Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 29, 2019	Nov. 08, 2019
Document Information [Line Items]
Entity Registrant Name	NATHANS FAMOUS INC
Entity Central Index Key	0000069733
Trading Symbol	nath
Current Fiscal Year End Date	--03-29
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		4,227,029
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 29, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock ($0.01 par value)

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019
CURRENT ASSETS
Cash and cash equivalents (Note F)	$ 79,471	$ 75,446
Accounts and other receivables, net (Note H)	12,170	10,173
Inventories	615	535
Prepaid expenses and other current assets (Note I)	595	1,007
Total current assets	92,851	87,161
Property and equipment, net of accumulated depreciation of $9,221 and $8,611, respectively	4,450	4,889
Operating lease assets	7,520
Goodwill	95	95
Intangible asset, net	1,325	1,353
Deferred income taxes	359	343
Other assets	460	465
Total assets	107,060	94,306
CURRENT LIABILITIES
Current portion of operating lease liabilities	1,009
Accounts payable	4,914	5,222
Accrued expenses and other current liabilities (Note J)	7,749	9,384
Deferred franchise fees	301	318
Total current liabilities	13,973	14,924
Long-term debt, net of unamortized debt issuance costs of $4,205 and $4,551, respectively (Note O)	145,795	145,449
Long-term operating lease liabilities	7,251
Other liabilities	773	1,390
Deferred franchise fees	2,215	2,687
Total liabilities	170,007	164,450
COMMITMENTS AND CONTINGENCIES (Note Q)
STOCKHOLDERS’ (DEFICIT)
Common stock, $.01 par value; 30,000,000 shares authorized; 9,368,792 and 9,336,338 shares issued; and 4,227,029 and 4,194,575 shares outstanding at September 29, 2019 and March 31, 2019, respectively	94	93
Additional paid-in capital	62,072	60,945
(Accumulated deficit)	(46,810)	(52,879)
Stockholders’ equity before treasury stock	15,356	8,159
Treasury stock, at cost, 5,141,763 shares at September 29, 2019 and March 31, 2019	(78,303)	(78,303)
Total stockholders’ (deficit)	(62,947)	(70,144)
Total liabilities and stockholders’ (deficit)	$ 107,060	$ 94,306

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019
Property and equipment accumulated depreciation	$ 9,221	$ 8,611
Long-term debt, unamortized debt costs	$ 4,205	$ 4,551
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	9,368,792	9,336,338
Common stock, shares outstanding (in shares)	4,227,029	4,194,575
Treasury stock, shares (in shares)	5,141,763	5,141,763

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 23, 2018
REVENUES
Revenues	$ 29,726	$ 29,330	$ 60,244	$ 59,498
COSTS AND EXPENSES
Cost of sales	16,289	15,160	31,711	30,606
Restaurant operating expenses	1,108	1,141	2,027	2,051
Depreciation and amortization	337	339	647	684
General and administrative expenses	3,559	3,438	7,496	7,323
Advertising fund expense	1,067	772	1,549	1,267
Total costs and expenses	22,360	20,850	43,430	41,931
Income from operations	7,366	8,480	16,814	17,567
Gain (loss) on disposal of property and equipment	(2)	323	(2)	323
Interest expense	(2,651)	(2,651)	(5,301)	(5,301)
Interest income	370	115	736	176
Other income, net	20	196	41	217
Income before provision for income taxes	5,103	6,463	12,288	12,982
Provision for income taxes	1,445	1,979	3,261	3,703
Net income	$ 3,658	$ 4,484	$ 9,027	$ 9,279
PER SHARE INFORMATION
Basic (in dollars per share)	$ 0.87	$ 1.07	$ 2.14	$ 2.22
Diluted (in dollars per share)	0.87	1.06	2.14	2.19
Dividends declared per share (in dollars per share)	$ 0.35	$ 0.25	$ 0.70	$ 0.50
Weighted average shares used in computing income per share:
Basic (in shares)	4,227,000	4,188,000	4,216,000	4,187,000
Diluted (in shares)	4,227,000	4,231,000	4,216,000	4,229,000
Product [Member]
REVENUES
Revenues	$ 22,106	$ 21,573	$ 42,343	$ 42,044
License [Member]
REVENUES
Revenues	5,425	5,746	14,147	13,844
Franchise Fees and Royalties [Member]
REVENUES
Revenues	1,498	1,239	2,575	2,343
Advertising Fund Revenue [Member]
REVENUES
Revenues	$ 697	$ 772	$ 1,179	$ 1,267

Consolidated Statements of Stockholders' (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Mar. 25, 2018	9,311,922			5,127,373
Balance at Mar. 25, 2018	$ 93	$ 60,823	$ (68,181)	$ (77,303)	$ (84,568)
Shares issued in connection with share-based compensation plans (in shares)	7,020
Shares issued in connection with share-based compensation plans		134			134
Withholding tax on net share settlement of share-based compensation plans		(174)			(174)
Dividends on common stock			(2,094)		(2,094)
Share-based compensation		104			104
Net income			9,279		9,279
Cumulative effect of the adoption of ASC 606 at Mar. 25, 2018			(2,004)		(2,004)
Balance (in shares) at Sep. 23, 2018	9,318,942			5,127,373
Balance at Sep. 23, 2018	$ 93	60,887	(63,000)	$ (77,303)	(79,323)
Balance (in shares) at Jun. 24, 2018	9,314,912			5,127,373
Balance at Jun. 24, 2018	$ 93	60,730	(66,437)	$ (77,303)	(82,917)
Shares issued in connection with share-based compensation plans (in shares)	4,030
Shares issued in connection with share-based compensation plans		134			134
Dividends on common stock			(1,047)		(1,047)
Share-based compensation		23			23
Net income			4,484		4,484
Balance (in shares) at Sep. 23, 2018	9,318,942			5,127,373
Balance at Sep. 23, 2018	$ 93	60,887	(63,000)	$ (77,303)	$ (79,323)
Balance (in shares) at Mar. 31, 2019	9,336,338			5,141,763	4,194,575
Balance at Mar. 31, 2019	$ 93	60,945	(52,879)	$ (78,303)	$ (70,144)
Shares issued in connection with share-based compensation plans (in shares)	32,454
Shares issued in connection with share-based compensation plans	$ 1	1,077			1,078
Withholding tax on net share settlement of share-based compensation plans		(8)			(8)
Dividends on common stock			(2,958)		(2,958)
Share-based compensation		58			58
Net income			9,027		$ 9,027
Balance (in shares) at Sep. 29, 2019	9,368,792			5,141,763	4,227,029
Balance at Sep. 29, 2019	$ 94	62,072	(46,810)	$ (78,303)	$ (62,947)
Balance (in shares) at Jun. 30, 2019	9,368,572			5,141,763
Balance at Jun. 30, 2019	$ 94	62,050	(48,989)	$ (78,303)	(65,148)
Shares issued in connection with share-based compensation plans (in shares)	220
Shares issued in connection with share-based compensation plans
Withholding tax on net share settlement of share-based compensation plans		(8)			(8)
Dividends on common stock			(1,479)		(1,479)
Share-based compensation		30			30
Net income			3,658		$ 3,658
Balance (in shares) at Sep. 29, 2019	9,368,792			5,141,763	4,227,029
Balance at Sep. 29, 2019	$ 94	$ 62,072	$ (46,810)	$ (78,303)	$ (62,947)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2019	Sep. 23, 2018
Cash flows from operating activities:
Net income	$ 9,027	$ 9,279
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	647	684
(Gain) loss on disposal of property and equipment	2	(323)
Amortization of debt issuance costs	346	346
Share-based compensation expense	58	104
Income tax benefit on stock option exercises	228	46
Provision for doubtful accounts	23	92
Deferred income taxes	(16)	23
Changes in operating assets and liabilities:
Accounts and other receivables, net	(2,020)	(310)
Inventories	(80)	(168)
Prepaid expenses and other current assets	412	2,350
Other assets	5	(50)
Accounts payable, accrued expenses and other current liabilities	(2,171)	(2,015)
Deferred franchise fees	(489)	(3)
Other liabilities	123	(52)
Net cash provided by operating activities	6,095	10,003
Cash flows from investing activities:
Proceeds from disposal of property and equipment		1,330
Purchase of property and equipment	(182)	(234)
Net cash (used in) provided by investing activities	(182)	1,096
Cash flows from financing activities:
Dividends paid to stockholders	(2,958)	(2,244)
Proceeds from exercise of stock options	1,078	134
Payments of withholding tax on net share settlement of share-based compensation plans	(8)	(174)
Net cash (used in) financing activities	(1,888)	(2,284)
Net increase in cash and cash equivalents	4,025	8,815
Cash and cash equivalents, beginning of period	75,446	57,339
Cash and cash equivalents, end of period	79,471	66,154
Cash paid during the period for:
Interest	4,969	4,968
Income taxes paid	$ 2,955	$ 1,319
Noncash financing activity:
Dividends declared per share (in dollars per share)	$ 0.70	$ 0.50

Note A - Basis of Presentation	6 Months Ended
Note A - Basis of Presentation	Sep. 29, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen and twenty-six week periods ended September 29, 2019 and September 23, 2018 have been prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of financial condition, results of operations and cash flows for the periods presented. However, our results of operations are seasonal in nature, and the results of any interim period are not necessarily indicative of results for any other interim period or the full fiscal year. Certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the Securities and Exchange Commission. We have reclassified certain prior period items in the Consolidated Statement of Earnings for the thirteen and twenty-six week periods ended September 23, 2018 to conform with the classifications for the thirteen and twenty-six week periods ended September 29, 2019. We have reclassified certain prior period items in the Consolidated Statement of Cash Flows in the twenty-six week period ended September 23, 2018 to conform with the classifications for the fiscal year ended March 31, 2019. These reclassifications had no effect on previously reported net income or cash flows. Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with the consolidated financial statements and notes thereto included in Nathan’s Annual Report on Form 10 -K for the fiscal year ended March 31, 2019. A summary of the Company’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10 -K for the fiscal year ended March 31, 2019.

