3. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all of which, taken together, shall be deemed to be one and the same instrument.

4. The validity, interpretation and effect of this Agreement shall be governed exclusively by the laws of the State of Tennessee without regard to the choice of law principals thereof.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written.

EXECUTIVE

/s/ Lonnie J. Stout II

Lonnie J. Stout II

J. ALEXANDER’S CORPORATION

By: /s/ R. Gregory Lewis

Name: R. Gregory Lewis

Title: Vice President & Chief Financial Officer

EX-10.(B) 4 a50277448ex10b.htm EXHIBIT (10)(B) a50277448ex10b.htm

Exhibit (10)(b)

September 13, 1989

R. Gregory Lewis

9219 Concord Road

Brentwood, Tennessee 37027

Severance Benefits Agreement

Dear Mr. Lewis:

2. CHANGE IN CONTROL. No benefits shall be payable hereunder unless and until there shall have been a Change in Control of the Company, as defined in this Section 2, while you are still an employee of the Company. For purposes of this Agreement, a “Change in Control of the Company” shall be deemed to have occurred if (i) the Company shall cease to be a publicly owned corporation having its outstanding common stock listed on a national exchange or traded in the over-the-counter market, or (ii) any other corporation, person or “group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) other than Jack C. Massey or his affiliates, is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by the Company’s shareholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. Upon a Change in Control of the Company while you are still an employee of the Company, this Agreement and all of its provisions shall become operative immediately.

The Company shall pay to you as severance pay in a lump sum on the fifth day following the Date of Termination, an amount equal to one and one-half times your then annual salary.

If to the Company:

Volunteer Capital Corporation

101 Winners Circle

Brentwood, Tennessee 37027

Attn: Secretary

	Sincerely,

	VOLUNTEER CAPITAL CORPORATION

	By: /s/ Lonnie J. Stout II
Attested:

/s/ Cynthia B. Dove
	Accepted and Agreed as of the
	date first above written:

	/s/ R. Gregory Lewis
	(Employee)
Witness:

/s/ Janice Jackson

AMENDMENT TO SEVERANCE BENEFITS AGREEMENT

WHEREAS, the Company and Executive are parties to that certain Severance Benefits Agreement, dated September 13, 1989 (the “Severance Benefits Agreement”); and

WHEREAS, the Company and Executive desire to enter into this Agreement to amend certain provisions of the Severance Benefits Agreement.

1. The following shall be inserted as Section 10 of the Severance Benefits Agreement:

2. Except as expressly modified by the terms of this Agreement, the provisions of the Severance Benefits Agreement shall continue in full force and effect.

3. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all of which, taken together, shall be deemed to be one and the same instrument.

4. The validity, interpretation and effect of this Agreement shall be governed exclusively by the laws of the State of Tennessee without regard to the choice of law principals thereof.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written.

EXECUTIVE

/s/ R. Gregory Lewis

R. Gregory Lewis

J. ALEXANDER’S CORPORATION

By: /s/ Lonnie J. Stout II

Name: Lonnie J. Stout II

Title: Chief Executive Officer

EX-31.1 5 a50277448ex31-1.htm EXHIBIT 31.1 a50277448ex31-1.htm

Exhibit 31.1

CERTIFICATION

I, Lonnie J. Stout II, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of J. Alexander’s Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 16, 2012

By:	/s/ Lonnie J. Stout II
	Lonnie J. Stout II
	Chairman of the Board, Chief Executive Officer and President

EX-31.2 6 a50277448ex31-2.htm EXHIBIT 31.2 a50277448ex31-2.htm

Exhibit 31.2

CERTIFICATION

I, R. Gregory Lewis, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of J. Alexander’s Corporation;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 16, 2012

By:	/s/ R. Gregory Lewis
	R. Gregory Lewis
	Vice President, Chief Financial Officer and Secretary

EX-32.1 7 a50277448ex32-1.htm EXHIBIT 32.1 a50277448ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of J. Alexander’s Corporation (the “Company”) on Form 10-Q for the quarter ended April 1, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Lonnie J. Stout II
Lonnie J. Stout II
Chairman of the Board, Chief Executive Officer and President
May 16, 2012


