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	9 Months Ended
Note C - New Accounting Standards Not Yet Adopted	Dec. 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. In November 2019, the FASB deferred the effective date for smaller reporting companies for annual reporting periods beginning after December 15, 2022. This standard is required to take effect in Nathan’s first quarter ( June 2023) of our fiscal year ending March 31, 2024. 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. In December 2019, the FASB issued ASU 2019 - 12, “ Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes ,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019 - 12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019 - 12 is effective for fiscal years beginning after December 15, 2020. This standard is required to take effect in Nathan’s first quarter ( June 2021) of our fiscal year ending March 27, 2022. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures. 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

9 Months Ended

Dec. 29, 2019

Revenue from Contract with Customer [Text Block]

NOTE D – REVENUES

The Company’s disaggregated revenues for the

thirteen

and

thirty-nine

weeks ended

December 29, 2019

and

December 23, 2018

are as follows (in thousands):

	Thirteen weeks ended				Thirty-nine weeks ended
	Dec ember 2 9 , 201 9		December 23, 2018		December 29, 2019		December 23, 2018

Branded Products	$	13,694	$	12,453	$	45,989	$	44,308
Company-operated restaurants		1,662		1,951		11,710		12,140
Total sales		15,356		14,404		57,699		56,448

License royalties		4,412		4,316		18,559		18,160

Franchise royalties		802		805		2,829		2,906
Franchise fees		233		106		781		348
Total franchise fees and royalties		1,035		911		3,610		3,254

Advertising fund revenue		573		591		1,752		1,858

Total revenues	$	21,376	$	20,222	$	81,620	$	79,720

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

	Thirteen weeks ended				Thirty-nine weeks ended
	December 29 , 201 9		December 23, 2018		December 29 , 201 9		December 23, 2018

United States	$	20,308	$	19,546	$	77,930	$	77,022
International		1,068		676		3,690		2,698
Total revenues	$	21,376	$	20,222	$	81,620	$	79,720

Contract balances

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

		Dec ember 29 , 2019				March 31, 2019
Deferred franchise fees (a)		$	2,314			$	3,005

(a)

Deferred franchise fees of

$278

and

$2,036

as of

December 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):

	Thirty-nine weeks ended
	Dec ember 29, 2019			December 23, 2018
Deferred franchise fees at beginning of period		3,005			3,139	(a)
Revenue recognized during the period		(781	)		(348	)
New deferrals due to cash received and other		90			828
Deferred franchise fees at end of period	$	2,314		$	3,619

(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)	$	71
2021		276
2022		266
2023		242
2024		231
Thereafter		1,228
Total	$	2,314

(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

$781

of franchise fee revenue recognized for the

thirty-nine

weeks ended

December 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

9 Months Ended

Dec. 29, 2019

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

thirty-nine

week periods ended

December 29, 2019

and

December 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	$	1,213	$	9,722		4,225		4,187	$	0.29	$	2.32
Effect of dilutive employee stock options		-		-		-		34		-		(0.02	)
Diluted EPS
Diluted calculation	$	1,213	$	9,722		4,225		4,221	$	0.29	$	2.30

T hirty-nine 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	$	10,240	$	19,001		4,219		4,187	$	2.43	$	4.54
Effect of dilutive employee stock options		-		-		-		39		-		(0.04	)
Diluted EPS
Diluted calculation	$	10,240	$	19,001		4,219		4,226	$	2.43	$	4.50

Options to purchase

10,000

shares of common stock in the

thirteen

and

thirty-nine

week periods ended

December 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 G - Fair Value Measurements

9 Months Ended

Dec. 29, 2019

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

December 29, 2019

and

March 31, 2019

were as follows (in thousands):

	Dec ember 29 , 2019				March 31, 2019
	Face value		Fair value		Face Value		Fair value

Long-term debt	$	150,000	$	153,375	$	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

December 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

9 Months Ended

Dec. 29, 2019

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):

	Dec ember 2 9 ,		March 31,
	201 9		2019

Branded product sales	$	8,094	$	7,432
Franchise and license royalties		2,052		2,661
Other		788		665
		10,934		10,758