Note B - Adoption of New Accounting Standards

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE B – ADOPTION OF NEW ACCOUNTING STANDARDS

Leases

February 2016,

the Financial Accounting Standards Board (“FASB”) issued new guidance on leases, Topic

842,

which outlines principles for the recognition, measurement, presentation and disclosure of leases applicable to both lessors and lessees. The new guidance requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by finance and operating leases. The Company adopted the new guidance during the

first

quarter of fiscal

2020

using the effective date of

April 1, 2019

as the date of initial application; therefore, the comparative period has

not

been adjusted and continues to be reported under the previous lease guidance.

The new standard provides for a number of practical expedients upon adoption. The Company elected the package of practical expedients, which permits the Company

not

to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. For those leases that fall under the definition of a short-term lease, the Company elected the short-term lease recognition exemption. Under this practical expedient, for those leases that qualify, we did

not

recognize right-of-use (“ROU”) assets or liabilities. The Company also elected the practical expedient for lessees to account for lease components and non-lease components as a single lease component for all underlying classes of assets. The Company did

not

elect the use-of-hindsight practical expedient.

As a result of adopting this new guidance on the

first

day of fiscal year

2020,

substantially all of the Company's operating lease commitments were subject to the new guidance and were recognized as operating lease assets and liabilities, initially measured as the present value of future lease payments for the remaining lease term discounted using the Company’s incremental borrowing rate based on the remaining lease term as of the adoption date. The Company recognized operating lease assets and liabilities of

$7,804,000

and

$8,533,000,

respectively, as of the

first

day of fiscal year

2020.

The difference between the assets and liabilities is attributable to the reclassification of certain existing lease-related assets and liabilities as an adjustment to the right-of-use assets.

The effects of the changes made to the Company's consolidated balance sheet as of

April 1, 2019

for the adoption of the new lease guidance were as follows (in thousands):

	Balance at March 31, 2019		Adjustments due to adoption of the new lease guidance			Reclassifications		Balance at April 1, 2019
Other Assets
Operating lease assets		-		7,804			-		7,804
Other assets		465		-			31		496

Current Liabilities
Current portion of operating lease liabilities		-		1,162			-		1,162

Long Term Liabilities
Long-term operating lease liabilities		-		7,371			-		7,371
Other liabilities		1,390		(729	)		31		692

The adoption of the new guidance is non-cash in nature and had

impact on net cash flows from operating, investing, or financing activities.

See Note P

for additional information regarding our lease arrangements and the Company's updated lease accounting policies.

Note C - New Accounting Standards Not Yet Adopted	6 Months Ended
Note C - New Accounting Standards Not Yet Adopted	Sep. 29, 2019
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	NOTE C – NEW ACCOUNTING STANDARDS NOT YET ADOPTED In June 2016, the FASB issued new guidance on the measurement of credit losses, which significantly changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under the new standard, the Company will be required to use a current expected credit loss model (“CECL”) that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance is effective for public business entities for annual reporting periods beginning after December 15, 2019. This standard is required to take effect in Nathan’s first quarter ( June 2020) of our fiscal year ending March 28, 2021. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued an update to the accounting guidance to simplify the testing for goodwill impairment. The update removes the requirement to determine the implied fair value of goodwill to measure the amount of impairment loss, if any, under the second step of the current goodwill impairment test. A company will perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment charge will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of the goodwill. The guidance is effective prospectively for public business entities for annual reporting periods beginning after December 15, 2019. This standard is required to take effect in Nathan’s first quarter ( June 2020) of our fiscal year ending March 28, 2021. Nathan’s does not expect the adoption of this new guidance to have a material impact on its results of operations or financial position. The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying consolidated financial statements.

Note D - Revenues

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE D – REVENUES

The Company’s disaggregated revenues for the

thirteen

and

twenty-six

weeks ended

September 29, 2019

and

September 23, 2018

are as follows (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 2 9 , 201 9		September 23, 2018		September 29, 2019		September 23, 2018

Branded Products	$	16,182	$	15,410	$	32,295	$	31,855
Company-operated restaurants		5,924		6,163		10,048		10,189
Total sales		22,106		21,573		42,343		42,044

License royalties		5,425		5,746		14,147		13,844

Franchise royalties		1,047		1,104		2,027		2,101
Franchise fees		451		135		548		242
Total franchise fees and royalties		1,498		1,239		2,575		2,343

Advertising fund revenue		697		772		1,179		1,267

Total revenues	$	29,726	$	29,330	$	60,244	$	59,498

The following table disaggregates revenues by primary geographical market (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 29, 2019		September 23, 2018		September 29 , 201 9		September 23, 2018

United States	$	28,235	$	28,620	$	57,622	$	57,476
International		1,491		710		2,622		2,022
Total revenues	$	29,726	$	29,330	$	60,244	$	59,498

Contract balances

The following table provides information about contract liabilities (Deferred franchise fees) from contracts with customers (in thousands):

		September 29 , 2019				March 31, 2019
Deferred franchise fees (a)		$	2,516			$	3,005

(a)

Deferred franchise fees of

$301

and

$2,215

as of

September 29, 2019

and

$318

and

$2,687

as of

March 31, 2019

are included in Deferred franchise fees – current and long term, respectively.

Significant changes in Deferred franchise fees are as follows (in thousands):

	Twenty-six weeks ended
	September 29, 2019			September 23, 2018
Deferred franchise fees at beginning of period		3,005			3,139 (a	)
Revenue recognized during the period		(548	)		(242	)
New deferrals due to cash received and other		59			706
Deferred franchise fees at end of period	$	2,516		$	3,603

(a)

Includes the cumulative effect of adopting Topic

606

$2,735.

Anticipated Future Recognition of Deferred Franchise Fees

The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period (in thousands):

	Estimate for fiscal year
2020 (a)	$	152
2021		296
2022		286
2023		249
2024		233
Thereafter		1,300
Total	$	2,516

(a)

Represents franchise fees expected to be recognized for the remainder of the

2020

fiscal year, which includes international development fees expected to be recognized over the duration of

one

year or less. Amount does

not

include

$548

of franchise fee revenue recognized for the

twenty-six

weeks ended

September 29, 2019.

We have applied the optional exemption, as provided for under Topic

606,

which allows us

not

to disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

Note E - Income Per Share

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE E – INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the

thirteen

and

twenty-six

week periods ended

September 29, 2019

and

September 23, 2018,

respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	201 9		2018		201 9		2018		201 9		2018
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	3,658	$	4,484		4,227		4,188	$	0.87	$	1.07
Effect of dilutive employee stock options		-		-		-		43		-		(0.01	)
Diluted EPS
Diluted calculation	$	3,658	$	4,484		4,227		4,231	$	0.87	$	1.06

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	201 9		2018		201 9		2018		201 9		2018
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	9,027	$	9,279		4,216		4,187	$	2.14	$	2.22
Effect of dilutive employee stock options		-		-		-		42		-		(0.03	)
Diluted EPS
Diluted calculation	$	9,027	$	9,279		4,216		4,229	$	2.14	$	2.19

Options to purchase

10,000

shares of common stock in the

thirteen

and

twenty-six

week periods ended

September 29, 2019

were

not

included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during the period.

Note F - Cash and Cash Equivalents	6 Months Ended
Note F - Cash and Cash Equivalents	Sep. 29, 2019
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	NOTE F – CASH AND CASH EQUIVALENTS The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents at September 29, 2019 and March 31, 2019 were $ 20,000,000 . Substantially all of the Company’s cash and cash equivalents are in excess of government insurance.