/s/ R. Gregory Lewis
R. Gregory Lewis
Vice President, Chief Financial Officer and Secretary
May 16, 2012

EX-101.INS 8 jax-20120401.xml XBRL INSTANCE DOCUMENT 0000103884 2011-01-03 2011-04-03 0000103884 2011-04-03 0000103884 2011-01-02 0000103884 2012-04-01 0000103884 2012-01-01 0000103884 2012-05-15 0000103884 2012-01-02 2012-04-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-30 Q1 2012 2012-04-01 10-Q 0000103884 5996453 Smaller Reporting Company ALEXANDERS J CORP jax 986000 1010000 549000 238000 226000 999000 36529000 36888000

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<div>  <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:12.0pt;mso-layout-grid-align:none;text-autospace:none;"><a name="_296d356b_32fa_4c3f_a1e4_6dad62b84763">Note A — Basis of Presentation</a> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;text-indent:.5in;mso-layout-grid-align:none;text-autospace:none;">The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and rules of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter ended April 1, 2012, are not necessarily indicative of the results that may be expected for the fiscal year ending December 30, 2012. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the J. Alexander’s Corporation (the “Company”) Annual Report on Form 10-K for the fiscal year ended January 1, 2012. <font style="font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA;">            Net income and comprehensive income are the same for all periods presented. </div>

8602000

7617000

7917000

9330000

-985000

1413000

<div>  <h3 style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:'Heading 3 Char';mso-style-next:Normal;margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:3;tab-stops:.5in;font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:'Times New Roman','serif';layout-grid-mode:line;mso-bidi-font-weight:normal;margin-top:12.0pt;mso-layout-grid-align:none;text-autospace:none;"><a name="_96f1bc6b_f114_4565_9bae_80fe3e7c38d9">Note D – Commitments and Contingencies</a></h3> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;tab-stops:0in .5in right 3.25in 4.25in 5.5in 6.5in;">            As a result of the disposition of its Wendy’s operations in 1996, the Company remains secondarily liable for certain real property leases with remaining terms of one to four years.  The total estimated maximum amount of lease payments remaining on these nine leases as of April 1, 2012, was approximately $1,100,000.  Also, in connection with the sale of its Mrs. Winner’s Chicken & Biscuit restaurant operations in 1989 and certain previous dispositions, the Company remains secondarily liable for certain real property leases with remaining terms of one to three years.  The total estimated maximum amount of lease payments remaining on these 12 leases as of April 1, 2012, was approximately $600,000.  Additionally, in connection with the previous disposition of certain other Wendy’s restaurant operations, primarily the southern California restaurants in 1982, the Company remains secondarily liable for real property leases with remaining terms of one to four years.  The total estimated maximum amount of lease payments remaining on these five leases as of April 1, 2012, was approximately $600,000. <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;tab-stops:0in .5in right 3.25in 4.25in 5.5in 6.5in;">            In February 2012, the Company agreed to a settlement of a previously disclosed lawsuit, Dionne Michelle Williams-Green v. J. Alexander’s Restaurants, Inc., pending in the United States District Court for the Northern District of Illinois.  The settlement is subject to court approval.  The case was filed by a former hourly employee of the Company in Illinois and was later certified as a class action on a claim that the Company’s tip share pool in two restaurants was invalid.  During the fourth quarter of 2011, the Company accrued an estimate of the amount it believes will be necessary to settle this claim. <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;tab-stops:0in .5in right 3.25in 4.25in 5.5in 6.5in;">            The Company is currently undergoing a federal employment tax audit for 2009 and 2010.  The potential financial impact of this audit is not determinable at this time. <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';">            In addition to the matters described above, the Company is from time to time subject to routine litigation and claims incidental to its business, including actions with respect to federal and state tax matters, labor-related claims and other matters. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. However, management believes that, based on current knowledge, the final outcome of these other matters will not have a material adverse effect on the Company’s financial condition, operating results or liquidity. Regardless of the outcome, legal proceedings can have an adverse effect on the Company because of defense costs, diversion of management resources and other factors. </div>