Less: allowance for doubtful accounts		498		585
Accounts and other receivables, net	$	10,436	$	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

thirty-nine

week period ended

December 29, 2019

and the fiscal year ended

March 31, 2019

are as follows (in thousands):

	December 29 , 20 19			March 31, 2019

Beginning balance	$	585		$	468
Reclassification to conform with Topic 606		-			77
Bad debt expense		7			100
Accounts written off		(94	)		(60	)
Ending balance	$	498		$	585

Note K - Income Taxes	9 Months Ended
Note K - Income Taxes	Dec. 29, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE K – INCOME TAXES The income tax provisions for the thirty-nine week periods ended December 29, 2019 and December 23, 2018 reflect effective tax rates of 26.1% and 27.8%, respectively. Nathan’s effective tax rates for the thirty-nine week periods ended December 29, 2019 and December 23, 2018 were reduced by 1.6% and 0.2%, respectively, as a result of the tax benefits associated with stock compensation. For the thirty-nine week periods ended December 29, 2019 and December 23, 2018, excess tax benefits of $228,000 and $47,000, 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 27.8% for the fiscal 2020 period and 28.0% for the fiscal 2019 period. The amount of unrecognized tax benefits at December 29, 2019 was $300,000 all of which would impact Nathan’s effective tax rate, if recognized. As of December 29, 2019, Nathan’s had $269,000 of accrued interest and penalties in connection with unrecognized tax benefits. In November 2019, the State of New Jersey notified Nathan’s that our tax returns for the years ended March 2016, 2017, and 2018 will be audited. The audit is ongoing.

Note L - Segment Information

9 Months Ended

Dec. 29, 2019

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, certain executive compensation, compliance costs and the operating results of the advertising fund.

Interest expense, interest income, gain 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						Thirty-nine weeks ended
	December 2 9 , 201 9			December 23, 2018			December 2 9 , 201 9			December 23, 2018

Revenues
Branded Product Program	$	13,694		$	12,453		$	45,989		$	44,308
Product licensing		4,412			4,316			18,559			18,160
Restaurant operations		2,697			2,862			15,320			15,394
Corporate (1)		573			591			1,752			1,858
Total revenues	$	21,376		$	20,222		$	81,620		$	79,720

Income from operations
Branded Product Program	$	1,917		$	2,464		$	6,244		$	7,725
Product licensing		4,367			4,270			18,423			18,023
Restaurant operations		(599	)		(112	)		2,254			2,733
Corporate		(1,822	)		(1,726	)		(6,244	)		(6,018	)
Income from operations	$	3,863		$	4,896		$	20,677		$	22,463

Gain on disposal of property and equipment		-			10,821			-			11,177
Interest expense		(2,650	)		(2,650	)		(7,951	)		(7,951	)
Interest income		338			277			1,074			453
Other income, net		22			5			61			189
Income before provision for income taxes	$	1,573		$	13,349		$	13,861		$	26,331

(

)

Represents advertising fund revenue

Note M - Share-based Compensation

9 Months Ended

Dec. 29, 2019

Share-based Payment Arrangement [Text Block]

NOTE M– SHARE-BASED COMPENSATION

Total share-based compensation during the

thirteen

-week periods ended

December 29, 2019

and

December 23, 2018

was

$29,000

and

$29,000,

respectively. Total share-based compensation during the

thirty-nine

week periods ended

December 29, 2019

and

December 23, 2018

was

$87,000

and

$133,000,

respectively.

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

December 29, 2019,

there was

$198,000

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

twenty

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				Thirty-nine weeks ended
	December 2 9 , 201 9		December 23, 2018		December 2 9 , 201 9		December 23, 2018

Stock options	$	21	$	21	$	64	$	81
Restricted stock		8		8		23		52
Total compensation cost	$	29	$	29	$	87	$	133

Stock options:

There were

new share-based awards granted during the

thirty-nine

week period

December 29, 2019.