Note G - Fair Value Measurements

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE G – FAIR VALUE MEASUREMENTS

Nathan’s follows a

three

-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The

three

levels are defined as follows:

● Level

- inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market

● Level

- inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability

● Level

- inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability

The face value and fair value of long-term debt as of

September 29, 2019

and

March 31, 2019

were as follows (in thousands):

	September 29 , 2019				March 31, 2019
	Face value		Fair value		Face Value		Fair value

Long-term debt	$	150,000	$	149,250	$	150,000	$	145,688

The Company estimates the fair value of its long-term debt based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the Company classifies its long-term debt as Level

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments.

Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are

not

measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when evidence of impairment exists. At

September 29, 2019,

fair value adjustment or material fair value measurements were required for non-financial assets or liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note H - Accounts and Other Receivables, Net

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE H – ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts and other receivables, net, consist of the following (in thousands):

	September 2 9 ,		March 31,
	201 9		2019

Branded product sales	$	8,724	$	7,432
Franchise and license royalties		2,552		2,661
Other		1,502		665
		12,778		10,758

Less: allowance for doubtful accounts		608		585
Accounts and other receivables, net	$	12,170	$	10,173

Accounts receivable are due within

days and are stated at amounts due from franchisees, retail licensees and Branded Product Program customers, net of an allowance for doubtful accounts. Accounts that are outstanding longer than the contractual payment terms are generally considered past due. The Company does

not

recognize franchise and license royalties that are

not

deemed to be realizable.

The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts, it writes off accounts receivable through a charge to the allowance for doubtful accounts.

Changes in the Company’s allowance for doubtful accounts for the

twenty-six

week period ended

September 29, 2019

and the fiscal year ended

March 31, 2019

are as follows (in thousands):

	September 29 , 20 1 9		March 31, 2019

Beginning balance	$	585	$	468
Reclassification to conform with Topic 606		-		77
Bad debt expense		23		100
Accounts written off		-		(60	)
Ending balance	$	608	$	585

Note K - Income Taxes	6 Months Ended
Note K - Income Taxes	Sep. 29, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE K – INCOME TAXES The income tax provisions for the twenty-six periods ended September 29, 2019 and September 23, 2018 reflect effective tax rates of 26.5% and 28.5%, respectively. Nathan’s effective tax rates for the twenty-six week periods ended September 29, 2019 and September 23, 2018 were reduced by 1.9% and 0.4%, respectively, as a result of the tax benefits associated with stock compensation. For the twenty-six week periods ended September 29, 2019 and September 23, 2018, excess tax benefits of $228,000 and $46,000, respectively, were reflected in the Consolidated Statements of Earnings as a reduction in determining the provision for income taxes. Nathan’s effective tax rates without these adjustments would have been 28.4% for the fiscal 2020 period and 28.9% for the fiscal 2019 period. The amount of unrecognized tax benefits at September 29, 2019 was $280,000 all of which would impact Nathan’s effective tax rate, if recognized. As of September 29, 2019, Nathan’s had $267,000 of accrued interest and penalties in connection with unrecognized tax benefits.

Note L - Segment Information

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE L – SEGMENT INFORMATION

Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant operations segment consisting of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by

third

party manufacturers pursuant to license agreements that sell our products to club stores and grocery stores nationwide. The Company’s Chief Executive Officer has been identified as the Chief Operating Decision Maker (“CODM”) who evaluates performance and allocates resources for the Branded Product Program, Product Licensing and Restaurant Operations segments based upon a number of factors, the primary profit measure being income from operations. Certain administrative expenses are

not

allocated to the segments and are reported within the Corporate segment.

Branded Product Program

– This segment derives revenue principally from the sale of hot dog products either directly to foodservice operators or to various foodservice distributors who resell the products to foodservice operators.

Product licensing

– This segment derives revenue, primarily in the form of royalties, from licensing a broad variety of Nathan’s Famous branded products, including our hotdogs, sausage and corned beef products, frozen French fries and additional products through retail grocery channels and club stores throughout the United States.

Restaurant operations

– This segment derives revenue from sale of our products at Company-owned restaurants and earns fees and royalties from its franchised restaurants.

Revenues from operating segments are from transactions with unaffiliated

third

parties and do

not

include any intersegment revenues.

Income from operations attributable to Corporate consists principally of administrative expenses

not

allocated to the operating segments such as executive management, finance, information technology, legal, insurance, corporate office costs, corporate incentive compensation, compliance costs and the operating results of the advertising fund.

Interest expense, interest income, gain (loss) on disposal of property and equipment, and other income, net, are managed centrally at the corporate level, and, accordingly, such items are

not

presented by segment since they are excluded from the measure of profitability reviewed by the CODM.

Operating segment information is as follows (in thousands):

	Thirteen weeks ended						Twenty-six weeks ended
	Sept. 2 9 , 201 9			Sept. 23, 2018			Sept. 2 9 , 201 9			Sept. 23, 2018

Revenues
Branded Product Program	$	16,182		$	15,410		$	32,295		$	31,855
Product licensing		5,425			5,746			14,147			13,844
Restaurant operations		7,422			7,402			12,623			12,532
Corporate (1)		697			772			1,179			1,267
Total revenues	$	29,726		$	29,330		$	60,244		$	59,498

Income from operations
Branded Product Program	$	2,124		$	2,730		$	4,327		$	5,261
Product licensing		5,380			5,700			14,056			13,753
Restaurant operations		2,103			2,095			2,853			2,845
Corporate		(2,241	)		(2,045	)		(4,422	)		(4,292	)
Income from operations	$	7,366		$	8,480		$	16,814		$	17,567

Gain (loss) on disposal of property and equipment		(2	)		323			(2	)		323
Interest expense		(2,651	)		(2,651	)		(5,301	)		(5,301	)
Interest income		370			115			736			176
Other income, net		20			196			41			217
Income before provision for income taxes	$	5,103		$	6,463		$	12,288		$	12,982

(

)

Represents advertising fund revenue

Note M - Share-based Compensation

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE M– SHARE-BASED COMPENSATION

Total share-based compensation during the

thirteen

-week periods ended

September 29, 2019

and

September 23, 2018

was

$30,000

and

$23,000,

respectively. Total share-based compensation during the

twenty-six

week periods ended

September 29, 2019

and

September 23, 2018

was

$58,000

and

$104,000,

respectively.

Total share-based compensation is included in general and administrative expenses in our accompanying Consolidated Statements of Earnings. As of

September 29, 2019,

there was

$226,000

of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately

twenty-three

months, which represents the weighted average remaining requisite service periods for such awards.

The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	Sept. 2 9 , 201 9		Sept. 23, 2018		Sept. 2 9 , 201 9		Sept. 23, 2018

Stock options	$	22	$	22	$	43	$	60
Restricted stock		8		1		15		44
Total compensation cost	$	30	$	23	$	58	$	104

Stock options:

There were

new share-based awards granted during the

twenty-six

week period

September 29, 2019.

During the fiscal year

March 31, 2019,

the Company granted options to purchase

10,000

shares at an exercise price of

$89.90

per share, all of which expire

five

years from the date of grant. All such stock options vest ratably over a

three

-year period commencing

September 12, 2019.

Transactions with respect to stock options for the

twenty-six

weeks ended

September 29, 2019

are as follows:

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
				Exercise		Remaining		Value
	Shares			Price		Contractual Life		(in thousands)

Options outstanding at March 31, 2019 fiscal year (A)		42,234		$	46.807		1.32	$	1,127
Granted		-			-		-		-
Exercised		(32,234	)	$	33.438		-		1,134
Options outstanding at September 29, 2019		10,000		$	89.90		3.95		-

Options exercisable at September 29, 2019		3,333		$	89.90		3.95		-

A-

Represents outstanding options after giving effect to the replacement options issued in connection with the Company’s special dividend to shareholders of record on

December 22, 2017.

Restricted stock:

Transactions with respect to restricted stock for the

twenty-six

weeks ended

September 29, 2019

are as follows:

				Weighted-
				Average
				Grant-date Fair value
	Shares			Per share
Unvested restricted stock at March 31, 2019		1,000		$	89.90
Granted		-			-
Vested		(333	)	$	89.90
Unvested restricted stock at September 29, 2019		667		$	89.90