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5993453

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<div>  <h4 style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:'Heading 4 Char';mso-style-next:Normal;margin:0in;margin-bottom:.0001pt;mso-pagination:none;page-break-after:avoid;mso-outline-level:4;tab-stops:0in .5in right dotted 4.25in blank 5.25in 387.0pt 454.5pt 463.5pt;font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:'Times New Roman','serif';layout-grid-mode:line;mso-bidi-font-weight:normal;margin-top:12.0pt;"><a name="_8466274b_db47_483e_ba44_44b58adc7bff">Note B – Earnings Per Share</a></h4> <p style="mso-style-unhide:no;mso-style-link:'Body Text Indent Char';margin:0in;margin-bottom:.0001pt;text-indent:.5in;mso-pagination:none;tab-stops:0in .5in right dotted 4.25in blank 5.25in 387.0pt 454.5pt 463.5pt;font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';layout-grid-mode:line;margin-top:6.0pt;">The following table sets forth the computation of basic and diluted earnings per share: <p style="mso-style-unhide:no;mso-style-link:'Body Text Indent Char';margin:0in;margin-bottom:.0001pt;text-indent:.5in;mso-pagination:none;tab-stops:0in .5in right dotted 4.25in blank 5.25in 387.0pt 454.5pt 463.5pt;font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';layout-grid-mode:line;">  <table border="0" cellspacing="0" cellpadding="0" width="615" style="border-collapse:collapse;mso-table-layout-alt:fixed;mso-padding-alt: 0in 0in 0in 0in;"> <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="15" colspan="2" valign="bottom" style="width:11.35pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:1;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">(In thousands, except per share amounts) </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="189" colspan="7" valign="bottom" style="width:141.7pt;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in;"> <p align="center" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:5.8pt;text-align:center; mso-layout-grid-align:none;text-autospace:none;">Quarter Ended </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:2;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="81" colspan="2" valign="bottom" style="width:60.7pt;padding:0in 0in 0in 0in;"> <p align="center" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:1.8pt;text-align:center; mso-layout-grid-align:none;text-autospace:none;">April 1 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="84" colspan="2" valign="bottom" style="width:63.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:1.8pt;text-align:center; mso-layout-grid-align:none;text-autospace:none;">April 3 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:3;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="81" colspan="2" valign="bottom" style="width:60.7pt;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in;"> <p align="center" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:1.8pt;text-align:center; mso-layout-grid-align:none;text-autospace:none;">2012 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="84" colspan="2" valign="bottom" style="width:63.0pt;border:none; border-bottom:solid black 1.0pt;mso-border-bottom-alt:solid black .75pt; padding:0in 0in 0in 0in;"> <p align="center" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:1.8pt;text-align:center; mso-layout-grid-align:none;text-autospace:none;">2011 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:4;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Numerator: </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:5;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Net income (numerator for basic and diluted earnings per share) </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">$ </td> <td width="72" valign="bottom" style="width:54.05pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">2,421 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">$ </td> <td width="75" valign="bottom" style="width:56.35pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">1,062 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:6;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Denominator: </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:7;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Weighted average shares (denominator for basic earnings per share) </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">5,994 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">5,978 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:8;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Effect of dilutive securities </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">186 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;border:none;border-bottom: solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt; padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">80 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:9;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Adjusted weighted average shares (denominator for diluted earnings per share) </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">6,180 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">6,058 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:10;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">  </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;mso-border-top-alt: double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="72" valign="bottom" style="width:54.05pt;border:none;mso-border-top-alt: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">  </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;mso-border-top-alt: double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="75" valign="bottom" style="width:56.35pt;border:none;mso-border-top-alt: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:11;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Basic earnings per share </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">$ </td> <td width="72" valign="bottom" style="width:54.05pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">.40 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">$ </td> <td width="75" valign="bottom" style="width:56.35pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">.18 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:12;"> <td width="378" valign="bottom" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">Diluted earnings per share </td> <td width="39" valign="bottom" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">$ </td> <td width="72" valign="bottom" style="width:54.05pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:4.55pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">.39 </td> <td width="23" colspan="2" valign="bottom" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" valign="bottom" style="width:1.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:-6.65pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="9" valign="bottom" style="width:6.65pt;border:none;border-bottom:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">$ </td> <td width="75" valign="bottom" style="width:56.35pt;border:none;border-bottom: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">.18 </td> <td width="9" valign="bottom" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="mso-yfti-irow:13;mso-yfti-lastrow:yes;"> <td width="378" style="width:283.5pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:0in;margin-right:.8pt;margin-left:11.25pt;text-indent:-11.25pt; mso-layout-grid-align:none;text-autospace:none;">  </td> <td width="39" style="width:29.3pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="81" colspan="2" style="width:60.7pt;border:none;mso-border-top-alt: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:1.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">  </td> <td width="23" colspan="2" style="width:17.0pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="1" style="width:1.0pt;border:none;border-top:double black 2.25pt; padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> <td width="84" colspan="2" style="width:63.0pt;border:none;mso-border-top-alt: double black 2.25pt;padding:0in 0in 0in 0in;"> <p align="right" style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:1.8pt;text-align:right; mso-layout-grid-align:none;text-autospace:none;">  </td> <td width="9" style="width:6.65pt;padding:0in 0in 0in 0in;"> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-right:.8pt;mso-layout-grid-align:none; text-autospace:none;">  </td> </tr> <tr style="height:0;"> <td width="375" style="border:none;"></td> <td width="39" style="border:none;"></td> <td width="9" style="border:none;"></td> <td width="72" style="border:none;"></td> <td width="9" style="border:none;"></td> <td width="14" style="border:none;"></td> <td width="5" style="border:none;"></td> <td width="9" style="border:none;"></td> <td width="75" style="border:none;"></td> <td width="9" style="border:none;"></td> </tr> </table>             The calculations of diluted earnings per share exclude options for the purchase of 383,000 and 483,500 shares of the Company’s common stock for the quarters ended April 1, 2012 and April 3, 2011, respectively, because the effect of their inclusion would be anti-dilutive. </div>