During the fiscal year ended

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

thirty-nine

weeks ended

December 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 December 29, 2019		10,000		$	89.90		3.70		-

Options exercisable at December 29, 2019		3,333		$	89.90		3.70		-

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

thirty-nine

weeks ended

December 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 December 29, 2019		667		$	89.90

Note N - Stockholders' Equity	9 Months Ended
Note N - Stockholders' Equity	Dec. 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, aggregating $1,479,000, which was paid on December 6, 2019 to stockholders of record as of the close of business on November 25, 2019. Effective February 7, 2020, the Board declared its fourth quarterly cash dividend of $0.35 per share payable on March 6, 2020 to stockholders of record as of the close of business on February 24, 2020. 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 December 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 Pr ogram During the period from October 2001 through December 29, 2019, Nathan’s purchased 5,155,472 shares of common stock at a cost of approximately $79,288,000 pursuant to various stock repurchase plans previously authorized by the Board of Directors. During the thirty-nine week period ended December 29, 2019, we repurchased 13,709 shares of common stock at a cost of $985,000. 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 December 29, 2019, Nathan’s had repurchased 967,841 shares at a cost of $31,627,000 under the sixth stock repurchase plan. At December 29, 2019, there were 232,159 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

9 Months Ended

Dec. 29, 2019

Debt Disclosure [Text Block]

NOTE O – LONG-TERM DEBT

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

	Dec ember 2 9 ,			March 31,
	201 9			2019

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(4,032	)		(4,551	)
Long-term debt, net	$	145,968		$	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

December 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

9 Months Ended

Dec. 29, 2019

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

$32,000

in Other Assets at

December 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

thirty-nine

week periods ended

December 29, 2019

were as follows (in thousands):

	Th irteen weeks ended			T hir ty- nine weeks ended
	Dec ember 29 , 2019			Dec ember 29 , 2019
Statement of Earnings
Operating lease cost	$	339		$	899
Short term lease cost		4			14
Variable lease cost		280			1,240
Less: Sublease income, net		(22	)		(63	)

Total net lease cost (a)	$	601		$	2,090

(a)

The

thirteen

and

thirty-nine

week periods ended

December 29, 2019

include

$470,

net and

$1,679,

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

$153

and

$474

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

$22

and

$63

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 hirty-nine week s ended
	December 29 , 2019		December 29 , 2019

Operating cash flows from operating leases	$	60	$	351

November 29, 2019,

the Company entered into an amendment to its lease agreement for its Coney Island Boardwalk restaurant, commencing on

December 1, 2019 (

the “Renewal Commencement Date”), extending the term for an additional

eight

(

) years, expiring

November 30, 2027.

The Company recorded an operating lease asset and liability of

$1,911,000

on the Renewal Commencement date.

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

December 29, 2019

were as follows:

Weighted average remaining lease term (years):
Operating leases	8.3

Weighted average discount rate:
Operating leases	8.870	%

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

December 29, 2019

were as follows (in thousands):

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2020 (a)	$	247	$	38	$	209
2021		1,577		245		1,332
2022		1,831		247		1,584
2023		1,844		168		1,676
2024		1,774		169		1,605
Thereafter		7,153		521		6,632
Total lease commitments	$	14,426	$	1,388	$	13,038
Less: Amount representing interest		4,314
Present value of lease liabilities (b)	$	10,112

	(a)	Represents the remainder of fiscal year 2020 which excludes the thirty-nine weeks ended December 29, 2019.
	(b)	The present value of minimum operating lease payments of $1,449 and $8,663 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

thirty-nine

week periods ended

December 29, 2019

were as follows (in thousands):

	Thirteen weeks ended		T hir ty- nine weeks ended
	Dec ember 29, 2019		December 29, 2019

Operating lease income, net	$	22	$	63

Note Q - Commitments and Contingencies	9 Months Ended
Note Q - Commitments and Contingencies	Dec. 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 which expires in March 2020. 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)

9 Months Ended

Dec. 29, 2019

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)

9 Months Ended

Dec. 29, 2019

Disaggregation of Revenue [Table Text Block]

	Thirteen weeks ended				Thirty-nine weeks ended
	Dec ember 2 9 , 201 9		December 23, 2018		December 29, 2019		December 23, 2018

Branded Products	$	13,694	$	12,453	$	45,989	$	44,308
Company-operated restaurants		1,662		1,951		11,710		12,140
Total sales		15,356		14,404		57,699		56,448