Note N - Stockholders' Equity	6 Months Ended
Note N - Stockholders' Equity	Sep. 29, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE N– STOCKHOLDERS’ EQUITY 1. Dividend s Effective June 14, 2019, the Board declared its first quarterly cash dividend of $0.35 per share for fiscal year 2020, aggregating $1,479,000, which was paid on June 28, 2019 to stockholders of record as of the close of business on June 24, 2019. Effective August 9, 2019 the Board declared its second quarterly cash dividend of $0.35 per share, aggregating $1,479,000, which was paid on September 6, 2019 to stockholders of record as of the close of business on August 26, 2019. Effective November 8, 2019 the Board declared its third quarterly cash dividend of $0.35 per share payable on December 6, 2019 to stockholders of record as of the close of business on November 25, 2019. Our ability to pay future dividends is limited by the terms of the Indenture with U.S. Bank National Association, as trustee and collateral trustee (see Note O). In addition to the terms of the Indenture, the declaration and payment of any cash dividends in the future are subject to final determination of the Board and will be dependent upon our earnings and financial requirements. 2. Stock Incentive Plans On September 13, 2012, the Company amended the Nathan’s Famous, Inc. 2010 Stock Incentive Plan (the “2010 Plan”) increasing the number of shares available for issuance by 250,000 shares. Shares to be issued under the 2010 Plan may be made available from authorized but unissued stock, common stock held by the Company in its treasury, or common stock purchased by the Company on the open market or otherwise. The number of shares issuable and the grant, purchase or exercise price of outstanding awards are subject to adjustment in the amount that the Company’s Compensation Committee considers appropriate upon the occurrence of certain events, including stock dividends, stock splits, mergers, consolidations, reorganizations, recapitalizations, or other capital adjustments. In the event that the Company issues restricted stock awards pursuant to the 2010 Plan, each share of restricted stock would reduce the amount of available shares for issuance by either 3.2 shares for each share of restricted stock granted or 1 share for each share of restricted stock granted. On September 18, 2019, the Company’s shareholders approved the Nathan’s Famous, Inc. 2019 Stock Incentive Plan (the “2019 Plan”). The 2019 Plan will be effective as of July 1, 2020 ( the "Effective Date"). Following the Effective Date, (i) no additional stock awards shall be granted under the 2010 Plan and (ii) all outstanding stock awards previously granted under the 2010 Plan shall remain subject to the terms of the 2010 Plan. All awards granted on or after the Effective Date of the 2019 Plan shall be subject to the terms of the 2019 Plan. Once effective, we will be able to issue up to: (a) 369,584 shares of common stock under the 2019 Plan which includes: (i) shares that have been authorized but not issued pursuant to the 2010 Plan as of July 1, 2020 up to a maximum of an additional 208,584 shares and (ii) any shares subject to any outstanding options or restricted stock grants under any plan of the Company that were outstanding as of July 1, 2020 and that subsequently expire unexercised, or are otherwise forfeited, up to a maximum of an additional 11,000 shares. As of September 29, 2019, there were up to 208,584 shares available to be issued for future option grants or up to 184,808 shares of restricted stock that may be granted under the 2010 Plan. 3. Stock Repurchase Programs During the period from October 2001 through September 29, 2019, Nathan’s purchased 5,141,763 shares of common stock at a cost of approximately $78,303,000 pursuant to various stock repurchase plans previously authorized by the Board of Directors. During the twenty-six week period ended September 29, 2019, we did not repurchase any shares of common stock. In 2016, the Company’s Board of Directors authorized increases to the sixth stock repurchase plan for the purchase of up to 1,200,000 shares of its common stock on behalf of the Company. As of September 29, 2019, Nathan’s had repurchased 954,132 shares at a cost of $30,641,000 under the sixth stock repurchase plan. At September 29, 2019, there were 245,868 shares remaining to be repurchased pursuant to the sixth stock repurchase plan. The plan does not have a set expiration date. Purchases under the Company’s stock repurchase program may be made from time to time, depending on market conditions, in open market or privately-negotiated transactions, at prices deemed appropriate by management. There is no set time limit on the repurchases.

Note O - Long-term Debt

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE O – LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

	September 2 9 ,			March 31,
	201 9			2019

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(4,205	)		(4,551	)
Long-term debt, net	$	145,795		$	145,449

November 1, 2017,

the Company issued

$150,000,000

6.625%

Senior Secured Notes due

2025

(the

"2025

Notes") in a private offering in accordance with Rule

144A

under the Securities Act of

1933,

as amended (the “Securities Act”). The

2025

Notes were issued pursuant to an indenture dated as of

November 1, 2017

by and among the Company, certain of its wholly-owned subsidiaries and U.S. Bank National Association (the “Indenture”). The Company used the net proceeds of the

2025

Notes offering to satisfy and discharge the Indenture relating to the

$135,000,000

10.000%

Senior Secured Notes due

2020

and redeem such notes (the "Redemption"), paid a portion of a special

$5.00

per share cash dividend to Nathan's stockholders of record, with the remaining net proceeds for general corporate purposes, including working capital. The Company also funded the majority of the special dividend of

$5.00

per share through its existing cash. The Redemption occurred on

November 16, 2017.

The

2025

Notes bear interest at

6.625%

per annum, payable semi-annually on

May 1

and

November 1

of each year. The Company made its required semi-annual interest payments of

4,968,750

May 1, 2019

and

November 1, 2019.

The

2025

Notes have

scheduled principal amortization payments prior to its final maturity on

November 1, 2025.

A summary of certain terms and conditions of the

2025

Notes is as follows (terms

not

defined shall have the meanings set forth in the Indenture):

There are

financial maintenance covenants associated with the

2025

Notes. As of

September 29, 2019,

Nathan’s was in compliance with all covenants associated with the

2025

Notes.

The Indenture contains certain covenants limiting the Company’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, subject to certain exceptions and qualifications: (i) incur additional indebtedness; (ii) pay dividends or make other distributions on, redeem or repurchase, capital stock; (iii) make investments or other restricted payments; (iv) create or incur certain liens; (v) incur restrictions on the payment of dividends or other distributions from its restricted subsidiaries; (vi) enter into certain transactions with affiliates; (vii) sell assets; or (viii) effect a consolidation or merger. Certain Restricted Payments which

may

be made or indebtedness incurred by Nathan’s or its Restricted Subsidiaries

may

require compliance with the following financial ratios:

Fixed Charge Coverage Ratio

: the ratio of the Consolidated Cash Flow to the Fixed Charges for the relevant period, currently set at

2.0

1.0

in the Indenture.

The Fixed Charge Coverage Ratio applies to determining whether additional Restricted Payments

may

be made, certain additional debt

may

be incurred and acquisitions

may

be made.

Priority Secured Leverage Ratio

: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Priority Lien to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate; currently set at

0.40

1.00

in the Indenture.

Secured Leverage Ratio

: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Lien on any property of Nathan’s or any Guarantor to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate. The Secured Leverage Ratio under the Indenture is

3.75

1.00

and applies if Nathan’s wants to incur additional debt on the same terms as the

2025

Notes.

The Indenture also contains customary events of default, including, among other things, failure to pay interest, failure to comply with agreements related to the Indenture, failure to pay at maturity or acceleration of other indebtedness, failure to pay certain judgments, and certain events of insolvency or bankruptcy. Generally, if any event of default occurs, the Trustee or the holders of at least

25%

in principal amount of the

2025

Notes

may

declare the

2025

Notes due and payable by providing notice to the Company. In case of default arising from certain events of bankruptcy or insolvency, the

2025

Notes will become immediately due and payable.

The

2025

Notes are general senior secured obligations, are fully and unconditionally guaranteed by substantially all of the Company’s wholly-owned subsidiaries and rank

pari passu

in right of payment with all of the Company’s existing and future indebtedness that is

not

subordinated, are senior in right of payment to any of the Company’s existing and future subordinated indebtedness, are structurally subordinated to any existing and future indebtedness and other liabilities of the Company’s subsidiaries that do

not

guarantee the

2025

Notes, and are effectively junior to all existing and future indebtedness that is secured by assets other than the collateral securing the

2025

Notes.

Pursuant to the terms of a collateral trust agreement, the liens securing the

2025

Notes and the guarantees will be contractually subordinated to the liens securing any future credit facility.

The

2025

Notes and the guarantees are the Company and the guarantors’ senior secured obligations and will rank:

	●	senior in right of payment to all of the Company and the guarantors’ future subordinated indebtedness;

	●	effectively senior to all unsecured senior indebtedness to the extent of the value of the collateral securing the 2025 Notes and the guarantees;

	●	pari passu with all of the Company and the guarantors’ other senior indebtedness;

	●	effectively junior to any future credit facility to the extent of the value of the collateral securing any future credit facility and the 2025 Notes and the guarantees and certain other assets;

	●	effectively junior to any of the Company and the guarantors’ existing and future indebtedness that is secured by assets other than the collateral securing the 2025 Notes and the guarantees to the extent of the value of any such assets; and

	●	structurally subordinated to the indebtedness of any of the Company’s current and future subsidiaries that do not guarantee the 2025 Notes.

The Company

may

redeem the

2025

Notes in whole or in part prior to

November 1, 2020,

at a redemption price of

100%

of the principal amount of the

2025

Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest. An Applicable Premium is the greater of

of the principal amount of the

2025

Notes; or the excess of the present value at such redemption date of (i) the redemption price of the

2025

Notes at

November 1, 2020

plus (ii) all required interest payments due on the

2025

Notes through

November 1, 2020 (

excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus

basis points; over the then outstanding principal amount of the

2025

Notes.

Prior to

November 1, 2020,

if using the net cash proceeds of certain equity offerings, the Company has the option to redeem up to

35%

of the aggregate principal amount of the

2025

Notes at a redemption price equal to

106.625%

of the principal amount of the

2025

Notes redeemed, plus accrued and unpaid interest and any additional interest.