<div>  <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:12.0pt;mso-layout-grid-align:none;text-autospace:none;"><a name="_4dc78a38_0cdf_44a6_b9a3_3f870e93113f">Note E — Fair Value Measurements</a> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;text-indent:.5in;">As of April 1, 2012 and January 1, 2012, the fair value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued expenses and other current liabilities approximated their carrying value based on the short maturity of these instruments.  The fair value of long-term mortgage financing is determined using current applicable interest rates for similar instruments and collateral as of the balance sheet date.  The carrying value and estimated fair value of the Company’s mortgage loan were $18,068,000 and $19,337,000, respectively, as of April 1, 2012 compared to $18,332,000 and $19,644,000, respectively, at January 1, 2012.   <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;text-indent:.5in;">  There were no assets and liabilities measured at fair value on a nonrecurring basis during the first quarter of fiscal 2012 or 2011. </div>

2444000

2685000

1372000

2757000

<div> <font style="font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA;layout-grid-mode:line;"> <h4 style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:'Heading 4 Char';mso-style-next:Normal;margin:0in;margin-bottom:.0001pt;mso-pagination:none;page-break-after:avoid;mso-outline-level:4;tab-stops:0in .5in right dotted 4.25in blank 5.25in 387.0pt 454.5pt 463.5pt;font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:'Times New Roman','serif';layout-grid-mode:line;mso-bidi-font-weight:normal;margin-top:12.0pt;"><a name="_e9f63779_ce18_495e_a3fa_4c7d0140c50d">Note C – Income Taxes</a></h4> <p style="mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:'';margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:'Times New Roman','serif';mso-fareast-font-family:'Times New Roman';margin-top:6.0pt;text-indent:.5in;tab-stops:0in right 3.25in 4.25in 5.5in 6.5in;">Income tax expense for the first quarter of 2012 has been provided for based on an estimated 12.2% effective tax rate expected to be applicable for the full 2012 fiscal year, which compares to an effective tax rate of 22.6% that was used for the same quarter of the prior year. The Company’s effective annual tax rate has historically been reduced by its ability to utilize FICA tip credits to offset a significant amount of the current portion of its federal tax liability.  The Company will continue to have FICA tip credit carryforwards available to reduce its federal income tax liability in 2012.  In addition, because the Company continues to maintain a valuation allowance for substantially all of its net deferred tax assets, its income tax provision consists of income taxes currently payable which include the effect of differences between book and taxable income.  The effect of certain tax deductions the Company expects to receive in 2012 as well as changes in certain state income tax regulations are factors which contribute to the reduction of the Company’s estimated effective tax rate for the current year compared to the rate used in the first quarter of 2011. </div>