License royalties		4,412		4,316		18,559		18,160

Franchise royalties		802		805		2,829		2,906
Franchise fees		233		106		781		348
Total franchise fees and royalties		1,035		911		3,610		3,254

Advertising fund revenue		573		591		1,752		1,858

Total revenues	$	21,376	$	20,222	$	81,620	$	79,720

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

	Thirteen weeks ended				Thirty-nine weeks ended
	December 29 , 201 9		December 23, 2018		December 29 , 201 9		December 23, 2018

United States	$	20,308	$	19,546	$	77,930	$	77,022
International		1,068		676		3,690		2,698
Total revenues	$	21,376	$	20,222	$	81,620	$	79,720

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

		Dec ember 29 , 2019				March 31, 2019
Deferred franchise fees (a)		$	2,314			$	3,005

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

	Thirty-nine weeks ended
	Dec ember 29, 2019			December 23, 2018
Deferred franchise fees at beginning of period		3,005			3,139	(a)
Revenue recognized during the period		(781	)		(348	)
New deferrals due to cash received and other		90			828
Deferred franchise fees at end of period	$	2,314		$	3,619

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

	Estimate for fiscal year
2020 (a)	$	71
2021		276
2022		266
2023		242
2024		231
Thereafter		1,228
Total	$	2,314

Note G - Fair Value Measurements (Tables)

9 Months Ended

Dec. 29, 2019

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

	Dec ember 29 , 2019				March 31, 2019
	Face value		Fair value		Face Value		Fair value

Long-term debt	$	150,000	$	153,375	$	150,000	$	145,688

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

9 Months Ended

Dec. 29, 2019

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

	Dec ember 2 9 ,		March 31,
	201 9		2019

Branded product sales	$	8,094	$	7,432
Franchise and license royalties		2,052		2,661
Other		788		665
		10,934		10,758

Less: allowance for doubtful accounts		498		585
Accounts and other receivables, net	$	10,436	$	10,173

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

	December 29 , 20 19			March 31, 2019

Beginning balance	$	585		$	468
Reclassification to conform with Topic 606		-			77
Bad debt expense		7			100
Accounts written off		(94	)		(60	)
Ending balance	$	498		$	585

Note L - Segment Information (Tables)

9 Months Ended

Dec. 29, 2019

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

	Thirteen weeks ended						Thirty-nine weeks ended
	December 2 9 , 201 9			December 23, 2018			December 2 9 , 201 9			December 23, 2018

Revenues
Branded Product Program	$	13,694		$	12,453		$	45,989		$	44,308
Product licensing		4,412			4,316			18,559			18,160
Restaurant operations		2,697			2,862			15,320			15,394
Corporate (1)		573			591			1,752			1,858
Total revenues	$	21,376		$	20,222		$	81,620		$	79,720

Income from operations
Branded Product Program	$	1,917		$	2,464		$	6,244		$	7,725
Product licensing		4,367			4,270			18,423			18,023
Restaurant operations		(599	)		(112	)		2,254			2,733
Corporate		(1,822	)		(1,726	)		(6,244	)		(6,018	)
Income from operations	$	3,863		$	4,896		$	20,677		$	22,463

Gain on disposal of property and equipment		-			10,821			-			11,177
Interest expense		(2,650	)		(2,650	)		(7,951	)		(7,951	)
Interest income		338			277			1,074			453
Other income, net		22			5			61			189
Income before provision for income taxes	$	1,573		$	13,349		$	13,861		$	26,331

Note M - Share-based Compensation (Tables)

9 Months Ended

Dec. 29, 2019

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

	Thirteen weeks ended				Thirty-nine weeks ended
	December 2 9 , 201 9		December 23, 2018		December 2 9 , 201 9		December 23, 2018

Stock options	$	21	$	21	$	64	$	81
Restricted stock		8		8		23		52
Total compensation cost	$	29	$	29	$	87	$	133

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 December 29, 2019		10,000		$	89.90		3.70		-

Options exercisable at December 29, 2019		3,333		$	89.90		3.70		-

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 December 29, 2019		667		$	89.90