On or after

November 1, 2020,

the Company

may

redeem some or all of the

2025

Notes at a decreasing premium over time, plus accrued and unpaid interest as follows:

YEAR		PERCENTAGE
On or after November 1, 2020 and prior to November 1, 2021		103.313%
On or after November 1, 2021 and prior to November 1, 2022		101.656%
On or after November 1, 2022		100.000%

In certain circumstances involving a change of control, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s

2025

Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to

101%

of the aggregate principal amount of

2025

Notes repurchased plus accrued and unpaid interest, to the date of purchase.

If the Company sells certain assets and does

not

use the net proceeds as required, the Company will be required to use such net proceeds to repurchase the

2025

Notes at

100%

of the principal amount thereof, plus accrued and unpaid interest and additional interest penalty, if any, to the date of repurchase.

The

2025

Notes

may

be traded between qualified institutional buyers pursuant to Rule

144A

of the Securities Act. We have recorded the

2025

Notes at cost.

Note P - Leases

6 Months Ended

Sep. 29, 2019

Notes to Financial Statements

Leases, Disclosure [Text Block]

NOTE P – LEASES

The Company is party as lessee to various leases for its Company-operated restaurants and lessee/sublessor to

one

franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment.

Determination of Whether a Contract Contains a Lease

We determine if an arrangement is a lease at inception or modification of a contract, and classify each lease as either an operating or finance lease at commencement. The Company only reassesses lease classification subsequent to commencement upon a change to the expected lease term or the contract being modified. Operating leases represent the Company’s right to use an underlying asset as lessee for the lease term, and lease obligations represent the Company’s obligation to make lease payments arising from the lease.

A contract contains a lease if the contract conveys the right to control the use of the identified property, plant or equipment for a period of time in exchange for consideration. At commencement, contracts containing a lease are further evaluated for classification as an operating lease or finance lease where the Company is a lessee, or as an operating, sales-type or direct financing lease where the Company is a lessor, based on their terms.

ROU Model and Determination of Lease Term

The Company uses the ROU model to account for leases where the Company is the lessee, which requires an entity to recognize a lease liability and ROU asset on the lease commencement date. A lease liability is measured equal to the present value of the remaining lease payments over the lease term and is discounted using the incremental borrowing rate, as the rate implicit in the Company’s leases is

not

readily determinable. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease payments include payments made before the commencement date and any residual value guarantees, if applicable. The initial ROU asset consists of the initial measurement of the lease liability, adjusted for any payments made before the commencement date, initial direct costs and lease incentives earned. When determining the lease term, as both lessee and lessor, the Company includes option periods when it is reasonably certain that those options will be exercised.

Operating leases

For operating leases, minimum lease payments or receipts, including minimum scheduled rent increases, are recognized as rent expense where the Company is a lessee, or income where the Company is a lessor, as applicable, on a straight-line basis (“Straight-Line Rent”) over the applicable lease terms. There is a period under certain lease agreements referred to as a rent holiday (“Rent Holiday”) that generally begins on the possession date and ends on the rent commencement date. During a Rent Holiday,

cash rent payments are typically due under the terms of the lease; however, rent expense is recorded for that period on a straight-line basis. The excess of the Straight-Line Rent over the minimum rents paid is included in the ROU asset where the Company is a lessee. The excess of the Straight-Line Rent over the minimum rents received is recorded as a deferred lease asset and is included in “Other Assets” where the Company is a lessor. The Company recorded

$31,000

in Other Assets at

September 29, 2019.

Certain leases contain provisions, referred to as contingent rent (“Contingent Rent”), that require additional rental payments based upon restaurant sales volume. Contingent Rent is recognized each period as the liability is incurred or the asset is earned.

Lease cost for operating leases is recognized on a straight-line basis and includes the amortization of the ROU asset and interest expense relating to the operating lease liability. Variable lease cost for operating leases include Contingent Rent and payments for executory costs such as real estate taxes, insurance and common area maintenance, which are excluded from the measurement of the lease liability. Short-term lease cost for operating leases includes rental expense for leases with a term of less than

months. Leases with an initial expected term of

months or less are

not

recorded in the Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Lease costs are recorded in the Consolidated Statements of Earnings based on the nature of the underlying lease as follows: (

) rental expense related to leases for Company-operated restaurants is recorded to “Restaurant Operating Expenses,” (

) rental expense for leased properties that are subsequently subleased to franchisees is recorded to “Other income, net” and (

) rental expense related to leases for corporate offices and equipment is recorded to “General and administrative expenses.”

Rental income for operating leases on properties subleased to franchisees is recorded to “Other income, net.”

Significant Assumptions and Judgement

Management makes certain estimates and assumptions regarding each new lease and sublease agreement, renewal and amendment, including, but

not

limited to, property values, market rents, property lives, discount rates and probable term, all of which can impact (

) the classification and accounting for a lease or sublease as operating or finance, (

) the Rent Holiday and escalations in payment that are taken into consideration when calculating Straight-Line Rent, (

) the term over which leasehold improvements for each restaurant are amortized and (

) the values and lives of adjustments to the initial ROU asset where the Company is the lessee, or favorable and unfavorable leases where the Company is the lessor. The amount of depreciation and amortization, interest and rent expense and income would vary if different estimates and assumptions were used.

Company as lessee

The components of the net lease cost for the

thirteen

and

twenty-six

week periods ended

September 29, 2019

were as follows (in thousands):

	Th irteen weeks ended			T wenty-six weeks ended
	September 29 , 2019			September 29 , 2019
Statement of Earnings
Operating lease cost	$	278		$	560
Short term lease cost		4			10
Variable lease cost		537			960
Less: Sublease income, net		(20	)		(41	)

Total net lease cost (a)	$	799		$	1,489

(a)

The

thirteen

and

twenty-six

week periods ended

September 29, 2019

include

$669,

net and

$1,209,

net recorded to

“Restaurant Operating Expenses” for leases for Company-operated restaurants,

$150

and

$321

recorded to

“General and administrative expenses” for leases for corporate offices and equipment and

$20

and

$41

recorded to “Other income, net” for leased properties that are leased to franchisees:

Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):

	T hirteen week s ended		T wenty-six week s ended
	September 29 , 2019		September 29 , 2019

Operating cash flows from operating leases	$	131	$	291

The weighted average remaining lease term and weighted-average discount rate for operating leases as of

September 29, 2019

were as follows:

Weighted average remaining lease term (years):
Operating leases	9.0

Weighted average discount rate:
Operating leases	9.079	%

Future lease commitments to be paid and received by the Company as of

September 29, 2019

were as follows (in thousands):

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2020 (a)	$	494	$	77	$	417
2021		1,256		270		986
2022		1,510		272		1,238
2023		1,523		168		1,355
2024		1,453		169		1,284
Thereafter		5,868		521		5,347
Total lease commitments	$	12,104	$	1,477	$	10,627
Less: Amount representing interest		3,844
Present value of lease liabilities (b)	$	8,260

	(a)	Represents the remainder of fiscal year 2020 which excludes the twenty-six weeks ended September 29, 2019.
	(b)	The present value of minimum operating lease payments of $1,009 and $7,251 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively.

Future lease commitments to be paid and received by the Company as of

March 31, 2019

were as follows (in thousands):

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2020	$	1,162	$	273	$	889
2021		1,249		270		979
2022		1,503		272		1,231
2023		1,520		168		1,352
2024		1,453		169		1,284
Thereafter		5,868		521		5,347
Total lease commitments	$	12,755	$	1,673	$	11,082

Company as lessor

The components of lease income for the

thirteen

week and

twenty-six

week periods ended

September 29, 2019

were as follows (in thousands):

	Thirteen weeks ended		Twenty-six weeks ended
	September 29, 2019		September 29, 2019

Operating lease income, net	$	20	$	41

Note Q - Commitments and Contingencies	6 Months Ended
Note Q - Commitments and Contingencies	Sep. 29, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE Q – COMMITMENTS AND CONTINGENCIES 1. Commitments On February 27, 2017, a wholly-owned subsidiary of the Company executed a Guaranty of Lease (the “Brooklyn Guaranty”) in connection with its re-franchising of a restaurant located in Brooklyn, New York. The Company is obligated to make payments under the Brooklyn Guaranty in the event of a default by the tenant/franchisee. The Brooklyn Guaranty has an initial term of 10 years and one 5 -year option and is limited to 24 months of rent for the first three years of the term. Nathan’s has recorded a liability of $217,000 in connection with the Brooklyn Guaranty which does not include potential percentage rent, real estate tax increases, attorney’s fees and other costs as these amounts are not reasonably determinable at this time. Nathan’s has received a personal guaranty from the franchisee for all obligations under the Brooklyn Guaranty. For the remainder of the term, the Brooklyn Guaranty is limited to 12 months of rent plus reasonable costs of collection and attorney’s fees. 2. Contingencies The Company and its subsidiaries are from time to time involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings, individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs.