310000

336000

-143000

-633000

-1122000

-988000

-882000

-131000

-297000

-177000

362000

304000

652000

1019000

424000

403000

1564000

1461000

13204000

13745000

91730000

93427000

13068000

12437000

17356000

17055000

1123000

1150000

-299000

-270000

-833000

-733000

147000

2416000

1062000

2421000

-404000

-381000

1776000

3138000

1797000

1892000

8407000

8224000

11521000

11645000

-63000

-83000

20000

22000

106000

73000

727000

660000

1000000

996000

2015000

37000

4000

71955000

71865000

336000

274000

14904000

17325000

40749000

42711000

119000

80000

49785000

52290000

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Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Apr. 01, 2012
Commitments And Contingencies [Abstract]
Commitments And Contingencies	Note D – Commitments and Contingencies As a result of the disposition of its Wendy’s operations in 1996, the Company remains secondarily liable for certain real property leases with remaining terms of one to four years. The total estimated maximum amount of lease payments remaining on these nine leases as of April 1, 2012, was approximately $1,100,000. Also, in connection with the sale of its Mrs. Winner’s Chicken & Biscuit restaurant operations in 1989 and certain previous dispositions, the Company remains secondarily liable for certain real property leases with remaining terms of one to three years. The total estimated maximum amount of lease payments remaining on these 12 leases as of April 1, 2012, was approximately $600,000. Additionally, in connection with the previous disposition of certain other Wendy’s restaurant operations, primarily the southern California restaurants in 1982, the Company remains secondarily liable for real property leases with remaining terms of one to four years. The total estimated maximum amount of lease payments remaining on these five leases as of April 1, 2012, was approximately $600,000. In February 2012, the Company agreed to a settlement of a previously disclosed lawsuit, Dionne Michelle Williams-Green v. J. Alexander’s Restaurants, Inc., pending in the United States District Court for the Northern District of Illinois. The settlement is subject to court approval. The case was filed by a former hourly employee of the Company in Illinois and was later certified as a class action on a claim that the Company’s tip share pool in two restaurants was invalid. During the fourth quarter of 2011, the Company accrued an estimate of the amount it believes will be necessary to settle this claim. The Company is currently undergoing a federal employment tax audit for 2009 and 2010. The potential financial impact of this audit is not determinable at this time. In addition to the matters described above, the Company is from time to time subject to routine litigation and claims incidental to its business, including actions with respect to federal and state tax matters, labor-related claims and other matters. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. However, management believes that, based on current knowledge, the final outcome of these other matters will not have a material adverse effect on the Company’s financial condition, operating results or liquidity. Regardless of the outcome, legal proceedings can have an adverse effect on the Company because of defense costs, diversion of management resources and other factors.

- Definition

The entire disclosure for commitments and contingencies.

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Income Taxes	3 Months Ended
Income Taxes	Apr. 01, 2012
Income Taxes [Abstract]
Income Taxes	Note C – Income Taxes Income tax expense for the first quarter of 2012 has been provided for based on an estimated 12.2% effective tax rate expected to be applicable for the full 2012 fiscal year, which compares to an effective tax rate of 22.6% that was used for the same quarter of the prior year. The Company’s effective annual tax rate has historically been reduced by its ability to utilize FICA tip credits to offset a significant amount of the current portion of its federal tax liability. The Company will continue to have FICA tip credit carryforwards available to reduce its federal income tax liability in 2012. In addition, because the Company continues to maintain a valuation allowance for substantially all of its net deferred tax assets, its income tax provision consists of income taxes currently payable which include the effect of differences between book and taxable income. The effect of certain tax deductions the Company expects to receive in 2012 as well as changes in certain state income tax regulations are factors which contribute to the reduction of the Company’s estimated effective tax rate for the current year compared to the rate used in the first quarter of 2011.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 109