Note P - Leases (Tables)

9 Months Ended

Dec. 29, 2019

Lease, Cost [Table Text Block]

	Th irteen weeks ended			T hir ty- nine weeks ended
	Dec ember 29 , 2019			Dec ember 29 , 2019
Statement of Earnings
Operating lease cost	$	339		$	899
Short term lease cost		4			14
Variable lease cost		280			1,240
Less: Sublease income, net		(22	)		(63	)

Total net lease cost (a)	$	601		$	2,090

Leases, Cash Flows [Table Text Block]

	T hirteen week s ended		T hirty-nine week s ended
	December 29 , 2019		December 29 , 2019

Operating cash flows from operating leases	$	60	$	351

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

Weighted average remaining lease term (years):
Operating leases	8.3

Weighted average discount rate:
Operating leases	8.870	%

Operating Lease, Maturity [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2020 (a)	$	247	$	38	$	209
2021		1,577		245		1,332
2022		1,831		247		1,584
2023		1,844		168		1,676
2024		1,774		169		1,605
Thereafter		7,153		521		6,632
Total lease commitments	$	14,426	$	1,388	$	13,038
Less: Amount representing interest		4,314
Present value of lease liabilities (b)	$	10,112

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		T hir ty- nine weeks ended
	Dec ember 29, 2019		December 29, 2019

Operating lease income, net	$	22	$	63

Note B - Adoption of New Accounting Standards - Impact of New Standard on Consolidated Balance Sheet (Details) - USD ($)	Dec. 29, 2019	Apr. 01, 2019	Mar. 31, 2019
Operating Lease, Right-of-Use Asset	$ 9,274,000	$ 7,804,000
Other assets	455,000	496,000	465,000
Operating Lease, Liability, Current	1,449,000	1,162,000
Operating Lease, Liability, Noncurrent	8,663,000	7,371,000
Other liabilities	$ 801,000	692,000	$ 1,390,000
Previous Accounting Guidance [Member]
Operating Lease, Right-of-Use Asset
Other assets		465,000
Operating Lease, Liability, Current
Operating Lease, Liability, Noncurrent
Other liabilities		1,390,000
Adjustments for New Accounting Pronouncement [Member]
Operating Lease, Right-of-Use Asset		7,804,000
Other assets
Operating Lease, Liability, Current		1,162,000
Operating Lease, Liability, Noncurrent		7,371,000
Other liabilities		(729,000)
Balance Sheet Reclassification Adjustments [Member]
Operating Lease, Right-of-Use Asset
Other assets		31,000
Operating Lease, Liability, Current
Operating Lease, Liability, Noncurrent
Other liabilities		$ 31,000

Note D - Revenues (Details Textual) - USD ($)
$ in Thousands

9 Months Ended

Dec. 29, 2019

Dec. 23, 2018

^[1]

Mar. 31, 2019

Mar. 25, 2018

Contract with Customer, Liability, Current

$ 278

$ 318

Contract with Customer, Liability, Noncurrent

2,036

$ 2,687

Cumulative Effect of New Accounting Principle in Period of Adoption

2,735

$ (2,004)

Contract with Customer, Liability, Revenue Recognized

$ 781

$ 348

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

Note D - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 29, 2019	Dec. 23, 2018	Dec. 29, 2019	Dec. 23, 2018
Revenues	$ 21,376	$ 20,222	$ 81,620	$ 79,720
Branded Products [Member]
Revenues	13,694	12,453	45,989	44,308
Company-operated Restaurants [Member]
Revenues	1,662	1,951	11,710	12,140
Product [Member]
Revenues	15,356	14,404	57,699	56,448
License [Member]
Revenues	4,412	4,316	18,559	18,160
Royalty [Member]
Revenues	802	805	2,829	2,906
Franchise [Member]
Revenues	233	106	781	348
Franchise Fees and Royalties [Member]
Revenues	1,035	911	3,610	3,254
Advertising Fund Revenue [Member]
Revenues	$ 573	$ 591	$ 1,752	$ 1,858

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

9 Months Ended

Dec. 29, 2019

Dec. 23, 2018

Deferred franchise fees at beginning of period

$ 3,005

$ 3,139

^[1]

