17. Quarterly Financial Data (unaudited)

Summarized unaudited quarterly financial data for fiscal 2018 and 2017 is as follows (in thousands, except per share data):


Quarter Ended:	April 3, 2018		July 3, 2018		October 2, 2018		January 1, 2019
Revenues (1)	$	584,697	$	587,319	$	575,160	$	585,155
Income from operations (2)	$	31,551	$	34,543	$	33,495	$	19,359
Net income (2)	$	26,029	$	28,353	$	28,475	$	16,178
Basic net income per share (4)	$	0.57	$	0.62	$	0.63	$	0.36
Diluted net income per share (4)	$	0.56	$	0.61	$	0.61	$	0.35
Cash dividends declared per common share	$	0.29	$	0.29	$	0.33	$	0.33


Quarter Ended:	April 4, 2017		July 4, 2017		October 3, 2017		January 2, 2018
Revenues	$	563,426	$	569,869	$	555,392	$	571,815
Income from operations (2)	$	43,563	$	50,218	$	34,317	$	22,747
Net income (2)(3)	$	35,043	$	38,166	$	26,445	$	57,738
Basic net income per share (4)	$	0.74	$	0.80	$	0.57	$	1.26
Diluted net income per share (4)	$	0.71	$	0.78	$	0.56	$	1.24
Cash dividends declared per common share	$	0.24	$	0.24	$	0.29	$	0.29

(1)

In the fourth quarter of fiscal 2018, we corrected an error related to the presentation of complimentary meals. Corresponding amounts for the first three quarters of fiscal 2018 of $6.0 million, $5.9 million, and $5.7 million, respectively, were reclassified out of revenue and other operating expenses. Further, the associated cost of complimentary meals was reclassified to other operating expenses out of cost of sales in the amounts of $1.5 million, $1.5 million, and $1.4 million, respectively as well as $1.1 million out of labor in each quarter. The Company did not correct the 2017 quarterly financial data as the Company does not consider the impact of the prior period error to be material to those periods.

(2)

In fiscal 2018, income from operations included $2.6 million, $0.3 million and $15.0 million of lease termination and impairment expense in the second, third and fourth quarters, respectively, with an corresponding impact to net income of $1.9 million, $0.2 million and $11.1 million, respectively. In fiscal 2017, income from operations included $0.8 million, $0.4 million and $9.1 million of accelerated depreciation and impairment expense in the first, second and fourth quarters, respectively, with a corresponding impact to net income of $0.4 million, $0.3 million, $5.5 million, respectively. These amounts were recorded in impairment of assets and lease terminations in the consolidated statements of income. (See Note 1 for further discussion of these charges.)

(3)

The fourth quarter of fiscal 2017 includes a $38.5 million benefit to our income tax provision related to the Tax Act. (See Note 15 for further discussion of income taxes.)

(4)

Net income per share calculations for each quarter are based on the weighted average diluted shares outstanding for that quarter and may not total to the full year amount.

While seasonal fluctuations generally do not have a material impact on our quarterly results, the year-over-year comparison of our quarterly results can be significantly impacted by the number and timing of new restaurant openings and associated preopening costs, the calendar days of the week on which holidays occur, the impact from inclement weather and other climatic conditions, the additional week in a 53-week fiscal year and other variations in revenues and expenses. As a result of these factors, our financial results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.