Note B - Adoption of New Accounting Standards (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

	Balance at March 31, 2019		Adjustments due to adoption of the new lease guidance			Reclassifications		Balance at April 1, 2019
Other Assets
Operating lease assets		-		7,804			-		7,804
Other assets		465		-			31		496

Current Liabilities
Current portion of operating lease liabilities		-		1,162			-		1,162

Long Term Liabilities
Long-term operating lease liabilities		-		7,371			-		7,371
Other liabilities		1,390		(729	)		31		692

Note D - Revenues (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 2 9 , 201 9		September 23, 2018		September 29, 2019		September 23, 2018

Branded Products	$	16,182	$	15,410	$	32,295	$	31,855
Company-operated restaurants		5,924		6,163		10,048		10,189
Total sales		22,106		21,573		42,343		42,044

License royalties		5,425		5,746		14,147		13,844

Franchise royalties		1,047		1,104		2,027		2,101
Franchise fees		451		135		548		242
Total franchise fees and royalties		1,498		1,239		2,575		2,343

Advertising fund revenue		697		772		1,179		1,267

Total revenues	$	29,726	$	29,330	$	60,244	$	59,498

Revenue from External Customers by Geographic Areas [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 29, 2019		September 23, 2018		September 29 , 201 9		September 23, 2018

United States	$	28,235	$	28,620	$	57,622	$	57,476
International		1,491		710		2,622		2,022
Total revenues	$	29,726	$	29,330	$	60,244	$	59,498

Contract with Customer, Asset and Liability [Table Text Block]

		September 29 , 2019				March 31, 2019
Deferred franchise fees (a)		$	2,516			$	3,005

Contract with Customer, Deferred Franchise Fees [Table Text Block]

	Twenty-six weeks ended
	September 29, 2019			September 23, 2018
Deferred franchise fees at beginning of period		3,005			3,139 (a	)
Revenue recognized during the period		(548	)		(242	)
New deferrals due to cash received and other		59			706
Deferred franchise fees at end of period	$	2,516		$	3,603

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

	Estimate for fiscal year
2020 (a)	$	152
2021		296
2022		286
2023		249
2024		233
Thereafter		1,300
Total	$	2,516

Note G - Fair Value Measurements (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	September 29 , 2019				March 31, 2019
	Face value		Fair value		Face Value		Fair value

Long-term debt	$	150,000	$	149,250	$	150,000	$	145,688

Note H - Accounts and Other Receivables, Net (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	September 2 9 ,		March 31,
	201 9		2019

Branded product sales	$	8,724	$	7,432
Franchise and license royalties		2,552		2,661
Other		1,502		665
		12,778		10,758

Less: allowance for doubtful accounts		608		585
Accounts and other receivables, net	$	12,170	$	10,173

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

	September 29 , 20 1 9		March 31, 2019

Beginning balance	$	585	$	468
Reclassification to conform with Topic 606		-		77
Bad debt expense		23		100
Accounts written off		-		(60	)
Ending balance	$	608	$	585

Note L - Segment Information (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Thirteen weeks ended						Twenty-six weeks ended
	Sept. 2 9 , 201 9			Sept. 23, 2018			Sept. 2 9 , 201 9			Sept. 23, 2018

Revenues
Branded Product Program	$	16,182		$	15,410		$	32,295		$	31,855
Product licensing		5,425			5,746			14,147			13,844
Restaurant operations		7,422			7,402			12,623			12,532
Corporate (1)		697			772			1,179			1,267
Total revenues	$	29,726		$	29,330		$	60,244		$	59,498

Income from operations
Branded Product Program	$	2,124		$	2,730		$	4,327		$	5,261
Product licensing		5,380			5,700			14,056			13,753
Restaurant operations		2,103			2,095			2,853			2,845
Corporate		(2,241	)		(2,045	)		(4,422	)		(4,292	)
Income from operations	$	7,366		$	8,480		$	16,814		$	17,567

Gain (loss) on disposal of property and equipment		(2	)		323			(2	)		323
Interest expense		(2,651	)		(2,651	)		(5,301	)		(5,301	)
Interest income		370			115			736			176
Other income, net		20			196			41			217
Income before provision for income taxes	$	5,103		$	6,463		$	12,288		$	12,982

Note M - Share-based Compensation (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	Sept. 2 9 , 201 9		Sept. 23, 2018		Sept. 2 9 , 201 9		Sept. 23, 2018

Stock options	$	22	$	22	$	43	$	60
Restricted stock		8		1		15		44
Total compensation cost	$	30	$	23	$	58	$	104

Share-based Payment Arrangement, Activity [Table Text Block]

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
				Exercise		Remaining		Value
	Shares			Price		Contractual Life		(in thousands)

Options outstanding at March 31, 2019 fiscal year (A)		42,234		$	46.807		1.32	$	1,127
Granted		-			-		-		-
Exercised		(32,234	)	$	33.438		-		1,134
Options outstanding at September 29, 2019		10,000		$	89.90		3.95		-

Options exercisable at September 29, 2019		3,333		$	89.90		3.95		-

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

				Weighted-
				Average
				Grant-date Fair value
	Shares			Per share
Unvested restricted stock at March 31, 2019		1,000		$	89.90
Granted		-			-
Vested		(333	)	$	89.90
Unvested restricted stock at September 29, 2019		667		$	89.90

Note O - Long-term Debt (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Schedule of Debt [Table Text Block]

	September 2 9 ,			March 31,
	201 9			2019

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(4,205	)		(4,551	)
Long-term debt, net	$	145,795		$	145,449

Debt Instrument Redemption [Table Text Block]

YEAR		PERCENTAGE
On or after November 1, 2020 and prior to November 1, 2021		103.313%
On or after November 1, 2021 and prior to November 1, 2022		101.656%
On or after November 1, 2022		100.000%

Note P - Leases (Tables)

6 Months Ended

Sep. 29, 2019

Notes Tables

Lease, Cost [Table Text Block]

	Th irteen weeks ended			T wenty-six weeks ended
	September 29 , 2019			September 29 , 2019
Statement of Earnings
Operating lease cost	$	278		$	560
Short term lease cost		4			10
Variable lease cost		537			960
Less: Sublease income, net		(20	)		(41	)

Total net lease cost (a)	$	799		$	1,489

Leases, Cash Flows [Table Text Block]

	T hirteen week s ended		T wenty-six week s ended
	September 29 , 2019		September 29 , 2019

Operating cash flows from operating leases	$	131	$	291

Lessee, Operating Leases, Weighted Average Remaining Lease Term and Discount Rate [Table Text Block]

Weighted average remaining lease term (years):
Operating leases	9.0

Weighted average discount rate:
Operating leases	9.079	%

Operating Lease, Maturity [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2020 (a)	$	494	$	77	$	417
2021		1,256		270		986
2022		1,510		272		1,238
2023		1,523		168		1,355
2024		1,453		169		1,284
Thereafter		5,868		521		5,347
Total lease commitments	$	12,104	$	1,477	$	10,627
Less: Amount representing interest		3,844
Present value of lease liabilities (b)	$	8,260

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2020	$	1,162	$	273	$	889
2021		1,249		270		979
2022		1,503		272		1,231
2023		1,520		168		1,352
2024		1,453		169		1,284
Thereafter		5,868		521		5,347
Total lease commitments	$	12,755	$	1,673	$	11,082

Operating Lease, Lease Income [Table Text Block]

	Thirteen weeks ended		Twenty-six weeks ended
	September 29, 2019		September 29, 2019

Operating lease income, net	$	20	$	41

Note B - Adoption of New Accounting Standards (Details Textual) - USD ($)

Sep. 29, 2019

Apr. 01, 2019

Mar. 31, 2019

Operating Lease, Right-of-Use Asset

$ 7,520,000

$ 7,804,000

Operating Lease, Liability, Total

^[1]

$ 8,260,000

Accounting Standards Update 2016-02 [Member]

Operating Lease, Right-of-Use Asset

7,804,000

Operating Lease, Liability, Total

$ 8,533,000

[1]	The present value of minimum operating lease payments of $1,009 and $7,251 are included in "Current portion of operating lease liabilities" and "Long-term operating lease liabilities," respectively.

