Income Taxes (Tables)

12 Months Ended

Dec. 26, 2020

Income Tax Disclosure [Abstract]

Significant Components of Provisions for Income Taxes

Significant components of the provision for income taxes are as follows:

	2020		2019			2018
	(in thousands)
Current:
Federal	$	25,115	$	18,510		$	4,471
State		9,455		8,084			4,894
Total current		34,570		26,594			9,365
Deferred:
Federal		16,363		8,081			12,860
State		1,337		(346	)		1,398
Total deferred		17,700		7,735			14,258
Total provision for income taxes	$	52,270	$	34,329		$	23,623

Reconciliations to Statutory Rates

 The Company’s reconciliations to statutory rates are as follows:

	2020			2019			2018
Statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		4.4			4.6			4.6
Deduction relating to excess stock based compensation		(4.3	)		(3.2	)		(3.6	)
Non-deductable meals & entertainment		0.2			0.7			1.1
Accounting method changes		—			—			(3.9	)
Change in valuation allowance		0.1			0.4			0.7
Other		—			0.3			0.4
		21.4	%		23.8	%		20.3	%

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows at:

	December 26, 2020			December 28, 2019
	(in thousands)
Deferred tax assets:
Lease Liabilities	$	17,951		$	15,567
Inventory		2,525			5,868
Stock-based compensation expense		5,568			5,818
Accrued expenses		3,171			3,232
Other		2,212			1,914
Total deferred tax assets		31,427			32,399
Valuation allowance		(2,022	)		(1,866	)
Total deferred tax assets net of valuation allowance		29,405			30,533
Deferred tax liabilities:
Property, plant and equipment		(88,947	)		(78,232	)
Right-of-use Assets		(15,695	)		(14,203	)
Amortization		(12,900	)		(10,899	)
Prepaid expenses		(4,528	)		(2,209	)
Total deferred tax liabilities		(122,070	)		(105,543	)
Net deferred tax liabilities	$	(92,665	)	$	(75,010	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2020			2019
	(in thousands)
Balance at beginning of year	$	811		$	836
Increases related to current year tax positions		—			101
Increases (decreases) related to prior year tax positions		13			(63	)
Decreases related to lapse of statute of limitations		(12	)		(63	)
Balance at end of year	$	812		$	811