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+ Details

XML 17 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Apr. 01, 2012	Jan. 01, 2012
ASSETS
Cash and cash equivalents	$ 9,330	$ 7,917
Accounts and notes receivable	6,321	6,933
Inventories	1,461	1,564
Prepaid expenses and other current assets	2,015	996
TOTAL CURRENT ASSETS	19,127	17,410
OTHER ASSETS	1,892	1,797
PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation and amortization of $67,507 and $66,272 as of April 1, 2012 and January 1, 2012, respectively	71,865	71,955
DEFERRED INCOME TAXES	152	152
DEFERRED CHARGES, less accumulated amortization of $1,010 and 986 as of April 1, 2012 and January 1, 2012, respectively	391	416
Total Assets	93,427	91,730
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	3,653	3,868
Accrued expenses and other current liabilities	6,201	6,133
Unearned revenue	1,433	1,944
Current portion of long-term debt and obligations under capital leases	1,150	1,123
TOTAL CURRENT LIABILITIES	12,437	13,068
LONG-TERM DEBT AND OBLIGATIONS UNDER CAPITAL LEASES, net of portion classified as current	17,055	17,356
OTHER LONG-TERM LIABILITIES	11,645	11,521
Stockholders' Equity
Common Stock, par value $.05 per share: Authorized 10,000,000 shares; issued and outstanding 5,994,453 and 5,993,453 shares as of April 1, 2012 and January 1, 2012, respectively	300	300
Preferred Stock, no par value: Authorized 1,000,000 shares; none issued
Additional paid-in capital	34,665	34,581
Retained earnings	17,325	14,904
TOTAL STOCKHOLDERS' EQUITY	52,290	49,785
Commitments and Contingencies
Liabilities and Stockholders' Equity	$ 93,427	$ 91,730

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Basis Of Presentation	3 Months Ended
Basis Of Presentation	Apr. 01, 2012
Basis Of Presentation [Abstract]
Basis Of Presentation	Note A — Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and rules of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter ended April 1, 2012, are not necessarily indicative of the results that may be expected for the fiscal year ending December 30, 2012. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the J. Alexander’s Corporation (the “Company”) Annual Report on Form 10-K for the fiscal year ended January 1, 2012. Net income and comprehensive income are the same for all periods presented.

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Earnings Per Share

3 Months Ended

Apr. 01, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note B – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


(In thousands, except per share amounts)	Quarter Ended
	April 1		April 3
	2012		2011
Numerator:
Net income (numerator for basic and diluted earnings per share)	$	2,421	$	1,062
Denominator:
Weighted average shares (denominator for basic earnings per share)		5,994		5,978
Effect of dilutive securities		186		80
Adjusted weighted average shares (denominator for diluted earnings per share)		6,180		6,058

Basic earnings per share	$	.40	$	.18
Diluted earnings per share	$	.39	$	.18

- Definition

The entire disclosure for earnings per share.

+ References+ Details

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Apr. 01, 2012	Jan. 01, 2012
Condensed Consolidated Balance Sheets [Abstract]
Property and equipment, accumulated depreciation and amortization	$ 67,507	$ 66,272
Deferred charges, accumulated amortization	$ 1,010	$ 986
Common stock, par value	$ 0.05	$ 0.05
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,994,453	5,993,453
Common stock, shares outstanding	5,994,453	5,993,453
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0

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Document And Entity Information
3 Months Ended

Apr. 01, 2012

May 15, 2012

Document And Entity Information [Abstract]

Document Type 10-Q

Amendment Flag false

Document Period End Date Apr. 01, 2012

Document Fiscal Period Focus Q1

Document Fiscal Year Focus 2012

Entity Registrant Name ALEXANDERS J CORP

Trading Symbol jax

Entity Central Index Key 0000103884

Current Fiscal Year End Date --12-30

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 5,996,453

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Condensed Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
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Apr. 01, 2012

Apr. 03, 2011

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Restaurant labor and related costs 13,745 13,204

Depreciation and amortization of restaurant property and equipment 1,452 1,466

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General and administrative expenses 2,685 2,444

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Recent Accounting Pronouncement
3 Months Ended

Apr. 01, 2012

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

Note F — Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This pronouncement is effective for reporting periods beginning on or after December 15, 2011. The adoption of ASU 2011-04 did not have a significant impact to the Company’s Condensed Consolidated Financial Statements.