Note B - Adoption of New Accounting Standards - Impact of New Standard on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Apr. 01, 2019	Mar. 31, 2019
Operating lease assets	$ 7,520	$ 7,804
Other assets	460	496	465
Current portion of operating lease liabilities	1,009	1,162
Long-term operating lease liabilities	7,251	7,371
Other liabilities	$ 773	692	$ 1,390
Previous Accounting Guidance [Member]
Operating lease assets
Other assets		465
Current portion of operating lease liabilities
Long-term operating lease liabilities
Other liabilities		1,390
Adjustments for New Accounting Pronouncement [Member]
Operating lease assets		7,804
Other assets
Current portion of operating lease liabilities		1,162
Long-term operating lease liabilities		7,371
Other liabilities		(729)
Balance Sheet Reclassification Adjustments [Member]
Operating lease assets
Other assets		31
Current portion of operating lease liabilities
Long-term operating lease liabilities
Other liabilities		$ 31

Note D - Revenues (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Sep. 23, 2019	Mar. 31, 2019	Mar. 25, 2018
Contract with Customer, Liability, Current	$ 301			$ 318
Contract with Customer, Liability, Noncurrent	2,215			$ 2,687
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 2,735		$ (2,004)
Contract with Customer, Liability, Revenue Recognized	$ 548	$ 242

Note D - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 23, 2018
Revenues	$ 29,726	$ 29,330	$ 60,244	$ 59,498
Branded Products [Member]
Revenues	16,182	15,410	32,295	31,855
Company-operated Restaurants [Member]
Revenues	5,924	6,163	10,048	10,189
Product [Member]
Revenues	22,106	21,573	42,343	42,044
License [Member]
Revenues	5,425	5,746	14,147	13,844
Royalty [Member]
Revenues	1,047	1,104	2,027	2,101
Franchise [Member]
Revenues	451	135	548	242
Franchise Fees and Royalties [Member]
Revenues	1,498	1,239	2,575	2,343
Advertising Fund Revenue [Member]
Revenues	$ 697	$ 772	$ 1,179	$ 1,267

Note D - Revenues - Significant Changes in Deferred Franchise Fees (Details) - USD ($)
$ in Thousands

6 Months Ended

Sep. 29, 2019

Sep. 23, 2018

Deferred franchise fees at beginning of period

$ 3,005

$ 3,139

^[1]

Revenue recognized during the period

(548)

(242)

New deferrals due to cash received and other

706

Deferred franchise fees at end of period

$ 2,516

$ 3,603

[1]	Includes the cumulative effect of adopting Topic 606 of $2,735.

Note D - Revenues - Remaining Performance Obligations 2 (Details)
$ in Thousands

Sep. 29, 2019

USD ($)

Revenue, Remaining Performance Obligation, Amount

$ 2,516

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-09-30

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)

182 days

^[1]

Revenue, Remaining Performance Obligation, Amount

$ 152

^[1]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-30

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)

1 year

Revenue, Remaining Performance Obligation, Amount

$ 296

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-28

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)

1 year

Revenue, Remaining Performance Obligation, Amount

$ 286

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-28

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)

1 year

Revenue, Remaining Performance Obligation, Amount

$ 249

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-27

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)

1 year

Revenue, Remaining Performance Obligation, Amount

$ 233

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)

Revenue, Remaining Performance Obligation, Amount

$ 1,300

[1]

Represents franchise fees expected to be recognized for the remainder of the 2020 fiscal year, which includes international development fees expected to be recognized over the duration of one year or less. Amount does not include $548 of franchise fee revenue recognized for the twenty-six weeks ended September 29, 2019.

Note E - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 23, 2018
Net income, basic calculation	$ 3,658	$ 4,484	$ 9,027	$ 9,279
Number of shares, basic calculation (in shares)	4,227,000	4,188,000	4,216,000	4,187,000
Net income per share, basic calculation (in dollars per share)	$ 0.87	$ 1.07	$ 2.14	$ 2.22
Effect of dilutive employee stock options (in shares)		43,000		42,000
Effect of dilutive employee stock options (in dollars per share)		$ (0.01)		$ (0.03)
Net income, diluted calculation	$ 3,658	$ 4,484	$ 9,027	$ 9,279
Number of shares, diluted calculation (in shares)	4,227,000	4,231,000	4,216,000	4,229,000
Net income per share, diluted calculation (in dollars per share)	$ 0.87	$ 1.06	$ 2.14	$ 2.19

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Note G - Fair Value Measurements - Face Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019
Long-term debt, face value	$ 150,000	$ 150,000
Long-term debt, fair value	$ 149,250	$ 145,688

Note H - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019	Mar. 25, 2018
Accounts receivable, gross, current	$ 12,778	$ 10,758
Less: allowance for doubtful accounts	608	585	$ 468
Accounts and other receivables, net	12,170	10,173
Branded Product Sales [Member]
Accounts receivable, gross, current	8,724	7,432
Franchise and License Royalties [Member]
Accounts receivable, gross, current	2,552	2,661
Other Receivables [Member]
Accounts receivable, gross, current	$ 1,502	$ 665

Note H - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Mar. 31, 2019
Beginning balance	$ 585	$ 468	$ 468
Reclassification to conform with Topic 606			77
Bad debt expense	23	$ 92	100
Accounts written off			(60)
Ending balance	$ 608		$ 585

Note I - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019
Income taxes		$ 106
Insurance	94	244
Other	501	657
Total prepaid expenses and other current assets	$ 595	$ 1,007

Note J - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019
Payroll and other benefits	$ 1,972	$ 3,150
Accrued rebates	654	770
Rent and occupancy costs	117	113
Construction costs	58	58
Interest	4,098	4,111
Professional fees	106	146
Sales, use and other taxes	104	27
Corporate income taxes	176
Other	208	202
Total accrued expenses and other current liabilities	7,749	9,384
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 256	$ 807

Note J - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Apr. 01, 2019	Mar. 31, 2019
Reserve for uncertain tax positions	$ 537		$ 496
Deferred rental liability			670
Other	236		224
Total other liabilities	$ 773	$ 692	$ 1,390

Note K - Income Taxes (Details Textual) - USD ($)	6 Months Ended
Note K - Income Taxes (Details Textual) - USD ($)	Sep. 29, 2019	Sep. 23, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	26.50%	28.50%
Effective Income Tax Rate, Effect of Stock Compensation	1.90%	0.40%
Share-based Payment Arrangement, Expense, Tax Benefit	$ 228,000	$ 46,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	28.40%	28.90%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 280,000	$ 267,000

Note L - Segment Information - Operating Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 29, 2019

Sep. 23, 2018

Sep. 29, 2019

Sep. 23, 2018

Revenues

$ 29,726

$ 29,330

$ 60,244

$ 59,498

Income from operations

7,366

8,480

16,814

17,567

Gain (loss) on disposal of property and equipment

(2)

323

(2)

323

Interest expense

(2,651)

(5,301)

Interest income

370

115

736

176

Other income, net

196

217

Income before provision for income taxes

5,103

6,463

12,288

12,982

Corporate, Non-Segment [Member]

Revenues

^[1]

697

772

1,179

1,267

Income from operations

(2,241)

(2,045)

(4,422)

(4,292)

Branded Product Program [Member] | Operating Segments [Member]

Revenues

16,182

15,410

32,295

31,855

Income from operations

2,124

2,730

4,327

5,261

Product Licensing [Member] | Operating Segments [Member]

Revenues

5,425

5,746

14,147

13,844

Income from operations

5,380

5,700

14,056

13,753

Restaurant Operations [Member] | Operating Segments [Member]

Revenues

7,422

7,402

12,623

12,532

Income from operations

$ 2,103

$ 2,095

$ 2,853

$ 2,845

[1]	Represents advertising fund revenue

Note M - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 23, 2018	Mar. 31, 2019
Share-based Payment Arrangement, Expense	$ 30,000	$ 23,000	$ 58,000	$ 104,000
Share Based Compensation Total Unamortized Compensation Expense	226,000		$ 226,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0		10,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 89.90
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense	$ 22,000	$ 22,000	$ 43,000	$ 60,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years

Note M - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 23, 2018
Share-based compensation expense	$ 30,000	$ 23,000	$ 58,000	$ 104,000
Share-based Payment Arrangement, Option [Member]
Share-based compensation expense	22,000	22,000	43,000	60,000
Restricted Stock [Member]
Share-based compensation expense	$ 8,000	$ 1,000	$ 15,000	$ 44,000

Note M - Share-based Compensation - Outstanding Stock Options (Details) - USD ($)

6 Months Ended

12 Months Ended

Sep. 29, 2019

Mar. 31, 2019

Options outstanding (in shares)

^[1]

42,234

Options outstanding, weighted average exercise price (in dollars per share)

^[1]

$ 46.807

Options outstanding, weighted average remaining contractual life (Year)

3 years 346 days

1 year 116 days

^[1]

Options outstanding, aggregate intrinsic value

^[1]

$ 1,127

Options granted (in shares)

10,000

Granted, weighted average exercise price (in dollars per share)

$ 89.90

Options exercised (in shares)

(32,234)

Exercised, weighted average exercise price (in dollars per share)

$ 33.438

Exercised, aggregate intrinsic value

$ 1,134,000

Options outstanding (in shares)

10,000

42,234

^[1]

Options outstanding, weighted average exercise price (in dollars per share)

$ 89.90

$ 46.807

^[1]

Options exercisable (in shares)

3,333

Options exercisable, weighted average exercise price (in dollars per share)

$ 89.90

Options exercisable, weighted average remaining contractual life (Year)

3 years 346 days

[1]	Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend to shareholders of record on December 22, 2017.

