Texas Roadhouse, Inc. and SubsidiariesNotes to Consolidated Financial Statements(Tabular amounts in thousands, except share and per share data)F-28
Impairment and closure costs in 2018 and 2017 were related to costs associated with the relocation of restaurants.(17) Related Party Transactions
As of December 31, 2019 and December 25, 2018, we had nine franchise restaurants and one majority-owned
company restaurant owned in part by certain of our officers or the former president of the Company. As of
December 26, 2017, we had ten franchise restaurants owned in part by certain of our officers, directors and 5%
stockholders of the Company. These franchise entities paid us fees of $2.2 million, $2.1 million and $2.1 million for the
years ended December 31, 2019, December 25, 2018 and December 26, 2017, respectively. As discussed in note 13, we
are contingently liable on leases which are related to two of these restaurants.
On December 3, 2018, we acquired one franchise restaurant owned in part by our founder. This entity paid us fees
of $0.1 million for the year ended December 25, 2018. See note 4 for further discussion of this acquisition.
In addition, in 2018, our founder made a personal contribution of $1.0 million to cover a portion of the planned
expenses incurred as part of the annual managing partner conference which marked our 25th anniversary. This amount
was recorded as general and administrative expense on the consolidated statements of income and comprehensive
income and as additional paid-in-capital on the consolidated statements of stockholders’ equity.
(18) Selected Quarterly Financial Data (unaudited)
2019
First Second Third Fourth
Quarter Quarter Quarter Quarter Total
Revenue ...................................... $ 690,608 $ 689,828 $ 650,489 $ 725,238 $ 2,756,163
Total costs and expenses ......................... $ 630,163 $ 636,545 $ 605,605 $ 671,827 $ 2,544,140
Income from operations ......................... $ 60,445 $ 53,283 $ 44,884 $ 53,411 $ 212,023
Net income attributable to Texas Roadhouse, Inc.
and subsidiaries ................................ $ 50,390 $ 44,845 $ 36,531 $ 42,686 $ 174,452
Basic earnings per common share ................. $ 0.70 $ 0.63 $ 0.53 $ 0.61 $ 2.47
Diluted earnings per common share ................ $ 0.70 $ 0.63 $ 0.52 $ 0.61 $ 2.46
Cash dividends declared per share ................. $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20
2018
First Second Third Fourth
Quarter Quarter Quarter Quarter Total
Revenue ...................................... $ 627,705 $ 629,237 $ 594,595 $ 605,912 $ 2,457,449
Total costs and expenses ......................... $ 562,834 $ 574,970 $ 559,151 $ 572,705 $ 2,269,660
Income from operations ......................... $ 64,871 $ 54,267 $ 35,444 $ 33,207 $ 187,789
Net income attributable to Texas Roadhouse, Inc.
and subsidiaries ................................ $ 54,541 $ 44,227 $ 29,125 $ 30,332 $ 158,225
Basic earnings per common share ................. $ 0.76 $ 0.62 $ 0.41 $ 0.42 $ 2.21
Diluted earnings per common share ................ $ 0.76 $ 0.62 $ 0.40 $ 0.42 $ 2.20
Cash dividends declared per share ................. $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 1.00
The fourth quarter of 2019 includes an estimated impact of $0.10 to $0.11 per diluted share for the 53rd week.