In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). The amendments in this ASU require entities to disclose additional information about certain financial instruments and derivatives that are eligible for offset or subject to master netting arrangements. The objective of this ASU is to facilitate comparison between financial statements presented in accordance with GAAP and financial statements presented in accordance with IFRS. The amendments in this ASU are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Other than enhanced disclosures, the adoption of ASU 2011-11 is not expected to have a material impact on the Company’s Consolidated Financial Statements.

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Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended

Apr. 01, 2012

Apr. 03, 2011

Cash flows from operating activities:

Net income $ 2,421 $ 1,062

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of property and equipment 1,464 1,481

Share-based compensation expense 80 119

Other 83 63

Changes in assets and liabilities:

Accounts and notes receivable 633 143

Income taxes receivable 177 297

Prepaid expenses and other current assets (1,019) (652)

Accounts payable (988) (1,122)

Accrued expenses and other current liabilities (131) (882)

Other, net (304) (362)

Net cash provided by operating activities 2,416 147

Cash flows from investing activities:

Purchase of property and equipment (660) (727)

Other investing activities (73) (106)

Net cash used in investing activities (733) (833)

Cash flows from financing activities:

Payments on debt and obligations under capital leases (274) (336)

Other financing activities 4 37

Net cash used in financing activities (270) (299)

Increase (decrease) in cash and cash equivalents 1,413 (985)

Cash and cash equivalents at beginning of period 7,917 8,602

Cash and cash equivalents at end of period 9,330 7,617

Supplemental disclosures of non-cash items:

Property and equipment obligations accrued at beginning of period 226 549

Property and equipment obligations accrued at end of period $ 999 $ 238

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Recent Accounting Pronouncement	Apr. 01, 2012
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Note F — Recent Accounting Pronouncements In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. This pronouncement was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This pronouncement is effective for reporting periods beginning on or after December 15, 2011. The adoption of ASU 2011-04 did not have a significant impact to the Company’s Condensed Consolidated Financial Statements. In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). The amendments in this ASU require entities to disclose additional information about certain financial instruments and derivatives that are eligible for offset or subject to master netting arrangements. The objective of this ASU is to facilitate comparison between financial statements presented in accordance with GAAP and financial statements presented in accordance with IFRS. The amendments in this ASU are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Other than enhanced disclosures, the adoption of ASU 2011-11 is not expected to have a material impact on the Company’s Consolidated Financial Statements.

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 01, 2012	Apr. 03, 2011
Cash flows from operating activities:
Net income	$ 2,421	$ 1,062
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	1,464	1,481
Share-based compensation expense	80	119
Other	83	63
Changes in assets and liabilities:
Accounts and notes receivable	633	143
Income taxes receivable	177	297
Prepaid expenses and other current assets	(1,019)	(652)
Accounts payable	(988)	(1,122)
Accrued expenses and other current liabilities	(131)	(882)
Other, net	(304)	(362)
Net cash provided by operating activities	2,416	147
Cash flows from investing activities:
Purchase of property and equipment	(660)	(727)
Other investing activities	(73)	(106)
Net cash used in investing activities	(733)	(833)
Cash flows from financing activities:
Payments on debt and obligations under capital leases	(274)	(336)
Other financing activities	4	37
Net cash used in financing activities	(270)	(299)
Increase (decrease) in cash and cash equivalents	1,413	(985)
Cash and cash equivalents at beginning of period	7,917	8,602
Cash and cash equivalents at end of period	9,330	7,617
Supplemental disclosures of non-cash items:
Property and equipment obligations accrued at beginning of period	226	549
Property and equipment obligations accrued at end of period	$ 999	$ 238

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Apr. 01, 2012
Fair Value Measurements [Abstract]
Fair Value Measurements [Text Block]	Note E — Fair Value Measurements As of April 1, 2012 and January 1, 2012, the fair value of cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued expenses and other current liabilities approximated their carrying value based on the short maturity of these instruments. The fair value of long-term mortgage financing is determined using current applicable interest rates for similar instruments and collateral as of the balance sheet date. The carrying value and estimated fair value of the Company’s mortgage loan were $18,068,000 and $19,337,000, respectively, as of April 1, 2012 compared to $18,332,000 and $19,644,000, respectively, at January 1, 2012. There were no assets and liabilities measured at fair value on a nonrecurring basis during the first quarter of fiscal 2012 or 2011.