Note M - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member]	6 Months Ended
	Sep. 29, 2019 $ / shares shares
Unvested restricted stock, Shares (in shares) \| shares	1,000
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90
Granted, Shares (in shares) \| shares
Granted, weighted average grant date fair value per share (in dollars per share) \| $ / shares
Vested, Shares (in shares) \| shares	(333)
Vested, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90
Unvested restricted stock, ending balance (in shares) \| shares	667
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90

Note N - Stockholders' Equity (Details Textual) - USD ($)				3 Months Ended		6 Months Ended		119 Months Ended	216 Months Ended
	Nov. 08, 2019	Aug. 09, 2019	Jun. 14, 2019	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 23, 2018	Sep. 29, 2019	Sep. 29, 2019	Sep. 30, 2019	Sep. 18, 2019	Jun. 30, 2019	Mar. 11, 2016	Sep. 13, 2012
Common Stock, Dividends, Per Share, Declared		$ 0.35	$ 0.35	$ 0.35	$ 0.25	$ 0.70	$ 0.50
Payments of Ordinary Dividends, Common Stock		$ 1,479,000	$ 1,479,000
Increased Number of Shares Available for Issuance Due to Plan Amendment														250,000
Amount of Available Common Shares Reduced by Each Share of Restricted Stock Granted														3.2
Treasury Stock, Shares, Acquired						0			5,141,763
Treasury Stock, Value, Acquired, Cost Method									$ 78,303,000
Sixth Stock Repurchase Plan [Member]
Treasury Stock, Shares, Acquired								954,132
Treasury Stock, Value, Acquired, Cost Method								$ 30,641,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased													1,200,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased												245,868
The 2019 Stock Incentive Plan [Member] \| July 01, 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											369,584
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Including Maximum Number of Shares Authorized but Not Issued under Old Plan											208,584
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Including Maximum Aditional Outstanding Options or Restricted Stock Grants											11,000
The 2010 Stock Incentive Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant										208,584
The 2010 Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant										184,808
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.35

Note O - Long-term Debt (Details Textual) - USD ($)	May 01, 2019	Nov. 01, 2017	Mar. 10, 2015	Sep. 29, 2019	Mar. 31, 2019
Dividends Payable, Amount Per Share				$ 5
Senior Notes [Member]
Debt Instrument, Fixed Charge Coverage Ratio			2
Debt Instrument, Priority Secured Leverage Ratio			0.4
Debt Instrument Secured Leverage Ratio			3.75
Debt Instrument, Event of Default, Percentage Ownership Enabling the Declaration of Due and Payable			25.00%
Senior Notes [Member] \| In The Event of Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage			106.625%
Senior Notes [Member] \| In the Event of Chang of Control Offer [Member]
Debt Instrument, Redemption Price, Percentage			101.00%
Senior Notes [Member] \| In the Event the Company Sells Certain Assets and Fails to Use the Proceeds as Required [Member]
Debt Instrument, Redemption Price, Percentage			100.00%
Senior Notes [Member] \| Senior Secured 2025 Notes [Member]
Proceeds from Issuance of Long-term Debt, Total		$ 150,000,000
Debt Instrument, Interest Rate, Stated Percentage		6.625%		6.625%	6.625%
Debt Instrument, Face Amount		$ 135,000,000
Senior Notes [Member] \| Senior Secured 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Debt Instrument, Periodic Payment, Interest	$ 4,968,750,000	$ 4,968,750,000
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member]
Debt Instrument, Redemption Price, Percentage			100.00%
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] \| Applicable Premium if Percentage of Principal Amount is Greater than Treasury Rate Basis Spread [Member]
Debt Instrument, Applicable Premium, Percentage of Principal Amount			1.00%
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] \| Applicable Premium if Treasury Rate Basis Spread is Greater than Percentage of Principal Amount [Member] \| Treasury Rate [Member]
Debt Instrument, Applicable Premium, Treasury Rate Basis Spread			0.50%
Senior Notes [Member] \| Option to Redeem at Redemption Price Equal to Percentage of Principal Amount [Member] \| In The Event of Certain Equity Offerings [Member] \| Maximum [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			35.00%

Note O - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Mar. 31, 2019
Long-term debt, face value	$ 150,000	$ 150,000
Less: unamortized debt issuance costs	(4,205)	(4,551)
Long-term debt, net	145,795	145,449
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Long-term debt, face value	$ 150,000	$ 150,000

Note P - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Note P - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 29, 2019	Sep. 29, 2019	Apr. 01, 2019	Mar. 31, 2019
Operating Lease, Cost	$ 278	$ 560
Operating Lease, Liability, Current	1,009	1,009	$ 1,162
Operating Lease, Liability, Noncurrent	7,251	7,251	$ 7,371
Restaurant Operating Expense [Member]
Operating Lease, Cost	669	1,209
General and Administrative Expense [Member]
Operating Lease, Cost	150	321
Other Income [Member]
Operating Lease, Cost	20	41
Other Assets [Member]
Deferred Rent Receivables, Net, Noncurrent, Total	$ 31,000	$ 31,000

Note P - Leases - Components of Net Lease Cost (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 29, 2019

Operating lease cost

$ 278

$ 560

Short term lease cost

Variable lease cost

537

960

Less: Sublease income, net

(20)

(41)

Total net lease cost (a)

^[1]

$ 799

$ 1,489

[1]

The thirteen and twenty-six week periods ended September 29, 2019 include $669, net and $1,209, net recorded to "Restaurant Operating Expenses" for leases for Company-operated restaurants, $150 and $321 recorded to "General and administrative expenses" for leases for corporate offices and equipment and $20 and $41 recorded to "Other income, net" for leased properties that are leased to franchisees:

Note P - Leases - Weighted Average Remaining Lease Term and Weighted-average Discount Rate (Details)	Sep. 29, 2019
Operating leases, weighted average remaining lease term (Year)	9 years
Operating leases, weighted average discount rate	9.079%

Note P - Leases - Future Lease Commitments to Be Paid and Received (Details)
$ in Thousands

Sep. 29, 2019

USD ($)

2020, payments operating leases

$ 494

^[1]

2020, receipts subleases

^[1]

2020, net leases

417

^[1]

2021, payments operating leases

1,256

2021, receipts subleases

270

2021, net leases

986

2022, payments operating leases

1,510

2022, receipts subleases

272

2022, net leases

1,238

2023, payments operating leases

1,523

2023, receipts subleases

168

2023, net leases

1,355

2024, payments operating leases

1,453

2024, receipts subleases

169

2024, net leases

1,284

Thereafter, payments operating leases

5,868

Thereafter, receipts subleases

521

Thereafter, net leases

5,347

Total lease commitments, payments operating leases

12,104

Total lease commitments, receipts subleases

1,477

Total lease commitments, net leases

10,627

Less: Amount representing interest, payments operating leases

3,844

Present value of lease liabilities, payments operating leases

$ 8,260

^[2]

[1]	Represents the remainder of fiscal year 2020 which excludes the twenty six weeks ended September 29, 2019.
[2]	The present value of minimum operating lease payments of $1,009 and $7,251 are included in "Current portion of operating lease liabilities" and "Long-term operating lease liabilities," respectively.

Note P - Leases - Non-cancelable Operating Lease Commitments (Details) $ in Thousands	Mar. 31, 2019 USD ($)
2020, Lease commitments	$ 1,162
2020, Sublease income	273
2020, Net lease commitments	889
2021, Lease commitments	1,249
2021, Sublease income	270
2021, Net lease commitments	979
2022, Lease commitments	1,503
2022, Sublease income	272
2022, Net lease commitments	1,231
2023, Lease commitments	1,520
2023, Sublease income	168
2023, Net lease commitments	1,352
2023, Lease commitments	1,453
2024, Sublease income	169
2024, Net lease commitments	1,284
Thereafter, Lease commitments	5,868
Thereafter, Sublease income	521
Thereafter, Net lease commitments	5,347
Total lease commitments	12,755
Total lease commitments	1,673
Total lease commitments	$ 11,082

Note H - Accounts and Other Receivables, Net (Details Textual)	6 Months Ended
	Sep. 29, 2019
Accounts Receivable Payment Terms	30 days

Note O - Long-term Debt - Summary of Redemption Features (Details)	6 Months Ended
	Sep. 29, 2019
Debt Instrument, Redemption, Period One [Member]
Debt instrument, redemption price, percentage	103.313%
Debt Instrument, Redemption, Period Two [Member]
Debt instrument, redemption price, percentage	101.656%
Debt Instrument, Redemption, Period Three [Member]
Debt instrument, redemption price, percentage	100.00%

Note E - Income Per Share (Details Textual) - shares	3 Months Ended	6 Months Ended
Note E - Income Per Share (Details Textual) - shares	Sep. 29, 2019	Sep. 29, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,000	10,000

Note O - Long-term Debt - Summary of Debt (Details) (Parentheticals)	Sep. 29, 2019	Mar. 31, 2019	Nov. 01, 2017
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Interest Rate	6.625%	6.625%	6.625%