Revenue recognized during the period

(781)

(348)

^[1]

New deferrals due to cash received and other

828

Deferred franchise fees at end of period

$ 2,314

$ 3,619

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

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

Dec. 29, 2019

USD ($)

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-30

$ 2,314

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

$ 71

^[1]

91 days

^[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)

$ 276

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29

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

$ 266

1 year

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

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

$ 242

1 year

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

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

$ 231

1 year

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

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

$ 1,228

1 year

[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 $781 of franchise fee revenue recognized for the thirty-nine weeks ended December 29, 2019.

Note E - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 29, 2019	Dec. 23, 2018	Dec. 29, 2019	Dec. 23, 2018
Net income, basic calculation	$ 1,213	$ 9,722	$ 10,240	$ 19,001
Number of shares, basic calculation (in shares)	4,225,000	4,187,000	4,219,000	4,187,000
Net income per share, basic calculation (in dollars per share)	$ 0.29	$ 2.32	$ 2.43	$ 4.54
Effect of dilutive employee stock options (in shares)		34,000		39,000
Effect of dilutive employee stock options (in dollars per share)		$ (0.02)		$ (0.04)
Net income, diluted calculation	$ 1,213	$ 9,722	$ 10,240	$ 19,001
Number of shares, diluted calculation (in shares)	4,225,000	4,221,000	4,219,000	4,226,000
Net income per share, diluted calculation (in dollars per share)	$ 0.29	$ 2.30	$ 2.43	$ 4.50

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Note G - Fair Value Measurements - Face Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Mar. 31, 2019
Long-term debt, face value	$ 150,000	$ 150,000
Long-term debt, fair value	$ 153,375	$ 145,688

Note H - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Mar. 31, 2019	Mar. 25, 2018
Accounts receivable, gross, current	$ 10,934	$ 10,758
Less: allowance for doubtful accounts	498	585	$ 468
Accounts and other receivables, net	10,436	10,173
Branded Product Sales [Member]
Accounts receivable, gross, current	8,094	7,432
Franchise and License Royalties [Member]
Accounts receivable, gross, current	2,052	2,661
Other Receivables [Member]
Accounts receivable, gross, current	$ 788	$ 665

Note H - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 29, 2019	Dec. 23, 2018	Mar. 31, 2019
Beginning balance	$ 585	$ 468	$ 468
Reclassification to conform with Topic 606			77
Bad debt expense	7	$ 48	100
Accounts written off	(94)		(60)
Ending balance	$ 498		$ 585

Note I - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Mar. 31, 2019
Income taxes	$ 113	$ 106
Insurance	218	244
Other	631	657
Total prepaid expenses and other current assets	$ 962	$ 1,007

Note J - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Mar. 31, 2019
Payroll and other benefits	$ 2,501	$ 3,150
Accrued rebates	689	770
Rent and occupancy costs	107	113
Construction costs	61	58
Interest	1,606	4,111
Professional fees	205	146
Sales, use and other taxes	36	27
Other	242	202
Total accrued expenses and other current liabilities	5,470	9,384
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 23	$ 807

Note J - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Apr. 01, 2019	Mar. 31, 2019
Reserve for uncertain tax positions	$ 565		$ 496
Deferred rental liability			670
Other	236		224
Total other liabilities	$ 801	$ 692	$ 1,390

Note K - Income Taxes (Details Textual) - USD ($)	9 Months Ended
Note K - Income Taxes (Details Textual) - USD ($)	Dec. 29, 2019	Dec. 23, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	26.10%	27.80%
Effective Income Tax Rate, Effect of Stock Compensation	1.60%	0.20%
Share-based Payment Arrangement, Expense, Tax Benefit	$ 228,000	$ 47,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	27.80%	28.00%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 300,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	$ 269,000

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

3 Months Ended

9 Months Ended

Dec. 29, 2019

Dec. 23, 2018

Dec. 29, 2019

Dec. 23, 2018

$ 21,376

$ 20,222

$ 81,620

$ 79,720

Gain on disposal of property and equipment

3,863

4,896

20,677

22,463

10,821

11,177

Interest expense

(2,650)

(7,951)

Interest income

338

277

1,074

453

Other income, net

189

Income before provision for income taxes

1,573

13,349

13,861

26,331

Corporate, Non-Segment [Member]

^[1]

573

591

1,752

1,858

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

(1,822)

(1,726)

(6,244)

(6,018)

13,694

12,453

45,989

44,308

Product Licensing [Member] | Operating Segments [Member]

1,917

2,464

6,244

7,725

4,412

4,316

18,559

18,160

Restaurant Operations [Member] | Operating Segments [Member]

4,367

4,270

18,423

18,023

2,697

2,862

15,320

15,394

$ (599)

$ (112)

$ 2,254

$ 2,733

[1]	Represents advertising fund revenue

Note M - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 29, 2019	Dec. 23, 2018	Dec. 29, 2019	Dec. 23, 2018	Mar. 31, 2019
Share-based Payment Arrangement, Expense	$ 29,000	$ 29,000	$ 87,000	$ 133,000
Share Based Compensation Total Unamortized Compensation Expense	198,000		$ 198,000
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	$ 21,000	$ 21,000	$ 64,000	$ 81,000
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 - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 29, 2019	Mar. 31, 2019
Options outstanding (in shares)		42,234
Options outstanding, weighted average exercise price (in dollars per share)		$ 46.807
Options outstanding, weighted average remaining contractual life (Year)	1 year 116 days	3 years 255 days
Options outstanding, aggregate intrinsic value	$ 1,127
Options granted (in shares)		0	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
Options outstanding (in shares)		10,000	42,234
Options outstanding, weighted average exercise price (in dollars per share)		$ 89.90	$ 46.807
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 255 days

Note M - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member]	9 Months Ended
	Dec. 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		9 Months Ended		122 Months Ended	219 Months Ended
	Feb. 07, 2020	Nov. 08, 2019	Aug. 09, 2019	Jun. 14, 2019	Dec. 29, 2019	Dec. 23, 2018	Dec. 29, 2019	Dec. 23, 2018	Dec. 29, 2019	Dec. 29, 2019	Sep. 18, 2019	Mar. 11, 2016	Sep. 13, 2012
Common Stock, Dividends, Per Share, Declared		$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.25	$ 1.05	$ 0.75
Payments of Ordinary Dividends, Common Stock		$ 1,479,000	$ 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							13,709			5,155,472
Treasury Stock, Value, Acquired, Cost Method					$ 985,000	$ 1,000,000	$ 985,000	$ 1,000,000		$ 79,288,000
Sixth Stock Repurchase Plan [Member]
Treasury Stock, Shares, Acquired									967,841
Treasury Stock, Value, Acquired, Cost Method									$ 31,627,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					232,159		232,159		232,159	232,159		1,200,000
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		208,584		208,584	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		184,808		184,808	184,808
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.35

Note O - Long-term Debt (Details Textual) - USD ($)	Nov. 01, 2019	May 01, 2019	Nov. 01, 2017	Dec. 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	$ 4,968,750
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	Dec. 29, 2019	Mar. 31, 2019
Long-term debt, face value	$ 150,000	$ 150,000
Less: unamortized debt issuance costs	(4,032)	(4,551)
Long-term debt, net	145,968	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 ($)

3 Months Ended

9 Months Ended

Dec. 29, 2019

Dec. 01, 2019

Apr. 01, 2019

Mar. 31, 2019

Operating Lease, Right-of-Use Asset

$ 339,000

$ 899,000

9,274,000

$ 7,804,000

Operating Lease, Liability, Current

1,449,000

1,162,000

Operating Lease, Liability, Noncurrent

8,663,000

$ 7,371,000

Operating Lease, Liability, Total

^[1]

10,112,000

NEW YORK

Lessee, Operating Lease, Renewal Term

8 years

Operating Lease, Right-of-Use Asset

$ 1,911,000

Operating Lease, Liability, Total

$ 1,911,000

Restaurant Operating Expense [Member]

General and Administrative Expense [Member]

470,000

1,679,000

153,000

474,000

Other Income [Member]